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Ferrari's Luce hits a $40m sale at Monterey, redefining new-car auctions
automobiles8 days ago

Ferrari's Luce hits a $40m sale at Monterey, redefining new-car auctions

Ferrari’s first fully electric model, the Luce designed by Jony Ive, sold for $40 million at Sotheby’s during Monterey Car Week, a new-car auction record that far surpassed its roughly $1.1 million presale estimate; the one-off car benefits the Ferrari Foundation, and despite controversy over its design and a leadership shake-up, Ferrari is pursuing strong Luce uptake with an eye on around 500 units this year and a solid 2026 target.

via ft.com|
#automobiles#electric-vehicles#ferrari
German auto giants purge managers as they trim white-collar headcount
business24 days ago

German auto giants purge managers as they trim white-collar headcount

Volkswagen is cutting hundreds of management roles as part of a broader plan to prune around 50,000 indirect jobs by 2030; Porsche and BMW are also restructuring to reduce white-collar staff. External recruiters have been approached to place 400–500 departing managers, signaling a flood of managerial exits as admin costs run roughly 30% above peers. The moves come amid pressure from Chinese rivals and a push to simplify the group’s complex structure, with unions wary of deeper cuts.

via Financial Times|
#automobiles#business#eu-employment
Ford and Geely form Valencia JV to reboot Europe’s car production
automobiles1 month ago

Ford and Geely form Valencia JV to reboot Europe’s car production

Ford and Geely will form a Valencia, Spain manufacturing joint venture (Ford 66%, Geely 34%) to produce two EVs and jointly develop Ford’s next crossover due in 2028, aiming to lift Valencia’s utilisation toward full capacity and cut European production costs as Ford seeks to revive its European business amid competition from Chinese brands; government support details were not disclosed.

via Financial Times|
#automobiles#european-manufacturing#ford-motor-co
VW's sweeping cost-cutting drive aims to cut up to 100,000 jobs
business2 months ago

VW's sweeping cost-cutting drive aims to cut up to 100,000 jobs

Volkswagen plans to cut up to 100,000 jobs and end production at four German plants (Emden, Zwickau, Hanover and Audi's Neckarsulm), as part of a faster cost-cutting push to streamline the group amid pressure from Chinese rivals. The cuts could represent about 16% of its roughly 625,000 global roles and follow previous German targets, with union negotiations expected to be tough; the move comes after asset sales and a broader drive to focus on core automotive business under CEO Oliver Blume.

via Financial Times|
#automobiles#business#economy
Ferrari’s Luce electrifies Italy’s debate over the Agnelli dynasty
automobiles2 months ago

Ferrari’s Luce electrifies Italy’s debate over the Agnelli dynasty

Ferrari’s first fully electric model, the Luce (€550k, designed with Jony Ive and Marc Newson), has sparked a heated Italian debate about John Elkann’s stewardship of Exor and the Agnelli legacy, amid criticism that asset sales and relocations are detaching Italy from its industrial core, while Ferrari executives defend the pivot and point to expected strong demand.

via Financial Times|
#agnelli#automobiles#electric-vehicles
Trump presses 25% tariff on EU cars unless US production rises
world3 months ago

Trump presses 25% tariff on EU cars unless US production rises

President Donald Trump said he will impose a 25% tariff on EU cars and trucks entering the United States next week unless European manufacturers move production to U.S. plants; shipments manufactured in the United States would face no tariff. The move upends last year's trade deal reducing tariffs on many EU imports and heightens transatlantic tensions, drawing warnings from EU officials and automakers about potential damage to the European auto industry.

via Financial Times|
#automobiles#global-trade#trade-disputes
IRS Announces 2026 Mileage Rates: Business Up, Medical and Moving Down
business7 months ago

IRS Announces 2026 Mileage Rates: Business Up, Medical and Moving Down

The IRS announced that the standard mileage rate for business use of vehicles will increase to 72.5 cents per mile in 2026, while rates for medical and moving purposes will slightly decrease, reflecting updated cost data and inflation adjustments. These rates apply to various vehicle types, including electric and hybrid cars, and are used to calculate deductible vehicle expenses for tax purposes.

via IRS (.gov)|
#2026#automobiles#business
Tesla Under Scrutiny Over Door Safety and Emergency Features
automobiles8 months ago

Tesla Under Scrutiny Over Door Safety and Emergency Features

The NHTSA has launched an investigation into Tesla's Model 3 doors after a consumer petition claimed the manual release is not intuitive in emergencies, raising safety concerns especially after incidents where doors failed to open during crashes. The probe focuses on 179,071 vehicles and follows previous safety issues with Tesla's door handles and emergency features. Tesla is exploring improvements to its door mechanisms amid ongoing safety scrutiny.

via MarketWatch|
#automobiles#door-handles#model-3
This Week's Must-Know Food Recalls and Contamination Alerts
news1 year ago

This Week's Must-Know Food Recalls and Contamination Alerts

This week, several product recalls were announced, including Kia vehicles due to lighting issues, Aldi's churro bites for undeclared milk, Vivint smoke detectors for safety failures, Midea air conditioners for mold risk, BowFlex dumbbells for impact hazards, and Sea Salt Crackers for undeclared sesame allergen, emphasizing the importance of consumer awareness and prompt action.

via NJ.com|
#automobiles#consumer-safety#food