British EV start-up Arrival will slash its headcount by half – 800 staff – in its latest round of cost-cutting measures. Most of the redundancies will be made in the UK and Georgia (the US), reported the Financial Times. Through this and other spending cuts, Arrival expects to halve its cash operating costs to around $30… Continue reading Arrival to drop half of workforce in cost-cutting drive
Category: US Motoring Press
New scrappage scheme offers London drivers up to £5000
Transport for London (TfL) has today announced the introduction of a scrappage scheme wherein each applicant could receive up to £5000 to scrap or retrofit their vehicle to meet ULEZ emissions standards. The £110m scheme comes ahead of the planned August expansion of the Ultra Low Emission Zone to include all 32 London boroughs. It aims to support… Continue reading New scrappage scheme offers London drivers up to £5000
GM begins production of 2024 GMC Hummer SUV in Detroit
General Motors started production Monday of the second electric vehicle in the Hummer family: The 2024 GMC Hummer SUV. That vehicle will hit dealership lots later in the first quarter. GM’s Global Vice President of Buick GMC Duncan Aldred sat down with the media Monday as the first Hummer SUV rolled off the line at… Continue reading GM begins production of 2024 GMC Hummer SUV in Detroit
GM hires former Tesla executive Zach Kirkman for corporate development role
General Motors has hired the former head of electric carmaker Tesla’s corporate development. GM’s CFO Paul Jacobson announced the news on his LinkedIn account Monday writing, “I’m pleased to share Zach Kirkman has joined GM as Vice President, Corporate Development and Global Mergers & Acquisitions. Previously serving as Head of Corporate Development, Mergers & Acquisitions… Continue reading GM hires former Tesla executive Zach Kirkman for corporate development role
Ford recalls 2020-23 Explorer, Lincoln Aviator, 2020-22 Corsair for defective camera
Ford Motor Co. ended 2022 struggling to cut its high recall and warranty costs, and the automaker now has a major recall in the first month of the new year posted by the National Highway Traffic Safety Administration. A total of 382,759 SUV owners in the U.S. are asked to seek repair of a defective… Continue reading Ford recalls 2020-23 Explorer, Lincoln Aviator, 2020-22 Corsair for defective camera
Ford cuts Mach-E price to compete with Tesla, offers deal to recent buyers too
Ford Motor Co. announced Monday that it’s dropping the price of the 2023 Mustang Mach-E SUV from $600 to $5,900 depending on the model, just weeks after its primary competitor Tesla also cut the cost of its electric vehicles (EVs). “We’re not going to cede ground to anyone,” Marin Gjaja, chief customer officer for Ford… Continue reading Ford cuts Mach-E price to compete with Tesla, offers deal to recent buyers too
Ford’s EV price cuts could pressure profitability, a headwind the automaker needs to address
Ford Motor (F) confirmed Monday what Jim Cramer has been speculating for weeks: Price cuts on its electric vehicles following similar moves by Tesla (TSLA). While engaging in this price war was necessary for Ford to stay competitive and maintain customer demand, we’re concerned about the dent the Club holding faces in profitability. Ford will… Continue reading Ford’s EV price cuts could pressure profitability, a headwind the automaker needs to address
Ford and General Motors enter a new phase of uncertainty on prices and demand
Attendees view a Ford Mustang Mach-E GT during opening day of the 2022 New York International Auto Show (NYIAS) in New York, on Friday, April 15, 2022. Jeenah Moon | Bloomberg | Getty Images DETROIT – Let’s talk about pricing power. At least, General Motors and Ford Motor likely will be doing that this week… Continue reading Ford and General Motors enter a new phase of uncertainty on prices and demand
Jim Cramer’s Investing Club meeting Monday: Dow stocks, Fed, Ford
Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Monday’s key moments. Stick to Dow stocks Watch wage inflation Monitor Ford price cuts 1. Stick to Dow stocks The S & P 500 and Nasdaq Composite fell on Monday ahead of a… Continue reading Jim Cramer’s Investing Club meeting Monday: Dow stocks, Fed, Ford
Ford cuts prices on electric Mustang Mach-E, following Tesla’s lead
People visit Ford’s all-electric SUV Mustang Mach-E at the 2019 Los Angeles Auto Show in Los Angeles, the United States, Nov. 22, 2019. Xinhua via Getty Images DETROIT — Ford Motor is increasing production and cutting prices of its electric Mustang Mach-E crossover, weeks after industry leader Tesla announced similar plans for its EVs. The… Continue reading Ford cuts prices on electric Mustang Mach-E, following Tesla’s lead