The exterior of an Aston Martin store. Jeremy Moeller | Getty Images News | Getty Images LONDON — British luxury carmaker Aston Martin Lagonda forecasts better profitability this year, after widening its 2022 pretax losses on the back of a weakening U.K. currency. The company more than doubled year-on-year pretax losses to £495 million ($598… Continue reading Aston Martin shares surge 14% on profitability forecast for 2023
Author: CNBC Online news
General Motors cuts 500 salaried employees
Mary Barra, CEO, GM at the NYSE, November 17, 2022. Source: NYSE DETROIT – General Motors is cutting hundreds of salaried positions as it follows other major companies, including competitors, in downsizing headcounts to preserve cash and boost profits. The cuts affect about 500 positions, according to a person familiar with the plans, which were… Continue reading General Motors cuts 500 salaried employees
Rivian posts mixed fourth quarter and underwhelming EV production outlook, stock falls
Rivian electric pickup trucks sit in a parking lot at a Rivian service center on May 09, 2022 in South San Francisco, California. Justin Sullivan | Getty Images Electric vehicle startup Rivian Automotive reported mixed fourth-quarter earnings and a lackluster production outlook after the bell Tuesday. Shares of Rivian were down by roughly 8% during… Continue reading Rivian posts mixed fourth quarter and underwhelming EV production outlook, stock falls
UAW leadership faces historic upheaval ahead of union negotiations with Detroit automakers
United Auto Workers members on strike picket outside General Motors’ Detroit-Hamtramck Assembly plant on Sept. 25, 2019 in Detroit. Michael Wayland / CNBC DETROIT – As the United Auto Workers prepares for what are expected to be highly contentious negotiations with the Detroit automakers later this year, the union’s leadership is undergoing its largest upheaval… Continue reading UAW leadership faces historic upheaval ahead of union negotiations with Detroit automakers
Odometer fraud is a $1 billion problem. Here’s how it costs American drivers
A type of motor vehicle crime that costs consumers in the U.S. about $1 billion a year is on the rise, according to data firm Carfax. It’s called odometer fraud. Fraudsters looking to boost profits on the sale of a vehicle roll back the numbers on an odometer, duping buyers into thinking the car has… Continue reading Odometer fraud is a $1 billion problem. Here’s how it costs American drivers
Fisker confirms Ocean EV deliveries will begin in spring, it’s on track to build more than 40,000 in 2023
Henrik Fisker stands with the Fisker Ocean electric vehicle after it was unveiled at the Manhattan Beach Pier ahead of the Los Angeles Auto Show and AutoMobilityLA on November 16, 2021 in Manhattan Beach, California. Patrick T. Fallon | AFP | Getty Images Electric vehicle startup Fisker said Monday that it spent less money in… Continue reading Fisker confirms Ocean EV deliveries will begin in spring, it’s on track to build more than 40,000 in 2023
BMW launches demonstration fleet of hydrogen cars that use fuel cells from Toyota
This image, from September 2021, shows a BMW iX5 Hydrogen in Munich, Germany. Krisztian Bocsi | Bloomberg | Getty Images The BMW Group on Monday launched a pilot fleet of hydrogen vehicles, with the German automotive giant’s CEO referring to hydrogen as “the missing piece in the jigsaw when it comes to emission-free mobility.” The… Continue reading BMW launches demonstration fleet of hydrogen cars that use fuel cells from Toyota
EVs are billed as the future. But a potential skills gap is sparking concerns about cost and safety
A mechanic working on an electric car at a garage in Carquefou, France, in November 2022. The EU is looking to increase the number of EVs on its roads in the coming years. Loic Venance | AFP | Getty Images From seatbelts to airbags and radios to parking sensors, today’s cars are packed with innovations… Continue reading EVs are billed as the future. But a potential skills gap is sparking concerns about cost and safety
Elon Musk calls U.S. media and schools ‘racist against whites and Asians’
Tesla Chief Executive Office Elon Musk speaks at his company’s factory in Fremont, California. Noah Berger | Reuters Elon Musk, the CEO of SpaceX, Tesla and Twitter, accused “the media” and “elite colleges and high schools” of being “racist” against white and Asian people, espousing his views without providing evidence on Sunday. Musk posted his… Continue reading Elon Musk calls U.S. media and schools ‘racist against whites and Asians’
Cars leased in 2020 are worth an average $4,000 more than expected. These models have fared the best
Newsday Llc | Newsday | Getty Images 3.3 million cars were leased in 2020 An estimated 3.3 million leases were originated in 2020, according to Edmunds. That’s 18% lower than in 2019, before the pandemic upended auto sales. And with few discounts being offered by manufacturers on new cars — whether you buy or lease… Continue reading Cars leased in 2020 are worth an average $4,000 more than expected. These models have fared the best