Ford offered up good news with its first quarter earnings report, beating analysts’ estimates, although falling short of last year’s net income and margin numbers for the same period. Find out more about the company’s results at Headlight.News.
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Tesla Falls Short in First Quarter, Sees Profit Drop 55%
For the first quarter of this year, Tesla delivered fewer vehicles and made less money than it did at this time last year. The company’s net income fell 55% and revenue slid 9% despite EV sales being up for other automakers during the period. Get details at Headlight.News.
Tesla Shares Slide After Most Recent Price Cuts
EV leader Tesla saw its share price fall more than 3% Monday after it cut prices on many of its vehicles by as much as $2,000 over the weekend. It’s the second time the company’s slashed prices in the past two weeks, highlighting the company’s efforts to revive sales and improve profits. Find out more at Headlight.News.
Top Vehicle on Instagram Isn’t Sold in the U.S. Anymore
Posters used to tell you all you needed to know about what was popular. For a long time, the most desirable or popular cars in the world could all be found on one well-known wall hanging, “Justification for Higher Education.” Now you only need to go to Instagram to find out what’s hot. Get details at Headlight.News.
Tesla’s Musk Wants His $56B Back, GM Relocating HQ and More in This Week’s Headlight News Podcast
Headlight News for the Week of 4-22-24 – Musk Wants His $56 Billion Back – Big Recalls – Cheaper Cars – GM Moves – A Review of the Maverick Tremor – The Week Ahead – And This Week in Automotive History
Hyundai Suspends Advertising on X
Hyundai Motor America suspended its advertising on the X, formerly Twitter, after another post espousing pro-Hitler, antisemitic views appeared attached to its ad on the social media outlet. Tesla CEO Elon Musk also helms X and has been under fire before after allowing similar content in the past. Find out more at Headlight.News.
Tesla Recalling Virtually All Cybertrucks Because Sticky Pedals Could Cause Runaway Acceleration
Tesla on Friday ordered the recall of nearly all of its Cybertrucks because their throttle pedals could stick when fully depressed, leading to potential runaway acceleration. The recall comes about three weeks after the automaker first received notice of the defect which, so far, has not been blamed for any crashes.
Tesla’s Beginning to Cut Workers as Part of its Global Layoff
Shortly after telling Tesla workers the company would be cutting 10% of its workforce, the EV maker’s already swung into action. It filed paperwork showing it would layoff 14% of its employees at its New York plant. It also cut 300 subcontractors from its German operations. Get details at Headlight.News.
Musk Wants Shareholders to Vote – Again – on His $56 Billion Pay Plan
Elon Musk took a big hit to the wallet in January when a Delaware judge rejected the $56 billion payout he was awarded by Tesla. The decision, along with Tesla’s weakened stock price, briefly knocked Musk off his perch as the world’s richest man. Now, Tesla is asking its shareholders to vote again on the pay plan while proposing other changes that would make it less likely future proposals could run into legal trouble.
Ford Recalls 456K SUVs, Pickups
Ford’s quality issues continue to be problematic as the automaker recalled 456,565 compact SUVs and pickups due to a battery issue that could cause the vehicles to lose power. Get details at Headlight.News.
Interest Rate Drop Makes New Cars More Affordable
If you’ve been in the market for a new vehicle anytime in the past few years, the record-high prices have been enough to make you get back in your old car and go home and wait, hoping for a price drop. Well, prices have been falling for several months, including last month courtesy of the recent drop in interest rates. Find out more at Headlight.News.
General Motors Moving HQ – But Not Very Far
For the fourth time in its more than 100-year history, General Motors is moving its corporate headquarters – but it isn’t going very far. The automaker will relocate from the current, facility along the Detroit River to the city’s newest highrise 1.2 miles away. The move was driven by a variety of factors, said GM CEO Mary Barra, including the need for less office space following the COVID pandemic.