News

Lucid Group Inc. reported a third-quarter net loss of $670 million but reiterated its production goal of 6,000 to 7,000 units of its Air electric sedan this year after dealing with supply chain issues and growing pains as an EV startup.

The company's stock price fell 13 percent to $11.79 in after-market trading after Lucid posted the results.

The automaker reported revenue of $196 million in the quarter, compared with just $232,000 a year earlier, the company said. Lucid launched the Air sedan in the fourth quarter of 2021 from its factory in Arizona but has repeatedly cut its production goals.

Lucid CEO Peter Rawlinson said on Tuesday’s earnings call that the automaker continues to struggle with supply-chain issues but expects to meet its 2022 production guidance despite the challenges.

“In fact,” Rawlinson said, “even now we are experiencing a challenge with one particular item that will lead to a very temporary timeout for the…

The Maguire Family of Dealerships of Ithaca, N.Y., expanded into the greater Buffalo, N.Y., market with its Oct. 26 purchase of three dealerships in Grand Island, N.Y., from Billy Fuccillo Jr. of Fuccillo Automotive Group, McGuire President Phil Maguire confirmed to Automotive News.

Formerly known as Fuccillo Chevrolet of Grand Island, Fuccillo Toyota of Grand Island and Fuccillo Hyundai of Grand Island, the stores all sit within 100 acres of each other off a highway, Maguire said.

"It's a great opportunity and the scenery is very beautiful on Grand Island," Maguire said.

Grand Island, surrounded by the Niagara River that flows between Lake Erie and Lake Ontario, is north of Buffalo and south of Niagara Falls.

The stores were renamed Maguire Chevrolet of Grand Island, Maguire Toyota of Grand Island and Maguire Hyundai of Grand Island.

These are the latest store sales for Fuccillo Automotive, which at one time had more than 20 dealerships.…

Rivian Automotive is a runaway hit with its R1T pickup and R1S SUV in the eyes of owners and automotive journalists, but the electric vehicle startup is no longer a Wall Street darling due to missed production targets and concern over easing demand in today's economic climate.

When the automaker reports third-quarter earnings on Wednesday after the market close, financial analysts are expecting revenue of about $552 million on improving deliveries of its adventure vehicles, but also another net loss similar to Rivian's $1.7 billion loss in the second quarter.

The mean estimate from 16 analysts, based on Refinitiv data, is for a loss of $1.82 per share despite revenue rising from just $1 million in the same period a year ago, Reuters said. Rivian launched the R1T electric pickup in the fourth quarter of 2021 to widespread acclaim.

CEO RJ Scaringe, who has been under pressure to increase production of Rivian's consumer vehicles and electric delivery v…

Vehicle listings company TrueCar Inc. reported Monday a loss of $77.1 million for the third quarter — a drop from a much slimmer loss in the same period a year ago .

The company said a vast majority of that loss, which compares with a year-earlier net loss of $6.8 million, can be attributed to a one-time impairment charge of $59.8 million brought on by the sharp decline in its share price. TrueCar's share price dropped 55 percent, from $3.33 to $1.51, between May 31 and Sept. 30.

TrueCar executives in a Tuesday call with analysts noted that the stock drop meant a similar sharp decline in the company's market capitalization but did not elaborate much on the charge.

"This is a non-cash charge, so there's no impact on our adjusted EBITDA nor our cash balance," TrueCar CFO Jantoon Reigersman said on the call.

TrueCar's adjusted earnings before interest, taxes, depreciation and amortization also worsened, swinging to a defici…

With millions of Americans lacking access to credit, and facing increased strain from inflation, flexible payment options offer new financial opportunity for both consumers and businesses. Learn how today’s transparent lease-to-own (LTO) platforms help address bias and promote inclusion. By opening up new paths to purchase for people, and sending new and loyal customers to e-commerce and omnichannel retailers, LTO partners like Katapult are transforming the economy for the better.

Key Takeaways:

30% of American consumers are overlooked by traditional financing options Traditional credit scores exclude millions, perpetuate bias, and inaccurately predict risk due to limited data More than half of Americans (54%) are more likely to shop with a merchant that offers flexible payment options, such as Lease-To-Own (LTO) or Buy Now, Pay Later (BNPL) In today’s economic landscape, LTO options are vital, helping retailers reach a larger and more loyal consumer base and enabling …

Vroom Inc. said Monday it recorded a smaller net loss and took in record profit per used car and truck it sold in the third quarter as it cut costs, though revenue and volume of vehicles sold fell sharply year-over-year.

