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Rivian reported mixed quarterly results for the first quarter but will see further cost savings from shifting its upcoming R2 production to its Normal, Ill., plant and trimming its capital expenditure forecast. The EV maker also reaffirmed its full-year loss forecast and still sees a «path» to «modest gross profit» in the fourth quarter of this year.
Remember when we recently wrote about Nissan rolling out a new Murano and Armada this year, plus a Rogue Rock Creek trim, to continue product turnaround? Unnamed dealers attending the meeting and speaking to Automotive News afterward said they were heartened by the looks of the product. A more immediate issue some of them had, however, was what to do with today's glut of inventory. Cox Automotive reports Nissan dealers are sitting on at least three months of stock at current sales rates, more than 30% above the national average and more than any other full-line OEM selling in the U.S. According to a new report in AutoNews, Nissan's latest indulgence to dealers is: You can advertise prices below invoice. A dealer memo AN saw tells storefronts they can promote prices that are 10% below invoice for any 2024 vehicle other than the Armada, which can be reduced to 15% below invoice. Notice, this isn't about being able to sell below invoice, this is about advertising prices below invoice. An automaker can't tell a dealer not to go below a certain price (nor above), but the carmaker can put restrictions on how its products are advertised.
TOKYO — Honda Motor Co said on Friday it would increase R&D spending this financial year by nearly a quarter to boost its competitive edge in hybrid and other electrified vehicles, as it forecast a 2.8% rise in operating profit for 2024/25.
TOKYO — Nissan’s profit for the fiscal year through March jumped 92% to 426.6 billion yen ($2.7 billion) as sales grew in all major global markets except China, the Japanese automaker said Thursday.
BEIJING — U.S. automaker Tesla sold 62,167 China-made electric vehicles in April, down 18% from a year earlier, lagging the broader market's surge, China Passenger Car Association (CPCA) data showed on Tuesday.
Toyota Motor is expected to get a big lift from demand for hybrids when it reports annual earnings on Wednesday, illustrating how the world's top-selling automaker is poised to benefit as hype around battery electric vehicles cools.
EV maker Lucid (<a href=«https://finance.yahoo.com/quote/LCID?.tsrc=» https: target="_blank" rel=«noopener» data-i13n=«cpos:1;pos:1» data-ylk=«elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:1;»>LCID
Rivian Automotive said on Thursday it has received $827 million in an incentive package from the State of Illinois to expand operations at its Normal facility.