The UK expects a deal on EU ‘rules of origin’ for EVs

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The UK and the European Union will “soon” announce a solution on post-Brexit trading rules that automakers warn could lead to factory closures, Business and Trade Secretary Kemi Badenoch said. “This is not a UK problem, it is an EU-UK problem. It works both ways,” Badenoch told Bloomberg on Tuesday on the sidelines of the Qatar Economic Forum in Doha. “We should see an answer soon.” Stellantis this month warned that British car plants would close with the loss of thousands of jobs if the issue was not addressed. Ford called for post-Brexit EU trade requirements on rules of origin…
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US judge throws out lawsuit against Elon Musk over Twitter

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A judge dismissed a proposed class-action lawsuit against Elon Musk that claimed he cheated Twitter shareholders several times last year in the course of buying the social media company for $44 billion. In a decision on Monday, US District Judge Charles Breyer in San Francisco said plaintiff William Heresniak lacked standing to sue because he challenged “wrongs associated with” Musk’s buyout, not the fairness of the buyout itself. Breyer said Heresniak did not show harm from Musk’s belated disclosure of a 9.2 percent Twitter stake, which the suit said let him buy more shares at lower prices before the buyout…
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New Car Deals: Is Memorial Day a Good Time to Buy a Car?

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Many companies featured on Money advertise with us. Opinions are our own, but compensation and in-depth research determine where and how companies may appear. Learn more about how we make money.Memorial Day weekend is one of several holidays the auto industry celebrates with sales and special marketing, but does that mean it’s actually a good time to shop for a new car? For similar reasons as mattress companies, department stores and other businesses, automakers and car dealerships run Memorial Day promotions aimed at increasing sales around the long weekend. It can be difficult to parse the difference between a…
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Plante Moran study: Auto suppliers in dark on EV plans

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The study captures North American automaker-supplier relations as parts makers navigate financial pressures stemming from inflation, unstable automaker production schedules, the shortage of microchips and rising interest rates. Those pressures, which began in late 2019 with the onset of COVID-19 and the UAW’s strike at GM, have tested relations between suppliers and their customers. Suppliers said there needs to be greater and more timely communication and transparency on short-term supply chain disruptions and on any changes in forecasting, Plante Moran reported. And it was found that many parts companies are frustrated by what they see as a disconnect between what…
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What To Consider Before Buying Tires for Your Subaru

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What should a Subaru owner consider before buying new tires for their vehicle? We offer some helpful tips and advice for Subaru tire buying here. Does your Subaru need new tires? before you buy tires for your Subaruexplore our list of things to considerfrom the primary use for your Subaru to the weather conditions of your region. How You Use Your Subaru The first thing Subaru owners should consider when deciding on new tires is the vehicle’s primary use. Is it your daily driver for getting to work, picking up the kids from school, and going to the store? Or…
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Quality Automotive has a new owner

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Ready to head into retirement, Mark Sheppard has sold his business, Quality Automotive Repair of Sault Ste. Marie. Mike Lynn of Sault Ste. Marie, who has an extensive background in the automotive industry, is the new owner, according to a news release. Lynn previously owned and operated Lynn Auto Parts, Inc., which features over 10 locations across Northern Michigan. Sheppard founded Quality Automotive Repair in 1997. The company is a certified AAA Professional Auto Repair Center and Gold Certified NAPA AutoCare Center. It has 11 employees. Sheppard approached Small Business Deal Advisers to assist with the sale of the company.…
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Mullen Automotive Stock: Not Worth Your Hard-Earned Money (MULN)

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Mario TamaMullen Automotive Inc. (NASDAQ: MULN) is an electric vehicle company based in Brea, California. It manufactures and distributes electric vehicles, including passenger and commercial vehicles, according to Seeking Alpha’s description. They’re also known for their solid-state polymer battery technology, which should have changed the concept of electric vehicles a few years ago, judging by articles written by previous authors. I came across this company rather by accident – one of the articles ended up in Seeking Alpha’s “Trending Analysis” section, and I decided to take a closer look. What I found surprised me, to say the least –…
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CarGurus COO: CarOffer digital wholesale platform remains solid

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Editor’s note: CarGurus said it has the right to buy the rest of CarOffer but has not made a final decision to do so. An earlier version of this story said the company planned to move ahead with that transaction. CarGurus Inc., which acquired a majority stake in CarOffer in 2021, might proceed with plans to buy the rest of the wholesale digital trading platform, a move that could be a show of confidence for the struggling division. And CarGurus COO Sam Zales said CarOffer is poised to break even or become profitable in the second quarter because of the…
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