Autos
Stifel downgrades Carvana as slowing demand for used cars erodes conviction in the auto seller
Several signs including a planned workforce reduction implies “weaker demand will persist beyond the near-term,” analysts said. Source
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VW is looking to bring back the Scout brand as an electric vehicle
This image, from 2019, is of a refurbished Scout. The brand was originally built by International Harvester between 1961 and 1980. Future Publishing | Future Publishing | Getty Images Volkswagen is planning to resurrect the iconic “Scout” brand as an electric vehicle in the United States. In a report late Tuesday, the Wall Street Journal […]
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Shanghai’s big automakers saw production plunge by 75% in April after lockdowns began
Although Shanghai began in mid-April to prioritize several hundred companies for resuming work, foreign business organizations have said that doesn’t mean the factories can operate at full capacity. Tian Yuhao | China News Service | Getty Images BEIJING — Auto production plunged in April as Covid lockdowns halted nearly all non-essential business in the metropolis of […]
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Tesla production lags in Shanghai due to parts shortages, Covid restrictions
Employees work at the Tesla Gigafactory in Shanghai, east China, Nov. 20, 2020. U.S. electric car company Tesla in 2019 built its first Gigafactory outside the United States in the new Lingang area, with a designed annual production capacity of 500,000 units. Ding Ting | Xinhua News Agency | Getty Images Tesla reduced vehicle production […]
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Cathie Wood’s Ark takes a stake in GM for the first time
The purchase – valued at more than $6 million – was through the ARK Autonomous Tech. & Robotics ETF. Source
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Rivian reports earnings Wednesday. Here’s what we learned after 3 rivals reported last week
Rivian CEO RJ Scaringe inside the company’s customer experience center outside of its plant on Aptil 11, 2022 in Normal, Ill. Michael Wayland / CNBC Electric vehicle maker Rivian Automotive will report its first-quarter earnings after market close on Wednesday. Wall Street analysts polled by Refinitiv expect a loss of $1.44 per share on revenue […]
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Lordstown’s future is at stake as it burns through cash and faces a crucial deal deadline next week
The Lordstown Motors Corp. Endurance electric pickup truck sits on stage during an unveiling event in Lordstown, Ohio, U.S., on Thursday, June 25, 2020. Matthew Hatcher | Bloomberg | Getty Images Struggling electric vehicle start-up Lordstown Motors said that it’s on track to begin production of its Endurance pickup in the third quarter, about a […]
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Tesla covers travel costs for out-of-state health care including, reportedly, abortions
Signage outside the new Tesla South Austin showroom within the Yard development in Austin, Texas, U.S., on Saturday, Oct. 16, 2021. Mark Felix | Bloomberg | Getty Images Tesla will cover travel and lodging costs for employees to receive health-care services not offered in the states they reside. The policy, which Tesla said has been […]
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Rivian stock plummets as Ford unloads 8 million shares of EV start-up
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 plummeted in premarket trading Monday following a CNBC report that Ford Motor is selling 8 million shares of the electric vehicle start-up. Rivian’s stock was down 19% in extended […]
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Uber CEO tells staff company will cut down on costs, treat hiring as a ‘privilege’
Uber will cut back on spending and focus on becoming a leaner business to address a “seismic shift” in investor sentiment, CEO Dara Khosrowshahi told employees in an email obtained by CNBC. “After earnings, I spent several days meeting investors in New York and Boston,” Khosrowshahi said in the email, which was sent out late […]
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