Earnings/Financials

AUSTIN, Texas — Tesla’s sales rose 35% in the July-September period compared to the second quarter as the company’s huge factory in China got past supply chain issues and pandemic restrictions. The electric vehicle and solar panel company said ...

U.S. consumers spurn cars, couches and cruises in ominous economic climate

(Reuters) – U.S. consumers are exhibiting fragility ahead of the peak period for corporate results next month, as some are struggling to pay bills and others are slowing purchases of cars, sneakers, and household goods, the week’s earnings show. ...

CarMax’s huge earnings miss could mean trouble ahead for new-car market

Prices Rise Quarterly Estimates Interest Rates New-car sales are expected to rise in the just-ending third quarter, but a deteriorating market for used vehicles — which sent CarMax Inc. shares tumbling Thursday — suggests trouble ahead for automakers. The ...

Climate bill is good news for the U.S. battery industry

While President Joe Biden was busy checking out the latest Corvette with car executives at the Detroit auto show last week, a decidedly different car-related event was occurring about 30 minutes away in another convention center: The Battery Show. ...

GM in talks to occupy former AMC HQ site in Detroit

The former American Motors Corp. HQ site on Plymouth Rd. on Detroit’s west side may be home to automotive operations once again thanks to a potential deal between GM and the developer who is currently in the process of ...

Porsche valuation of $70-75 euros could raise up to $9.4 billion for VW

Volkswagen AG is looking to raise as much as 9.4 billion euros ($9.4 billion) from the initial public offering of its iconic sports-car maker Porsche AG in what could be Europe’s largest listing in more than a decade. The ...

Ford sets rules for dealers selling electric cars: Fixed no-haggle pricing

Are you tired of reading about shady dealers marking up cars and taking advantage of buyers? Apparently, Ford is, too. According to The Drive, The Blue Oval issued a warning at its annual dealer conference, telling franchisees that they ...

How Rivian got a $3 billion boost from making Mercedes a frenemy

Conserving cash Ford ties Upside for Amazon Carry on Rivian just added almost $3 billion to its market capitalization in a day, and all it took was a fairly bare-bones deal with a new frenemy. The upstart and Mercedes-Benz ...

German autos association sees lower passenger car deliveries in U.S., Europe

BERLIN — German autos association VDA dampened its forecast for the passenger car market in the United States and Europe, citing inflation, interest rates and ongoing supply chain troubles. It adjusted its forecast for passenger car deliveries in the ...

Tesla shares in the limelight as 3-1 stock split kicks in

Tesla Inc’s shares take center stage on Thursday after the world’s most valuable automaker split its stock for the second time in as many years to woo more retail investors. Shares of the electric-car maker rose 1.5% to $301.5 ...

Europe car sales lowest since 1996 after 12-month decline

BERLIN – Europe registered the lowest number of new passenger cars in the month of June this year since 1996 at just over 1.06 million vehicles, with some carmakers seeing sales drop by nearly 50%, data from Europe’s automobile ...

Chevy offers incentives to prevent Corvette Z06 flipping

Dealer markups and opportunistic resellers have become so common that it’s almost surprising not to see them on desirable new car models. Automakers have threatened dealers and worked to increase production to thwart the tactics, but Chevy’s taking a ...

Ferrari earnings surge along with deliveries

MILAN — Ferrari beat earnings forecasts and reported record orders in the second quarter, prompting the luxury sports car maker to raise its full-year targets, as Portofino M and F8 family models drove sales. The Italian company, famed for its roaring ...

Rivian leads EV stock slump after investors shun money losers

Even a breakthrough US climate bill designed to encourage sales of electric cars has failed to revive investor interest in Rivian Automotive Inc., as the risk-hungry traders who catapulted its shares to dizzying heights last year shun companies for ...

Oil companies Exxon, Chevron, Shell rake in unprecedented profits

NEW YORK — Oil companies swam in record profits over the last few months at a time when Americans struggled to pay for gasoline, food and other basic necessities. On Friday, Exxon Mobil booked an unprecedented $17.85 billion profit ...

Electric truck maker Nikola beats revenue estimates on higher deliveries

Nikola Corp exceeded market estimates for quarterly revenue on Thursday as the electric-vehicle maker delivered more semi trucks after a production ramp-up, sending its shares 6% higher in trading before the bell. The company produced 50 Tre battery electric ...

Valvoline to sell oil products business to Saudi Arabia's Aramco

DUBAI, United Arab Emirates — Saudi Aramco announced a $2.65 billion agreement on Monday to acquire Valvoline’s global products business, which includes motor oils, transmission fluids, coolants and other automotive maintenance products. Valvoline said the transaction will separate its ...

VW CEO lost his job over buggy software that delayed new models

It says a lot about the state of the auto industry and where it’s going that software problems have cost the CEO of a carmaker his job. Volkswagen ousted Herbert Diess as chief executive officer after severe software-development delays ...

Walmart to electrify its delivery fleet with 4,500 Canoo EVs

Walmart has struck a deal with Canoo to buy 4,500 electric vehicles as part of the U.S. retailer’s goal to achieve net-zero emissions by 2040, the companies said on Tuesday. The deal, whose financial terms were not disclosed, also ...

Porsche courts Gulf sovereign funds for landmark IPO

Porsche is trying to secure anchor investments from some of the largest Middle Eastern sovereign wealth funds, as the iconic sports-car maker looks to pull off one of Europe’s biggest listings amid market headwinds and valuation concerns, people familiar ...

