A Delaware judge has again rejected the $56 billion payout for Tesla CEO Elon Musk, even after shareholders voted to reinstate the package earlier this year. But even if the ruling is upheld, the South African-born entrepreneur and confident to President-elect Donald Trump is expected to remain the world’s richest man.
With CEO Carlos Tavares resigning “with immediate effect,” and no successor in sight, Stellantis could face even more trouble trying to resolve the problems that saw its sales, earnings — and stock price tumble so far this year. The lack of a chief executive officer also comes at a time when the Euro-American automaker is set to launch an assortment of critical new products, including the first all-electric Jeep and Ram models aimed at the U.S. market.
Stellantis CEO Carlos Tavares resigned unexpectedly on Sunday, the automaker saying “different views have emerged” in recent weeks as the Euro-American automaker struggled to come up with a way to reverse weakened sales and earnings. No immediate successor was named, though it appears that the automaker’s Chairman John Elkann effectively will take control until a replacement is named. This is a breaking story. Headlight.News will have a longer analysis shortly.
With its EV sales in Europe and the U.S. slowing, Tesla has become more dependent on sales in China. But the competition is fierce, and trade tensions could hamper Elon Musk’s ambitious future. Musk’s central role in the incoming Trump administration further complicates matters.
It’s an iconic part of the Detroit skyline but, with General Motors moving its headquarters to a downsized alternative the fate of the massive Renaissance Center complex has been uncertain, some calling for its demolition, others hoping to find an alternative use. Now, GM is looking at a solution that’s a bit of both as it proposes a massive new “waterfront destination.”
Months after Volkswagen revealed interest in bringing its sporty Cupra brand to the U.S. market it has taken a critical step closer to making that happen before the end of the decade. It’s begun talks with the Penske Automotive Group which could partner on the launch.
Pablo di Si unexpectedly stepped down as head of the Volkswagen Group of America and will be replaced by Rivian executive Kjell Gruner, the automaker announced Tuesday. The move comes at a critical time for VW which has been struggling to move its all-electric models in the U.S., even as it prepares to launch the all-new, all-electric Scout brand.
José Muñoz will become global chief executive officer of Hyundai Motor Co. on Jan. 1. It will mark the first time a non-Korean will move into that leadership position — and comes at a critical time for what has become one of the world’s largest automakers.
Months after announcing a tentative alliance, Rivian and Volkswagen firmed up their relationship Wednesday, announcing that the German automaker is making a nearly $6 billion investment into the U.S. EV start-up. The news sent Rivian shares surging after they had fallen by as much as two-thirds their 52-week-high in recent months.
Two years after Volkswagen announced plans to revive the long dormant Scout brand, we got a first look at the two new products it will be bringing to market. And there were some surprises, including news that the Scout Terra and Traveler models will be offered with a choice of all-electric and range-extended drivetrains. Headlight.News caught up with several of the brand’s top execs and reveals several other exciting details.
Chinese automakers are rapidly expanding exports to key regions like Europe and Latin America after long focusing on their home market. But that’s created problems as target markets fight back with new tariffs and other trade restrictions. As a result, some Chinese manufacturers are looking to shift production abroad – and that could include factories in the U.S.
Once one of the most respected executives in the auto industry, CEO Carlos Tavares is coming under withering fire from investors, dealers and employees as the company’s fortunes fade – especially in North America, its most profitable region. With his contract set to expire early next year, the automaker is considering whether it’s time for a management shake-up.