Ferrari’s first electric car to cost over $500,000

Car key for the Ferrari Purosangue SUV. Adam Jeffery | CNBC Ferrari’s first electric car will cost at least $535,000, a source familiar with the matter told Reuters, as the luxury automaker prepares to open a plant that will make the model – and could boost group production by up to a third. The Italian … Read more

Tesla must face lawsuit claiming it monopolizes repairs and parts

Brand new Tesla cars sit parked at a Tesla dealership on May 31, 2024 in Corte Madera, California.  Justin Sullivan | Getty Images A U.S. judge said Tesla vehicle owners can pursue a proposed class action accusing billionaire Elon Musk’s electric car company of monopolizing markets for repairs and parts, breathing new life into a … Read more

How the once-promising EV maker went bottom-up

Henrik Fisker stands with the Fisker Ocean electric vehicle after it was unveiled at the Manhattan Beach Pier ahead of the Los Angeles Auto Show and AutoMobilityLA on November 16, 2021 in Manhattan Beach, California. Patrick T. Fallon | AFP | Getty Images Fisker on Monday became the latest all-electric vehicle startup to file for … Read more

Uber, Khosla, Nvidia invest in autonomous trucking startup Waabi

Raquel Urtasun, Founder and CEO of Waabi. Courtesy: Waabi Autonomous trucking startup Waabi announced Tuesday it has raised $200 million in an oversubscribed Series B funding round led by existing investors Uber and Khosla Ventures. Waabi’s latest funding round also includes Nvidia, a new investor in the company, as well as Porsche and the venture capital … Read more

Chinese automakers overtake U.S. rivals in sales for the first time

New energy vehicles for export at Lianyungang Port, Jiangsu Province, China, on April 25, 2024.  Nurphoto | Nurphoto | Getty Images Automotive companies in China sold more cars than their U.S. counterparts for the first time last year, boosted by BYD and growth in emerging markets, researcher Jato Dynamics said in a report published Thursday.  … Read more

Why Chinese EV tariffs may not work

The Chinese auto sector is increasingly making global automakers and politicians hot under the collar. In the early 1980s, the Chinese auto industry barely existed. Today the country has the capacity to make about 40 million vehicles annually — enough to supply half the world. Only about 25 million cars sold in the country in … Read more

Toyota has been rocked by a string of scandals — analysts are unfazed

A sign is displayed outside a Toyota Motor Corp. dealership on Jan. 30, 2024 in Tokyo, Japan. Toyota Chairman Akio Toyoda apologized Monday for massive cheating on certification tests for seven vehicle models as the automaker suspended production of three of them. Tomohiro Ohsumi | Getty Images News | Getty Images Japan’s largest carmaker Toyota has … Read more

Tesla shareholder vote on Musk pay plan won’t clear ‘legal disputes’

Elon Musk, Chief Executive Officer of SpaceX and Tesla and owner of X speaks during the Milken Conference 2024 Global Conference Sessions at The Beverly Hilton in Beverly Hills, California, U.S., May 6, 2024. David Swanson | Reuters Tesla’s annual meeting on Thursday in Austin, Texas, will feature a final vote on a contentious proposal … Read more

Musk says Tesla shareholders likely approved his $56 billion pay deal

Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings Corp., speaks at the Milken Institute’s Global Conference at the Beverly Hilton Hotel,on May 6, 2024 in Beverly Hills, California.  Apu Gomes | Getty Images Shares of Tesla popped in premarket trading, after Elon Musk said shareholders are set to approve his controversial … Read more

Chinese EV stocks surge after EU slaps up to 38% additional import tariffs

Visitors are looking at a BYD DM-i electric car at the 2024 Beijing International Automotive Exhibition in Beijing, China, on May 3, 2024. (Photo by Costfoto/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty Images Shares of Chinese electric vehicle makers mostly surged on Thursday morning after the European Union announced higher tariffs of up … Read more