-
Electric vehicle startup Rivian, which is backed by Amazon and Ford and aims to put an electric pickup and SUV in production in 2021, boosted its war chest further with a $2.5-billion investment round led by T. Rowe Price, Rivian said Friday. The deal comes on the heels of electric-car maker Tesla’s meteoric rise in …
-
The head of the United Auto Workers will meet this month with the US attorney in Detroit to discuss potential changes for the union following a wide-ranging corruption probe. Matthew Schneider, the US Attorney for the Eastern District of Michigan, has floated the idea of the government taking control of the union and has pushed …
-
In the week since US auto factories reopened after coronavirus lockdowns, workers at all three Detroit automakers have tested positive for COVID-19 but only Ford has temporarily closed plants. The US auto industry reopened many plants last week after a two-month shutdown due to the global pandemic. To ensure safety during the outbreak, companies imposed …
-
Major US automakers are planning to reopen North American factories within two weeks, potentially putting thousands of workers back on the assembly line as part of a gradual return to normality. Fiat Chrysler CEO Mike Manley said on an earnings conference call Tuesday his company plans to start reopening factories May 18, though that depends …
-
Luxury sports-car maker Ferrari still expects to make more than $1 billion in core profit this year, providing a relative beacon of stability in an auto industry ravaged by the coronavirus crisis. The company, known for its red Formula One racing cars and its prancing horse logo, cut its 2020 core earnings forecast on Monday, …
-
General Motors CEO Mary Barra received a compensation package worth $21.6 million in 2019, 1.1 percent less than the previous year, according to the US automaker’s proxy statement released on Monday. Barra’s pay package included a salary of $2.1 million, stock awards worth $12.14 million, options worth more than $3.5 million and a performance award …
-
Fiat Chrysler resumed van production on Monday at its Atessa plant in central Italy, a week before the country plans to start lifting a national lockdown put in place to limit the spread of the coronavirus. Italy has said it would allow factories and building sites to reopen from May 4 as it prepares a …
-
General Motors said on Monday the automaker has suspended its quarterly cash dividend on its common stock and its share buybacks to save cash in the face of the coronavirus crisis that has severely hurt global automobile sales. Shares of GM were trading 1.3 percent lower in late-morning trading, at at $21.67. “We continue to …
-
Shares of Tesla surged 13 percent on Tuesday after Credit Suisse upgraded its rating on the electric-car maker and as Wall Street rallied on optimism the coronavirus outbreak was reaching a plateau. The stock has jumped nearly 30 percent in the past two days as investors look beyond disruptions caused by the pandemic, which has …
-
Ford said on Monday it expects to post a pre-tax loss of about $600 million for the first quarter as the coronavirus outbreak pummeled its sales and shuttered vehicle assembly plants, resulting in a 21 percent drop in vehicle sales to dealers versus the same quarter in 2019. The news sent Ford’s shares down more …
Electric vehicle startup Rivian, which is backed by Amazon and Ford and aims to put an electric pickup and SUV in production in 2021, boosted its war chest further with a $2.5-billion investment round led by T. Rowe Price, Rivian said Friday. The deal comes on the heels of electric-car maker Tesla’s meteoric rise in …
