Friday, October 15, 2021
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chip shortage

Cost of chip shortage expected to double, but Musk sees...

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In May 2021, AlixPartners predicted that the chip shortage plaguing the auto industry since the middle of the pandemic would end up costing the auto industry $110 billion US in lost revenue through the year, a figure that inflated from an initial $60.6 billion predicted in January. The global consulting firm has updated their estimated […]
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cybertruck

Tesla Cybertruck production delayed by another year

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At the initial model unveiling, the Tesla Cybertruck was positioned as a frontrunner among electrified pickup trucks. The launch event had its own hiccups with Elon Musk smashing what was supposed to be Armor Glass on the truck’s windows with a metal ball, and the stumbles keep coming. Originally slated for a late 2021 release […]
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VADA

VADA Pres. Don Hall discusses outcome of latest Tesla battle and...

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Today on CBT News, Don Hall, President and CEO of the Virginia Automobile Dealers Association (VADA), discusses recent headlines from EVs to F&I. Hall...

Auto industry leaders ruffle feathers with recent tweets

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Elon Musk hasn’t particularly cared about tradition and has often upset those who have enjoyed the control they had on their business environment. Recently, MSNBC wrote, “Elon Musk’s tweets are moving markets — and some investors are worried.” The truth is, even the media are concerned because, unlike decades ago, they aren’t the only funnel of information […]
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Ford CEO Jim Farley jabs Tesla for FSD testing

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Tesla might have led the way with battery electric technology, but Ford isn’t going to take the fight lying down. With the release of the Mustang Mach-E, Ford’s CEO Jim Farley has decided to take a few swings at the pioneer. Farley’s hope is that consumers will see that Ford doesn’t approach testing the same […]
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Elon Musk’s brother sells $25.6 million in Tesla stock

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Kimbal Musk, younger brother of Tesla CEO Elon Musk sold $25.56 million in shares of Tesla (TSLA). Kimbal Musk, who serves as a board member for the company, sold his shares on the open market for more than $850 per share according to a filing. This is not the first time the younger Musk has […]
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cryptocurrency

Tesla buys $1.5 billion in Bitcoin, will sell cars for...

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On Monday, Tesla announced a purchase of around $1.5 billion USD in Bitcoin, the world’s most well-known cryptocurrency. A filing with the Securities and Exchange Commission detailed the purchase with the intent of “more flexibility to further diversify and maximize returns on our cash”. Along with the massive investment in the decentralized currency, Tesla intends to accept […]
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Tesla adds collision repair to its service department

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Tesla service centers have been limited in repair capabilities to this point. However, that’s about to change. In an alert sent out to customers, Tesla announced that its service centers will now offer collision repair. CEO Elon Musk has been talking about in-house collision repair since 2018, and the move couldn’t come fast enough for […]
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Tesla

Tesla inches near annual sales goal on record-setting Q3

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On Friday, Tesla issued their Q3 report on production and sales for 2020. Overall, the EV automaker announced in a news release that they produced 145,036 vehicles across their four current model platforms and delivered 139,300 of those vehicles to customers. Those figures represent an astounding increase in quarterly sales and deliveries over second-quarter sales […]
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Tesla

CBT automotive newscast: October 5, 2020

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Today’s Featured Interview: CBT News Market Update: Doug Petersen, Larry H. Miller Group & Jason Knight, LotLinx To quickly recap this week’s numbers, the retail SAAR...