Ford said its new vehicle sales last month increased 36.6% from a year ago, compared with industrywide sales that were estimated to have declined by 10.5%. Go to Source
Author: CNBC Online news
Average monthly payments for car leases rose to $594 in July amid ‘an absence of discounts’ from manufacturers, dealers
The average purchase incentive in July was $894, a marked drop from $2,000 a year ago, according to a new estimate. Go to Source
These are the companies racing to dominate the fragmented auto dealership industry
Public auto dealership groups — AutoNation, Lithia Motors, Group1, Sonic Automotive, Penske, and Asbury — see huge profits to be made in the fragmented market. Go to Source
Ferrari boosts full-year guidance after a record second quarter
Ferrari increased its full-year guidance after a quarter that set records for revenue, profit and new orders. Go to Source
Chinese e-commerce giant Alibaba teams up with Tesla rival Xpeng on tech for driverless cars
For Xpeng, the move marks its ambitions to pull ahead in China’s fiercely competitive electric vehicle market and attempt to challenge giants Tesla and BYD. Go to Source
Israeli lidar maker Innoviz wins $4 billion Volkswagen contract for millions of sensors
Innoviz has struck a deal to supply lidar units to Volkswagen for millions of vehicles. The deal could be worth $4 billion over eight years, it said. Go to Source
Ford stock notches its best month since the Great Recession – and keeps rising
The stock advanced 32% last month, marking the best monthly percentage gain for Ford’s shares since a 127.4% surge in April 2009. Go to Source
Nikola to acquire battery pack supplier Romeo Power in $144 million deal
Nikola will acquire Romeo Power, a key supplier of battery packs for its trucks, in a $144 million all-stock transaction. Go to Source
Shares of Chinese EV makers Nio and Li Auto rise as July car deliveries jump
Shares of Chinese electric vehicle startups Nio and Li Auto jumped in the U.S. Monday. Go to Source
Ford is adding an off-road package to its hot-selling Maverick compact pickup
Buyers of Ford’s smallest pickup will be able to opt for a $3,000 Tremor off-road package starting this fall. Go to Source