The Michigan Department of State has suspended the license of the Carvana dealership in Novi for “imminent harm to the public,” a claim Carvana calls “baseless.” In a media release late last week, the state said Carvana LLC, owned by Paul Breaux and located off of Novi Road near I-96, committed several alleged violations of… Continue reading Michigan suspends Novi car dealership Carvana’s license citing ‘imminent harm’ to public
Category: US Motoring Press
Here’s why UBS’s downgrade of Ford is misguided — and late
Ford Motor (F) shares plummeted Monday after UBS downgraded the Club holding — a call that strikes us as both belated and short-sighted given the stock’s considerable slide since January. With a dividend yield north of 5%, the Club is sitting tight. In a research note to clients, the bank warned that automakers like Ford… Continue reading Here’s why UBS’s downgrade of Ford is misguided — and late
GM and Ford shares fall after UBS downgrades on expectations for weakening demand
The General Motors world headquarters office is seen at Detroit’s Renaissance Center. Paul Hennessy | LightRocket | Getty Images DETROIT — Shares of General Motors and Ford Motor each tumbled Monday after a pair of UBS downgrades citing expectations for weakening demand amid inflationary pressures. Ford’s stock was down by more than 8% during intraday… Continue reading GM and Ford shares fall after UBS downgrades on expectations for weakening demand
Rivian shares slumped after the company announced a big recall
Production of electric Rivian R1T pickup trucks on April 11, 2022 at the company’s plant in Normal, Ill. Michael Wayland / CNBC Shares of Rivian Automotive fell sharply on Monday after the electric vehicle maker said late Friday that it is recalling more than 12,000 vehicles – nearly every EV it has made to date… Continue reading Rivian shares slumped after the company announced a big recall
State suspends license of Carvana dealership in Novi over alleged code violations
The Michigan Department of State has suspended the license of a Novi dealership for online used-car retailer Carvana “for imminent harm to the public,” according to a news release from the agency. The dealership in question — which in 2020 debuted with one of Carvana’s signature car “vending machines” — is at 26890 Adell Center Drive and has… Continue reading State suspends license of Carvana dealership in Novi over alleged code violations
Stellantis signs non-binding supply deal for raw materials needed for EV batteries
Jeep maker Stellantis NV on Monday announced it has signed a non-binding memorandum of understanding with a supplier for raw materials needed to build electric-vehicle batteries. The agreement between Stellantis and GME Resources Limited — which owns a nickel and cobalt project in western Australia — is the latest example of automakers moving to shore up… Continue reading Stellantis signs non-binding supply deal for raw materials needed for EV batteries
Ford, GM report mixed Q3 results in China as auto market continues COVID recovery
Crosstown rivals General Motors Co. and Ford Motor Co. reported mixed results in China in the third quarter as the world’s largest car market continued its recovery from COVID-related disruptions earlier this year. GM and its joint ventures in China delivered nearly 630,000 vehicles in Q3 — up about 1% year-over-year as the Detroit automaker… Continue reading Ford, GM report mixed Q3 results in China as auto market continues COVID recovery
Chinese firm tests electric flying taxi in Dubai
Dubai, United Arab Emirates – A Chinese firm tested out an electric flying taxi in Dubai on Monday, offering a glimpse of futuristic technology that could one day whisk people through cities high above any traffic. The XPeng X2, developed by the Guangzhou-based XPeng Inc’s aviation affiliate, is one of dozens of flying car projects… Continue reading Chinese firm tests electric flying taxi in Dubai
Amazon to invest $972M for electric vans, trucks in Europe
New York – Amazon said Monday it will invest 1 billion euros ($972.1 million) to add thousands of electric vans, long-haul trucks and cargo bikes to its delivery network in Europe. The investment would grow the number of electric delivery vans the company has in Europe from roughly 3,000 to 10,000 by 2025, the Seattle-based… Continue reading Amazon to invest $972M for electric vans, trucks in Europe
Mini-budget will reduce company car tax, confirms Treasury
Tax reforms announced as part of chancellor Kwasi Kwarteng’s economic ‘Growth Plan’ will make company cars cheaper for drivers and employers, the Treasury has told Autocar. The mini-budget is designed to support households and businesses during a period of spiralling inflation and brings forward two policies that affect how company cars are taxed. From April… Continue reading Mini-budget will reduce company car tax, confirms Treasury