Auto industry 79 results

Ford Set to Challenge Tesla and GM with New Electric Pickup

Across the auto manufacturing industry, companies are preparing to take on Tesla in the all-electric vehicle market. Tesla, known for its all-electric sedans, is also branching out into the truck market with its new Cybertruck pickup model. However, Ford is aiming to set its own offering apart from the rest by sticking closer to its roots. Earlier in June, Ford announced that they would have ...

Ford Offers Buyouts as Part of Streamlining Process

As part of their continued efforts to offset the impact of the COVID-19 virus and its effect on their business, Ford is preparing to offer buyouts to white-collar workers in an attempt to streamline their operations. Last week the company told their employees about their intentions to offer buyouts to some salaried workers via an internal memo. In particular, salaried employees who would be ...

GM Aims to Take on Tesla with New All-Electric Crossover

Despite the COVID-19 pandemic drastically impacting sales and profits for automakers, many are still looking ahead to their future plans. Among these is GM, who has recently unveiled their new all-electric crossover, the Cadillac Lyriq. GM has described the Lyriq as a “technological spearhead” for the Cadillac brand, which will serve as the start of their “next chapter.” The new car ...

Ford Beats Earning Expectations Despite Factory Closings

Automakers such as Ford have been struggling ever since the COVID-19 pandemic began. While at first there were disruptions to supply chains, the company also saw the closing of many of its factories due to the pandemic. Despite these setbacks and potential future ones, the company beat both Wall Street and their own expectations with its second-quarter earnings report. The report revealed that ...

Tesla Officially Announces New “GigaTexas” Factory

For months, there’s been a good bit of speculation on where Tesla would choose to build their newest Gigafactory production plant. While many believed Texas would be the new spot, Tesla remained relatively dismissive of these rumors. However, their recent announcement shows that these rumors seem to have been correct after all. On Wednesday, the company officially announced that their newest ...

Rising COVID Cases Threaten Auto Industry Rebound

With many states entering re-opening phases following COVID lockdowns, the auto industry was beginning to get back on track. Most major manufacturers were on a path to resume normal, pre-COVID shift levels and begin producing new cars at a steady rate. However, this new rebound may be in jeopardy as it seems like a second wave is on the horizon. Many of the manufacturers are noticing a rise in ...

Fiat Chrysler, PSA Group Announced New Post-Merger Name

American automaker Fiat Chrysler and French automaker PSA Group have since late last year been planning out their anticipated merger. While the COVID-19 pandemic has somewhat delayed their plans, the groups are now looking forwards following the announcement of their new, post-merger name. On Wednesday, the two companies announced that their new company name will be “Stellantis” (stylized ...

Rivian Raises $2.5 Billion In Bid To Build All-Electric Pickup

While other automakers have been struggling due to the COVID-19 pandemic, Tesla has fared quite well, seeing a less than 5% decrease in second-quarter sales. This result helped cause their shares to shoot up past $1,200 last week. However, the company’s rivals are now trying to respond in force. Last month, startup Nikola Motor Co. saw a massive surge, as shares rose by nearly 20% at their ...

Ford Sales Fall Over 30% In Second Quarter

With automotive sales down due to the COVID-19 pandemic, many automakers have been anticipating another rough quarter. Now, the recent reports filed by those such as Ford show just how low sales dropped within the second quarter. On Thursday, Ford reported that their sales in the second quarter were down by 33.3%. Much of this is attributed to closed dealerships and wary buyers, both due to ...

Tesla Appears Poised To Build New Factory Outside of Austin, Texas

As it increases its operations, Tesla has been searching for additional locations to construct new factories to meet their needs. Just recently, construction began over in Germany outside of Berlin on their newest Gigafactory. Now, it appears the company is already set to secure the site of its next factory location. In their search, Tesla had narrowed its new factory location to being either ...