Ford, GM say they are prepared for economic downturn

-
Ford and General Motors (GM) have both gone on the record to say they have cash on hand, and plans in place to deal with a potential recession. At a recent conference in New York, Dhivya Suryadevara, the chief financial officer of GM, told Reuters the automaker has cash reserves of around US$18 billion ($26.55b).

Comments

Post a Comment

Popular posts from this blog

2024 Toyota Yaris Cross updated in Europe with new tech, more hybrid power

-
Image
Europe’s Toyota Yaris Cross has received a mid-life update with more power, a revised look and new technology. Plans for the Australian version are yet to be announced. The updated 2024 Toyota Yaris Cross small SUV has been unveiled in Europe with an upgraded hybrid powertrain and new styling.  This is the first update for the Yaris Cross – the SUV sibling to the Toyota Yaris hatch – since it was first introduced to the Australian market in 2020.  Mirroring changes to the European-market Yaris hatch, the 2024 Yaris Cross in Europe brings with it mild styling changes to the exterior and interior of the SUV, improved safety features, and a more powerful hybrid system.  While pre-orders in Europe are due to commence this month, there’s no word on when we can expect to see the updates flow onto the Yaris Cross in Australia.  European-market Yaris Cross vehicles are manufactured in France, whereas Australian-delivered examples are built in Japan. Most ...
Read more

JLR: Consumer confidence on the rise post-election

-
Jaguar Land Rover Australia believes consumer confidence has returned to the luxury car market following the recent Federal election, where the sitting LNP government was returned to power. Speaking to local media at this week’s launch of the new Range Rover Evoque, JLR Australia managing director Mark Cameron said the conservative coalition victory has already been felt in the company’s showrooms.
Read more

Volvo ‘ES90’ electric sedan due next year

-
Image
Volvo’s largest luxury sedan appears set to be rebooted in Australia with electric propulsion and a new name. EXCLUSIVE The Volvo S90 limousine is due to be revitalised next year – and return to Australia – with electric power, as Volvo commits to sedan, hatchback and wagon body-styles in the battery-powered era. Confidential plans unearthed by Drive indicate development of an electric successor to the Volvo S90 sedan – the company’s rival for the BMW 5 Series and Mercedes-Benz E-Class , but which has not been available in Australia since 2019 – is well underway. It is believed the new vehicle – which could wear the ‘ES90’ name, if trademark filings are a guide – could arrive in Australian showrooms by the end of 2024. Drive understands the new ES90 electric sedan – a rival for the Tesla Model S , Mercedes-Benz EQE and more – will borrow heavily from – or share – its ‘SPA2’ electric-car architecture with the new EX90 large electric SUV. MORE: Volvo’s electric futu...
Read more

Donald Trump’s Lamborghini Diablo sets new auction price record

-
Image
The 1997 Diablo VT Roadster – custom-ordered by the now-former US president – has smashed records after selling for more than a million dollars at auction. UPDATE, 1 February 2024: A 1997 Lamborghini Diablo VT Roadster previously owned by former President Donald Trump has set a new record for the Italian supercar. Bidding pushed up the hammer price for President Trump’s Lamborghini to $US1.1 million ($AU1.67 million), far exceeding the average auction price paid for Diablo models at $US277,000 ($AU407,000). According to auctioneers Barrett-Jackson, bidding exceeded the $US1 million mark in just 90 seconds. According to Classic.com , the average value of the Lamborghini Diablo has risen almost 80 per cent in just three years. The original stories continues unchanged below. View this post on Instagram A post shared by Barrett-Jackson (@barrett_jackson) 13 January 2024: A 1997 Lamborghini Diablo VT Roadster reportedly on...
Read more

Honda confirms NSX successor in the works

-
Image
Honda boss has again confirmed the car maker is working on an electric sports car which may see the hallowed NSX badge return to showrooms. A successor to the Honda NSX supercar is coming, after Honda CEO Toshihiro Mibe once again confirmed the car maker is working on a new halo electric sports car. Mibe told UK publication Autocar that work was ‘progressing’ with a ‘good analysis’ on an electric sports car being carried out by the Japanese brand’s research and development department. “We have not decided on mass production or timing but, personally, I would like to make it happen.” Honda – which began in September 1948 – has hinted that it would have a halo sports car in showrooms to celebrate its 75th anniversary year. Honda teased two electric sports car concepts in 2022 , seen as successors to the S2000 and the NSX, as it announced a $AU53.7 billion (five trillion Japanese yen) investment in electric technology. Honda also said it would introduce 30 electric cars by...
Read more

