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“#Chip shortage expected to cost auto industry $210 billion” The semiconductor chip shortage that’s roiled the global car market is now expected to cost the industry $210 billion in revenue this year, consulting firm AlixPartners said Thursday. The revised forecast is nearly double the New York-based firm’s projections from May, when it expected to see…
“#GM, Ford halt some production as chip shortage worsens” The global shortage of computer chips is getting worse, forcing automakers to temporarily close factories including those that build popular pickup trucks. General Motors announced Thursday that it would pause production at eight North American plants during the next two weeks, including two that make the…
“#E-car maker Lucid has strong Nasdaq debut after merger with SPAC” Shares of Lucid Group rose as much as 19 percent in their Nasdaq debut on Monday after the electric-vehicle maker completed its merger with a blank-check company backed by Wall Street dealmaker Michael Klein. Lucid, which is run by an ex-Tesla engineer, had agreed…
“#BMW stops production of 10,000 cars because of chip shortage” BMW said on Tuesday nearly all its German plants were affected by an ongoing shortage of semiconductors that are currently preventing the luxury carmaker from completing around 10,000 cars. The Munich-based company earlier this month said that the bottleneck, which has affected carmakers around the…
“#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…
“#French investigators question fugitive auto titan Carlos Ghosn” French investigating judges questioned the high-flying auto executive-turned-international fugitive Carlos Ghosn for several hours in Beirut on Monday. Ghosn, who simultaneously led three automakers as part of the Nissan-Renault-Mitsubishi alliance, has been fighting multiple probes since fleeing Japan in late 2019 in a daring escape that allegedly…
“#Alexandra Ford English becomes 1st female board member at Ford” Henry Ford’s great-great-granddaughter has become the first woman in history to take a seat on the company’s board of directors. Alexandra Ford English, 33, who has an MBA from Harvard and an undergraduate degree from Stanford, will begin her tenure on the 14-member board immediately,…
“#Hyundai recalling 390,000 cars over fire risk” Hyundai is recalling more than 390,000 vehicles in the US and Canada for two problems that can cause engine fires. In one recall, owners are being told to park their vehicles outdoors until repairs are made. The largest recall covers more than 203,000 Santa Fe Sport SUVs from…
“#Volkswagen US chief takes blame for ‘Voltswagen’ debacle” The head of Volkswagen’s US business says he’ll be responsible for cleaning up after the automaker’s clumsy marketing prank this week. Scott Keogh, the CEO of Volkswagen Group of America, took the blame for his company’s botched attempt at an April Fools’ joke in which it declared…
“#Machine catches fire at Tesla factory in California” A machine caught fire at the northern California factory where Tesla makes the bulk of its cars, according to local officials. The flames broke out Thursday afternoon in a part of the Fremont plant that’s currently under construction, the Fremont Fire Department said. Firefighters who responded to…