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GM, Ford, Fiat Chrysler shares return to 52-week lows; Tesla down 10%

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Shares of the Detroit automakers once again plunged to 52-week lows Thursday amid a wider market sell-off due to fears about the economic fallout from the coronavirus. The declines are the latest in a rollercoaster week for stocks, which started Monday with an oil price war and the COVID-19 disease spreading globally. Fiat Chrysler led …

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AUTOS Ford Explorer back ‘on track’ following flawed launch, exec says

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Following the troubled launch of its Explorer SUV last year, Ford said production and sales of the popular vehicle are gaining momentum. February retail sales of Explorer, up 32%, were the vehicle’s best sales in that month since 2005, Ford said. Sales for the year remain down 9% due to timing of fleet sales.  The …

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New York auto show postponed for first time since WWII over coronavirus

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The public show, which was set to begin in early-April, is now scheduled for Aug. 28 through Sept. 6 due to coronavirus pandemic. The postponement of the show adds to precarious times for the auto industry, which has been dealing with vehicle production issues and supplier disruptions as a result of the COVID-19 outbreak. Automakers …

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How the ‘boring’ Toyota Camry became the bestselling passenger car in America

car

The Toyota Camry has a reputation, even within Toyota itself, for being a humdrum car. But gosh does it ever sell. The Camry was the top-selling passenger car in the United States in 2019, and is one of the bestselling vehicles of all time. It remains one of Toyota’s most successful vehicles of any shape, …

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Amtrak suspends nonstop Acela service between Washington DC and New York as demand weakens amid coronavirus

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Amtrak is canceling its high-speed Acela nonstop service between Washington, D.C. and New York through late May as consumer demand weakens amid concern over the coronavirus outbreak.  “As we are experiencing some reduced demand for our service, we are making temporary adjustments to our schedule, such as removing train cars or cancelling trains when there …

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General Motors tightens travel protocols as coronavirus spreads

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General Motors is tightening its travel protocols for employees due to the coronavirus outbreak.  Domestic and international travel for GM employees effective Friday “requires senior leader approval.” The additional travel measures regarding the COVID-19 epidemic are in-line with GM’s crosstown rivals, however don’t limit travel to “essential” personnel. General Motors is tightening its travel protocols for employees …

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Ford confirms US-built electric cargo van under its $11.5 billion plan

bus

Ford will release an all-electric version of its popular Transit cargo van as early as next year. The U.S.-built van is part of the automaker’s previously announced plan to spend $11.5 billion on vehicle electrification through 2022. Ford is moving to retain its leadership in the commercial van space as new competitors such as Rivian, …

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Wheels Up buy Gama, becoming a top rival to NetJets

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Wheels Up acquired jet operator Gama Aviation, creating the second-biggest private aviation company in the U.S. Financial terms weren’t disclosed. The deal transforms Wheels Up, founded in 2013 by Kenny Dichter with a focus on short-trip turbo-props, into an all-purpose private jet company going head to head against industry giant NetJets. Wheels Up, the fast-growing …

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GM’s Cruise values autonomous vehicle industry at $8 trillion

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The global autonomous vehicle industry is an $8 trillion market opportunity, according to General Motors’ Cruise. That valuation includes ride-hailing at $5 trillion; $2 trillion for freight; and $500 billion each for data insights and in-vehicle experiences. Cruise did not disclose when the company plans to launch commercial autonomous vehicle business. The global autonomous vehicle …

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