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Luxury electric vehicle maker Lucid Motors said its second-quarter net loss widened to $764.2 million as it took a hit on sales from a price war sparked by market leader Tesla Inc.

The California-based EV maker lost $555.3 million during the same quarter last year. Revenue grew 55 percent to $150.9 million.

Lucid's deliveries in the second quarter were unchanged from the previous three months at 1,404 vehicles, while its production fell 6 percent from the first quarter as it struggled to ramp up.

Competition from Tesla's Model S, whose prices were cut earlier this year, and rising borrowing costs threaten the EV firm's growth. In response, Lucid slashed prices for its Air luxury sedan as part of an offer on Saturday.

Lucid has also been struggling with rapid cash burn, prompting it to raise $3 billion through a stock offering, nearly two-thirds of which came from majority-owner Saudi Arabia's Public Investment Fund.

The company's cash bal…

UAW President Shawn Fain talks in detail about the union's demands of Detroit 3 automakers in this year's contract negotiations. Meanwhile, GM pushes back against the UAW’s demands. And Lucid joins the EV price wars.

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Bosch Group's e-bikes segment has risen from a rounding error on income statements to $1 billion in annual revenue and the global market share leader.

Paul Thomas, soon-to-be president of Bosch Mobility Americas, said the revenue turnover is nice, but the success of the bike business isn't necessarily measured in dollars. For the German tech and auto behemoth with $93.1 billion in sales annually, bike motors are ancillary to car parts, appliances and software.

The company's e-bikes unit represents the ability to diversify, Thomas said, and at a time when the automotive industry is being pulled in all different directions – ICE to EV to hydrogen – diversification is the ticket to survival in the supply world. Recently passing the $1 billion sales mark was a milestone and innovation proof point, Thomas said.

"It's important because I think it shows that Bosch is able to work in multiple areas of mobility and to take products that might not have had their …

Tesla Inc. said on Monday that Zachary Kirkhorn stepped down as its chief financial officer and named its accounting head, Vaibhav Taneja, as its new CFO.

Kirkhorn, 39, a company veteran of 13 years, stepped down from the role on Friday, although he will remain with Tesla through the end of the year.

The Elon Musk-led firm did not specify a reason for Kirkhorn's departure.

"During his tenure, Tesla has seen tremendous expansion and growth. Tesla thanks Mr. Kirkhorn for his significant contributions," Tesla said in a regulatory filing Monday.

Kirkhorn said in a LinkedIn post: "Being a part of this company is a special experience and I'm extremely proud of the work we've done together since I joined over 13 years ago."

Taneja, 45, has been Tesla’s accounting chief since 2019. He held other roles at the EV maker before that and previously worked at PricewaterhouseCoopers in India and the U.S.

Tesla shares turned negative on the news a…

Rivian Automotive Inc. is heading into its second-quarter earnings report amid deeper price cuts in the EV market as supply rises faster than demand and automakers turn to sales incentives, analysts say.

The Irvine, Calif.-based startup is scheduled to report earnings Tuesday after the market close, followed by an earnings call. The automaker's production forecast, vehicle pricing and cash burn are likely topics for the call.

Last month, Rivian reported improved deliveries in the second quarter compared with the first quarter, significantly boosting the automaker's stock price for July after a seven-month downward trend.

But competition is picking up in the EV pickup market, with Ford cutting prices on the F-150 Lightning last month and Tesla set to launch its Cybertruck pickup by year's end. Rising EV inventories are pushing sales incentives higher.

"As pricing becomes more and more important because of rising interest rates, because of more co…

Elon Musk will receive an MRI of his neck and upper back on Monday and may require surgery, the 52-year-old said in a post on his X platform, formerly known as Twitter.

The world’s richest person said he will know this week whether surgery will be required, ahead of his proposed cage fight with Meta Platforms co-founder Mark Zuckerberg. He previously said he “might need an operation to strengthen the titanium plate holding my C5/C6 vertebrae together.”

