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...Lithia, which also owns dealership group Jardine Motors, told staff on Tuesday it planned to close CarStore, according to people with knowledge of the announcement, following pandemic-era production issues...
...Indian steelmaker JSW last month launched a $1.5bn tie-up with China’s SAIC Motor to build and sell EVs in India....
...It also owns assets including petrol station operator Motor Fuel Group and part of car windscreen repair company Belron. CD&R has explored the possibility of selling MFG....
...“The strategic partnership with Pinewood Technologies and acquisition of Pendragon’s UK motor and vehicle management divisions is a massive step in delivering on our longer term growth strategy,” said Lithia...
...Motors for £397mn....
...The first, initially recommended by the board, was from $8bn market value Lithia Motors....
...A third bid from US group Lithia proposes to break up Pendragon. The UK car dealer last week agreed to sell its dealerships to Lithia for £280mn to focus on its software arm....
Chinese EV giant is widening its range by price point and fuel type
...The transaction is also the latest in a series of takeovers in the UK motor retail sector where consolidation has meant only Vertu and Caffyns remain....
Motor racing expands its audience in America on the back of Netflix docu-series and successful races in Miami, Austin and Las Vegas
...Drew Baglino, senior vice-president leading Tesla’s engineering and technology development for batteries, motors and energy products, announced on X today that he would leave after 18 years at the auto group...
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...Cruise, the self-driving car subsidiary of General Motors, targeted annual revenues of $1bn by 2025. Last year, the business reported sales of just $102mn amid a $3.4bn loss....
...That was down from 49 12 months earlier, as it exited stakes in companies including General Motors, UPS and Procter & Gamble earlier in the year....
...Ford, General Motors and Tesla have all pumped the brakes on expanding EV production capacity in recent weeks....
...The FT visited Detroit this week to take the pulse of the Motor City — stay tuned for our report later this weekend. The history of the Lions overlaps with the history of Detroit itself....
...Ford and General Motors have paused plans to expand their EV manufacturing capacity in recent months, and last week Rivian announced that it would cut 10 per cent of its workforce and keep deliveries flat...
...For example, US carmaker General Motors has committed to selling only electric vehicles by 2035, presenting its legal team with many challenges....
...Tesla shareholders were even more carried away, adding $46bn to the EV maker’s market cap — more than General Motors was then worth — when it announced a stock split in August 2020....
...Sales growth of electric cars has slowed in the past year, with carmakers increasingly forced to discount models in order to generate sufficient consumer demand, while companies from General Motors and Ford...
...The company disclosed it had sold off its remaining position in carmaker General Motors during the three months to the end of September, an investment that was worth roughly $850mn in the previous quarter...
...Shanghai’s state-owned carmaker SAIC Motor, for example, had its 15 per cent tax rate for being a “high-tech enterprise” renewed four times since 2008....
...Then, last week, fellow start-ups Rivian and Lucid Motors also announced lacklustre results, sending their shares tumbling....
...Rivian went public in late 2021 with a market capitalisation of more than $100bn — bigger than Ford and General Motors....
...A version of this article was first published by Nikkei Asia on February 7. ©2024 Nikkei Inc. All rights reserved....
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