Electric adventure vehicle maker Rivian (RIVN) reported second quarter results that beat estimates and, more importantly, raised its production guidance as well as narrowed its loss projection for the year. Rivian now sees an annual production target of 52,000 vehicles versus prior guidance of 50,000 vehicles. Rivian also narrowed its full-year adjusted EBITDA loss to
Italian luxury automaker Ferrari reported second quarter results that beat expectations, but an improved outlook powered by bespoke “personalizations” wasn’t enough to impress investors. From a guidance point of view, Ferrari (RACE) now sees full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of as much as 2.19-2.22 billion euros ($2.40-$2.43 billion), up from
Last week’s government inflation data showed used car prices were falling and likely stabilizing to levels just above pre-pandemic pricing. It seems prices for used electric vehicles, however, are falling even faster. According to auto research firm iSeeCars.com, used EV prices are collapsing more than those in the overall used car market. In the firm’s
A big gamble by General Motors (GM) is causing consternation for its dealers in the all-important race to sell cars — namely electric vehicles. As the auto industry gears up for its big electric transition, GM’s move to phase out smartphone-like software like Apple (AAPL) CarPlay in its future EVs has some dealers puzzled. That’s
Investors who clung to Rivian stock (RIVN) over the past few months are now getting rewarded. The EV maker’s stock is on fire, up almost 90% in the past nine sessions. On Monday, Rivian shares closed at $25.51, almost double their closing price of $13.45 on June 26. Shares have been buoyed by positive catalysts
Ford is again joining forces with veteran-led disaster response outfit Team Rubicon to aid in disaster relief efforts, as the threat of natural disasters grows. The new initiative, dubbed “Team Rubicon Powered by Ford,” will see Ford donate a fleet of special vehicles, as well as a $2.5 million grant via the Ford Fund to
Travelers will likely encounter packed highways this 4th of July weekend. But the good news is that gasoline prices are cheaper this year. The national average price of gas was $3.55 per gallon on Thursday, down from $4.87 one year ago, according to AAA. “Gasoline prices are about $1.30 less this year compared to last,”
If you thought the tech industry’s absurdity reached its peak when people were spending hundreds of thousands of dollars on pictures of cartoon apes, think again. Meta (META) CEO Mark Zuckerberg, the head of the world’s largest social network, and Tesla (TSLA) CEO Elon Musk, who heads Twitter and SpaceX, will physically fight each other.
Tesla may not do traditional incentives, but that doesn’t mean it can’t come up with ways to entice customers beyond lowering prices. According to Tesla’s website, the company has been offering three months of free charging at its Supercharger Network for purchases of the Model 3 sedans in inventory. The cars must be delivered by June
Carvana (CVNA) shorts are getting squeezed. The online car retailer’s shares rallied 56% on Thursday— the biggest one day gain on record — after the company updated its outlook. The Tempe, Arizona-based company announced it expects to achieve adjusted EBITDA above $50 million in the second quarter of 2023. Earlier this year, Carvana had signaled