GM affirms 2022 profit outlook, but shares drop as net income sinks 40%

DETROIT — General Motors Co on Tuesday reaffirmed its full-year profit outlook on an expected surge in demand and said it was curbing spending and hiring ahead of a potential economic slowdown, but a 40% drop in its quarterly ...

Twitter sues Elon Musk to hold him to $44 billion merger

WILMINGTON, Del. — Twitter sued Elon Musk on Tuesday for violating the $44 billion deal to buy the social media platform and asked a Delaware court to order the world’s richest person to complete the merger at the agreed ...

BMW sees volatile 2022 with chips and energy squeeze in focus

BERLIN — BMW lowered its output forecast and warned of a highly volatile second half on Wednesday, pinpointing supplies of energy in Europe and chips worldwide as the two crucial factors to the carmaker hitting full-year earnings targets. New ...

Elon Musk says Tesla's new car factories are 'losing billions of dollars'

SAN FRANCISCO — Tesla’s new car factories in Texas and Berlin are “losing billions of dollars” as they struggle to increase production because of a shortage of batteries and China port issues, Chief Executive Elon Musk said in an ...

Porsche and Piech families seek tighter control of VW

HAMBURG — Volkswagen’s controlling shareholder families aim to keep Europe’s top carmaker on a shorter leash and want greater say over strategic matters in what marks a power play ahead of the planned listing of Porsche, people familiar with ...

Stellantis says electrification is killing the affordable car

Stellantis-owned Citroën is worried that electrification is making it difficult for motorists to buy an affordable car by driving prices up. One of the company’s top executives said this trend is “a real threat,” and his comments were echoed ...

BYD outsells Tesla ... well, not exactly

The first vehicle, a Qin Plus DM-i sedan, rolls off the assembly line June 30 at BYD’s new factory in Changfeng County, Hefei City, Anhui Province of China. (Getty Images) Internet searches for Warren Buffett-backed Chinese automaker BYD were ...

Porsche pushes for profits and record sales ahead of IPO

Volkswagen AG’s Porsche plans to introduce a new electric luxury sport utility vehicle and bolster profits in the coming years as the brand tries to win over investors ahead of its initial public offering. Porsche targets an automotive Ebitda ...

Elon Musk sells $7B in Tesla shares ahead of Twitter fight

Elon Musk has sold nearly $7 billion worth of shares in Tesla as the billionaire gets his finances in order ahead of his court battle with Twitter. Musk disclosed in series of regulatory filings that he unloaded about 8 ...

Nissan Leaf will be ditched in favor of a new EV, insiders say

The Nissan Leaf is not long for this world. Insider sources said the pioneering budget-conscious electric car will not live to see another generation despite swelling customer interest in EVs, Automotive News (subscription required) reported Thursday. While Nissan would ...

Ford plans up to 8,000 job cuts as it accelerates toward EVs

Ford Motor Co. is preparing to cut as many as 8,000 jobs in the coming weeks as the automaker tries to boost profits to fund its push into the electric-vehicle market, according to people familiar with the plan. The eliminations ...

Honda profit declines on semiconductor crunch and raw material costs

TOKYO — Honda’s fiscal first quarter profit fell 33% from last year as a global computer chip shortage, a pandemic-related lockdown in China and the rising costs of raw materials hurt the Japanese automaker. Tokyo-based Honda Motor Co. reported ...

Car repossessions on the rise, as average price hits $47,000

Repo man Derek Lewis backs a car equipped with license plate recognition cameras out of the garage at Relentless Recovery in Cleveland, Ohio, before going out to scan for cars that need to be repossessed. (2018 file photo, Washington ...

Harley-Davidson profit report tops estimates despite production woes

Harley-Davidson shares rose the most in five months after second-quarter profit and revenue beat estimates, a sign that Chief Executive Officer Jochen Zeitz’s turnaround plan is helping the motorcycle maker overcome supply-chain headaches and a temporary production shutdown. The ...

Stellantis earnings rise as its global electric car sales rise 50%

Electric motors on the assembly line at the Stellantis powertrain facility in Tremery, France. (Reuters) AMSTERDAM — Automaker Stellantis on Thursday reported higher earnings in the first half of 2022 compared with last year, pointing to a nearly 50% ...

Twitter will fight Musk in a court that 'does not defer to billionaires'

‘We are committed to closing the transaction’ ‘He is entitled to certain facts’ In a late Friday regulatory filing, Tesla (TSLA) CEO Elon Musk exposed at least part of his legal strategy for maneuvering out of a tightly worded ...

Mary Barra says GM will sell more EVs than Tesla by mid-decade

NEW YORK — The economy is a bit wobbly, but General Motors CEO Mary Barra isn’t backing off of an audacious prediction: By the middle of this decade, her company will sell more electric vehicles in the U.S. than ...

Laid-off Tesla workers file emergency plea, allege small severance pay

Two laid-off Tesla workers filed an emergency motion on Tuesday to stop the electric car maker for allegedly seeking separation agreements for far less severance than legally required. As part of Tesla’s ongoing layoffs, it has been asking employees ...

Porsche luxury IPO pitch encounters investor concern it's not 'a safe bet'

Porsche is pitching its initial public offering as a chance to invest in a company that combines the best of carmaking rivals like Ferrari NV and luxury brands such as Louis Vuitton. The problem is, not all investors are ...

Polestar’s lukewarm stock debut sends a troubling signal to EV makers

The lukewarm reception for Polestar, the latest electric-vehicle company to go public in the U.S., is sending an ominous message to other startups: The purge isn’t over. Yes, the auto industry is due for a transformation as oil prices ...

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