Tesla, Ford and GM Raise EV Prices as Costs, Demand Grow

Auto makers are marking up electric vehicles to offset rising battery-material costs and capitalize on the interest caused by higher gas prices. Source link

GM and Ford, Driving to Beat Tesla, Turn on Each Other

Ten miles away at Ford F -0.18% Motor Co.’s headquarters, executives were plotting a pre-emptive public-relations strike, said people familiar with the plan. The day before Ms. Barra’s presentation in January, Ford said it would double factory capacity for its F-150 Lightning electric truck, citing overwhelming demand. Ford shares surged 12% that day. Within days, … Read more

Ford Posts $3.1 Billion First-Quarter Loss, Maintains 2022 Outlook

Ford Motor Co. F 0.95% swung to a net loss of $3.1 billion in the first quarter, a reversal largely driven by a steep loss in valuation of its stake in electric-vehicle startup Rivian Automotive Inc. The Dearborn, Mich., auto maker stood by its year-end guidance of pretax profit of $11.5 billion to $12.5 billion … Read more

Tesla Posts Record $3.3 Billion Quarterly Profit

Tesla Inc. TSLA -4.96% posted a greater than sevenfold increase in first-quarter profit to reach a record as Chief Executive Elon Musk said the company could boost vehicle production more than expected this year despite supply-chain bottlenecks and disruptions in China. Mr. Musk on Wednesday said Tesla likely would produce more than 1.5 million vehicles … Read more

Rivian CEO Warns of Looming Electric-Vehicle Battery Shortage

NORMAL, Ill.— Rivian Automotive Inc. Chief Executive RJ Scaringe is warning that the auto industry could soon face a shortage of battery supplies for electric vehicles—a challenge that he says could surpass the current computer-chip shortage. Car companies are trying to lock up limited supplies of raw materials like cobalt, lithium and nickel that are … Read more

GM Strikes Deal to Secure Cobalt for Electric-Car Batteries

General Motors Co. has struck a multiyear agreement to source cobalt from commodities firm Glencore PLC, the latest in the auto industry’s rush to secure key battery ingredients for electric vehicles as raw materials prices rise. GM said Tuesday the company will supply it with cobalt, a critical metal used in the production of batteries, … Read more

China’s Auto Sales Drop More than 10% as Covid Restrictions Hit

China’s car sales fell more than 10% in March, as car makers grappled with extended manufacturing halts and the country’s strict Covid-19 lockdowns disrupted supply chains. Passenger-car sales dropped 10.5% year over year in March to 1.58 million vehicles, as the shutdowns in cities affected auto production and consumer purchases, the China Passenger Car Association … Read more

Biden administration holds EV industry meeting with Tesla’s Musk, GM’s Barra

The Biden administration said senior officials held a meeting Wednesday with major automotive leaders including Tesla Chief Executive Elon Musk and General Motors Chief Executive Mary Barra to discuss electric vehicles and charging. The administration said in a statement “there was broad consensus that charging stations and vehicles need to be interoperable and provide a … Read more

Toyota, GM Report Slowing U.S. Auto Sales

Major auto makers reported a pullback in U.S. sales for the first quarter of 2022, as a shortage of vehicles on dealership lots continued to hamper business and suppress buying activity ahead of what is typically a busy selling season. Analysts are forecasting first-quarter sales for the industry could drop as much as 16% over … Read more