Category: Automotive

Tesla comes in light on revenue, beats on earnings

Tesla CEO Elon Musk speaks at an event in Hawthorne, California April 30, 2015. Patrick T. Fallon | Reuters Tesla reported third-quarter earnings after the bell. Shares fell by about 3% after hours following the results. Here are the results. Earnings: $1.05 vs 99 cents per share (adjusted) expected, based on analysts polled by Refinitiv Revenue: $21.45… Continue reading Tesla comes in light on revenue, beats on earnings

Biden awards $2.8 billion for projects to boost electric vehicle battery manufacturing

U.S. President Joe Biden delivers remarks to highlight electric vehicle manufacturing in America, during a visit to the Detroit Auto Show, September 14, 2022. Kevin Lamarque | Reuters The Biden administration on Wednesday said it will award $2.8 billion in grants for projects to expand U.S. manufacturing of batteries for electric vehicles and domestic mineral production.… Continue reading Biden awards $2.8 billion for projects to boost electric vehicle battery manufacturing

Hyundai says Biden’s new EV tax credit rules deal ‘astronomical’ blow to business

Hyundai Ioniq 6 Hyundai DETROIT – The Biden administration’s elimination of tax credits for imported electric vehicles deals a massive blow to Hyundai Motor’s business, an executive for the automaker said Wednesday. Jose Munoz, global president and chief operating officer, declined to disclose a specific financial impact associated with the requirements of the Inflation Reduction… Continue reading Hyundai says Biden’s new EV tax credit rules deal ‘astronomical’ blow to business

Wall Street eyes auto industry earnings for signs of ‘demand destruction’

A sign advertises to purchase cars at a used car dealership in Arlington, Virginia, February 15, 2022. Saul Loeb | AFP | Getty Images DETROIT – Since the start of the pandemic in early 2020, U.S. automakers and dealers have seen record profits as demand outpaced supplies of new cars amid supply chain problems. But… Continue reading Wall Street eyes auto industry earnings for signs of ‘demand destruction’

BMW plans to invest $1.7 billion in U.S. to produce electric vehicles

BMW Concept XM BMW BMW Group plans to invest $1.7 billion in its U.S. operations to build electric vehicles and batteries, the company announced Wednesday. The investment will include $1 billion to prepare for production of EVs at the automaker’s existing Spartanburg factory in South Carolina, and $700 million for a new high-voltage battery-assembly facility… Continue reading BMW plans to invest $1.7 billion in U.S. to produce electric vehicles