It is often said that a car begins losing its value as soon as you drive it off the lot. The reasons why boil down to some Nobel Prize-winning insights about human behavior and some quirks of the automotive industry. Everyone in the automotive industry keeps a close eye on depreciation: owners and buyers concerned… Continue reading Cars are losing their value at a slower rate
Author: CNBC Online news
New car sales are expected to rise slightly next year in the U.S.
New Kia cars are displayed on the sales lot at San Leandro Kia on May 30, 2023 in San Leandro, California. Justin Sullivan | Getty Images DETROIT – Sales of new vehicles in the U.S. are expected to increase slightly next year, as the automotive industry continues to normalize from the coronavirus pandemic and other… Continue reading New car sales are expected to rise slightly next year in the U.S.
Will 2024 be a good time to buy a car? Here’s what to expect, auto experts say
Maskot | Maskot | Getty Images Both new and used car purchases were expensive for drivers this year, as limited inventory and high borrowing costs affected affordability. “Interest rates have taken such a toll on purchasing power,” said Ivan Drury, director of insights at Edmunds. Yet, consumers might begin to see lower prices in 2024,… Continue reading Will 2024 be a good time to buy a car? Here’s what to expect, auto experts say
How Tesla rose to retail investor stardom: ‘It’s always in people’s minds’
Several Tesla electric vehicles are parked in front of a Tesla service center in the Kearny Mesa region, in San Diego, California, U.S., October 31, 2023. Abhirup Roy | Reuters Marko Sustic has bet big on Tesla this year. The investor, who also happens to work in the European auto industry, bought Tesla shares nearly… Continue reading How Tesla rose to retail investor stardom: ‘It’s always in people’s minds’
Tesla hiring Nordic policy expert as ‘WWE-like standoff’ with unions intensifies
C.E.O. of Tesla, Chief Engineer of SpaceX and C.T.O. of X Elon Musk takes the stage during the New York Times annual DealBook summit on November 29, 2023 in New York City. Michael M. Santiago | Getty Images Tesla is hiring a Nordic public policy expert as the U.S. electric vehicle giant’s bitter dispute with… Continue reading Tesla hiring Nordic policy expert as ‘WWE-like standoff’ with unions intensifies
Tesla drivers had highest accident rate, BMW drivers highest DUI rate, study finds
Tesla Model Y, equipped with FSD system. Three front facing cameras under windshield near rear view mirror. Mark Leong | The Washington Post | Getty Images Tesla drivers in the U.S. were involved in accidents at a higher rate than drivers of any other brand of vehicle over the past year, according to a new… Continue reading Tesla drivers had highest accident rate, BMW drivers highest DUI rate, study finds
GM has cut its Buick dealership network in half through buyouts
2024 Buick Envista GM DETROIT – General Motors has cut the size of its Buick dealership network roughly in half in the U.S. through an ongoing voluntary buyout program, an executive told CNBC. The 1,000-store reduction aims to increase the amount of sales per location, or throughput, and profits at the remaining dealers, according to… Continue reading GM has cut its Buick dealership network in half through buyouts
Tesla to raise pay for hourly Nevada Gigafactory workers in January — move could stave off union interest
watch now Tesla has informed workers at its battery factory in Sparks, Nevada, that some set-rate hourly workers there will see pay increases around 10% starting in early January 2024. According to internal materials seen by CNBC, and workers at the plant who were informed of “cost of living adjustments,” Tesla will bump hourly workers… Continue reading Tesla to raise pay for hourly Nevada Gigafactory workers in January — move could stave off union interest
Nikola founder Trevor Milton sentenced to four years in prison for fraud
watch now Nikola founder Trevor Milton was sentenced Monday to four years in prison in connection to defrauding investors of the embattled electric- and hydrogen-powered truck maker. Milton also was fined $1 million and could later be forced to forfeit property as part of his sentence. The punishment was far lower than the 11 years… Continue reading Nikola founder Trevor Milton sentenced to four years in prison for fraud
Cruise is in danger of becoming GM’s latest trendy venture that doesn’t pay off
Sydney Boyo DETROIT — General Motors‘ plans to diversify its business through trendy industries such as ridesharing and other “mobility” ventures or startups have largely fallen flat since the automaker started investing in such growth areas in 2016. Cruise, its majority-owned autonomous vehicle subsidiary, is increasingly looking like it might be next. The unit has… Continue reading Cruise is in danger of becoming GM’s latest trendy venture that doesn’t pay off