As CEO of Tesla and Space Exploration Technologies, as well as the owner of a closely watched social-media platform, Musk’s health is of intense interest to people around the world. Musk, a notorious workaholic, has said that he has suffered from “mega back pain” after a bout with a sumo wrestler.

The post about the sumo match was accompanied by another with a photo of what appears to be a makeshift ring for the Japanese sport. Musk mentioned the injury last year after challenging Russian President Vladi…

Daimler Truck said its Chief Financial Officer Jochen Goetz died "suddenly and unexpectedly" on Saturday.

Goetz, 52, died in a "tragic incident," the company said Sunday without providing further details. He spent more than 36 years at Daimler Group after first starting his career as an apprentice at Mercedes-Benz, according to a company statement.

"Jochen Goetz was Daimler Truck with heart and soul," Martin Daum, chairman of the board of management of Daimler Truck, said in the statement. "He has played a key role in shaping today's Daimler Truck company and, as chief financial officer, has consistently worked towards making the company more economically successful today than ever before."

The company statement didn't immediately identify a successor for Goetz.

Goetz leaves behind his wife and two children.

For the second year in a row, Automotive News rigorously documented the dealership buy-sell market. This data served as the foundation for our package of stories in this week's issue that examine 2022 and beyond.

For subscribers, it's a one-stop shop of buy-sell data that won't be found anywhere else.

One key takeaway? The dealership buy-sell market in 2022 was a different kind of busy.

As we document in our package of stories, the theme of the buy-sell market last year was that private dealers and groups — not publicly traded auto retailers — were collectively the most active buyers.

This was a significant change from 2021 in which four public groups completed four of the largest acquisitions in auto retail history on top of what was already an active year for buy-sells.

In fact, the number of transactions in 2022 was actually higher than 2021's, Automotive News found. But the number of dealerships sold in 2022 was down from 2021, largely …

The dealership buy-sell market was a different kind of busy in 2022

For the second year in a row, Automotive News rigorously documented the dealership buy-sell market. This data served as the foundation for our package of stories in this week's issue that examine 2022 and beyond.

For subscribers, it's a one-stop shop of buy-sell data that won't be found anywhere else.

One key takeaway? The dealership buy-sell market in 2022 was a different kind of busy.

As we document in our package of stories, the theme of the buy-sell market last year was that private dealers and groups — not publicly traded auto retailers — were collectively the most active buyers.

This was a significant change from 2021 in which four public groups completed four of the largest acquisitions in auto retail history on top of what was already an active year for buy-sells.

In fact, the number of transactions in 2022 was actually higher than 2021's, Automotive News f…

SAN FRANCISCO — Electric vehicle maker Lucid Motors cut prices of its Air luxury sedans by as much as $12,400 as part of an offer, it said on Saturday, amid rising competition in the U.S. EV industry and a price war sparked by Tesla Inc.

Lucid reduced the price of the Air Pure by $5,000 to $82,400 from $87,400, and cut prices of the more powerful Touring and Grand Touring versions by $12,400 to $95,000 and $125,600, adding that the offer would be valid as long as supplies last.

A spokesperson for Lucid said the company was unable to provide details on how much inventory will be part of this offer.

Tesla's Model S and its performance version Model S Plaid — direct competitors with the Air — are priced at $88,490 and $108,490 down from $104,990 and $135,990 at the beginning of the year.

Over a year ago, Lucid, which is majority owned by Saudi Arabia's Public Investment Fund, and its peers had to raise prices of its cars as rising raw material…

Join us at noon Wednesday, Aug. 9, for a LinkedIn Live chat with Stephen Dietrich, partner at Holland & Knight, as he talks about the dealership buy-sell market.

He will be joined by Executive Editor Jamie Butters and Retail Senior Editor Melissa Burden as they discuss dealership merger and acquisition activity in 2022 and what we've seen so far in 2023.

Send us questions in advance in the comment section on LinkedIn.

The executive director of the Autonomous Vehicle Industry Association discusses the anti-AV sentiment brewing in California, efforts to revive federal legislation and what self-driving tech’s rollout says about American competitiveness.

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