He’s barely been on the job three months, but a lot has happened on his watch as Antonio Filosa, the new global CEO of the Jeep brand settles in. To start with, the off-road brand has cut prices on four of its best-selling model lines. But there’s more to come – soon – Filosa revealed during a media roundtable at the brand’s headquarters in Auburn Hills, Michigan on Friday. Among other things, Jeep is getting ready to launch production of its first EV, the Wagoneer S. And Filosa revealed that the automaker is looking at adding “range-extender” technology to future battery-electric models.
Earnings and Financials
Rivian announced it will slash both its corporate staff and production this year after reporting more than $1.5 billion in losses for the final three months of 2023. Even as it prepares to unveil an entirely new family of battery-electric vehicles, CEO RJ Scaringe warned the nascent automaker “is not immune” to the headwinds battering the U.S. EV market after four years of record growth. Separately, EV startup Lucid also forecast flattening sales after reporting worsening losses.
When it opened 110 years ago, the Michigan Central depot was the tallest train station in the world and a showpiece for a city at its peak. Since it shut down in 1988, however, it’s been a symbol of urban decay and the decline of Detroit, in particular. Now, after a...
After delaying billions of dollars in investments, Ford is shifting its EV strategy to put more focus on smaller, more affordable models – but ones that will also deliver quick profits, CEO Jim Farley said during an automotive conference in New York on Thursday. EV...
Volkswagen “remains committed” to its aggressive EV program, the automaker’s U.S. chief executive said. But, as sales growth slows, the German auto giant is also considering adding hybrids and plug-in hybrids to its American fleet. And it’s not alone. Other manufacturers who’ve made major commitments to EVs, such as Kia, are also turning to hybrids to help them meet emissions targets because of consumer resistance to all-electric vehicles.
Ford took a hit in the fourth quarter courtesy of a massive charge, reporting a loss for the period. However, the company saw its revenue rise and it finished in the black for 2023. Get details at Headlight.News.
Elon Musk created a fair share of controversy several years ago when he appeared to smoke a joint during an appearance with podcaster Joe Rogan. A new report is kicking up even more dust, the Wall Street Journal alleging money and drugs have improperly tied the Tesla CEO to the same board of directors that previously approved a $55 billion pay package for Musk.
Despite a modest increase in sales last year, Mitsubishi Motors earnings took a tumble during the most recent quarter. Bargain-basement pricing and rising incentives took much of the blame. But it hasn’t helped that the automaker has a miniscule product lineup that leaves little for dealers to sell. Company officials now hope to tap allies Nissan and Renault to help add new products to help put Mitsubishi back on the radar, especially in the critical U.S. market.
Calling the deal “unfathomable,” a Delaware court has blocked the $565 billion pay plan awarded Tesla CEO Elon Musk in 2018. The move could spell trouble for Musk’s current demand for 25% control of the EV maker while also raising concerns about his floundering social media site, X, which relied on loans backed by Tesla stock. More from Headlight.News.
Detroit-based automaker General Motors beat its internal guidance numbers for the 2023 earnings while raising the bar for 2024. The higher earnings forecast comes despite sizeable rise in costs expected due to the new UAW labor contract. The automaker beat its...