Tag: automotive news europe

US judge throws out lawsuit against Elon Musk over Twitter

By on May 29, 2023

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…

CarGurus COO: CarOffer digital wholesale platform remains solid

By on May 27, 2023

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…

Polestar 3 electric crossover delayed again

By on May 20, 2023

Polestar now expects 2023 global sales volumes of 60,000 to 70,000, compared with its earlier forecast of about 80,000 units. Polestar delivered 51,491 units last year. “Given the tougher economic climate, it is difficult for us to compensate for the absence of the Polestar 3 volumes with an incremental Polestar 2 volume,” Polestar CFO Johan Malmqvist said on an earnings call Thursday. “That, coupled with high market uncertainties, led us to call down the volumes.” Polestar CEO Thomas Ingenlath said the volume forecast adjustment would also help the automaker protect the profit margin on the Polestar 2. “We are intent…

Bob Loquercio Auto buys Ford, Toyota and Lexus dealerships

By on April 16, 2023

Bob Loquercio Auto Group has expanded with the addition of three dealerships in Peoria, Ill. CEO Bob Loquercio and his namesake group on April 5 purchased O’Brien Lexus of Peoria, O’Brien Toyota of Peoria and O’Brien Ford of Peoria from Joe O’Brien of O’Brien Auto Team, Loquercio confirmed to Automotive News. The dealerships, in central Illinois, were renamed Peoria Toyota, Lexus of Peoria and Ford of Peoria. Loquercio said his brother, Anthony Loquercio, also purchased an undisclosed stake in the Peoria Ford store. Bob Loquercio said the group’s first Lexus store will get updated, with construction expected to begin in…

Nikola, once the ‘Tesla of trucking,’ sells stock at a discount

By on April 8, 2023

Nikola Corp.‘s planned move to ramp up production of semitrucks powered by electric batteries and hydrogen fuel cells will be costly. The Phoenix company is expected to raise $100 million for “working capital and other general corporate purposes” through a secondary stock sale of roughly 90 million shares. The sale is expected to close by the end of the day at $1.12 a share. That’s a 20 percent discount compared with the stock’s closing price of $1.40 per unit March 30, the day it announced the offering. Nikola, one of the first EV companies to go public via a special…

Toyota predicts $50,000-plus average new-car price this year

By on March 28, 2023

Top executives at Toyota’s North American operations anticipate new-vehicle average transaction prices will break the $50,000 barrier and continue to rise, that demand will outstrip supply again this year even as the supply chain recovers and that there now may be as many as 6 million potential new-vehicle buyers sidelined by inventory and pricing. Speaking to reporters Monday to give a periodic update on the Japanese automaker’s business, Jack Hollis, head of sales for Toyota Motor North America, said 2023 would likely see Toyota and Lexus pick up another 100,000 sales above the 2.1 million it sold in the last…

How to Take Care of Your Newly Replaced Windshield

By on March 17, 2023

Knowing what you need to do to take care of a windshield that has recently been replaced is the first step in maintaining your investment. Be sure to keep your new windshield in good condition and make sure it will last as long as possible by using the tips and information found here after installation. These tips include:Don’t drive the vehicle right away Leave your window cracked open a little Keep the area both inside and outside of your vehicle clear Don’t take the retention tape off Avoid using power washers or going through a car wash Go easy…