CLOSE Things can always be worse. That’s one way to look at the earnings reports for Fiat Chrysler Automobiles and other automakers in the midst of a global downturn brought on by the coronavirus pandemic. The question on Friday was how bad things would get for FCA, the last of the Detroit Three to announce… Continue reading Fiat Chrysler lost $1.24B in 2nd quarter of 2020
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They used to be auto execs. Now their lives in Michigan are completely different
CLOSE Following a surprisingly unceremonious departure from Ford Motor Co. in February, former top executive Joe Hinrichs just wanted a year off. He started exercising and shed 17 pounds. He’s become an avid gardener and on just about any morning, you’re likely to find him speed-walking with his wife, Maria, or enjoying summer at his lake house in Indiana. The 53-year-old had spent nearly two decades at… Continue reading They used to be auto execs. Now their lives in Michigan are completely different
Fiat Chrysler salaried workers back at full pay
CLOSE Fiat Chrysler Automobiles has restored full pay for its salaried workforce. Unlike General Motors, which announced its own restoration of full pay for salaried workers, the move was not earlier than expected, according to FCA, but was in the planned time frame for addressing the financial impact of the coronavirus. Ford had announced a similar plan beginning in May… Continue reading Fiat Chrysler salaried workers back at full pay
Bio Roundup: Cerevel’s Shell, Thrive’s Rise, Drug Price Drama & More
July 31st, 2020 Xconomy National — The biotech IPO market is buzzing but Cerevel Therapeutics is showing that there’s more than one path to the public markets. This week the neuroscience drug developer reached a deal to merge with publicly traded Arya Sciences Acquisition Corp II. If you’ve never heard of Arya (NASDAQ: ARYBU), it’s… Continue reading Bio Roundup: Cerevel’s Shell, Thrive’s Rise, Drug Price Drama & More
GM to add 2,700 EVgo chargers in 5 years, a bet on fast-charging while shopping
General Motors and EVgo announced today that they plan to add more than 2,700 new fast chargers at grocery stores, retail outlets, and entertainment centers in 40 metropolitan areas. The project, which will take five years to complete, is an effort to convince renters and condo dwellers that EVs are practical. The message is to… Continue reading GM to add 2,700 EVgo chargers in 5 years, a bet on fast-charging while shopping
Tesla releases Q2 2020 safety report: strong year-over-year improvement in Autopilot accidents
Tesla has released its Q2 2020 safety report showing a strong year-over-year improvement in Autopilot accidents, but a small regression quarter-over-quarter. Since 2018, Tesla has been trying to create a benchmark for its improvement in Autopilot safety by releasing a quarterly report that compares the number of miles per accident on Autopilot versus off Autopilot.… Continue reading Tesla releases Q2 2020 safety report: strong year-over-year improvement in Autopilot accidents
Tesla (TSLA) secures $780 million in bonds at cheaper levels than initially anticipated
Tesla (TSLA) managed to secure $780 million in bonds against its auto leases and got cheaper levels than initially anticipated, thanks to high investor demand. Even though Tesla ended the last quarter with a record cash position of $8.5 billion, the automaker is always looking for cheap ways to improve its financial position. Borrowing through… Continue reading Tesla (TSLA) secures $780 million in bonds at cheaper levels than initially anticipated
Detroit Three signal cautious optimism for second half of 2020
Detroit’s three automakers are cautiously optimistic for the next six months after second-quarter earnings took a beating because of the coronavirus. Performance predictions hinge on specific conditions, but other actions signal a brighter future. “We expect a much, much better second half,” Fiat Chrysler Automobiles NV CEO Mike Manley said Friday during a conference call after the… Continue reading Detroit Three signal cautious optimism for second half of 2020
Electric pickups a possibility, FCA CEO says, as it updates product plans
Fiat Chrysler Automobiles NV could electrify its Ram trucks if they face deteriorating market share, CEO Mike Manley said Friday, as he provided updates on product launch plans that faced delays due to the coronavirus pandemic. The Italian American automaker has said it will electrify its profit-heavy Jeep brand by 2022, but overall it has been… Continue reading Electric pickups a possibility, FCA CEO says, as it updates product plans
Ford takes $1.9 billion hit in second quarter, but that’s far better than expected
Dearborn — Ford Motor Co. took a $1.9 billion hit to its pretax earnings during the second quarter — far better than the $5 billion the automaker had warned it might lose during the eight-week pandemic shutdown. But by recording a one-time $3.5 billion gain on its investment with self-driving software Argo AI, the automaker managed to post an overall… Continue reading Ford takes $1.9 billion hit in second quarter, but that’s far better than expected