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
Author: CNBC Online news
Lucid reveals new lower-cost versions of the Air electric luxury sedan
watch now Luxury electric vehicle maker Lucid Group on Tuesday revealed several new versions of its Air sedan – including its lowest-cost model yet. CEO Peter Rawlinson said in an interview with CNBC’s Phil LeBeau the Lucid Air Pure will start at $87,400. An all-wheel drive version with 410 miles of range will ship by… Continue reading Lucid reveals new lower-cost versions of the Air electric luxury sedan
Panasonic and Redwood Materials strike multibillion-dollar battery component deal for U.S. production
JB Straubel sits down with CNBC’s Phil LeBeau at Redwood Materials. Panasonic Energy of North America, the largest supplier of battery cells for electric vehicles in the U.S., has struck a deal with Nevada-based battery recycling company Redwood Materials to buy a key material for the production of batteries. Redwood Materials, which will supply high-nickel… Continue reading Panasonic and Redwood Materials strike multibillion-dollar battery component deal for U.S. production
Ford vs. GM: Same industry, two increasingly different companies
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
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