An electric Ford truck is displayed during the Electrify Expo D.C. in Washington, D.C., on July 23, 2023. Nathan Howard | Getty Images Ford Motor expects to introduce a $30,000 all-electric vehicle that will be profitable in roughly two and a half years, CEO Jim Farley said Friday during the Aspen Ideas Festival. Farley did… Continue reading Ford CEO says a profitable $30,000 EV is coming in two and a half years
Author: CNBC Online news
Chinese smartphone maker Honor says AI’s power is ‘worthless’ without data privacy
Honor CEO George Zhao (L) and GSMA CEO John Hoffman on stage at Shanghai Mobile World Congress during an awards ceremony on June 27, 2024. Honor HANGZHOU, China — The transforming power of artificial intelligence is of no value unless user data is protected, CEO of Chinese smartphone company Honor, George Zhao, told CNBC in… Continue reading Chinese smartphone maker Honor says AI’s power is ‘worthless’ without data privacy
Tesla loses its EV quality edge as repair problems continue to plague the market
A dog looks out the window from a Tesla electric vehicle charging at a Tesla Supercharger location in Santa Monica, California on May 15, 2024. Patrick T. Fallon | AFP | Getty Images Tesla is losing its lead over legacy automakers in the quality of its new all-electric vehicles, according to an annual influential study… Continue reading Tesla loses its EV quality edge as repair problems continue to plague the market
Rivian investor day focuses on cost reductions, efficiencies and next-generation EVs
2025 Rivian R1S Rivian A Thursday investor event for Rivian Automotive that focused on cost-cutting efforts, efficiency gains and in-house technologies and software wasn’t enough to build on the company’s significant share growth this week. Shares of the all-electric vehicle startup fell by about 2% to 6% for much of the event, eating into some… Continue reading Rivian investor day focuses on cost reductions, efficiencies and next-generation EVs
Chinese automakers expected to achieve 33% global market share by 2030
A GAC Aion Hyper SSR electric sports car is on display during the Auto Guangzhou 2023 at China Import & Export Fair Pazhou Complex in Guangzhou, Guangdong Province of China, on Nov. 17, 2023. Vcg | Visual China Group | Getty Images Chinese automakers are expected to continue rapidly expanding outside of their home country… Continue reading Chinese automakers expected to achieve 33% global market share by 2030
Rivian investment a ‘catch-up move’ for Volkswagen that could take years to pay off, advisory firm says
Rivian electric vehicles sit in a lot at a Rivian facility in February 22, 2024 in Chicago, Illinois. Scott Olson | Getty Images News | Getty Images Volkswagen’s $5 billion investment in electrical vehicle startup Rivian is a “catch-up move” for the German automaker, but could take years to pay off, according to Cyrus Mewawalla,… Continue reading Rivian investment a ‘catch-up move’ for Volkswagen that could take years to pay off, advisory firm says
China’s EV architect says investing in Europe is a way forward
Wan Gang is widely credited for spearheading China’s electric car strategy many years ago. Bloomberg | Bloomberg | Getty Images HEFEI, China — The man who spearheaded China’s electric car strategy said Wednesday that Chinese investment in the European electric vehicles industry could be a way forward for both sides amid trade tensions. “I believe the governments [of China and… Continue reading China’s EV architect says investing in Europe is a way forward
GM’s Cruise names former Amazon, Microsoft Xbox executive as new CEO
A Cruise vehicle in San Francisco on Feb. 2, 2022. David Paul Morris | Bloomberg | Getty Images DETROIT – General Motors’ Cruise autonomous vehicle unit on Tuesday announced former Amazon and Microsoft executive Marc Whitten as its new CEO. Whitten was a founding engineer at Microsoft’s Xbox before leaving the company after more than… Continue reading GM’s Cruise names former Amazon, Microsoft Xbox executive as new CEO
Rivian secures up to $5 billion from Volkswagen, shares soar 40%
Workers assemble second-generation R1 vehicles at electric automaker Rivian’s manufacturing facility in Normal, Illinois, on June 21, 2024. Joel Angel Juarez | Reuters Volkswagen plans to invest up to $5 billion in electric vehicle startup Rivian, starting with an initial investment of $1 billion. The additional $4 billion is expected by 2026. It includes plans… Continue reading Rivian secures up to $5 billion from Volkswagen, shares soar 40%
U.S. auto sales are expected to slow during the second half of 2024
Cars sit on a Chevrolet dealership’s lot on June 20, 2024 in Chicago, Illinois. A cyber attack on CDK Global, a software provider that helps dealerships manage sales and service, has crippled the workflow at approximately 15,000 dealerships across the United States and Canada. Scott Olson | Getty Images DETROIT — U.S. auto sales through… Continue reading U.S. auto sales are expected to slow during the second half of 2024