A customer looks at a vehicle at a BMW dealership in Mountain View, California, on Dec. 14, 2022. David Paul Morris | Bloomberg | Getty Images DETROIT — Wall Street and industry analysts remain on high alert for signs of a “demand destruction” scenario for the U.S. automotive industry this year as interest rates rise… Continue reading 10 auto industry predictions for investors to keep an eye on this year
Author: CNBC Online news
Tesla and the EV industry get their first recession stress test. Will it be a bust?
Pedestrians walk past the Tesla Motors official authorized car dealer store in Hong Kong. Sopa Images | Lightrocket | Getty Images Is the first electric-vehicle recession here, or coming soon? As electric-car stocks plummeted in late 2022, the rout evoked comparisons to the dot-com stock bust two decades ago. Like the internet industry then, the… Continue reading Tesla and the EV industry get their first recession stress test. Will it be a bust?
Are you buying ‘too much car’? Americans’ obsession with pricey options like touch screens is causing an affordability crisis
watch now If you haven’t shopped for a car lately, brace for sticker shock. Not only are vehicle prices at an all-time high, but the interest rate to finance a purchase has also jumped dramatically. A record 15% of new car buyers who financed a new car last quarter committed to a monthly payment of… Continue reading Are you buying ‘too much car’? Americans’ obsession with pricey options like touch screens is causing an affordability crisis
Tesla cuts prices in the U.S. and Europe to stoke sales after lackluster year-end deliveries
watch now Electric vehicle maker Tesla is cutting prices in the United States and throughout Europe again, according to listings on the company’s website on Thursday night in the U.S. Tesla did not respond to a request for comment on what motivated it to slash prices this week. However, the move in the U.S. may… Continue reading Tesla cuts prices in the U.S. and Europe to stoke sales after lackluster year-end deliveries
Porsche sees small uptick in global sales despite big drop in Taycan EV
Porsche shares rose in their stock market debut Thursday, in one of the biggest public offerings in Europe ever. Bloomberg | Getty Images Porsche managed to increase its global deliveries last year by 2.6% despite worldwide supply chain issues that crippled other carmakers as well as sales of its first all-electric car. The German sports… Continue reading Porsche sees small uptick in global sales despite big drop in Taycan EV
Electric luxury-car maker Lucid produced more vehicles in 2022 than expected
With 1,050 horsepower, the new Grand Touring Performance edition becomes the most powerful version of Lucid’s electric Air sedan. Lucid Motors Electric luxury vehicle maker Lucid Group said it produced just over 7,100 vehicles in 2022, slightly more than expected. The company told investors in August to expect production of between 6,000 and 7,000 vehicles… Continue reading Electric luxury-car maker Lucid produced more vehicles in 2022 than expected
Tesla plans to spend more than $770 million on Texas factory expansion
A giant cowboy boot is on display outside the Tesla Giga Texas manufacturing facility during the “Cyber Rodeo” grand opening party on April 7, 2022 in Austin, Texas. Suzanne Cordeiro | AFP | Getty Images Tesla has registered with the state of Texas to expand its electric vehicle factory in Austin this year. January filings… Continue reading Tesla plans to spend more than $770 million on Texas factory expansion
Used vehicle prices are falling but not enough to offset grossly inflated levels
A salesman walks past used Toyota Motor vehicles at the Brent Brown Toyota dealership in Orem, Utah, on Monday, April 6, 2020. George Frey | Bloomberg via Getty Images DETROIT — Used vehicle prices are expected to come down further this year amid rising interest rates and improved availability of new cars and trucks, according… Continue reading Used vehicle prices are falling but not enough to offset grossly inflated levels
Rolls-Royce sees record sales in 2022, no slowdown in spending by the wealthy
Rolls-Royce sold a record number of cars in 2022 as demand for its $500,000 vehicles remained strong, despite recession fears, according to CEO Torsten Muller-Otvos. “We haven’t seen any slowdown or downturn,” Muller-Otvos told CNBC. “We haven’t seen any negative impact.” Rolls-Royce delivered 6,021 cars last year, up 8% over 2021 and the first time… Continue reading Rolls-Royce sees record sales in 2022, no slowdown in spending by the wealthy
India is learning to love electric vehicles — but they’re not cars
Bollywood actor and promoter of the startup Ultraviolette Automotive Private Limited, Dulquer Salmaan (C) along with the founders, Chief Executive Officer Narayan Subramaniam (R) and Chief Technology Officer Niraj Rajmohan pose for a photograph during the unveiling of F77, India’s first high performance electric motorcycle designed and developed by the company, in Bangalore on November… Continue reading India is learning to love electric vehicles — but they’re not cars