Month: April 2020

Elon Musk made some bold statements about Tesla’s effort to develop self-driving technology during the automaker’s latest quarterly results. During a conference call following Tesla’s Q1 2020 results, Musk discussed Tesla’s latest Autopilot development with the new “Traffic Light and Stop Sign Control” feature. It’s the first step toward Tesla’s system being able to automatically
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Every car in the 2011 Motor Trend Best Drivers Car competition was lapped around Mazda Raceway Laguna Seca by hot shoe Randy Pobst. Our next competitor, the Ferrari 458 Italia. For more on the 458 Italia’s lap around Laguna Seca, including Randy Pobst’s track notes, click here: http://www.motortrend.com/features/performance/1108_2010_ferrari_458_italia_best_drivers_car_contender/ Also find Motor Trend on: Tweets by
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The German auto industry is readying proposals for a new scrappage program to counter a sales slump that risks choking off production restarts at factories across Europe’s biggest economy. The state premiers of Lower Saxony, Bavaria and Baden-Wuerttemberg, home to Volkswagen, BMW and Daimler, are expected to consult this week on a joint strategy ahead
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In the face of the COVID-19 pandemic and the daunting challenges of reviving the North American auto industry, it’s understandable that the industry’s focus isn’t on clean energy and slowing global warming. Some 26 million Americans losing their jobs creates more urgent economic problems than cheap gasoline eroding already-limited demand for zero-emission vehicles. If anything,
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SAO PAULO — Global automakers seeking emergency financing for their plants in Brazil have reached an impasse with several state and private banks, after the lenders demanded collateral from the parent companies, two sources told Reuters. The sources said the carmakers have balked at the request, delaying any decision on the billions of Brazilian reais
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FRANKFURT — Volkswagen Group is expecting an operating loss in the second quarter due the impact of the coronavirus pandemic but expects to be profitable on a full-year basis. Overall, VW expects operating profit for 2020 to be severely below last year, but still to remain positive, CFO Frank Witter said Wednesday, as the automaker
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Volkswagen Group CEO Herbert Diess is pushing executives at the automaker to come up with solutions to match Tesla’s software expertise. Diess says Tesla’s has a competitive edge in electric cars and software is a threat to VW. In a recent webcast to VW executives, he voiced his concerns. “What worries me the most are
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DETROIT — Ford Motor Co. is postponing its autonomous vehicle commercial services until 2022 due to the coronavirus pandemic and could ultimately change what services it offers once the crisis passes. Ford had previously planned to launch self-driving vehicles for commercial use, such as package delivery, at some point in 2021. The company, in partnership
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TOKYO — Nissan, already reeling from plunging profits and sales before the COVID-19 pandemic hit, is warning that the global outbreak could deliver a net loss of close to $1 billion. Nissan will sink to an operating loss of between 35 billion yen to 45 billion yen ($324.6 million and $417.4 million) and book an
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General Motors said Monday it has suspended its quarterly cash dividend on its common stock and its share buybacks to save cash in the face of the coronavirus crisis. The company has also expanded its cash options by extending a three-year revolving credit agreement for $3.6 billion to April 2022. Earlier this month GM and GM Financial,
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If the industry wasn’t already deep in the throes of one crisis, a tornado strike on an important supplier plant in Seneca, S.C., this month would have handed it another — suddenly limiting the supply of BorgWarner transfer cases used by several automakers in the production of many of their highly profitable four-wheel-drive pickups and
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General Motors CEO Mary Barra’s 2019 compensation fell slightly, but she remains the highest paid chief executive among the Detroit 3. Barra’s total pay package was $21.6 million last year, a decline of 1 percent – or about $240,000. Her compensation, disclosed Monday in GM’s annual proxy statement, includes a $2.1 million base salary, unchanged
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