Washington DC, (Business Emerge), July 25: Ford Motor Company has reported a disappointing second-quarter profit, leading to a 12% decline in its stock price during after-hours trading. The Detroit-based automaker posted an adjusted profit of 47 cents per share, falling short of analysts’ expectations of 68 cents, according to LSEG data. CEO Jim Farley, who has been focused on addressing the company’s quality issues since he took charge in October 2020, has seen limited success. Despite hiring a new executive director of quality and overhauling some production practices, Ford remains at the top of the industry in terms of recalls.…
Author: David Brown
New York (Business Emerge), July 25: Tesla’s share value took a significant hit on Wednesday, dropping by 11% and wiping nearly $90 billion from its market capitalization. This decline follows CEO Elon Musk’s recent emphasis on advanced technologies like humanoid robots and autonomous taxis, which did little to assuage investor fears over the company’s diminishing profit margins. On Tuesday evening, Tesla reported its lowest quarterly profit margin in five years, with earnings per share falling short of projections for the fourth consecutive quarter. This downturn has left Tesla’s market value at $700 billion, a stark decrease from over $1 trillion…
22 July, USA, (Business Emerge): Ford CEO Jim Farley is calling for a renewed interest in smaller cars as the automotive industry transitions to electric vehicles (EVs). Speaking at the Aspen Ideas Festival, Farley highlighted the unsustainability of America’s love for large, heavy vehicles in the EV age. He emphasized that embracing smaller EVs is crucial for society and the environment. Farley revealed that Ford plans to launch a $30,000 all-electric vehicle within two and a half years, aiming to make EVs more accessible. This model will compete with Chinese manufacturer BYD and a new entry-level EV from Tesla. Farley…
22 July, (Business Emerge): Renault CEO Luca De Meo has raised concerns regarding the current timeline for Europe’s shift to electric vehicles, emphasizing the need to reduce costs to achieve the company’s EV targets. In a recent interview with business daily Les Echos, De Meo stressed the importance of adjusting the schedule to accommodate market realities. The Critical Role of EV Transition The transition to electric vehicles is pivotal in combating global carbon emissions. The speed at which this transition occurs will significantly impact both the automotive industry and the environment. Despite the essential nature of this shift, recent EU…
Leading Carmaker and French Research Organization Unite for Next-Generation Battery Development PARIS: Stellantis, the global car manufacturer encompassing brands such as Peugeot, Fiat, and Chrysler, has announced a strategic partnership with the French state’s CEA research organization to pioneer the development of cutting-edge battery cells for electric vehicles (EVs). “We recognize that battery technology is on the brink of significant advancements. Although the exact trajectory of these changes is unknown, we are dedicated to leading this evolution,” stated Stellantis Chief Engineering and Technology Officer, Ned Curic. “Our internal teams are tirelessly exploring multiple technological avenues, and we are forging close…
As part of a landmark sale in the Chapter 11 process, Fisker is asking a bankruptcy judge to approve selling more than 3,000 Ocean electric SUVs at about $14,000 apiece to a car-leasing company. American Lease, a New York-based vehicle leasing company, has agreed to buy 3,321 electric SUVs from Fisker at a cost of $46.25 million, subject to court approval, according to documents filed in court on Tuesday. Now, with financial tightness, extremely huge operational barriers, Fisker had to seek bankruptcy protection barely a month ago. The EV manufacturer turned towards a dealer-partner sales model at the beginning of…