In Europe, car makers experienced a successful year overall, with sales on the rise. However, the end of the year brought a setback as battery electric vehicle sales dropped by 25% compared to the previous year's December figures. Plug-in hybrid sales also saw a decline of 34%. Even so, new car sales only experienced a slight decrease of 4%. Completing the global picture for … [Read more...] about A Strong Year for Car Makers in Europe
Electric Vehicles
Auto Stocks Drop as ON Semiconductor Disappoints
Stock in Tesla and other auto makers took a hit on Monday following a disappointing forecast from automotive chip maker ON Semiconductor. The company reported third-quarter sales of $2.18 billion, slightly surpassing analysts' expectations of $2.15 billion. However, ON Semiconductor's management projected fourth-quarter sales of approximately $2 billion, falling short of Wall … [Read more...] about Auto Stocks Drop as ON Semiconductor Disappoints
Rivian’s Quarterly Earnings Update
Rivian Automotive Inc. is scheduled to announce its quarterly earnings on Tuesday after the bell. This update comes after the company's controversial decision to offer $1.5 billion worth of convertible debt, which received backlash from investors. Additionally, Rivian will soon face competition from Tesla Inc., which plans to release its electric pickup truck, the Cybertruck, … [Read more...] about Rivian’s Quarterly Earnings Update
President Biden Touts Auto Industry Agreements, Criticizes Trump’s Approach to EVs
President Joe Biden recently praised the agreements reached between the United Auto Workers (UAW) and the Big Three carmakers. However, he also took the opportunity to criticize former President Donald Trump's stance on promoting electric vehicles (EVs). During a speech in Belvidere, Ill., where Chrysler and Jeep parent company Stellantis has agreed to reopen a plant, Biden … [Read more...] about President Biden Touts Auto Industry Agreements, Criticizes Trump’s Approach to EVs
Rivian Stock Upgrade from UBS
Rivian Automotive Inc.'s stock (RIVN, +3.91%) experienced a rise of 2.6% in early trading on Tuesday following an upgrade to a buy recommendation by UBS. Despite a slight reduction of $2 in the price target, now set at $24 per share, UBS analyst Joseph Spak expressed optimism about the future prospects of the electric-vehicle manufacturer. Positive outlook after recent … [Read more...] about Rivian Stock Upgrade from UBS
