An insurgent candidate has won the presidency of the United Auto Workers union, potentially setting the organization on a more confrontational path as it heads into contract talks this year with the three Detroit automakers. Shawn Fain, a 54-year-old electrician who has been a member of the union for almost three decades, defeated the incumbent,… Continue reading President Is Ousted in United Auto Workers Election
Category: US Motoring Press
LG Will Spend $5.5 Billion on a Battery Factory in Arizona
A South Korean battery manufacturer said it would quadruple its planned investment in a new factory in Arizona to meet growing demand from automakers that are trying to ramp up production of electric cars and trucks. The company, LG Energy Solution, said it would invest $5.5 billion to build the complex near Phoenix, where it… Continue reading LG Will Spend $5.5 Billion on a Battery Factory in Arizona
Falling Lithium Prices Are Making Electric Cars More Affordable
Lithium, the common ingredient in almost all electric-car batteries, has become so precious that it is often called white gold. But something surprising has happened recently: The metal’s price has fallen, helping to make electric vehicles more affordable. Since January, the price of lithium has dropped nearly 20 percent, according to Benchmark Minerals, even as… Continue reading Falling Lithium Prices Are Making Electric Cars More Affordable
Volkswagen Will Invest $193 Billion in Electric Cars and Software
Volkswagen said on Tuesday that it would spend $193 billion on software, battery factories and other investments as it aimed to make every fifth vehicle it sold electric by 2025. The automaker, the world’s second biggest after Toyota, will also focus on expanding its presence in North America, where it has struggled for years, and… Continue reading Volkswagen Will Invest $193 Billion in Electric Cars and Software
Tesla Could Start Making Cars in Mexico Next Year, Governor Says
Tesla’s new factory in the Mexican state of Nuevo León will cost $5 billion, will employ up to 7,000 people and could start churning out cars as early as next year, the state’s governor said on Friday. Tesla announced this week that it planned an assembly plant in Mexico — its fifth worldwide — but… Continue reading Tesla Could Start Making Cars in Mexico Next Year, Governor Says
Carvana expects to achieve adjusted profit sooner than expected amid restructuring; shares surge
A Carvana glass tower sits illuminated on Feb. 23, 2022, in Oak Brook, Illinois. Armando L. Sanchez | Tribune News Service | Getty Images Carvana on Thursday said it expects to achieve positive adjusted earnings during the second quarter of this year — earlier than previously stated — as the used car retailer executes a… Continue reading Carvana expects to achieve adjusted profit sooner than expected amid restructuring; shares surge
Struggling Lordstown Motors expects to end production of its EV pickup ‘in the near future’
Lordstown Motors gave rides in prototypes of its upcoming electric Endurance pickup truck on June 21, 2021 as part of its “Lordstown Week” event. Michael Wayland / CNBC Lordstown Motors expects to end production of its Endurance pickup truck “in the near future,” as the embattled EV startup runs out of cash and seeks additional… Continue reading Struggling Lordstown Motors expects to end production of its EV pickup ‘in the near future’
Ferrari profit jumps 24% as demand pushes waiting list into 2025
Ferrari Roma Source: Ferrari Ferrari said on Thursday that its first-quarter profit jumped 24% to 297 million euros ($328.8 million), on a 10% increase in shipments as huge demand for its latest models drove a surge in profitability. “Our order book already extends into 2025,” said CEO Benedetto Vigna in a statement. related investing… Continue reading Ferrari profit jumps 24% as demand pushes waiting list into 2025
Volkswagen posts drop in quarterly profit, says it must speed up to catch Chinese EV market rivals
First-quarter sales revenue rose by 22% to 76 billion euros, Volkswagen said, primarily driven by a recovery in sales volumes in Europe and North America. Bloomberg | Bloomberg | Getty Images German giant Volkswagen on Thursday reported a drop in first-quarter profit, saying weaker sales in China reaffirms the need for the carmaker to close… Continue reading Volkswagen posts drop in quarterly profit, says it must speed up to catch Chinese EV market rivals
Auto giants are setting their sights on a new growth market for EVs: India
The NH48 highway in India. The country’s electric car sector is small compared to other major economies like China and the U.S. Sw Photography | Digitalvision | Getty Images With a huge population, military and economy, India is viewed by many as country whose influence could grow significantly as the 21st century progresses. When it… Continue reading Auto giants are setting their sights on a new growth market for EVs: India