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
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Masks and gloves and hand sanitizer. One customer inside at a time. Tape and plexiglass to keep a 6-foot distance. This is what visiting a dealership during the coronavirus pandemic looks like. At Prime Automotive Group, with 56 dealerships in eight states, most sales are by appointment only, though the retailer was able to reopen
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A Jeep Renegade rolls down an assembly line at Fiat Chrysler’s Melfi assembly plant in Italy in 2015. Michael Wayland / CNBC Fiat Chrysler lost about $1.8 billion (1.7 billion euros) in the first quarter as the coronavirus pandemic caused rolling shutdowns of its plants in China, Europe and North America. Despite the “unexpected and
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We do not hear much about Nissan in the EV space in recent years, as the Japanese company really distanced itself from the electric cars after the initial push for the LEAF and e-NV200. There was a hope that with a new all-electric platform, Nissan will rebound with new models. However, after the Carlos Ghosn
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In the weeks since Jaguar Land Rover’s product development centers closed to help thwart the spread of COVID-19 in the U.K., Adam Hatton, 48 and Alister Whelan, 44, have been focusing on refining how future Jaguars will look inside and out. Hatton, a 22-year Jaguar veteran, is creative director of exterior design. Whelan, with Jaguar
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Less than two months after acquiring AK Steel in a $1.1 billion deal, Cleveland-Cliffs Inc. is permanently shuttering three operations at the famed Dearborn Works plant near Detroit. The Ohio-based steelmaker plans to begin terminating 343 employees on July 5, the company said in a Worker Adjustment and Retraining Notification Act of 1988 notice sent
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For several years, Toyota slowly assembled a massive global marketing strategy around the 2020 Summer Olympics to be held in Tokyo before COVID-19 blew up both the event and the automaker’s plans. The “Toyota Olympics” — the only half-joking unofficial moniker for the Tokyo games — have been delayed, for now, until 2021. The delay
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DETROIT — General Motors says its next-generation full-size SUVs can tow more and get better fuel economy in city driving than the current versions, despite being significantly bigger. Highway mileage decreased by up to 2 mpg, however. Standard towing capacity for the 2021 Chevrolet Tahoe and Suburban with a 5.3-liter V-8 increased to 7,900 pounds
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USAA CEO Wayne Peacock told CNBC on Monday that the company has recently noticed increases in car crashes, even with coronavirus-related restrictions on businesses in place.  “The last couple of weeks we’ve seen a slight uptick in those rates, certainly not because stores are reopening,” Peacock said on “Squawk on the Street.” ”I do think there is
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