Ford said Tuesday it will delay until 2022 plans to launch an autonomous vehicle service, as the COVID-19 pandemic has prompted the company to rethink its go-to-market strategy. The news was shared as part of Ford’s quarterly earnings, which was released after the market closed Tuesday. Ford reported a $2 billion loss in the first… Continue reading Ford postpones autonomous vehicle service until 2022
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Lyft is laying off nearly 1,000 employees — 17% of its workforce — as the coronavirus sends the ride-hailing industry into a nosedive (LYFT)
Lyft said on Wednesday that it would cut nearly 1,000 jobs and had furloughed 288 workers. Both Lyft and its larger competitor Uber have seen ride-hailing volumes plummet during the coronavirus pandemic. Shares of Lyft were up more than 5% on Wednesday, outpacing broader market gains. Visit Business Insider’s homepage for more stories. Lyft said… Continue reading Lyft is laying off nearly 1,000 employees — 17% of its workforce — as the coronavirus sends the ride-hailing industry into a nosedive (LYFT)
UPDATE 1-Uber’s Middle East business Careem cuts 31% of workforce
DUBAI (Reuters) – Uber Technologies’ Careem subsidiary on Monday announced it was cutting 536 jobs this week, representing 31% of the Dubai-headquartered company’s workforce. FILE PHOTO: Careem CEO Mudassir Sheikha speaks to Reuters in an interview at the company headquarters in Dubai, UAE, December 13, 2018. REUTERS/Satish Kumar/File Photo The announcement came hours after Uber… Continue reading UPDATE 1-Uber’s Middle East business Careem cuts 31% of workforce
VW’s Skoda braces for second-quarter hit after earnings drop
FILE PHOTO: Workers enter Skoda Auto’s factory as the company restarts production after shutting down last month due to the coronavirus disease (COVID-19) outbreak in Mlada Boleslav, Czech Republic, April 27, 2020. REUTERS/David W Cerny PRAGUE (Reuters) – Czech carmaker Skoda Auto, part of the Volkswagen Group (VOWG_p.DE), reported a 25% drop in first-quarter operating… Continue reading VW’s Skoda braces for second-quarter hit after earnings drop
VW’s Skoda operating profit drops 25% in first-quarter, expects biggest hit in first-quarter
FILE PHOTO: Workers enter Skoda Auto’s factory as the company restarts production after shutting down last month due to the coronavirus disease (COVID-19) outbreak in Mlada Boleslav, Czech Republic, April 27, 2020. REUTERS/David W Cerny PRAGUE (Reuters) – Operating profit at Czech carmaker Skoda Auto, part of the Volkswagen Group (VOWG_p.DE), fell 25% in the… Continue reading VW’s Skoda operating profit drops 25% in first-quarter, expects biggest hit in first-quarter
German car sector morale plunges ahead of crunch Merkel meeting
BERLIN (Reuters) – The business climate in Germany’s auto sector suffered its biggest slump in April and hit its lowest level since 1991, when the Ifo economic institute began collecting data post-reunification, a survey showed on Monday. FILE PHOTO: A worker wears a protective mask at the Volkswagen assembly line after VW re-starts Europe’s largest… Continue reading German car sector morale plunges ahead of crunch Merkel meeting
German manufacturing output posts record contraction in April: PMI
FILE PHOTO: Automated vehicles carry parts for building Porsche Taycan electric cars at Porsche’s Zuffenhausen manufacturing complex, in Stuttgart, Germany, September 9, 2019. Picture taken September 9, 2019. REUTERS/Joe White BERLIN (Reuters) – German factory output shrank at the fastest rate on record in April and firms in the export-oriented sector cut jobs at the… Continue reading German manufacturing output posts record contraction in April: PMI
First Cobalt pioneers cobalt production for electric cars in North America
LONDON (Reuters) – First Cobalt said on Monday it expects to start making cobalt sulphate around the turn of the year and become North America’s first producer of the component crucial for batteries used in electric vehicles. The Canadian company’s plans for its cobalt refinery in Ontario, would be a step towards helping North America… Continue reading First Cobalt pioneers cobalt production for electric cars in North America
Elon Musk talks Tesla cars playing augmented reality games while driving
In a new comment, Elon Musk talks about possibly developing a game for Tesla cars using augmented reality game while driving… or Minecraft. For the last two years, Tesla has been spending some resources to involve video games into its user experience and it plans to do more of it in the future as Musk… Continue reading Elon Musk talks Tesla cars playing augmented reality games while driving
Exclusive: Nissan to retrench further in new plan to focus on U.S., Japan, China
(Reuters) – Nissan Motor Co Ltd (7201.T) will pull back from Europe and elsewhere to focus on the United States, China and Japan under a plan that represents a new strategic direction for the embattled carmaker, people with direct knowledge of the plan told Reuters. FILE PHOTO: People walk past a dealer shop of Nissan… Continue reading Exclusive: Nissan to retrench further in new plan to focus on U.S., Japan, China