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Search resuls for: "Nora Naughton"


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☆ Take a look inside the factory where Ford's cranking out the all-electric F-150 Lightning pickup
  + stars: | 2022-12-26 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +2 min
Ford is aiming to build 150,000 F-150 Lightnings a year at its revamped factory. Ford is rushing to fill 200,000 reservations for the F-150 Lightning. Ford added the new production shift in November at the same time it completed two large additions to the Dearborn, Michigan factory. Ford's aim is to build 150,000 F-150 Lightnings a year at the factory, double its initial production target. The expansions at the Rouge Electric Vehicle Center are just part of a $30 billion shift toward electric vehicles.
☆ How Rivian's fighting to lead the electric vehicle revolution amid growing pains and investor scrutiny
  + stars: | 2022-12-25 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +4 min
Below, you can read more about Rivian's leadership and the EV startup's early days as a public company. The most recent high-profile departure came at the start of the year, when Chief Operating Officer Rod Copes retired amid Rivian's initial production ramp-up. Rivian, Tesla, and other EV players are locked in a war for talent. Rivian missed its 2021 vehicle production target by 15%Shareholder scrutinyRivian soared on its debut on the Nasdaq on Wednesday. Michael M. Santiago/Getty ImagesAfter raising prices on its vehicles last month, Rivian ruffled the feathers of both consumers and investors.
☆ Everything you need to know about charging your new electric car, from where to go to what you'll pay
  + stars: | 2022-12-23 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com   time to read: +7 min
And we've walked potential electric car buyers through some of the technologies that could make charging their car much, much easier. Read more about the state of electric car charging below. How EV charging fits in your lifestyleAs prospective EV-buyers consider going electric, the charging experience is weighed heavily. Big Oil is getting in on electric cars by snapping up EV charging companies. Biden administration announces rules to make electric car charging less crappyChallengesRange anxiety is largely a thing of the past.
☆ A Tesla in 'full-self-driving' mode caused an 8-car crash in California and injured 9 people, report says
  + stars: | 2022-12-23 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +3 min
Tesla's unexpected "phantom braking" problem caused an eight-car pileup, according to CNN. Tesla's latest "Full Self-Driving" software can be engaged on surface roads. The driver of the vehicle that caused the crash told authorities his Tesla was in "full-self-driving" mode at the time of the accident, CNN reports. In the report, the California Highway Patrol said it could not confirm if the "full-self-driving" software was active at the time of the crash, per CNN. In previous complaints to NHTSA, Tesla owners have recounted incidents in which their vehicles unexpectedly and violently brake at highway speeds.
☆ Elon Musk may have a bigger problem than Twitter as Tesla slashes prices to offload inventory and investors get nervous
  + stars: | 2022-12-22 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +3 min
Tesla price cuts are "not a good sign," Wedbush analyst Dan Ives said. The automaker is advertising a $7,500 credit on Model 3 and Model Y vehicles. Industry analysts say that's a sign Tesla is battling an inventory backup as demand for its all-electric vehicles cools. Tesla long resisted traditional auto industry discounts as its ramped up production and customers clamored for its vehicles. And without the $7,500 federal tax credit, which expired for Tesla in late 2019, many first-time EV buyers are considering other brands over Tesla.
☆ Tesla just doubled a rare discount to $7,500 on some of its most popular cars
  + stars: | 2022-12-22 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +2 min
Tesla buyers can get $7,500 off on a Model 3 and Model Y through the end of the year. Tesla is facing a series of setbacks as it offers hefty discounts on its most popular cars. That's bad news for companies like Tesla, which lost eligibility for the $7,500 tax credit two years ago. In Canada, Tesla is also offering a $5,000 credit on Model 3 and Model Y vehicles delivered before the end of the year. Do you own a Tesla vehicle or hold a Tesla order reservation?
☆ New car prices hit an all-time high as dealers hold onto their upper hand
  + stars: | 2022-12-21 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +2 min
Dealer lots are filling up again, but still not fast enough to meet demand. Power, which also noted that car dealer lots are slowly filling up again Power. In total, US car buyers are expected to spend $48.2 billion on new vehicles this month. Total vehicle sales in December are expected to hit 1.2 million units, up 5.3% from the same month last year. For 2022, the US auto industry is projected to sell 13.68 million vehicles, an 8.4% decrease from 2021 when adjusted for selling days.
☆ If you're looking for a car deal this Christmas, you may be out of luck. The pandemic killed the end-of-year blowout sale for good.
  + stars: | 2022-12-18 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com   time to read: +3 min
Don't let ads fool you: holiday car deals will be meager this year. "If you're specific about what car you want, you're basically buying it whenever it comes into stock." After pandemic-related factory shutdowns in 2020 were compounded by a global shortage of semiconductors in 2021, dealers and car companies learned to do business on leaner inventories. According to Caldwell, most holiday deals this year are finance-related, like subsidized APRs or a limited period of 0% interest. And with supply chain woes expected to ease slightly next year, car companies could start building at higher rates again.
