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For the second time in its history Tesla Motors Inc. reported net income, making $22 million net for the third quarter. This month, Tesla said it delivered 24,500 cars in the third quarter, putting it on track to hit its goal of 50,000 vehicle sales for the second half of 2016. A significant part of Tesla’s third quarter revenue came from pollution credits it sold to other automakers. In the third quarter, Tesla booked $139 million in those credits, up from $39 million a year ago. The company said it expects revenue from those credits to decline in the fourth quarter. Quarterl...
Bill Ford is tired of hearing the future of cars belongs to Silicon Valley. Yet for years, the Apple and Google crowd have been telling him that only Big Tech can make driverless vehicles. The Ford Motor Co. executive chairman and great-grandson of auto pioneer Henry Ford said that probably they were “too dumb to get it”. He’s not kidding. Tech giants Apple Inc. and Google, once intent on disrupting, if not destroying, Detroit, have concluded for now that they don’t want to build cars. Sure, they still bank on supplying the autonomous software that will drive robot ride...
Strong US and China car sales and a drop in costs for the faulty ignitions recall helped General Motors double profits in the third quarter. The sales in the two biggest GM markets helped the company offset ongoing slumps in Europe, South America and elsewhere. With unit sales up 3.8% from a year ago to 2.42 million cars and trucks in the quarter, helped by a 17.3% jump in China. The company meanwhile warned that its hopes for a return to stability in Europe were at risk to fallout from Britain's vote to pull out of the European Union, including the weak pound. Breaking eve...
Toyota Motor Corp.’s Lexus and Toyota brands held their lead atop Consumer Reports’ annual reliability rankings, while General Motors Co.’s 117-year-old Buick line became the first from the U.S. to win one of the list’s top three places. The survey, a buying bible to car shoppers that has been dominated by Japanese automakers, has more international representation this year. As other automakers catch up to Japan’s manufacturers, both Subaru and Honda tumbled from the top group of “more reliable” brands, with Honda’s Civic compact car losing its l...
Honda CEO Takahiro Hachigo expects his company's U.S. sales to grow next year even as the market flattens, putting more pressure on North American production capacity that already is stretched to the limit. As a remedy, he soon may fire up Honda's Japan export engine. In an interview Hachigo said a blitz of key redesigns, starting this fall with the redesigned CR-V and continuing with updates to the Odyssey and Accord, will intensify the capacity problem. Takahiro Hachigo said that if they reach 1.7 million U.S. sales this year, then they will probably add on top of that nex...
