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Tensions over whether drivers for Uber Technologies Inc. and Lyft Inc. should be considered contractors or employees have come to a head. For years, the ride-hailing companies have classified their workers as independent contractors rather than employees — at the same time avoiding having to provide full employee benefits. Both companies have long said that
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Tesla Inc. shares tumbled as much as 8 percent in postmarket trading Friday as investors who contributed to its jaw-dropping rally this year in anticipation it may join the S&P 500 Index will have to wait for another day. Elon Musk’s electric vehicle maker was widely expected to be added to the prestigious benchmark after
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TIANJIN, China — China’s auto market, the world’s biggest, is expected to grow only slightly in the next five years, the country’s top auto industry body said on Friday. “The next five years will be the key period of industry’s transformation and upgrade,” Li Shaohua, senior executive at the China Association of Automobile Manufacturers, told
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A bill in California that would allow automakers, commercial truck manufacturers and rental car companies to bypass dealerships and sign month-to-month electric vehicle memberships directly with consumers failed to pass this week. The proposed law — Assembly Bill 326 — would have created a legal framework for EV memberships and allowed consumers access to EVs
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After 13 years as president, Forrest Heathcott said Tuesday he will retire in early 2021 from JM&A Group, one of the largest providers of finance and insurance products in the U.S. He will be succeeded by Dan Chait, 53, president of sibling company Southeast Toyota Finance. The company is the captive lender to Southeast Toyota
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Tesla Inc. said on Tuesday it plans to raise up to $5 billion through a share sale program to be conducted by Wall Street’s main brokerages. The sales agents include major banks such as Goldman Sachs & Co, Bank of America Securities Inc, Citigroup Global Markets Inc and Morgan Stanley & Co, the EV maker
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China’s NIO Inc. boosted the size of its capital raising by almost 20 percent as investors rush stock sales by EV makers. The U.S.-listed, Shanghai-based firm sold 88.5 million American depositary receipts at $17 apiece, according to an emailed statement Monday. It initially planned to sell only 75 million shares. The some $1.5 billion raised
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The COVID-19 pandemic has delayed the pivotal vehicle in McLaren Automotive’s transition to a 100 percent electrified portfolio, but the British exotic automaker’s future product plans are now coming into clearer focus. Last week, McLaren released details of its newest vehicle architecture, which, in a different direction for the brand, has been specifically developed to
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NAGOYA, Japan — If things had gone according to plan, a cavalcade of Toyota vehicles would have rumbled into Tokyo this month, heralding the 2020 Summer Olympics and wrapping up an unprecedented seven-year, five-continent endurance drive by the country’s flagship automaker. Instead, the COVID-19 pandemic emerged, forcing the cancellation not only of the Summer Games
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The coronavirus pandemic dramatically altered the automotive ecosystem this spring as plants shut down, many dealerships temporarily closed their showrooms and the two largest U.S. wholesale auction companies made a near-overnight switch to digital sales. Since the height of the virus crisis in March and April, manufacturing has restarted and dealerships have reopened. But Cox
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General Motors is shifting the engineers who created the midengine Chevrolet Corvette to its electric vehicle team in a bid to inject its upcoming EVs with some of the sports car’s high-performance panache. “General Motors is committed to an all-electric future. I’m excited to be putting the team that redefined supercar performance, design and attainability
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Chinese auto glass supplier Fuyao Glass Industry Group Co. said its U.S. subsidiary posted a net loss of 92.1 million yuan ($13.4 million) in the first half of this year, as opposed to a net profit of 147.6 billion yuan a year earlier. In its mid-2020 financial report released this week, Fuyao Glass, a Shanghai-listed
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Shares of auto supplier Garrett Motion Inc. fell by almost half after it warned of a possible balance-sheet restructuring and pointed the finger for its predicament at former parent company Honeywell International Inc. Garrett, which makes automotive turbochargers, was spun out of Honeywell in 2018 and carried with it asbestos liabilities related to Honeywell’s old
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DETROIT — Detroit Manufacturing Systems is planning a $31.9 million expansion to its west side Detroit plant that the supplier says will result in 220 new jobs and advanced manufacturing and assembly capabilities. The Michigan Strategic Fund board on Tuesday approved a $1.5 million Jobs Ready Michigan Program grant to support Detroit Manufacturing Systems’ expansion
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The 9th U.S. Circuit Court of Appeals said it won’t revisit its June decision that would allow two counties to seek potentially billions in penalties from Volkswagen for violation of their laws prohibiting tampering with emission-control systems. VW plans to appeal the ruling to the U.S. Supreme Court. The three-judge panel unanimously denied Volkswagen’s petition
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McLaren Automotive, which is moving toward a 100 percent electrified lineup, now has a next-generation architecture designed to support that effort. At first glance, the central monocoque carbon-fiber tub, the key component of which the automaker builds its supercars around, looks similar to the underpinnings of other models in the lineup. However, the British exotic
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NEW YORK/DETROIT — Driverless car technology company Luminar Technologies Inc., backed by investors including billionaire Peter Thiel, has agreed to go public through a $3.4 billion merger with blank-check company Gores Metropoulos Inc., people familiar with the matter told Bloomberg. A deal for Luminar, one of the industry leaders in lidar technology that tracks a
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