☆ Charging an electric car isn't as simple as pumping gas. Here's what to know.
  + stars: | 2022-12-16 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +4 min
There are two main things to know about EV charging: charger types and connector types. These slightly faster chargers – averaging about 25 miles of range per hour – can also be installed in your home. Depending on the size of your battery, a DC fast charger can replenish an empty battery to about 80% in a half hour. Tesla's Superchargers, which only work on Tesla vehicles because of the proprietary connector, are DC fast chargers. But non-Teslas can also plug into a DC fast charger that is not owned by Tesla.
☆ Electric cars are shredding the brand loyalty automakers have spent decades building up — and it's great news for Kia and Hyundai
  + stars: | 2022-12-14 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +3 min
Ford, Hyundai, and Kia have EVs bringing in the most new customers. GM CEO said 40% of customers purchasing GM EVs are new to the company. Car companies looking to conquest buyers to a brand can end up spending billions of dollars on new ad campaigns and R&D efforts to revamp their image, only to see meager or temporary shifts in loyalty. In remarks to journalists last week, GM CEO Mary Barra said 40% of GM's EV buyers are new to the company. GM is currently playing a long game with EV customers to drum up new loyalty with a call center for all electric vehicle drivers and shoppers.
☆ GM's building its own kind of Tesla Supercharger network — and it's using car dealers as its secret weapon
  + stars: | 2022-12-07 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +3 min
The automaker is partnering with startup FLO to install the Level 2 chargers. Since then, GM said, nearly 1,000 dealers have enrolled in the program, which started among Chevrolet dealers earlier this year. Dealers are helping GM and FLO identify areas in their community where the ability to plug in would be most beneficial. The dealer-led charging network is just the latest effort in GM's push to make EV buying and driving more seamless. Also in partnership with its dealer network, GM this year opened its EV Live call center, where potential and current EV drivers can ask experts questions about the nuances of these technology-packed vehicles.
☆ Rivian's putting forklifts in quarantine as reports of bedbugs hit its manufacturing plant
  + stars: | 2022-12-06 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +2 min
Rivian has not identified any impacts on production as a result of these pest control measures. The company has received reports of bedbug sightings on forklifts in an "isolated area" of the manufacturing plant in Normal, Illinois. "We investigate every report and take appropriate actions per our pest control contractor," Rivian spokesperson Zach Dietmeier told Insider in an emailed statement. Dietmeier listed the following actions being taken by Rivian to address the bedbug issue:Rivian has hired a professional pest control company. The bedbug reports come as Rivian works to ramp up a second shift of production at its assembly plant this quarter.
☆ Ford's CEO wants to end haggling for electric car sales — and he's gotten two-thirds of US dealers to agree
  + stars: | 2022-12-06 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +3 min
1,920 Ford dealers have signed on for a controversial EV sales program. They say the EV sales requirements set by Ford violate franchise laws with illegal pricing requirements and unlawful allocation systems. There are two tiers to the EV sales program: Certified Elite and Certified. In the elite track, dealers are required to invest up to $1.2 million in facility upgrades and training for staff. On the certified track, the investment requirement is lower – $500,000 – but caps allotted EV sales at the dealership to 25 per year.
☆ Why GM's happy to keep spending billions on self-driving while rivals like Ford abandon ship
  + stars: | 2022-12-05 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +2 min
GM's Cruise is still pushing forward after Ford's Argo called it quits. Profitability is not yet the marker of success for Cruise, GM president Mark Reuss said. In fact, GM's self-driving outfit is now embarking on the commercialization phase of its robo-taxi service, after a successful nighttime pilot in San Francisco earlier this year. That's essentially the opposite approach from crosstown rival Ford, which last month gave up on its money-losing self-driving unit, Argo. That set off alarm bells for investors in the autonomous vehicle space, hammering AV startup stocks.
☆ 5 things automakers and car shoppers are getting wrong about electric vehicles, according to GM's president
  + stars: | 2022-12-02 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com   time to read: +5 min
GM is looking to position itself as a leader in electric vehicles, putting billions of dollars toward electrifying its fleet and promising a future without fossil-fuel emissions. Companies need hybrids to bridge the gap to full EVsSome automakers have been making the transition to electric lineups with a pit stop: hybrids. Toyota, for example, has invested in hybrids in addition to electric products and has faced skepticism from the industry as a result. "We're not going to dilute our investment with hybrids," Reuss said, adding that the automaker expects its EV business to be profitable by 2025. The charging experience and the driving experience are one and the sameReuss said it can be frustrating to see drivers rate vehicles based on the charging experience alone.
☆ GM's trying to fix the worst part of buying an electric car by turning an old Target into a new kind of call center
  + stars: | 2022-12-01 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com   time to read: +4 min
"EV Live" is a way to supplement dealers, not replace them, GM says. To win them over, GM is helping new EV owners and potential buyers understand the quirks and nuances of the tech-heavy vehicles — by directing them to a call center. GM's specialists don't just help GM buyers. In fact, over the Thanksgiving holiday weekend, EV Live saw a surge in calls from non-GM owners, Hassani told Insider. That's why EV Live has added training for dealers since it opened.
