The 2025 Cadillac Escalade IQ. GM DETROIT – General Motors plans to spend $19 billion over roughly the next decade through a new supplier deal to source critical materials for use in electric vehicle batteries from LG Chem, the companies said Wednesday. The long-term supplier contract will see LG Chem supply GM with more than… Continue reading GM to spend $19 billion through 2035 to source EV battery materials from LG Chem
Author: CNBC Online news
Wheely, Uber’s luxury competitor, launches in Dubai to take on the UAE’s dominant player
Luxury ride-hailer Wheely’s big bet on Dubai is that the region’s burgeoning demand from wealthy individuals and digital nomads will make the city a prime fit for the company. Wheely Wheely, a luxury-focused competitor to ride-hailing giant Uber, is launching in Dubai as the company looks to reembark on an international expansion effort that was… Continue reading Wheely, Uber’s luxury competitor, launches in Dubai to take on the UAE’s dominant player
Ford is reassessing its EV plans, including vertical battery integration
A Ford Mustang Mach-E GT compact sports utility vehicle during the 2022 New York International Auto Show in New York on April 14, 2022. Michael Nagle | Bloomberg | Getty Images DETROIT — Ford Motor is rethinking its electric vehicle strategies, including “reassessing” the need for in-house production of batteries, CEO Jim Farley said Tuesday.… Continue reading Ford is reassessing its EV plans, including vertical battery integration
Toyota investing $1.3 billion in Kentucky to build all-electric, three-row SUV
Akio Toyoda, Chairman of Toyota Motor Corporation. Yoshikazu Tsuno | Gamma-rapho | Getty Images Toyota Motor is investing $1.3 billion in a Kentucky plant to produce a new all-electric, three-row SUV for the U.S. market, the company said Tuesday. The vehicle is expected to go into production between late 2025 and early 2026, according to… Continue reading Toyota investing $1.3 billion in Kentucky to build all-electric, three-row SUV
Ford tops fourth-quarter estimates, guides toward strong 2024
Ford CEO Jim Farley poses for a photo before announcing at a press conference that Ford Motor Company will be partnering with the worlds largest battery company, a China-based company called Contemporary Amperex Technology, to create an electric-vehicle battery plant in Marshall, Michigan, on February 13, 2023 in Romulus, Michigan. Bill Pugliano | Getty Images… Continue reading Ford tops fourth-quarter estimates, guides toward strong 2024
Ford’s hybrid vehicle sales surge to offset EV decline in January
The 2022 Ford Maverick. Ford DETROIT — Ford Motor started the year with a slight increase in sales, as a large jump in hybrid vehicles offset an 11% decline in all-electric cars and trucks. The Detroit automaker on Friday reported sales rose 4.3% last month from January 2023, led by a 43% jump in hybrid… Continue reading Ford’s hybrid vehicle sales surge to offset EV decline in January
A year after bankruptcy concerns, Carvana is leaner and ready for its Wall Street redemption
A Carvana sign and signature vending machine in Tempe, Ariz. Michael Wayland/CNBC PHOENIX – As layoffs and cost cuts roil Wall Street, from retail and shipping to tech and media, embattled online used car sales giant Carvana says its own restructuring is in the rear view. Carvana over the last 18 months aggressively restructured its… Continue reading A year after bankruptcy concerns, Carvana is leaner and ready for its Wall Street redemption
Tesla to settle lawsuit over mishandling hazardous waste in California
Tesla CEO Elon Musk Omar Marques | Getty Images Tesla will pay a fee of $1.5 million to settle a civil lawsuit alleging the company mishandled hazardous waste materials at facilities throughout the state of California for years. The fee is negligible for Tesla, which reported net income of $7.93 billion during the fourth-quarter of 2023. Tesla… Continue reading Tesla to settle lawsuit over mishandling hazardous waste in California
Ferrari finishes a record year by topping Wall Street’s estimates
Car key for the Ferrari Purosangue SUV. Adam Jeffery | CNBC Luxury sports car manufacturer Ferrari topped Wall Street’s top- and bottom-line earnings expectations for the fourth quarter to finish off a record year of profits. The automaker reported a net profit of 1.26 billion euros, or $1.36 billion, for 2023, including 294 million euros,… Continue reading Ferrari finishes a record year by topping Wall Street’s estimates
Tesla upgrades Model Y in China as BYD competition heats up
A Tesla Model Y is seen on a Tesla car lot in Austin, Texas, on May 31, 2023. Brandon Bell | Getty Images Tesla upgraded the self-driving hardware on the Model Y car it sells in China, Elon Musk’s automaker said on WeChat on Thursday, as it looks to boost sales and fend off rising… Continue reading Tesla upgrades Model Y in China as BYD competition heats up