Tag: car news websites

May sales up 13%, but remain well below pre-pandemic numbers

By on June 3, 2023

May marked just the second month of this year in which sales were up over 2021 totals, which were higher than 2022 totals in all but November and December of last year. DAC said that historically, May was more often than not the strongest sales month of the year over the previous decade. It took the sales crown eight times between 2010 and 2019. “The last three years have seen very different sales patterns, however, with the first the pandemic and then the semiconductor shortage, meaning that the traditional spring selling season failed to materialize,” the consultancy said in a…

Panasonic Confirms Third EV Battery Plant For The US

By on June 2, 2023

Japanese battery and electronic manufacturer Panasonic has confirmed it will build a third EV cell factory in the United States, according to Automotive Newsciting Panasonic Energy’s CEO Kazuo Tadanobu, who spoke at the company’s annual business strategy meeting yesterday. Currently, the Japanese electronics company operates a manufacturing facility along with Tesla at the EV maker’s Giga Nevada plant, and a second battery plant is being built in De Soto, Kansas, which will cost an estimated $4 billion when it’s all said and done. Reports of a third Panasonic EV battery plant in the United States surfaced last year, when “people…

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…

What Happens if ADAS Calibration Isn’t Done?

By on April 28, 2023

Automotive design and technology are constantly evolving; each year, vehicles become increasingly advanced and reliable on electronic and computerized features to deliver better safety, performance, and comfort. Windshields are no exception. Although the windshields of newer vehicles may look like they’re just a piece of glass, most of them contain sensors, cameras, and other advanced driver assistance systems (ADAS) equipment that play a large role in how your car functions. Unfortunately, this makes the process of replacing windshields more complex—and costly. Understanding ADAS Calibration ADAS refers to a wide range of automated features that assist or alert drivers while they’re…

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…

Rising new car prices stalling purchases

By on April 5, 2023

More than a quarter of shoppers who would have bought a new vehicle within a year now report they’ll give it another 12 months. Additionally, interest in buying a new vehicle within the next six months has fallen below pre-pandemic levels, according to market research company GfK, which pointed to vehicle affordability as the culprit. Six-month demand for a new vehicle dropped 13 percent across all consumers between January 2020 and December 2022, according to a January survey by GfK. Demand fell 11 percent among households earning $50,000 to $99,999, a key consumer demographic. Interest in buying a new vehicle…

UAW President Shawn Fain prepares for ‘war’ against corporations

By on March 29, 2023

“We have the discipline we need to organize better than ever before,” Fain said. “We have the understanding we need to regain the trust of the membership. We have the organization that, if united in a common goal, we cannot be defeated. We have the will to sacrifice for the greater good, including on the picket line. “ Fain said the UAW planned to fight to gain what it lost during the Great Recession, when the automakers asked for concessions to remain afloat financially. “Our members have very high expectations, and rightly so,” Fain said. “They demanded equality of sacrifice…

Lithia Motors buys UK dealership group Jardine Motors

By on March 22, 2023

Jardine Motors has more than 40 new-vehicle franchise points in the UK, with a portfolio of luxury brands including Aston Martin, Porsche and BMW, DeBoer said. Part of the conglomerate Jardine Matheson Holdings, Jardine is Europe’s 23rd-largest dealership group by annual revenue, according to Automotive News Europe’s 2022 Guide to Europe’s Biggest Dealers. The deal will add $2 billion to Lithia’s annual revenue, DeBoer said. In 2022, the company’s revenue surged 24% to $28.23 billion. “And more importantly, it gives us a foundation to grow more in the United Kingdom, which is helping us drive towards our $50 billion target…