Vice President Kamala Harris made a trip to Detroit bearing some big gifts on Monday, $100 million to help the Motor City’s automotive parts manufacturers upgrade operations to support the shift to battery-electric vehicles.
Earnings and Financials
Plagued by Thefts, High Costs, Free2move Car-Sharing Service All But Shuts Down
Stellantis has all but completely abandoned its Free2move ride-sharing service due to a variety of problems including thefts, damage and high operating costs. Free2move continues operating only in Washington, D.C. and could close its U.S. operations entirely.
Angered by Tesla Supercharger Cuts – Competitors Look to Rival Ionna Network
Tesla delivered a shock this week when word leaked out CEO Elon Musk was effectively closing down several departments, including the one overseeing its Supercharger network. Set up in 2012, when the automaker launched its original Model S sedan, the charging system was meant to assure buyers they’d have a place to plug in. But with the Supercharger network now open to most competing EV manufacturers, the news has triggered concerns across the auto industry — and is leading Tesla rivals to put emphasis on the competing new Ionna charging network.
Ford Posts Record Month for Hybrid Vehicle Sales as the Company Also Deals with Decreasing F-150 Sales
Ford Motor Co. set a monthly record for sales of hybrid vehicles during April as its sales slipped last month as sales of the full-size F-150 pickup weakened.
You Could Buy Fisker Inc. for Less Than Henrik Fisker Wants for His Hollywood House
If you’ve got some spare cash lying around and are looking for a new home up in the Hollywood Hills you might reach out to Henrik Fisker. He’s got a place for sale overlooking the legendary Sunset Strip for $35 million. Of course, you could also buy his car company, Fisker Inc. for less than $25 million – though you could wait if you might get it for even less as it struggles to avoid bankruptcy.
Major New Layoffs Take Steam out of Tesla Stock Rebound
It was looking to be a very good week for Tesla, news of a weekend deal with the Chinese government sending the EV maker’s stock soaring. But that’s so yesterday in the 24-hour news cycle. And word that CEO Elon Musk has dismissed two key executives – with their entire staff set to follow – took the steam out of Tesla’s nascent stock rebound.
Stellantis Misses Mark with Q1 Earnings Results
Stellantis fell short of analysts’ expectations, posting a 12% decline in first quarter revenue largely due to sluggish sales in Europe. However, the company expects a big rebound in the second half of the year. Find out more at Headlight.News.
Toyota Highlander Set to Go All-Electric as Toyota Ramps Up EV Plans
Though it’s long emphasized hybrids, Toyota has plenty of battery-electric vehicles coming before the end of the decade and one of the most significant moves will see the automaker’s popular Highlander model go all-electric when the next-generation SUV comes out around 2027, Headlight.News reports.
Ford Tops Wall Street’s Q1 Earnings Estimates
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.
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.
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.