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“Rivian CEO R.J. Scaringe facing tough electric truck market” Rivian Automotive CEO R.J. Scaringe needs to sell a lot more electric vans and pickup trucks to boost a beaten down stock price and fund his ambitious long-term growth plans, but the startup is having trouble buying the parts to build them. Scaringe can’t get all the semiconductors Rivian needs to…
“Toyota, GM sales fall on chip shortage, supply chain snags” Toyota Motor and General Motors reported a slump in first-quarter US sales on Friday, as industry-wide disruptions to supply chains and chip shortages squeezed inventories. Toyota, which in 2021 upstaged GM’s decades-old position as the top-selling automaker in the United States, outsold the company in the…
“#Semiconductor chip crisis slams GM sales” General Motors on Friday reported a drop in U.S. auto sales for the first time in four quarters, hit by worsening semiconductor chip shortages and low inventories. The company said the shortage that has hit production at automakers worldwide was abating. “As we look to the fourth quarter, a steady…
“#AutoNation shares surge after speeding past earnings estimates” AutoNation said it expects strong demand for new vehicles to continue into next year, as low-interest rates and robust demand helped the top US auto retailer trounce quarterly earnings estimates. The company said on Monday sales of new and used vehicles surged 42 percent and 37 percent,…
“#EV startup Lordstown backtracks, now says it has no binding orders” Electric-truck maker Lordstown Motors , which recently raised concerns about its ability to remain in business, on Thursday backtracked from earlier comments made by the startup’s president and said it has no binding purchase orders. At an Automotive Press Association event in Detroit on Tuesday, Lordstown President Rich…
“#Tesla more than doubles Q1 sales, delivers 185,000 vehicles” Tesla says it delivered nearly 185,000 electric vehicles in the first quarter despite a shortage of computer chips that has hit the global auto industry. The number was more than double the deliveries for the same period last year. And it beat Wall Street estimates of…