Prosecutors indict Nissan’s ex-chairman Ghosn for financial misconduct

Prosecutors indict Nissan’s ex-chairman Ghosn for financial misconduct

MARTIN BUREAU | AFP | Getty Images Pedestrians walk past a television screen showing a news programme featuring Nissan’s ex-chairman Carlos Ghosn in Tokyo on on December 10, 2018. Both Nissan and its former chairman Carlos Ghosn have been charged by Japanese prosecutors over financial misconduct, according to a statement from Nissan. Ghosn was arrested in November for under-reporting his compensation in the company’s financial statements over a period of five years. The auto giant…

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Elon Musk says Tesla would consider buying idled GM plants

Elon Musk says Tesla would consider buying idled GM plants

Tesla would consider buying the factories General Motors said it intends to idle, CEO Elon Musk said in an interview that aired on “60 Minutes” Sunday night. “It’s possible that we would be interested. If they were going to sell a plant or not use it that we would take it over,” he said. In a wide-ranging interview with 60 Minutes’ Lesley Stahl, Musk made no apologies for his erratic behavior over the summer and…

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Testing a $100,000 2019 Mercedes-Benz CLS 450, a luxury coupe with its own perfume system

Testing a $100,000 2019 Mercedes-Benz CLS 450, a luxury coupe with its own perfume system

Mack Hogan tested a Mercedes CLS 450, a redesigned four-door coupe that puts luxury first. He says it drives great, turns heads and even has added niceities like a built-in perfume system. Here's his review of the 2019 Mercedes CLS 450.  Source link

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Fiat Chrysler reportedly plans to open factory in Detroit for Jeep SUV

Fiat Chrysler reportedly plans to open factory in Detroit for Jeep SUV

GM has come under fire after announcing last week that it plans to cut 14,000 jobs in the U.S. and Canada, citing a weakening economy, the escalating trade war and a desire to reposition itself as a smaller, more nimble company. Ford is also scaling back, saying last week that it planned to cut a shift at two of its U.S. plants in an attempt to avoid more onerous layoffs. Detroit will lose two GM…

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Tesla crossed a key milestone that could save a lot of money

Tesla crossed a key milestone that could save a lot of money

But Tesla surprised investors that same month with a profitable third quarter, giving hope that the company’s production rates will improve. Musk said he now expects Tesla to be consistently profitable and cash flow positive. Before the October report, Tesla had posted a quarterly profit only twice since going public in 2010. Tesla may choose to pay off that debt with a mixture of half cash and half stock, Bloomberg reported, citing documents. Using both…

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Tesla needs ‘seasoned’ operator to take on execution hurdles: Analyst

Tesla needs ‘seasoned’ operator to take on execution hurdles: Analyst

Tesla needs to consider adding a “really seasoned operator” to manage the mass-market manufacturer, Consumer Edge Research’s James Albertine told CNBC on Friday. “They need to prove that there’s true independent, sort of, checks and balances between the board and senior management,” the senior analyst said on “Power Lunch.” Albertine, who is equal weight on the stock, commended CEO Elon Musk for making his mark in the automotive industry with his electric car company. But…

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Mexican auto exports to US keep surging, boosted by truck, SUV demand 

Mexican auto exports to US keep surging, boosted by truck, SUV demand 

President Donald Trump may not like it, but the flow of vehicles built in Mexico and sold in the U.S. is not slowing down. In fact, Mexico is on pace for a record year for auto exports to the U.S., with the total likely topping 2.5 million vehicles. New data from the Mexican Automotive Association shows auto exports to the U.S. jumped 22.4 percent last month. This year, shipments from Mexican auto plants to the…

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Jefferies upgrades Tesla, predicts 20% rally and reduced role for Musk

Jefferies upgrades Tesla, predicts 20% rally and reduced role for Musk

Tesla was upgraded by a Jefferies analyst who cited the company’s strengthening balance sheet, strong growth relative to the rest of the auto industry and improving productivity witnessed at a recent visit to the electric car maker’s factory in Fremont, California. “Tesla should continue to stand out with broader price points, battery security of supply, product edge and a brand that transcends the volume/premium divide,” Philippe Houchois said in a note to clients Friday. “In…

