Source: NYSE Shares of Carvana posted their worst day on record Friday after the company missed Wall Street’s top- and bottom-line expectations for the third quarter as the outlook for used cars falls from record demand, pricing and profits during the coronavirus pandemic. The stock cratered 39% to end the day at $8.76 a share… Continue reading Carvana stock posts worst day ever as outlook darkens for used vehicle market
Author: CNBC Online news
Here’s how Twitter and Elon Musk can prevent racist ‘raids’ on the social network
In this photo illustration, the image of Elon Musk is displayed on a computer screen and the logo of twitter on a mobile phone in Ankara, Turkiye on October 06, 2022. Muhammed Selim Korkutata | Anadolu Agency | Getty Images When Tesla and SpaceX CEO Elon Musk took over at Twitter, showing up at headquarters… Continue reading Here’s how Twitter and Elon Musk can prevent racist ‘raids’ on the social network
Carvana tumbles after posting declines in nearly every aspect of the car reseller’s business
Ernie Garcia, CEO, Carvana Scott Mlyn | CNBC Shares of Carvana fell in extended trading Thursday after the online used car retailer missed Wall Street’s top- and bottom-line expectations for the third quarter and reported declines in revenue, profit and sales compared with a year earlier. The stock fell by more than 7% during after-hours… Continue reading Carvana tumbles after posting declines in nearly every aspect of the car reseller’s business
Interest rate hikes have made financing a car pricier — especially if you have bad credit. How much you could pay
Tim Boyle | Bloomberg | Getty Images Although prices for new cars are moderating a bit, financing a vehicle purchase hasn’t been getting any cheaper. With the Federal Reserve’s latest interest rate hike — the sixth this year — auto loans are poised to become even more expensive. The Fed’s move has a ripple effect,… Continue reading Interest rate hikes have made financing a car pricier — especially if you have bad credit. How much you could pay
Jeep-maker Stellantis expects raw material inflation to ease next year
Engines undergo a final inspection at the Stellantis Dundee Engine Complex on August 18, 2022 in Dundee, Michigan. Bill Pugliano | Getty Images Automaker Stellantis expects inflation costs on raw materials to subside next year following significant increases during the coronavirus pandemic, CFO Richard Palmer told investors Thursday. The spiking costs of critical raw materials… Continue reading Jeep-maker Stellantis expects raw material inflation to ease next year
Nikola cuts production guidance, sending stock down despite strong earnings report
Nikola Motor Company Source: Nikola Motor Company Electric heavy truck maker Nikola said that it produced 75 trucks in the third quarter, and delivered 63 to dealers before quarter-end, generating enough revenue to beat Wall Street’s expectations. But the company trimmed its production guidance for the full year and declined to provide guidance for 2023.… Continue reading Nikola cuts production guidance, sending stock down despite strong earnings report
Want to live in a van down by the river? Ford has a new vehicle for that
watch now DETROIT — Ford Motor wants to make “living in a van down by the river” a bit more comfortable than late comedian Chris Farley — a cousin of the automaker’s CEO — made it out to be in a well-known “Saturday Night Live” sketch from the early 1990s. The Detroit automaker on Thursday… Continue reading Want to live in a van down by the river? Ford has a new vehicle for that
Fisker confirms production of the Ocean SUV will start later this month, now has over 62,000 reservations
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 Wednesday it is on track to begin… Continue reading Fisker confirms production of the Ocean SUV will start later this month, now has over 62,000 reservations
Luminar says it has begun production of its automotive lidar units ahead of schedule
Luminar showcased the first passenger vehicle, a Toyota RAV4, fully integrated with the company’s Iris lidar, which is on-track for series production with its partners starting in late 2022. Luminar Automotive sensor company Luminar said it has begun production of its Iris lidar units for an automaker client, a major milestone that it had previously… Continue reading Luminar says it has begun production of its automotive lidar units ahead of schedule
Wells Fargo, Ford and Apple are in the news. Here’s our take on the Club stocks
Club holdings Wells Fargo (WFC), Ford (F) and Apple (AAPL) are in the news Wednesday, with potential implications for our investment outlook. Here are the noteworthy headlines of the day, along with the Club take. Wells Fargo The news: Wells Fargo could initiate another round of layoffs at its home mortgage division amid a collapse… Continue reading Wells Fargo, Ford and Apple are in the news. Here’s our take on the Club stocks