Month: January 2020

Struggling luxury UK carmaker Aston Martin has announced plans to raise emergency funding worth £500m. The firm said a consortium led by Canadian billionaire Lawrence Stroll would be putting in £182m. The remaining £318m would come from issuing fresh shares to existing investors. The announcement follows a board meeting held on Thursday night to discuss
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Aston Martin Lagonda Global Holdings’ 500 million-pound ($656 million) cash lifeline from Canadian billionaire Lawrence Stroll has a major casualty — the company’s push into electric cars. The launch of the all-electric Lagonda marque, due in 2022, has been stalled for three years, Aston said Friday, while development of the Rapide E, the main brand’s first
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Asbury Automotive Group has named a longtime employee who started as a management trainee as its next senior vice president of operations. Daniel Clara, 40, was appointed to the position effective Jan. 29, the public dealership group said late Thursday in a regulatory filing. Clara replaces John Hartman, a 30-year industry veteran who held the
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Jannarelly, the Dubai-based company behind the stunning Design-1 sports car, is preparing for a significant expansion this decade and has appointed a new CEO to oversee it. The company on Thursday named Alexander Lee as CEO and announced plans to establish manufacturing and R&D facilities in the United States by 2021. Jannarelly currently assembles the
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The 2020 Audi Q7 takes the stylish Q8’s technology and inserts it in a more spacious, three-row crossover SUV package. The redesigned Q7 is set to go on sale in the U.S. during 2020 with seating for up to seven passengers. Front-seat riders will be treated to a feast of technology on some versions, including
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When it came to picking a spokesman for the new Escalade, Cadillac decided to do the right thing. Spike Lee, the acclaimed director whose films include Malcolm X, 4 Little Girls and Do the Right Thing, will introduce the fifth-generation Cadillac Escalade with a short film called Anthem. The film showcases the Escalade’s curved, OLED
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Both Volkswagen of America and Audi of America have suspended monthly U.S. sales reporting and instead will report sales only quarterly, the two brands said in a statement Thursday. They will not report January sales on Monday, but instead will report first-quarter sales in April. “The U.S. auto industry has long seen itself in 30-day
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Tesla Inc. reported its second-consecutive quarterly profit and said plans for the Model Y crossover launch are ahead of schedule. The electric-vehicle maker said it earned a net profit of $105 million in the final three months of 2019, which followed a surprise third-quarter profit that kick-started a meteoric rise in the company’s shares. Net
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In a call with investors, Tesla CEO Elon Musk said that the Cybertruck, Tesla’s new electric pickup truck, is “better than people realize” and there’s some information that the public doesn’t have yet. When Tesla unveiled the Cybertruck in November of last year, it created a lot of talk, mostly about its design, but many people focused
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Used-vehicle retailer CarMax Inc. is investing $50 million to buy a minority stake in Edmunds, the automotive retail research and vehicle-listing company. CarMax said Wednesday the move is mean to bolster its omnichannel retail strategy designed to meet and interact with shoppers wherever and however they’re shopping, across multiple channels, online and in store. “Edmunds’
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All-electric driving is hardly what it used to be. The 2020 Nissan Leaf was among the first electric cars to enter the mainstream consciousness, but not for all the right reasons.  Now two years removed from the bulbous hatchback with limited range, the new Leaf looks like a regular car—and it has a regular range. 
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SAN FRANCISCO — What would transportation look like without the Model T? Cruise CEO Dan Ammann and his team pondered that question, and they envisioned a service that would get consumers around in a convenient, inexpensive and climate-friendly way.The result: “It’s self-driven. It’s all-electric. It’s shared. And it’s our answer to the question about what
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