Jim Farley, CEO, Ford, left, and Mary Barra, CEO, General Motors Reuters; General Motors DETROIT — “Same industry. Two different companies.” That’s how influential Morgan Stanley auto industry analyst Adam Jonas recently described General Motors and Ford Motor The two have consistently attempted to outgun each other in sales, performance and styling of new vehicles.… Continue reading Ford vs. GM: Same industry, two increasingly different companies
Author: CNBC Online news
Why investors have jumped off the Carvana bandwagon
Ernie Garcia, CEO, Carvana Scott Mlyn | CNBC DETROIT – Last year, Carvana CEO and cofounder Ernie Garcia went on a victory lap. He touted the company’s “landmark” second-quarter results on Aug. 5, 2021 that included the used car retailer’s first-ever quarterly net profit. He then reminisced about the rapid growth of “a bunch of… Continue reading Why investors have jumped off the Carvana bandwagon
These 10 used cars have held their value the most
martin-dm | E+ | Getty Images Sports cars, Jeep models among slowest to depreciate The top three cars that have held the most value over the last five years are the Jeep Wrangler, which showed the least depreciation (7%), followed by the Jeep Wrangler Unlimited (8.7%) and the Porsche 911 (14.6%), according to the iSeeCars… Continue reading These 10 used cars have held their value the most
Swedish EV maker Polestar reports lower operating loss, confirms full-year guidance
Polestar 3 Courtesy: Polestar Swedish electric-vehicle maker Polestar said Friday that its third-quarter operating loss narrowed from a year ago as revenue more than doubled, and it confirmed that it still expects to deliver 50,000 vehicles in 2022. But the company warned that higher costs and supply-chain issues will continue to squeeze its margins into… Continue reading Swedish EV maker Polestar reports lower operating loss, confirms full-year guidance
Elon Musk tells Twitter staff he sold Tesla stock to save the social network
watch now Twitter’s new owner Elon Musk, who is also CEO of electric vehicle maker Tesla and U.S. defense contractor SpaceX, told employees of the social media business on Thursday that he recently sold shares of Tesla to “save Twitter.” He made the remarks during an all-hands meeting that he hosted in part to motivate… Continue reading Elon Musk tells Twitter staff he sold Tesla stock to save the social network
Carvana shares jump more than 30% from record lows
People try their luck at winning a car from the Carvana vending machine at SXSW festival in Austin, Texas on March 12, 2016. Michelle Castillo | CNBC Shares of Carvana on Thursday put up their best day in roughly three months – representing a small, yet notable, rebound after significant declines for the used car… Continue reading Carvana shares jump more than 30% from record lows
Nio reports strong third-quarter revenue as it gears up for a big year-end production push
Employees stand next to a ET7 sedan at a NIO Inc. dealership in Shanghai, China, on Wednesday, June 8, 2022. Chinese electric vehicle maker Nio on Thursday reported a loss of $577.9 million for the third quarter, significantly wider than a year ago, despite strong revenue following a 29% increase in vehicle sales. Here are… Continue reading Nio reports strong third-quarter revenue as it gears up for a big year-end production push
President Biden says Elon Musk’s relationships with other countries are worth looking into
Joe Biden, left, and Elon Musk Evelyn Hockstein | Reuters; Andrew Harrer | Bloomberg | Getty Images Asked on Wednesday whether Tesla, SpaceX and Twitter CEO Elon Musk posed a threat to national security, President Joe Biden said that the centi-billionaire’s “relationships with other countries is worthy of being looked at.” At a White House… Continue reading President Biden says Elon Musk’s relationships with other countries are worth looking into
Rivian sticks to full-year EV production target as quarterly losses come in narrower than expected
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 maker Rivian Automotive on Wednesday reaffirmed its 25,000-vehicle production target for 2022, but said it plans to spend less to do it as the company… Continue reading Rivian sticks to full-year EV production target as quarterly losses come in narrower than expected
Tesla sinks to almost two-year low on Elon Musk stock sales, Twitter distraction
Tesla CEO Elon Musk speaks at an event in Hawthorne, California April 30, 2015. Patrick T. Fallon | Reuters Tesla shares dropped more than 7% on Wednesday to close at $177.59, their lowest since November 2020, after CEO Elon Musk disclosed the sale of close to $4 billion worth of stock in the electric car… Continue reading Tesla sinks to almost two-year low on Elon Musk stock sales, Twitter distraction