In an aerial view, a sign is posted on the exterior of Lucid headquarters on March 29, 2023 in Newark, California. Electric vehicle maker Lucid announced plans to lay off 1,300 workers, 18 percent of its workforce, as part of a restructuring plan. Justin Sullivan | Getty Images Luxury electric vehicle maker Lucid Group on… Continue reading Lucid posts widening losses as demand concerns linger, says it has enough cash to last into 2024
Author: CNBC Online news
Tesla urged by seven senators to end forced arbitration for workers and customers
Elon Musk walks in the Paddock prior to final practice ahead of the F1 Miami Grand Prix at Miami International Autodrome, May 6, 2023. Clive Mason | Formula 1 | Getty Images A group of mostly Democratic senators pressured Tesla CEO Elon Musk to end the company’s use of forced arbitration clauses in employee and… Continue reading Tesla urged by seven senators to end forced arbitration for workers and customers
How the $8 billion parking industry is evolving to stay alive
As the automobile took over America, so did parking lots and parking garages. There are between 700 million and 2 billion parking spaces in America — or put another way, between 2.5 to seven spots for every registered vehicle. About 10% of that inventory is paid parking. And for decades, it was a pretty stable… Continue reading How the $8 billion parking industry is evolving to stay alive
Used vehicle prices fell last month for the first time in 2023
A used car dealership is seen in Annapolis, Maryland on May 27, 2021, as many car dealerships across the country are running low on new vehicles as a computer chip shortage has caused production at many vehicle manufactures to nearly stop. Jim Watson | AFP | Getty Images DETROIT – Wholesale used vehicle prices declined… Continue reading Used vehicle prices fell last month for the first time in 2023
Why Porsche is investing $100 million on eFuels to keep its cars on the road
Porsche’s best selling cars today are SUVs, a far cry from what the luxury brand built its reputation on — small, nimble and, above all, unique rear-engine sports cars like the 911. Now the famous German automaker is faced with the challenge of how to maintain a connection to its illustrious heritage, and its distinct… Continue reading Why Porsche is investing $100 million on eFuels to keep its cars on the road
Tesla hikes price of high-end Model S and Model X in China by roughly $2,750
Tesla has enacted a series of price cuts on its cars. But it has recently begun raising the prices again. Chukrut Budrul | Sopa Images | Lightrocket | Getty Images Tesla raised the price of its more expensive Model S and Model X cars in China, its website showed Friday, following other hikes to its… Continue reading Tesla hikes price of high-end Model S and Model X in China by roughly $2,750
Carvana expects to achieve adjusted profit sooner than expected amid restructuring; shares surge
A Carvana glass tower sits illuminated on Feb. 23, 2022, in Oak Brook, Illinois. Armando L. Sanchez | Tribune News Service | Getty Images Carvana on Thursday said it expects to achieve positive adjusted earnings during the second quarter of this year — earlier than previously stated — as the used car retailer executes a… Continue reading Carvana expects to achieve adjusted profit sooner than expected amid restructuring; shares surge
Struggling Lordstown Motors expects to end production of its EV pickup ‘in the near future’
Lordstown Motors gave rides in prototypes of its upcoming electric Endurance pickup truck on June 21, 2021 as part of its “Lordstown Week” event. Michael Wayland / CNBC Lordstown Motors expects to end production of its Endurance pickup truck “in the near future,” as the embattled EV startup runs out of cash and seeks additional… Continue reading Struggling Lordstown Motors expects to end production of its EV pickup ‘in the near future’
Ferrari profit jumps 24% as demand pushes waiting list into 2025
Ferrari Roma Source: Ferrari Ferrari said on Thursday that its first-quarter profit jumped 24% to 297 million euros ($328.8 million), on a 10% increase in shipments as huge demand for its latest models drove a surge in profitability. “Our order book already extends into 2025,” said CEO Benedetto Vigna in a statement. related investing… Continue reading Ferrari profit jumps 24% as demand pushes waiting list into 2025
Volkswagen posts drop in quarterly profit, says it must speed up to catch Chinese EV market rivals
First-quarter sales revenue rose by 22% to 76 billion euros, Volkswagen said, primarily driven by a recovery in sales volumes in Europe and North America. Bloomberg | Bloomberg | Getty Images German giant Volkswagen on Thursday reported a drop in first-quarter profit, saying weaker sales in China reaffirms the need for the carmaker to close… Continue reading Volkswagen posts drop in quarterly profit, says it must speed up to catch Chinese EV market rivals