Miniseries | E+ | Getty Images As with many line items in your household budget, your auto insurance probably costs more this year than in 2022. How much more? It depends on a variety of factors, including where you live. Nationally, the average for full coverage — generally defined as liability, collision and comprehensive —… Continue reading Auto insurance is up by more than 15% this year in some states. Here’s how to keep your premium down
Author: CNBC Online news
Used vehicle prices swing higher amid unseasonably strong demand in January
A man shops for used vehicles at the Toyota of Deerfield dealership in Deerfield Beach, Florida. Getty Images DETROIT – Stronger-than-expected demand for used vehicles last month led to the largest increase in wholesale values since late 2021, according to new data Tuesday from Cox Automotive. The automotive data firm’s Manheim Used Vehicle Value Index… Continue reading Used vehicle prices swing higher amid unseasonably strong demand in January
Hertz fourth-quarter profit beats as costs come down and travel rebounds
Andrew Kelly | Reuters Rental car giant Hertz reported fourth-quarter earnings that were better than Wall Street expected, on renewed demand for travel as the Covid-19 pandemic eased in many parts of the world. The company also benefited from improved operating performance, CEO Stephen Scherr told CNBC, helping to boost earnings even as revenue came… Continue reading Hertz fourth-quarter profit beats as costs come down and travel rebounds
Why traffic can’t be solved with just adding more highway lanes
Traffic and congestion have been worsening in American cities for decades. The average American driver lost 51 hours and $869 in valued time by sitting in traffic in 2022, a 54% jump from the previous year, according to a report by INRIX, a global traffic tracker. In 2019, before the pandemic, traffic snarls cost the… Continue reading Why traffic can’t be solved with just adding more highway lanes
Canoo’s shares sink after EV maker agrees to sell $52 million in discounted stock
The Lifestyle Vehicle electric minivan from Canoo. Source: Canoo Shares of electric vehicle startup Canoo were sharply lower in early trading on Monday after the company said that it has agreed to sell discounted shares to raise $52.5 million. Canoo’s shares closed at $1.09 on Monday, down over 12%. The stock has lost more than… Continue reading Canoo’s shares sink after EV maker agrees to sell $52 million in discounted stock
Auto loan delinquencies are rising. Here’s what to do if you’re struggling with payments
Fotostorm | E+ | Getty Images For a rising share of car owners, monthly auto loan payments appear to be evolving into a problem. While borrowers who are behind on their payments by more than 60 days represent a tiny portion of all outstanding auto loans — 1.84% — their ranks are growing, according to… Continue reading Auto loan delinquencies are rising. Here’s what to do if you’re struggling with payments
Jury finds Musk, Tesla not liable in securities fraud trial following ‘funding secured’ tweets
Tesla CEO Elon Musk and his security detail depart the company’s local office in Washington, January 27, 2023. Jonathan Ernst | Reuters Elon Musk and Tesla were found not liable by a jury in a San Francisco federal court on Friday in a class-action securities fraud trial stemming from tweets Musk made in 2018. The… Continue reading Jury finds Musk, Tesla not liable in securities fraud trial following ‘funding secured’ tweets
Ford sold 91 million shares of EV startup Rivian last year
RJ Scaringe, Rivian founder and CEO, and Ford Executive Chairman Bill Ford announce a $500 million Ford investment in Rivian. Source: Ford Motor Co. DETROIT – Ford Motor liquidated most of its ownership stake last year in electric vehicle maker Rivian Automotive, according to the Detroit automaker’s annual report submitted to the Securities and Exchange… Continue reading Ford sold 91 million shares of EV startup Rivian last year
Ford’s CEO needs to deliver by next quarter, or we’re moving on from the stock
Ford Motor (F) CEO Jim Farley said the automakers’ messy fourth quarter was a function of its transition to a new business structure that limited production capacity, combined with poor execution. But we remain disappointed in the results and need to see an increase in profitability to stick with the stock after the next quarter.… Continue reading Ford’s CEO needs to deliver by next quarter, or we’re moving on from the stock
Biden administration expands EV tax credits in boost for Tesla, Cadillac, others
A Tesla Model Y on display inside a Tesla store at the Westfield Culver City shopping mall in Culver City, California, U.S., on Thursday, April 14, 2022. Bing Guan | Bloomberg | Getty Images DETROIT – The U.S. Treasury said Friday it is changing its definition of an “SUV” to make more electric vehicles from… Continue reading Biden administration expands EV tax credits in boost for Tesla, Cadillac, others