Detroit
Ford CEO says 65% of U.S. dealers agree to sell EVs under company’s investment programs
Ford F-150 Lightning trucks manufactured at the Rouge Electric Vehicle Center in Dearborn Michigan. Courtesy: Ford Motor Co. DETROIT – About 65% of Ford Motor’s dealers have agreed to sell electric vehicles as the company invests billions to expand production and sales of the battery-powered cars and trucks, CEO Jim Farley said Monday. About 1,920 […]
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Ford claims No. 2 spot in EVs behind Tesla – but gap remains wide
Ford F-150 Lightning pickup trucks sit on the production line at the Ford Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan. Bill Pugliano | Getty Images DETROIT – Ford Motor said Friday that it has achieved CEO Jim Farley’s goal of becoming the second best-selling automaker of electric vehicles in the U.S. […]
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Wall Street is skeptical of GM’s ambitious EV plans
DETROIT – Wall Street is skeptical of General Motors’ plans to produce profitable electric vehicles years ahead of schedule and substantially bring down battery costs amid supply chain problems and broader economic concerns. Following an in-depth investor event Thursday afternoon in New York that outlined its short-term financials and growth plans for EVs – something […]
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Ford says making its own parts for electric vehicles could offset job losses
Ford CEO Jim Farley (left) with Michael Wayland / CNBC DETROIT – Ford Motor is attempting to build as many of its own parts as possible for its electric vehicles to offset an expected 40% reduction in workers needed to build such cars and trucks, CEO Jim Farley said Tuesday. Farley compared Ford’s latest efforts […]
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Why investors have jumped off the Carvana bandwagon
Ernie Garcia, CEO, Carvana Scott Mlyn | CNBC DETROIT – Last year, Carvana CEO and cofounder Ernie Garcia went on a victory lap. He touted the company’s “landmark” second-quarter results on Aug. 5, 2021 that included the used car retailer’s first-ever quarterly net profit. He then reminisced about the rapid growth of “a bunch of […]
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Ford’s October sales slide 10% amid supply chain issues
Ford F-150 pickup trucks at a dealership in Colma, California, on Friday, July 22, 2022. David Paul Morris | Bloomberg | Getty Images DETROIT – Ford Motor’s U.S. sales last month declined by 10% as the automaker battled through supply chain issues that delayed shipments to dealers. The Detroit automaker on Wednesday reported sales of […]
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Derek and Hannah Jeter sign multiyear deal with Jeep to promote Grand Wagoneer SUV
Derek Jeter will star with his wife, fashion model and television host Hannah Jeter, in the Grand Wagoneer’s new “Eyes Wide Open” campaign as part of a long-term partnership. Jeep DETROIT — New York Yankees legend Derek Jeter and his wife, Hannah Jeter, have agreed to a multiyear deal with Jeep to promote the company’s […]
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GM temporarily suspends advertising on Twitter following Elon Musk takeover
A General Motors sign is seen during an event on January 25, 2022 in Lansing, Michigan. – General Motors will create 4,000 new jobs and retaining 1,000, and significantly increasing battery cell and electric truck manufacturing capacity. Jeff Kowalsky | AFP | Getty Images DETROIT – General Motors is suspending its advertising on Twitter following […]
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Chrysler and Jeep parent Stellantis offering buyouts to some U.S. salaried employees
The sign is seen outside of the FCA US LLC Headquarters and Technology Center as it is changed to Stellantis on January 19, 2021 in Auburn Hills, Michigan. – Newly-created European carmaker Stellantis motored its way January 18, 2021 onto the Paris and Milan stock exchanges. Stellantis — created by the merger of France’s PSA […]
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Auto dealer stocks rally despite Wall Street’s ‘demand destruction’ theory
Vehicles are displayed for sale at an AutoNation car dealership on April 21, 2022 in Valencia, California. Mario Tama | Getty Images DETROIT – Shares of AutoNation, Group 1 Automotive and other automotive dealers rallied Thursday following strong third-quarter earnings and optimistic outlooks regarding consumer demand for new vehicles. The results and comments followed concerns […]
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