The online used-vehicle retailer reported a net loss of $51.1 million for the quarter ended Sept. 30, a period in which it trimmed jobs and slimmed down its logistics network. That loss is smaller than both its first-quarter loss of $310.5 million and second-quarter loss of $115.1 million. It's also an improvement from its $98.1 million loss in the year-earlier period. Vroom's smaller net loss comes a few days after online used-market peer Carvana Co. posted a $508 million quarterly loss, its largest in 2022.

Vroom said its revenue tumbled 62 percent to $340.8 million in the quarter.

The company's volume of vehicles sold online also plunged in the third quarter to 6,428 vehicles, compared with 19,683 sold during the year-ago period. But…

German auto supplier Bosch has agreed pay $25 million to resolve California's probe into the company's role in the diesel emissions scandals at Volkswagen Group and Stellantis' Fiat Chrysler unit, state Attorney General Rob Bonta said Monday.

The settlement, which is subject to court approval, resolves allegations Bosch participated in misconduct by "providing hardware, software, and software programming or calibration services to Volkswagen and Fiat Chrysler when it knew or should have known that these auto manufacturers were violating environmental and consumer protection laws," Bonta said.

Bosch confirmed the settlement but said it "neither acknowledges the validity of the claims brought forward, nor does it concede any liability."

Under the settlement, Bosch must disclose to California if it concludes a manufacturer will use or has used software to evade emissions rules.

"Bosch violated consumer trust when it gave Volkswagen and Fiat Ch…

Lordstown Motors Corp. on Monday entered into a deal under which Foxconn Ventures, an affiliate of Foxconn, will invest up to $170 million in the electric vehicle maker, making the Taiwanese contract manufacturer its largest shareholder.

Foxconn will purchase 12.9 million shares on or after Nov. 22 and an additional 26 million shares that will propel Foxconn's holdings to 19.3 percent of Lordstown's common stock and all of its preferred stock, surpassing founder Stephen Burn's stake of 17.2 percent, according to Refinitiv.

Lordstown will use the proceeds from the share sales to fund development and design activities for a new electric vehicle program in collaboration with Foxconn, scrapping its earlier joint venture deal with the manufacturer, it said in a filing, sending shares up 7 percent to $2.06 in extended trading on Monday.

Separately, the startup reported a net loss of $154.4 million in the quarter ended Sept. 30, wider than a loss of $95.8 milli…

DETROIT -- Stellantis said Monday it is pausing all paid advertising posts on Twitter as it waits to see what the platform will look like under the leadership of its new owner, Tesla Inc. CEO Elon Musk.

“We're pausing paid advertising posts until we have a clearer understanding of the future of the platform under its new leadership," the automaker said of Twitter in a statement to Reuters.

Musk has said Twitter has suffered a "massive" revenue drop since he took over 10 days ago.

Stellantis follows rival automakers GM and Volkswagen Group brands in halting paid Twitter ads following Musk's takeover.

DALLAS — As traffic trundled by on nearby Interstate 45, Kendra Phillips stood on a gravel parking lot and sketched a practical piece of the autonomous trucking future.

Over here, the gates through which Aurora Innovation Inc.'s self-driving trucks might arrive after completing trips to Houston. Over there, scales for weighing trucks before they depart.

"We're putting everything exactly where we want it, and we're going to make sure this design we think works will really work," said Phillips, Aurora's vice president of service delivery.

She's laying out the blueprint for the company's 4-acre truck yard in Palmer, Texas, a south Dallas suburb, preparing it for an upcoming test involving many of Aurora's 30-plus trucks in the state, ensuring the company is ready for everyday operations.

Rather than haul freight directly from warehouse to warehouse, Aurora believes a first wave of autonomous trucks will primarily ply interstates and stop a…

Auto loan insurance intermediary Open Lending saw net income fall 17 percent during the third quarter, and it lowered the ceilings on its guidance for the full year during an earnings report Thursday.

But CFO Charles Jehl said the company had plenty of room to grow and a strong balance sheet. On Oct. 20, Open Lending announced its client list would include America First Credit Union, which Open Lending CEO Keith Jezek described last week as the seventh-largest credit union in the country.

"Our results were in line with our expectations despite continued challenging economic and industry dynamics affecting our business," Jezek said in a statement Thursday. "We will continue to target Company growth in excess of industry growth rates, but not at the expense of our commitment to managing risk as it relates to the credit quality of our portfolio."

Open Lending, a publicly traded company based in Austin, Texas, facilitates a kind of guaranteed asset protectio…

Some Ford dealers aren’t having it with new EV mandates. Lucid sues Texas to overturn the state’s franchise laws. Two lidar suppliers agree to merge. Plus, Automotive News Washington D.C. reporter Audrey LaForest talks about what the midterms could mean for the auto industry.

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