☆ Automakers need way more plug-in stations to make their EV plans work. That has sparked a buying frenzy as big charging players gobble up smaller ones.
  + stars: | 2022-11-24 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com   time to read: +4 min
EV charging has a newfound boost from government incentives and industry spending. The charging space has picked up momentum as automakers are pouring billions into EV development. Because of these struggles, not every company will make it — some smaller companies are betting that larger ones will gobble them up and take on their assets through mergers and acquisitions. "For the smaller companies, it's hard to scale up on their own. The auto industry's latest M&A frenzyGiven the long lead time on vehicle development, automakers have relied on consolidation to integrate expensive technology into their portfolios.
☆ Lucid delivered a startlingly small share of its produced cars to customers — revealing a problem plaguing EV companies vying to be the next Tesla
  + stars: | 2022-11-23 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com   time to read: +5 min
Rivian and Lucid have reported delivering far fewer cars than they've built this year. Lucid reported that in the third quarter of this year, it built 2,282 cars but delivered just 1,393 of them to customers. Rivian, too, has seen a gap, though less extreme: The Amazon-backed startup built 7,363 vehicles and delivered 6,584 in Q3. For the first nine months of 2022, Rivian had produced 14,317 cars, and delivered 12,278, a rate of 86%. Still, House said she expects vehicles produced to continue to outpace vehicles delivered in the near-term as Lucid accelerates production and starts delivering internationally.
☆ The direct-to-consumer sales model Rivian and Lucid tout as a key unlock could hamstring them in booking revenue — while Ford and GM reap the benefits of working with dealers
  + stars: | 2022-11-19 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com   time to read: +4 min
Many EV startups like Rivian and Lucid have opted to sell their vehicles directly to consumers. The DTC model means their revenue depends on getting cars to customers — which isn’t always so easy. Competing with the legaciesWith direct-to-consumer sales, Rivian and Lucid are responsible for getting vehicles into customers' hands after they're produced. The revenue they bring in, logged once a customer has their vehicle, depends on the startups' ability to deliver efficiently. The messy business of putting a car in a customer's driveway — and finding customer financing — are outsourced to franchised dealerships.
☆ Lucid's fight to sell cars in Texas could give it a leg up in the ultracompetitive electric-vehicle market
  + stars: | 2022-11-11 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com   time to read: +4 min
The resulting legal battles could slow crucial deliveries for EV startups. It's also a sign that there could be more legal confrontations to come for other budding EV makers, like Rivian and Fisker. What consumers can expectLast year, Tesla, Rivian, and Lucid joined forces to push for bills allowing direct sales in eight states. Many of these efforts are still in progress while Rivian, Lucid, and Tesla continue to sell vehicles remotely. Even with the legal troubles, EV startups are moving full speed ahead on direct to consumer.
☆ 4 auto experts share their takeaways from 3rd-quarter woes at Rivian, Lucid, and Canoo — and what they expect for the end of 2022
  + stars: | 2022-11-10 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com   time to read: +7 min
The electric-vehicle startups Rivian, Lucid, and Canoo released third-quarter results this week. Rivian and Lucid each made progress toward their production goals for the year and steadily increased customer deliveries. Canoo has yet to make any production vehicles. After it closed the gap in the second quarter, Rivian's pace of deliveries again fell behind production by 779 vehicles. Lucid underwent some changes in the third quarter following a rough second quarter.
☆ Here's the 11-page pitch deck that landed car financing startup Zevvy $5.4 million to bring used EVs to the masses
  + stars: | 2022-10-29 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +2 min
Zevvy is an auto financing startup looking to make EVs more affordable. It's offering potential EV drivers shorter leases, pay-per-mile terms. Check out the 11-page pitch deck it used to raise $5.4 million for its next expansion. Zevvy, founded in 2021 as Flux EV, just finished a $5.4 million seed funding round led by MaC Venture Capital. Here's the 11-slide pitch deck that sold Zevvy's new investors on its vision for the future of financing electric vehicles.
☆ Giants like Amazon, Walmart, and FedEx are desperate for electric delivery vans. Here are 7 hot names racing to win them over and lead in the projected $370 billion market.
  + stars: | 2022-02-14 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com   time to read: +10 min
Major players like Amazon, UPS, and FedEx are driving demand for electric delivery vehicles. Here's a look at seven new names tapping into the red-hot commercial electric-vehicle sector, according to industry experts. The Walmart order was especially noteworthy, as budding commercial electric-vehicle players race to win contracts with the world's largest e-commerce giants. RivianThe EV startup Rivian began turning heads in 2019 when Amazon announced it was ordering 100,000 of its electric delivery vans. Lightning eMotors recently struck a deal to electrify certain General Motors medium-duty truck platforms that can be used for buses, delivery trucks, and work trucks.
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