Tesla models Y and 3 are displayed at a Tesla dealership in Corte Madera, California, on Dec. 20, 2024. Justin Sullivan | Getty Images Tesla is voluntarily recalling 376,241vehicles in the U.S. to correct an issue with failing power-assisted steering systems, according to records posted to the website of the U.S. National Highway Traffic Safety… Continue reading Tesla recalls more than 375,000 vehicles in U.S. due to failing power-assisted steering systems
Author: CNBC Online news
Rivian beats Wall Street’s fourth-quarter expectations, but expects lower deliveries in 2025
2025 Rivian R1S Rivian Rivian Automotive beat Wall Street’s fourth-quarter earnings expectations and achieved its first gross quarterly profit – a target closely watched by investors – but is forecasting lower sales in 2025. The electric vehicle maker reported a gross profit, which includes production and sales but does not factor in other expenses, of… Continue reading Rivian beats Wall Street’s fourth-quarter expectations, but expects lower deliveries in 2025
Carvana expects another ‘strong’ year after topping fourth-quarter expectations
A Carvana sign and signature vending machine in Tempe, Arizona. Michael Wayland | CNBC Carvana topped Wall Street’s top- and bottom-line expectations for the fourth quarter, while guiding for another “strong” year in 2025. Carvana, as it has in the past, gave a broad guidance outlook for this year that includes growth in both retail… Continue reading Carvana expects another ‘strong’ year after topping fourth-quarter expectations
Embattled EV maker Nikola files for Chapter 11 bankruptcy protection
U.S. Nikola’s logo is pictured at an event held to present CNH’s new full-electric and Hydrogen fuel-cell battery trucks in partnership with U.S. Nikola event in Turin, Italy, on Dec. 3, 2019. Massimo Pinca | Reuters DETROIT — Nikola Corp. — an auto startup that was once a favorite of Wall Street analysts and retail… Continue reading Embattled EV maker Nikola files for Chapter 11 bankruptcy protection
Tesla’s law firm drafts Delaware bill that could salvage Musk pay package
Elon Musk leaves after a meeting with Indian Prime Minister Narendra Modi at Blair House, in Washington, D.C., U.S., February 13, 2025. Nathan Howard | Reuters A law firm that represents Tesla and Elon Musk has written proposed legislation that would alter Delaware corporate law, according to a person directly familiar with the drafting of… Continue reading Tesla’s law firm drafts Delaware bill that could salvage Musk pay package
As Trump eyes more tariffs, South Korea remains safe haven for GM and Hyundai
President Donald Trump welcomes South Korea’s President Moon Jae-In at the White House in Washington, U.S., May 22, 2018. Carlos Barria | Reuters DETROIT — As President Donald Trump threatens to further increase tariffs on U.S. trading partners, the greatest impact for the auto industry outside of North America would be additional levies on South… Continue reading As Trump eyes more tariffs, South Korea remains safe haven for GM and Hyundai
How America became so car dependent
Cars dominate America. About 92% of U.S. households have access to a car. But only about 55% of Americans have access to public transit. And only about 3.5% take advantage of the options available. The average American drives twice as much as the average German, said Peter Norton, a professor at the University of Virginia. The… Continue reading How America became so car dependent
Honda and Nissan end merger talks, say they will continue to ‘collaborate’
The Nissan logo appears on a smartphone screen, and in the background, the Honda Motor Company logo is visible in this illustration photo in Reno, United States, on December 26, 2024. Jaques Silva | Nurphoto | Getty Images Japanese automakers Honda and Nissan said Thursday they would terminate merger talks, ending speculation over the fate… Continue reading Honda and Nissan end merger talks, say they will continue to ‘collaborate’
Trump’s Mexico and Canada tariffs could add nearly $6,000 to the average cost of a car, by one estimate
In an aerial view, Chevrolet cars and trucks are on display at Novato Chevrolet on Jan. 28, 2025 in Novato, California. Justin Sullivan | Getty Images Americans shopping for cars may need to fork over thousands more if President Donald Trump’s proposed tariffs go into effect, according to data from investment bank Benchmark Co. Analyst… Continue reading Trump’s Mexico and Canada tariffs could add nearly $6,000 to the average cost of a car, by one estimate
Lyft shares sink nearly 8% on underwhelming fourth-quarter results
Cheng Xin | Getty Images Lyft shares shed about 7.9% after the ride-sharing app reported lackluster fourth-quarter results and offered weak bookings guidance as it lowers prices to keep up with competition. The company reported revenue of $1.55 billion, versus the $1.56 billion expected by analysts polled by LSEG. Revenue grew 27% from $1.22 billion… Continue reading Lyft shares sink nearly 8% on underwhelming fourth-quarter results