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
Author: CNBC Online news
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
Ford CEO offers more clues about automaker’s ambitious electric vehicle plans
Ford has big plans to build millions of EVs. Analysts have been skeptical, but this past week, CEO Jim Farley hinted at how Ford will hit its ambitious goals. Go to Source
Elon Musk and Twitter trial will start Oct. 17
Twitter is suing Musk for pulling out of a deal he made to buy the company for around $44 billion. Go to Source