A Carvana used car “vending machine” on May 11, 2022 in Miami, Florida. Joe Raedle | Getty Images Carvana is laying off about 1,500 people, or 8% of its workforce, Friday following a free fall in the company’s stock this year, a weakening used vehicle market and concerns around the company’s long-term trajectory, according to… Continue reading Carvana lays off 1,500 employees following stock free fall
Author: CNBC Online news
You can take a 500-mile round-trip taxi from Saudi Arabia to the Qatar World Cup for $532
A general view of the skyline from the Doha Corniche on March 31, 2022. Nick Potts – Pa Images | Getty Images DUBAI, United Arab Emirates — The Dubai-based rideshare app Careem is offering inter-country taxi journeys for the 2022 World Cup in Qatar, as millions of soccer fans from around the world descend on the… Continue reading You can take a 500-mile round-trip taxi from Saudi Arabia to the Qatar World Cup for $532
GM EV unit BrightDrop expects $1 billion in 2023 revenue, mass production of all-electric delivery vans to start in December
watch now BrightDrop CEO Travis Katz says he’s “charged up” about 2023 and the forecast for the General Motors EV unit to top $1 billion in revenue in 2023. The announcement, tied to General Motors’ investor day on Thursday, is the first time BrightDrop has released revenue numbers. The company did not release revenue data… Continue reading GM EV unit BrightDrop expects $1 billion in 2023 revenue, mass production of all-electric delivery vans to start in December
GM expects EV profits to be comparable to gas vehicles by 2025, years ahead of schedule
Mary Barra, CEO, GM at the NYSE, November 17, 2022. Source: NYSE General Motors expects its new electric vehicle profits to be in-line with cars and trucks with traditional engines by 2025 – years ahead of schedule and what many thought was possible. GM CEO Mary Barra on Thursday said the updated forecast factors in… Continue reading GM expects EV profits to be comparable to gas vehicles by 2025, years ahead of schedule
Elon Musk says in court that he doesn’t want to be CEO of any company and tries to walk back SEC insults
Tesla Inc CEO Elon Musk attends the World Artificial Intelligence Conference (WAIC) in Shanghai, China August 29, 2019. Aly Song | Reuters Elon Musk said in court Wednesday that he does not want to be the CEO of any company. He recently acquired social media giant Twitter and appointed himself as the CEO, adding to… Continue reading Elon Musk says in court that he doesn’t want to be CEO of any company and tries to walk back SEC insults
Toyota unveils new Prius hybrids amid skepticism of its EV strategy
2023 Toyota Prius Prime plug-in hybrid electric vehicle Toyota Toyota Motor is not giving up on its flagship Prius hybrid anytime soon, despite investing billions in all-electric vehicles amid criticism it hasn’t moved fast enough into the emerging segment. The automaker late Tuesday revealed new versions of the Prius hybrid and Prius Prime, a plug-in… Continue reading Toyota unveils new Prius hybrids amid skepticism of its EV strategy
Why U.S. rail travel is so expensive
Amtrak’s Acela is the fastest passenger train in the Western Hemisphere, but tickets can be pricey. Amtrak fares can vary dramatically in the Northeast, home of the most heavily used stretch of track in the railroad’s nationwide network, which also includes stops in Canada. But tickets are often more expensive than plane tickets, despite flight… Continue reading Why U.S. rail travel is so expensive
Ford says making its own parts for electric vehicles could offset job losses
Ford CEO Jim Farley (left) with Michael Wayland / CNBC DETROIT – Ford Motor is attempting to build as many of its own parts as possible for its electric vehicles to offset an expected 40% reduction in workers needed to build such cars and trucks, CEO Jim Farley said Tuesday. Farley compared Ford’s latest efforts… Continue reading Ford says making its own parts for electric vehicles could offset job losses
Electric vehicles are less reliable because of newer technologies, Consumer Reports finds
watch now Electric vehicles are among the least reliable cars and trucks in the automotive industry today, according to Consumer Reports rankings released Tuesday. When compared with hybrid and gas-powered cars and trucks, electric vehicles powered entirely by batteries were the worst-performing segment, aside from traditional full-size pickup trucks, according to Consumer Reports. related investing… Continue reading Electric vehicles are less reliable because of newer technologies, Consumer Reports finds
Charlie Munger calls the success of Elon Musk’s Tesla a ‘minor miracle’ in the car business
watch now Berkshire Hathaway Vice Chairman Charlie Munger spoke highly of Elon Musk’s electric vehicle company, Tesla, calling it an amazing feat in the American auto industry. “I was certainly surprised that Tesla did as well as it did,” Munger said in an interview with CNBC’s Becky Quick that aired Tuesday on “Squawk Box.” “I do not… Continue reading Charlie Munger calls the success of Elon Musk’s Tesla a ‘minor miracle’ in the car business