Detroit — Electric vehicle startup Lordstown Motors Corp. and DiamondPeak Holdings Corp. have entered into a $1.6 billion merger agreement that will result in Lordstown becoming publicly listed, the two companies said Monday. Lordstown’s merger with the special purpose acquisition company is viewed as a way to aid in the development of Lordstown’s all-electric pickup truck, the Endurance, which was unveiled… Continue reading Lordstown Motors to merge with acquisition company, go public
Category: US Motoring Press
Ferrari expects at least 1 billion euros profit in 2020
Daniele Lepido, Bloomberg Published 9:53 a.m. ET Aug. 3, 2020 | Updated 10:02 a.m. ET Aug. 3, 2020 Ferrari NV narrowed the range of its full-year profit guidance toward the lower end after the supercar-maker was forced to shutter factories for seven weeks because of the coronavirus pandemic. Ferrari, controlled by the Agnelli family’s investment… Continue reading Ferrari expects at least 1 billion euros profit in 2020
Ford’s plan to defer government loan payments a ‘concerning sign’
CLOSE For Ford Bronco fans it has been a long wait to see a new Ford Bronco model. The wait is finally over as Ford reveals the 2021 Ford Bronco and Bronco Sport. Wochit Ford Motor Co. confirmed Friday that it sought and won permission from the U.S. Department of Energy to defer debt payments… Continue reading Ford’s plan to defer government loan payments a ‘concerning sign’
GM makes huge effort to increase fast-charging stations for electric vehicles
CLOSE General Motors wants people in battery electric vehicles and to make that more appealing, the automaker will start setting up thousands of fast-charging stations in the parking lots and public spaces across U.S. cities and suburbs. GM has partnered with EVgo, the largest public fast-charging network for electric vehicles, to triple the size of the U.S.’ public… Continue reading GM makes huge effort to increase fast-charging stations for electric vehicles
Fiat Chrysler lost $1.24B in 2nd quarter of 2020
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
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
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