Teacher accused of using rented Toyota Supra for land-speed record attempt

-
Image
A high-school teacher in the US could be more than $6000 out of pocket if he is found to have violated the terms of use of a rented Toyota Supra driven to a top speed record. A US high school teacher is facing legal action – and $US4000 ($AU6000) in costs – after being accused of renting a turbocharged Toyota Supra performance coupe from a car-sharing service and used the vehicle in a racing competition without the owner’s knowledge. The high-school teacher from Indiana – and his team of female mechanic students – were on their way to compete in the 2023 U.S. Mile land-speed trials in Texas last month. The girls and their teacher had built a high-performance Chevrolet S10 pick-up for the ‘Texas Mile’ – a competition which sees vehicles try to achieve the highest possible speed from a standing start within one-mile (1.6km) on a runway. However, the 1997 Chevrolet S-10 ute suffered a mechanical failure on the way to the event. Due to the hard work put in to make the 1800km j...
Read more

Tesla cars to be banned from Chinese government buildings amid security fears — report

-
Image
Restrictions on where Tesla electric cars can be driven are reportedly increasing across China as concerns over the data the vehicles can collect grow. Tesla drivers in China are reportedly facing entry bans in government-affiliated buildings as security concerns with the US increase.  According to a report published by  Nikkei Asia , an increasing number of meeting halls and exhibition centres across the country are refusing entry to Tesla vehicles. The report states previous restrictions for the vehicles were generally limited just to military bases, but now a growing number of highway operators, local authority agencies, and cultural centres are reportedly enforcing them.  In an interview with  Nikkei Asia , a local claimed the Grand Halls conference centre in Shanghai has banned Tesla vehicles on its grounds completely, whether it be to park, or just passing through. “If you have a meeting there, the meeting organizer will actually give you noti...
Read more

How many cupholders are too many? | Drive Flashback

-
Image
Drive pondered the vexing question of cupholders on 30 January, 2009 and along the way learned a few things about the humble little in-car convenience. Story by Tony Davis originally published in Drive on 30 January, 2009 What is it with cupholders? Indeed. To some they are the most moronic thing ever fitted to cars. To others – many of them Americans – cupholders are an essential and important part of the driving experience. Otherwise, like, where would you put your 1.3-litre Super Big Gulp soft drink? As with nuclear weapons, cupholders are here and are not going to be uninvented any time soon. Wikipedia claims the first was created by James Guillow in 1943. This may be the same James Guillow who was a titan of the balsa wood toy airplane industry but I can find no other reference. In more general terms – and perhaps more accurate terms – the cupholder emerged from the US tradition of the drive-in diner, which gave people the pleasure of being served in their ca...
Read more

New Alfa Romeo 33 Stradale supercar unveiled with petrol and electric power

-
Image
Alfa Romeo has rebooted the iconic 33 Stradale of the 1960s with a limited-edition, custom-built, multimillion-dollar supercar available with twin-turbo V6 petrol, or full battery power. The Alfa Romeo 33 Stradale name has been revived for a new supercar, unveiled in Europe overnight ahead of first customer deliveries overseas due late next year. The new car is a modern reboot of the original 1967 33 Stradale, which was the road-going version of the Tipo 33 race car of the day, and is considered one of Alfa Romeo’s most iconic cars. Limited to 33 examples, all sold out, the new 33 Stradale will be available with an enlarged version of the twin-turbo petrol V6 familiar to Alfa Romeo performance cars today – or solely electric power, as the first battery-powered vehicle unveiled by the Italian car maker. With each vehicle to be custom-built to the customer’s specifications by boutique Italian ‘coachbuilding’ company Carrozzeria Touring Superleggera, prices are estimated to e...
Read more

2024 Mazda 3 update due this year with technology upgrade – report

-
Image
The Mazda 3 small car is slated to receive an upgraded interior with a larger infotainment screen in the coming months, according to a new report. The current Mazda 3 pictured throughout. An updated 2024 Mazda 3 small car is coming soon to showrooms with improved technology, according to a new overseas report. Japanese website Creative Trend reports the Mazda 3 hatchback and sedan range is slated to receive a moderate upgrade in the northern spring of 2023 (Australia’s autumn, from March to May) – about four years after the current model went on sale. Leading the updates is said to be a larger infotainment screen, now measuring 12.3 inches in top-of-the range models – up from 8.8 inches today, and matching Mazda’s newly-introduced CX-60 SUV. This update is expected to serve as the mid-life ‘facelift’ for the Mazda 3 – which went on sale four years ago – but unusually, the Japanese website says there are “no major changes to the interior and exterior design” p...
Read more