Tag: Automotive
Smart driving assistant Automatic is shutting down
Automatic, makers of a connected car dongle, emailed customers today to announce that the company will shut down all operations May 28. The company says it’s the casualty of the COVID-19 shutdown. “Like many other companies in the United States, the COVID-19 pandemic has adversely impacted our business,” it writes,…
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Tesla to reduce price of standard range Model 3 in China
Tesla said it will reduce the price of its standard range Model 3 vehicle in China to meet the government’s new eligibility requirements for subsidies. This marks the second time this year that the automaker has reduced the price. Several months ago, the base version of China-made Model 3 was…
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Tesla pushes Tesla Semi deliveries to 2021
Tesla is pushing back plans to produce and deliver its all-electric Class 8 until 2021, the company said in its quarter earnings report Wednesday. The move puts the Tesla Semi two years behind the automaker’s previous target. “We are shifting our first Tesla Semi deliveries to 2021,” the company said…
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Tesla turns Q1 profit on cost reductions, rising car margins, credits
Tesla reported Wednesday that it earned $16 million and generated $5.985 billion in revenue in the first quarter, results buoyed by improved automotive margins and reductions in operating expenses. Tesla’s first quarter earnings were lower than the previous period as the COVID-19 pandemic disrupted operations and dampened sales. But the…
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GM delays GMC Hummer EV debut
GM said Wednesday that it will postpone its upcoming reveal of a GMC-branded electric Hummer due to the COVID-19 pandemic. The Hummer EV debut, which was scheduled to occur May 20, is the latest automotive event to be delayed in recent months due to COVID-19, the disease caused by the…
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EV startup Nio secures $1 billion investment from China entities
Chinese electric vehicle startup Nio has secured a $1 billion investment from several state-owned companies in Hefei in return for agreeing to establish headquarters in the city’s economic development hotspot and giving up a stake in one of its business units. The injection of capital comes from several investors, including…
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