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“#Electric car maker Rivian stalls after red hot market debut” Shares of electric vehicle maker Rivian retreated Wednesday, putting brakes on a euphoric rally that has seen it surpass legacy automakers such as General Motors in market capitalization despite questions about its business model. Rivian dropped, 14 percent, for the first time since its blockbuster…
“#Rivian rockets past GM to become 2nd-most-valuable automaker” Rivian Automotive, a company that has delivered about 150 electric pickup trucks mostly to employees, has surpassed General Motors to become the nation’s second most valuable automaker. The California company’s market valuation exceeded Ford’s in its first day as a public company Wednesday. Its shares rose 10%…
“#GM aims to double its revenue by 2030 in challenge to Tesla” General Motors Chief Executive Mary Barra told investors Wednesday the automaker plans to double revenue by 2030, expanding profits from combustion vehicles as it rolls out new electric vehicles and new digitally-powered services in a bid to catch up with Tesla. If GM succeeds,…
“#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…
“#Lordstown Motors reportedly selling Ohio plant to Foxconn” Electric vehicle startup Lordstown Motors on Thursday will announce the sale of the northeast Ohio assembly plant it acquired from General Motors to Taiwan contract manufacturer Foxconn , a person familiar with the matter said. The deal will be announced by the companies on Thursday afternoon, said the source,…
“#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…
“#Biden and carmakers to announce goal of 50 percent ‘zero emission’ cars by 2030” President Biden on Thursday will announce plans to make 50 percent of new cars “zero emission” by 2030 — coupled with sweeping new efficiency standards for cars that still use petroleum. Biden will sign an executive order outlining the goal and…
“#GM posts $2.8B profit, but cautious tone sinks share price” General Motors posted a healthy $2.8 billion second-quarter profit Wednesday, but its cautious outlook for the rest of the year spooked investors. The Detroit automaker made the strong profit despite a global shortage of computer chips that have forced it and other companies to temporarily…
“#GM recalling Chevy Bolt EVs again after vehicles catch fire” General Motors on Friday issued the second recall in less than a year for its 2017-2019 Chevy Bolt EVs after some of the cars that had already been repaired still erupted into flames. Officials with GM and LG, which supplies the electric car’s battery cells, have identified…
“#GM, Lockheed Martin are developing a lunar rover for NASA” General Motors and Lockheed Martin will develop a vehicle to drive NASA astronauts around on the moon’s surface, they said Wednesday, competing for a space project that could also promote their brands on Earth. GM and Lockheed said they would collaborate to make a battery-powered,…