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Gov. Gavin Newsom of California Rich Pedroncelli | AP California Governor Gavin Newsom was surprised on Monday when a reporter informed him that Tesla has already reopened its Fremont factory to resume production. “As it was just mentioned, I need the details of that. My understanding is when I walked up to the podium today

AutoNation Inc.’s first-quarter results were hampered by slower business and stay-at-home orders across most of its footprint amid the coronavirus pandemic, driving the auto retail giant to a net loss. The nation’s largest new-vehicle retailer said Monday that first-quarter revenues dropped 6.3 percent to $4.67 billion. Lower revenues and $315 million in after-tax noncash goodwill,

Elon Musk, chief executive officer of Tesla Inc., speaks during an event at the site of the company’s manufacturing facility in Shanghai, China, on Monday, Jan. 7, 2019. Qilai Shen | Bloomberg | Getty Images Sales of Tesla’s Model 3 sedan in China fell over 64% in April compared with the previous month, despite a

Tesla Inc. sued local authorities in California on Saturday as the company pushed to reopen a factory there and CEO Elon Musk threatened to move Tesla’s headquarters and future programs from the state to Texas or Nevada. Musk has been pushing to restart Tesla’s Fremont, Calif., factory after Alameda County’s health department said the company

A view of a store front with sign Out of Business in Soho area New York City USA during coronavirus pandemic on April 27, 2820. John Nacion | NurPhoto | Getty Images The U.S. economy was slowing last year, but many companies entered 2020 with reasons to be optimistic and expansion plans to match. Hotel

Imagine turning 65, looking back and realizing that you peaked in your mid-teens and that you spent much of the last 50 years trying to once again taste the popularity of your youth. The so-far failed chase by this boomer has been both exhausting and expensive — including a stretch a decade ago spent with

Tesla Chief Executive Office Elon Musk speaks at his company’s factory in Fremont, California. Noah Berger | Reuters Tesla CEO Elon Musk told employees in an e-mail sent overnight that the electric vehicle maker would attempt to restart production at its U.S. car plant in Fremont, California on Friday afternoon. Tesla’s HR boss, Valerie Capers

Tesla Inc. CEO Elon Musk tweeted on Saturday that Tesla will move its headquarters and future programs to Texas or Nevada from California immediately. “If we even retain Fremont manufacturing activity at all, it will be dependen (sic) on how Tesla is treated in the future,” he wrote on Twitter, referring to the facility in

Tesla may face its biggest challenge yet as the coronavirus pandemic has crushed the global economy. In the U.S., GDP retracted at a rate of 4.8% in the first quarter of 2020 and the Federal Reserve warned the second quarter will be even uglier. More than 33 million people have filed for unemployment since March, and

DETROIT — Liberated from its longtime slot in the deep freeze of January, the Detroit auto show had big plans for the 2020 event that were years in the making. It was supposed to be a summertime celebration for a transforming auto industry and a resurgent downtown. With just months to go before the new

Nora Tam | South China Morning Post | Getty Images Tesla stock has risen more than 7% since Tesla CEO Elon Musk’s tweet a week ago that the company’s shares were priced “too high.”  Shares of Tesla closed down down 10.3% last Friday on Musk’s tweet, but have quickly recovered those losses and then some –

Dealership marketing company AutoWeb acknowledged this week it may have to return the $1.38 million loan it received in April under the U.S. Small Business Administration’s Paycheck Protection Program. The company advised with its first-quarter earnings this week that the federal government issued new guidance that large companies will have to certify their economic needs to

Kuka robots work on Tesla Model X in the Tesla factory in Fremont, California. Mason Trinca | The Washington Post | Getty Images Tesla CEO Elon Musk wanted to restart production at the company’s U.S. car plant in Fremont, California, on Friday afternoon following weeks of “minimum basic operations” required after Covid-19 health orders. But

Vehicle listings company CarGurus’ revenue and profit avoided a tumble in the first quarter as the economic fallout from the coronavirus outbreak began to escalate. The Cambridge, Mass., company on Thursday reported revenue of $157.7 million in the quarter that ended March 31, up 17 percent from the same quarter a year ago. Revenue from

General Motors said Monday that it is suspending its quarterly dividend and stock buybacks to preserve cash during the coronavirus pandemic. JEFF KOWALSKY | AFP | Getty Images General Motors is taking steps to shore up its balance sheet as the coronavirus keeps plants shuttered and auto sales depressed, the company said Thursday. The company is

Ford Motor Co. will join the rest of the Detroit 3 in resuming most North American vehicle production on May 18, hours after Michigan Gov. Gretchen Whitmer lifted restrictions on manufacturing in the state. The automaker said it planned to resume full operations at parts depots on May 11. North American plants, with a couple

Gretchen Whitmer, Michigan governor. Bill Pugliano | Getty Images Michigan Gov. Gretchen Whitmer will allow the state’s auto manufacturing plants, most of which have been shuttered since March due to the coronavirus pandemic, to reopen beginning Monday. The timeframe makes it possible for auto suppliers to begin reopening plants ahead of General Motors and Fiat Chrysler,

FRANKFURT — Continental said it was postponing investments as its operating profit plunged by 47 percent in the first quarter, hit by coronavirus lockdowns which caused a 25 percent drop in global car production. New information technology projects, or plans to expand production capacity at factories have been put on hold, as well as some

Ernie Garcia, CEO, Carvana Scott Mlyn | CNBC Shares of Carvana tumbled double digits during after-market trading following the auto retailer reporting a net loss of $183.6 million during the first quarter. The company’s loss widened by 122.3% compared to it losing $82.6 million during the first quarter of 2019. The used-car e-commerce platform reported

Carvana reported a larger first-quarter loss as the online used-vehicle retailer, which has not posted a profit as a public company, was hit by the coronavirus pandemic. The company said demand began to fall in mid-March as state and local governments implemented shelter-in-place orders. “This slowdown persisted into April with weekly retail unit sales down