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Tesla General Counsel Todd Maron is leaving the company

Tesla General Counsel Todd Maron is leaving the company

Tesla announced on Friday that General Counsel Todd Maron is leaving the electric vehicle maker, the second high-ranking attorney to do so this quarter. Last month, Phil Rothenberg left his post as Tesla’s Vice President of Legal, to become general counsel at Sonder, a hospitality start-up. The Wall Street Journal reported news of Maron’s departure, and Tesla acknowledged the personnel moves in a blog post following the report. The electric car company said it plans…

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Carlos Ghosn allegations put focus on Nissan board: Governance experts

Carlos Ghosn allegations put focus on Nissan board: Governance experts

Turmoil at Japan’s Nissan Motor surrounding allegations of impropriety by ousted chairman Carlos Ghosn raises questions about the oversight role of the company’s board of directors, corporate governance experts said this week. Ghosn, long seen as a superstar of the global auto industry, was arrested last month after allegedly under reporting compensation and misusing assets. He gained renown for reviving Nissan after French automaker Renault took a large stake in the company nearly two decades…

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Tesla is a winner if China lowers trade barriers

Tesla is a winner if China lowers trade barriers

U.S.-based technology companies with business in China automatically lost value on news of the arrest of Huawei CFO Meng Wanzhou, who has reportedly been accused of violating U.S. sanctions, CNBC’s Jim Cramer said Thursday. The arrest, which occurred in Canada on Saturday and was announced Wednesday, “means any tech company that does a huge amount of business in China, including Apple or Micron or Intel or Skyworks or Qualcomm or Broadcom, is worth a little…

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GM CEO Barra hauled to Capitol Hill this week over job cuts

GM CEO Barra hauled to Capitol Hill this week over job cuts

U.S. lawmakers are hauling General Motors CEO Mary Barra to Capitol Hill for a series of private meetings this week as the company comes under fire after announcing up to 14,000 job cuts. Barra isn’t publicly testifying this week, GM spokeswoman Jeannine Ginivan confirmed. She’s scheduled to meet behind closed doors with several lawmakers representing regions that will be hit hard by the cuts, congressional aides said. Ohio Sens. Rob Portman, a Republican, and Sherrod…

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Waymo starts commercial ride-share service 

Waymo starts commercial ride-share service 

Geoff Robins | AFP | Getty Images John Krafcik, CEO of Waymo speaks at a press conference at the 2017 North American International Auto Show in Detroit, Michigan, January 8, 2017. After months of testing and millions of miles developing self-driving vehicle technology, Waymo has officially launched the country’s first commercial autonomous ride-share service. The company’s Waymo One program will give customers rides in self-driving vehicles 24 hours a day. Initially, the service will be…

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Foreign carmakers take on US sedan market as Detroit shifts to SUVs

Foreign carmakers take on US sedan market as Detroit shifts to SUVs

Anyone who questions whether there’s a radical shift in the U.S. new car market just has to look at the November sales numbers. On the whole, the market proved surprisingly solid. But a closer inspection reveals that while SUVs and crossover vehicles posted strong double-digit sales gains, demand for sedans fell by about the same amount. Just a decade ago, sedans, coupes and other passenger cars accounted for more than half the new vehicle market….

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CFRA raises price forecast on Tesla to Musk’s target of $420 a share

CFRA raises price forecast on Tesla to Musk’s target of $420 a share

CFRA just raised its price forecast on Tesla to $420 a share — the same as the now-infamous price target CEO Elon Musk told investors they would get if he tookthe company private earlier this year. The electric car market is about to get more competitive in 2019, but CFRA analyst Garrett Nelson said he expects Tesla to roll out lower-priced versions of the Model 3 that will undercut rivals and limit any impact on…

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