General Motors on Tuesday reported solid profits for 2022, after overcoming the computer chip shortages and softening demand that has slowed much of the auto industry last year. The company reported $9.9 billion in net income, slightly below the total from the year before, while revenue rose 23 percent to $157 billion. It sold 3.6… Continue reading GM Posts Solid Profit as It Pushes to Take On Tesla in EVs
Category: US Motoring Press
Ford Follows Tesla in Cutting Electric Vehicle Prices
Ford Motor said on Monday that it was cutting prices on its top-selling battery-powered model, the Mustang Mach-E, and increasing production of the sport utility vehicle. It was the latest sign of intensifying competition in the electric car market. Two weeks ago, Tesla slashed prices of its electric cars by as much as 20 percent… Continue reading Ford Follows Tesla in Cutting Electric Vehicle Prices
Falling Used-Car Demand Puts Pressure on Carvana and Other Dealers
About a year ago, the used-car business was a rollicking party. The coronavirus pandemic and a global semiconductor shortage forced automakers to stop or slow production, pushing consumers to used-car lots. Prices for pre-owned vehicles surged. Now, the used-car business is suffering a brutal hangover. Americans, especially people on tight budgets, are buying fewer cars… Continue reading Falling Used-Car Demand Puts Pressure on Carvana and Other Dealers
Tesla’s Profit Jumped 12% in Fourth Quarter
Tesla reported a respectable jump in profit for the last quarter of 2022, but slipping profit margins and slowing sales growth underlined the challenges that have weighed on the carmaker’s stock. The profit increase of 12 percent capped a tumultuous year that included intensifying competition, supply chain disruptions and concerns about the behavior of its… Continue reading Tesla’s Profit Jumped 12% in Fourth Quarter
Tesla Will Build Heavy Trucks at a New Factory in Nevada
Tesla will build a factory in northern Nevada that will manufacture electric semi trucks, the company said Tuesday, putting pressure on traditional truck makers like Daimler and Volvo that are just beginning to sell battery-powered vehicles. The factory, along with a new battery plant, will add 3,000 employees at an existing Tesla facility east of… Continue reading Tesla Will Build Heavy Trucks at a New Factory in Nevada
Elon Musk is set to reveal ‘Master Plan Part 3’ at Tesla Investor Day after the bell
Elon Musk speaks at Tesla’s 2023 investor day on March 1. Screenshot Electric vehicle maker Tesla laid out its long-term vision at a 2023 Investor Day presentation in Austin, Texas, on Wednesday. CEO Elon Musk took the stage to share his “Master Plan 3,” and to discuss how Tesla plans to scale up in the… Continue reading Elon Musk is set to reveal ‘Master Plan Part 3’ at Tesla Investor Day after the bell
Aston Martin shares surge 14% on profitability forecast for 2023
The exterior of an Aston Martin store. Jeremy Moeller | Getty Images News | Getty Images LONDON — British luxury carmaker Aston Martin Lagonda forecasts better profitability this year, after widening its 2022 pretax losses on the back of a weakening U.K. currency. The company more than doubled year-on-year pretax losses to £495 million ($598… Continue reading Aston Martin shares surge 14% on profitability forecast for 2023
General Motors cuts 500 salaried employees
Mary Barra, CEO, GM at the NYSE, November 17, 2022. Source: NYSE DETROIT – General Motors is cutting hundreds of salaried positions as it follows other major companies, including competitors, in downsizing headcounts to preserve cash and boost profits. The cuts affect about 500 positions, according to a person familiar with the plans, which were… Continue reading General Motors cuts 500 salaried employees
Chinese cars rise in Russia after fury drove Western brands out
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EPA sets in motion gasoline policy shift to bolster ethanol
This content is only available to subscribers. Get unlimited digital access. $1 for 3 Months. Subscribe Now Your subscription supports: Unlimited access to subscriber only articles on desktop, tablet and mobile web. The eNewspaper, a digital replica of the print paper, every day. Trusted, up-to-date local Detroit and Michigan breaking news. Newsletters on topics that… Continue reading EPA sets in motion gasoline policy shift to bolster ethanol