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With Tesla's strong quarterly report on Wednesday, Chief Executive Elon Musk has scored a hat trick of performance goals worth a combined $23 billion in new compensation.

The world's most valuable carmaker posted March quarter revenue and profit that surged past Wall Street estimates as it raised prices in response to inflation, offsetting the impact of a Shanghai factory shutdown.

Musk's latest compensation windfall, which must be certified by Tesla's board, comes days after he offered to buy Twitter Inc. for $43 billion, with analysts suggesting he could sell Tesla shares to help finance the deal.

Musk already is the world's richest person, according to Forbes.

Tesla reported quarterly revenue of $18.76 billion and so-called adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $5.02 billion. Combined with the previous three quarters' results, that surpasses milestones that trigger the v…

Carvana Co. said Wednesday that it sold fewer vehicles than it had planned for in the first quarter of 2022, which led to higher costs and lower profit per vehicle.

The online used-vehicle retailer sold 105,185 vehicles in the first quarter, up 14 percent year-over-year. However, Carvana said disruptions to its reconditioning and logistics network hindered further sales volume growth. High used-vehicle prices, interest rates and issues stemming from the omicron variant also negatively affected sales volume in the first quarter, the company said.

Carvana reported revenue of $3.49 billion, up 56 percent from the year-earlier period. But it recorded a net loss of $506 million, wider than its $82 million net loss a year ago. The total gross profit Carvana brought in per vehicle also fell to $2,833, down $823 from $3,656 a year ago.

In a letter to shareholders, Carvana CEO Ernie Garcia and CFO Mark Jenkins called the quarter "challenging."

"Q1, I woul…

Tesla Inc. expects to reach volume production of a new 'robotaxi' vehicle without a steering wheel or pedals by 2024, CEO Elon Musk said on the automaker's first-quarter earnings call Wednesday.

The goal of the new model, which would use Tesla's still-incomplete "full self-driving" software, is to reach the lowest cost per mile for a taxi-type vehicle, Musk said.

Tesla has expanded the beta, or test version, of its full self-driving software to 100,000 owners and will further expand it this year, the company has said.

"I think that really will be a massive driver of Tesla growth," Musk said of the robotaxi model.

However, the charismatic CEO declined to give more specifics when asked whether the vehicle would go on sale to the public or be used in a company-run transportation service.

"We don't want to jump the gun on an exciting product announcement yet," Musk said, saying there will likely be a product event next year to offer greater d…

Tesla Inc. said net income and revenues surged after the EV maker delivered record units at higher prices.

The company led by Elon Musk posted first-quarter net income of $3.32 billion compared with a profit of $438 million a year earlier. Revenue rose to $18.76 billion from $10.39 billion a year earlier.

Tesla has been an outlier since the pandemic outbreak, posting record deliveries and earnings for several quarters when rivals wrestling with global supply chain snarls rolled out production halts.

Meanwhile, the company's two new factories in Texas and Berlin are ramping up production, with Musk delivering Tesla's first Texas-made Model Y vehicles earlier this month. The company started deliveries in Berlin in March.

However the automaker cautioned that production remains constrained by shortages of key components, a common refrain for automakers due to global bottlenecks on supplies of semiconductors and other parts.

“Our own factories…

WASHINGTON — Toyota and its luxury brand, Lexus, are recalling more than 458,000 vehicles to fix a software glitch that can deactivate the electronic stability control system, increasing the risk of a crash.

The recall covers certain 2022 Lexus LX 600, NX 350, NX 450h+ and Toyota RAV4 vehicles; 2021-22 Lexus LS 500 and Toyota Mirai, RAV4 Prime, Sienna and Venza vehicles; and the 2020-22 Toyota Highlander Hybrid.

"A software error can cause the Vehicle Stability Control system (VSC) not to default to 'on' the next time the car is started under certain circumstances," Toyota said in a statement last week.

As a result, the affected vehicles fail to comply with federal regulations.

Automotive News has reached out to Toyota for additional information.

To fix the problem, Toyota and Lexus dealers will update the Skid Control electronic control unit software.

The Skid Control ECU is a subcomponent of the brake actuator assembly. Japanese au…

The pandemic was a catalyst for change in the service drive.

Fixed ops departments adopted new ways to connect with customers — from making it easy to schedule appointments digitally to texting repair updates and videos of recommended service, to enabling payment by phone.

True, many of these changes were forced onto service departments just to keep customers coming in and dealerships afloat. But the changes have had a positive impact on business.

Something else that grew out of the pandemic that has been beneficial is the number of professional discussions via podcasts, Zoom and YouTube centered on the fixed ops industry.

Before COVID-19, many fixed ops professionals met in person at conferences, conventions and other organized events. But when the pandemic forced most of us to pause traveling and gathering in large groups, some industry leaders decided to take to the airwaves to bring the fixed ops community together.

Yes, some of the mor…

Two federal court proceedings last month illustrate the risk of customer fraud to dealerships and lenders.

Eddie Earl Hendrickson, 41, pleaded guilty March 15 to a single count of conspiracy to commit financial institution fraud. However, he admitted in a plea agreement to financing $84,394.34 worth of Stellantis vehicles with another person's Social Security number. Hendrickson also admitted to using fraud to finance multiple motorcycles and ATVs — 15 vehicles in total and more than $201,000 in loans.

Desiree Sanchez, 28, was sentenced March 28 to more than four years in prison for single counts of bank fraud and possession of stolen mail. She admitted in a July 2021 plea agreement to using two other people's identities to obtain vehicles — a new Genesis G80 worth $55,490 leased from a Hyundai dealership, and a used Honda Accord purchased from an Acura store. A federal complaint against Sanchez alleged the G80 transaction involved $53,495 in financing.

McLaren Automotive is considering hiring Michael Leiters, the former head of technology at Ferrari, as its next CEO, according to people familiar with the matter. 

Leiters stepped down from Ferrari in December as part of a leadership reorganization under new CEO Benedetto Vigna, and is one of the main candidates being evaluated for the top job at McLaren, those people said, asking not be identified as the discussions are confidential. 

A spokesman for McLaren declined to comment on the potential appointment. Leiters didn’t immediately respond to a request for comment. Sky News earlier reported that he was a possible candidate for the role. 

The Woking, England-based supercar maker controlled by Bahrain’s sovereign wealth fund Mumtalakat has been repairing its finances after the pandemic halted production and led to the sale of a stake in its Formula 1 racing franchise. The company has been looking for a CEO after Mike Flewit…