Proper Tooling to close Michigan plant, lay off 130 workers
Proper was No. 7 in the most recent Plastics News ranking of North American toolmakers with an estimated $84 million in sales and an estimated 280 employees. The layoffs will...
84-month loans surge for new and used vehicles
Wells Fargo would continue to examine the topic, but "it's not what we do today," Sanders said.Chuck Jones, COO of Truist Dealer Financial Services, told the summit his bank had...
VinFast’s North American EV market challenges
In recent months, VinFast has allowed the public to drive the VF 8 on a closed course and to be driven around on streets, including at CES this month in...
Moore’s Law might work in computing, but not in autos
There was a shocking statistic in my colleague Pete Bigelow's story last week about CES that should cause ulcers in automotive investors around the globe. Automakers and others have committed...
Judge rejects Elon Musk’s bid to move trial from S.F.
Tesla Inc. CEO Elon Musk’s request to get his upcoming securities fraud trial moved out of San Francisco was rejected by a federal judge, who overrode a spirited argument that...
59% of U.S. Lincoln dealers sign up to sell EVs
Dealerships in the top 130 markets must spend roughly $900,000 to install two DC fast chargers and seven Level 2 chargers. Those in smaller markets must spend about $500,000 for...
2023 Super Bowl commercials: Toyota sitting it out
Toyota’s move also signals that the auto category could be light in this year's game. Kia is the only automaker to confirm a buy so far and Nissan and BMW,...
Used-car volume hits lowest mark in nearly a decade
The declines indicate a market environment that has significantly changed since 2021, when robust demand and favorable economic conditions propelled used-vehicle sales to a record 40.6 million in total and...
Biden backs Nevada lithium mine with $700M loan
A Nevada lithium mine that would be only the second in the U.S. is getting backing from the Biden administration as it seeks to boost the domestic supply of the...
Carvana laying off more workers amid weak used car sales
Carvana Co. will lay off more workers and take other measures such as reduced work hours as the used-car retailer contends with weak sales, The Wall Street Journal reported on...