President Donald Trump outlined a series of changes he’ll make to the Biden administration’s policies on EVs and other environmental rules if he wins reelection next November. But the changes he promised during a meeting with oil industry CEOs carries a $1 billion quid pro quo in campaign funds.
EV maker Rivian reported first quarter earnings that were slightly better than its year-ago results but ended up falling short of analysts’ expectations. The company generated more revenue, but increased costs chewed up profits. Find out more about what happened at Headlight.News.
Nascent EV maker Lucid Motors reported its first quarter results, exceeding expectations in some areas while falling short in others. CEO Peter Rawlinson brushed aside concerns about shortcomings, noting the company was focused on growth, specifically the company’s second vehicle, the Gravity SUV. Get details at Headlight.News.
Tesla launched yet another round of layoffs this week as CEO Elon Musk struggles to compensate for slowing sales and a 55% drop in first-quarter earnings. The latest cuts mean Tesla will see total U.S. employment drop as much as 20%, according to one report, with some departments, including its Supercharger operations, eliminated entirely.
Months after settling a crippling strike at its North American automotive operations, Stellantis faces the threat of another walkout, workers at a critical stamping plant in suburban Detroit giving union leaders the okay to shut down the facility if no agreement can be reached over health and safety issues. A walkout would also shutter key Chrysler, Dodge, Jeep and Ram assembly lines.
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.
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.
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 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.
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.
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 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.