Declaring the United States must “move fast” to win the world’s automaking future, President Joe Biden on Thursday announced a commitment from the auto industry to produce electric vehicles for as much as half of nationwide sales by the end of the decade.
The shutdowns have affected plants in Michigan, Kentucky, Kansas, Mexico, Canada and Germany.
The company plans to invest $47 billion in battery-driven vehicles between 2022 and 2080. It says it also intends to work with partners on setting up eight factories producing battery cells.
Inventories of used cars remain tight, but a decline in customer traffic in recent weeks has prompted some dealers to trim prices.
The used-car lot, ordinarily a haven of haggling and wheeling-and-dealing, is now a hotbed for wallet-busting transactions.
The company that combined Fiat Chrysler and Peugeot is developing four fully electric vehicle platforms with ranges from 311 miles to 497 miles, it said.
Consumers desperate for new vehicles often paid over the sticker price, pushing the average sales price in June above $40,000 for the first time, according to J.D. Power.
The company said it plans to phase out all of its gasoline-powered vehicles in North America by 2040, making it the latest major automaker with a goal of becoming carbon neutral.
In the past year, used vehicle prices on average have climbed 30%, according to Black Book, which tracks car and truck data. That’s created many crazy situations where high-demand vehicles are selling for more than they did when they were new.
Bob Martin is the head of Thor Industries, one of the biggest publicly traded companies in Indiana and, instead of resting on his laurels, he’s creating technology-oriented executive roles within his company and looking to make big technological advancements in Thor’s products.
The factories would be in addition to two battery cell plants that the company announced in the past two years, both geared to ramp up production as GM rolls out 30 new electric vehicles globally by 2025, with more than two-thirds sold in North America.
Automakers have developed EVs that go farther per charge and fill up faster. Problem is, most public charging stations fill cars much too slowly, requiring hours—not minutes—to provide enough electricity for an extended trip.
Shares of General Motors Co. closed at a record high Thursday after the company said its efforts to manage the global computer chip shortage have worked better than expected.
The auto company said Wednesday that Carmel will be the first city in the world where the software—which was developed in-house at Volkswagen—will be used to gather traffic and intersection data.
The company said 70,000 customers have put down $100 deposits to reserve an electric F-150 in the week since it was unveiled. Ford’s F-Series pickup is the top-selling vehicle in the U.S.
The company said it was able to divert precious computer chips to higher-profit models such as full-size pickup trucks and SUVs, and that brought the higher income.
Biofuels producers and some of their supporters in Congress say now is the time to increase sales of ethanol and biodiesel, not abandon them.
The fake press release could land Volkswagen in trouble with U.S. securities regulators because its stock price rose nearly 5% on Tuesday, the day the bogus statement was officially issued.
Consultant AlixPartners has said the global chip shortage could cost automakers $61 billion in lost sales this year. The recent setbacks could further delay an expected second-quarter recovery in output.
Automakers have said they don’t expect the chip shortage to get any better before the third quarter of the year, potentially costing them billions of dollars in revenue.
