Nikola pivots toward hydrogen for North American market
Amid its pivot, Nikola is losing upward of $150 million per quarter and holds about $150 million in cash and receivables on its balance sheet.
NADA Data: 2022 new-car inventory up; vehicle sales per dealership down
Franchise dealerships’ total payroll in 2022 was up from 2021, but the average number of new and used vehicles sold per employee fell.
VW annual meeting rocked by cake attack, protests on China record
VW’s Xinjiang plant in China has become a focus for human rights activists and a few shareholders, with some protestors claiming that the automaker’s vehicles were built with forced labor.
UAW workers on strike at Clarios battery plant
Workers at a Clarios battery plant in Holland, Ohio began striking Monday after voting down a contract negotiation proposal that would have reduced overtime pay. The plant produces up to 150,000 batteries each week for Ford and GM.
Rivian affirms 50K production goal this year after $1.35 billion Q1 net loss
Rivian CEO RJ Scaringe expects an accelerating production ramp up for the rest of 2023 and significant cost cutting on the way to profitability in coming years.