A brand-new Honda Pilot is displayed on the sales lot at Honda Marin in San Rafael, California, on Feb. 6, 2024. Justin Sullivan | Getty Images DETROIT — Honda Motor and yet-to-be-named joint venture partners plan to invest $11 billion in Ontario, Canada, to create a “comprehensive EV value chain,” the Japanese automaker announced Thursday.… Continue reading Honda to build $11 billion electric vehicle hub in Canada
Author: CNBC Online news
Xpeng’s Gu says robotaxis won’t be a real business for at least five years
A Xpeng G9 is displayed at a store in a mall in Beijing on Feb. 29, 2024. Wang Zhao | AFP | Getty Images BEIJING — Self-driving taxis won’t be a significant business for at least five years, Xpeng Vice Chairman and Co-President Brian Gu said Thursday. That prediction comes as Elon Musk has promoted… Continue reading Xpeng’s Gu says robotaxis won’t be a real business for at least five years
Geely-backed luxury EV brand Zeekr says it’s already beating Tesla in parts of China
Pictured here is the Zeekr 001 electric car at a services trade fair in Beijing on Aug. 31, 2023. China News Service | China News Service | Getty Images BEIJING — Chinese electric car brand Zeekr is selling more vehicles than Tesla in parts of China, and plans to expand in Europe and Latin America… Continue reading Geely-backed luxury EV brand Zeekr says it’s already beating Tesla in parts of China
Ford’s earnings beat, rosy 2024 outlook, and cost discipline show the automaker is getting its house in order
Ford Motor on Wednesday evening delivered higher than expected profits in the first quarter, driven by strength in its commercial business. Positive updates to its full-year outlook helped send shares rallying by roughly 2.5% in after-hours trading. Automotive revenue increased 2% year over year, to $38.89 billion, missing analysts’ forecasts of $40.1 billion, according to… Continue reading Ford’s earnings beat, rosy 2024 outlook, and cost discipline show the automaker is getting its house in order
Ford tops first-quarter earnings estimates as commercial unit offsets EV losses
The Ford display at the New York International Auto Show on March 28, 2024. Danielle DeVries | CNBC DETROIT — Sales of Ford Motor trucks and other commercial vehicles led the automaker to beat Wall Street’s earnings estimates for the first quarter, offsetting losses of its electric vehicles. The company maintained its 2024 earnings guidance… Continue reading Ford tops first-quarter earnings estimates as commercial unit offsets EV losses
Tesla surges after Elon Musk says new affordable EV models coming
watch now Tesla shares closed up 12% on Wednesday after CEO Elon Musk said the electric-vehicle company plans to begin production of new affordable EV models by early 2025. Musk’s comments came during Tesla’s earnings call on Tuesday after the company reported disappointing first-quarter numbers. Revenue fell 9% year over year, its steepest annual decline… Continue reading Tesla surges after Elon Musk says new affordable EV models coming
Elon Musk is keeping investors’ dreams of a Tesla robotaxi alive
watch now By just about every measure, Tesla’s first-quarter earnings report on Tuesday was dreary. The company missed estimates on the top and bottom lines. Revenue fell by 9% year over year, the worst decline since 2012. Auto sales dropped 13% from the same period in 2023. Free cash flow turned negative. But CEO Elon Musk downplayed most… Continue reading Elon Musk is keeping investors’ dreams of a Tesla robotaxi alive
Volvo Cars shares down 8% as first-quarter revenues fall
A Volvo EX30 fully electric EV Car is displayed during the Everything Electric London 2024 at ExCel on March 28, 2024 in London, England. John Keeble | Getty Images News | Getty Images Shares of Swedish automaker Volvo Cars fell more than 6% in early trade on Wednesday after a drop in first-quarter revenues. Revenue… Continue reading Volvo Cars shares down 8% as first-quarter revenues fall
China’s Xiaomi is selling more EVs than expected, raising hopes it can break even sooner
The Xiaomi SU7 on display at the Mobile World Congress 2024. Arjun Kharpal | CNBC BEIJING — Chinese smartphone company Xiaomi‘s new electric vehicle is selling better than expected, putting it closer to break-even despite undercutting Tesla‘s Model 3 on price. Xiaomi has received more than 70,000 orders for its electric SU7 sedan as of… Continue reading China’s Xiaomi is selling more EVs than expected, raising hopes it can break even sooner
Tesla cutting around 2,700 jobs in Austin and more than 3,300 in California as part of broad restructuring
Tesla CEO Elon Musk speaks at the Tesla Giga Texas manufacturing “Cyber Rodeo” grand opening party in Austin, Texas, on April 7, 2022. Suzanne Cordeiro | AFP | Getty Images Tesla is eliminating 3,332 jobs across the state of California, and 2,688 jobs in Austin, Texas, according to Worker Adjustment and Retraining Notification (WARN) Act… Continue reading Tesla cutting around 2,700 jobs in Austin and more than 3,300 in California as part of broad restructuring