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Category: US Motoring Press
General Motors Reaches Deal to Ensure Its Chip Supply
General Motors has reached an agreement with a large computer chip maker to help ensure it has a steady supply of semiconductors as it ramps up production of electric vehicles and complex components that require increases in computing power. Under the agreement, the chip maker, GlobalFoundries, agreed to set aside a portion of its manufacturing… Continue reading General Motors Reaches Deal to Ensure Its Chip Supply
Tesla’s Cybertruck Is Coming Soon. Maybe.
More than three years after Elon Musk stunned the auto industry with an electric pickup truck that looked more like a stealth fighter than a way to haul two-by-fours and drywall, Tesla said last month that it would begin building the vehicle by the end of 2023. The announcement has helped fuel a recovery in… Continue reading Tesla’s Cybertruck Is Coming Soon. Maybe.
Do You Work in the Auto Industry? We Want to Hear From You.
Growth in sales of electric vehicles has created thousands of jobs in auto manufacturing, batteries and other new fields, but not without turmoil. There is talk of layoffs at some suppliers and automakers even as other companies expand. I cover the auto industry for The New York Times, and I am planning to write about… Continue reading Do You Work in the Auto Industry? We Want to Hear From You.
Jury Rules for Elon Musk and Tesla in Investor Lawsuit Over Tweets
A jury decided Friday that Elon Musk was not liable for losses suffered by investors after he posted messages on Twitter saying he had secured the funding to take Tesla private in 2018. Investors had sued Mr. Musk, Tesla and the company’s board, arguing that his statements about his embryonic plan to take the electric… Continue reading Jury Rules for Elon Musk and Tesla in Investor Lawsuit Over Tweets
Ford Lost $2 Billion in 2022 as Some Investments Soured
Ford Motor said on Thursday that it lost $2.2 billion in 2022 as it wrote down the value of two big investments and struggled with high costs and supply chain problems. The company wrote down its investments in Rivian, a young electric truck maker, by $7.4 billion and Argo AI, a company developing autonomous vehicles,… Continue reading Ford Lost $2 Billion in 2022 as Some Investments Soured
GM Posts Solid Profit as It Pushes to Take On Tesla in EVs
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
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