EV maker Rivian beat its second quarter earnings estimates, but more importantly predicted it would be in the black for the first time ever in the final quarter of 2024. A series of cost cutting measures and changes to the way the company sells vehicles combined to make the second quarter a good one. Find out more at Headlight.News.
Donald Trump has pulled a U-turn and now says he is now “totally” in favor of EVs. The Republican nominee for president said he had “no choice” but to rethink his position after previously bashing battery-electric vehicles now that Tesla CEO Elon Musk has become one of Trump’s biggest financial backers in an increasingly tough campaign.
EV maker Lucid Motors offered up good news during its second quarter earnings call as it secured as much as $1.5 billion in new cash just in time to begin production of its second vehicle, the Gravity SUV. The company also managed to beat analysts’ estimates for the quarter. Find out more at Headlight.News.
Stellantis CEO Carlos Tavares is burnishing reputation as a cost-cutter with another round of buyout offers for salaried executives. He’s also warning there could be a round of layoffs if the buyouts don’t achieve the reduction goals. Find out more at Headlight.News.
As it looks to potentially consolidate a list of 14 automotive brands, Stellantis could sell off its most exclusive, Maserati, due to weak sales, a senior official warned. That’s on top of several other brands which, Headlight.News reported last week, may be shuttered entirely.
Could Stellantis abandon one or more of its 14 automotive brands? In light of the automaker’s weak second-quarter earnings, that is a distinct possibility, warned CEO Carlos Tavares. But which of those marques are the most endangered? Headlight.News takes a closer look and a few seem ripe for the chopping block.
It will be up to a California court to determine the outcome of a long-running suit pitting two EV manufacturers, Tesla and Rivian. The bigger of the two has accused its rival of stealing trade secrets and a judge has ruled the case will have to go to trial after Rivian filed to get it dismissed earlier this week.
It wasn’t expected to be a good quarter for Ford Motor Co. Even then, the automaker’s second-quarter earnings managed to fall short of Wall Street’s expectations. That sent Ford shares tumbling by 11%, even though company leaders tried to assure investors they’re “on track” to deliver a full-year profit. More from Headlight.News.
General Motors officials offered good news with the company’s second quarter earnings report, with revenue and profits up for the quarter as well as the first half of the year. In fact, the results were good enough for the company to revise its full-year earnings expectations upward. Find out more at Headlight.News.
Back-to-back quarterly sales drops seems to have CEO Elon Musk’s attention. Always looking for ways to bolster deliveries, Tesla’s offering a new long-range variant of the Model 3 sedan. Get details at Headlight.News.
It’s been a tough year for EV start-ups, Fisker filing for bankruptcy, and several others expected to follow. But there have been a few glimmers of hope. Price cuts helped Lucid outperform sales expectations during the second quarter, buying it time to bring a second product line to market later this year. But with Wall Street still skeptical, the California manufacturer remains critically dependent on cash from the Saudis, Lucid’s largest investor.
Off-road beast maker Ineos plans to push back production of its first all-electric model, the Fusilier SUV, from 2027 to an unknown introduction date. Ineos produces two off-road focused vehicles, the Grenadier and Quartermaster, and introduced the Fusilier in February. Get more details at Headlight.News.