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- Lordstown Motors goes belly up
Lordstown Motors goes belly up
Plus: Porsche's new special edition, Ford investigated and sued, Honda recalls 1 million cars, Philly theft ring, Audi fires CEO, Aston partners with Lucid, and more
Happy Friday morning. This is Car Alerts with your weekly update from across the car world. Luckily, this is a car newsletter, so we won’t discuss politics or coups in a country that rhymes with Prussia. We’ll leave that to the reporters.
With us, it’s just cars — all the time.
In today’s edition:
Lordstown Motors files for bankruptcy
Ford gets investigated
Honda recalls over 1 million cars
Audi fires CEO
Aston Martin partners with Lucid Group
FedEx accused of major fraud
and more
MARKETS 📈
Quick overview:
Nikola (NKLA) has regained compliance with Nasdaq after receiving a delisting notice in May.
Rivian (RIVN) and Lucid (LCID) are this week’s top-gainers, up 20.07% and 13.14%, respectively.
Lordstown Motors (RIDE) is down 33.43% this week on bankruptcy news and hit all-time lows on Tuesday.
Ford (F) stock is up 5.36% this week despite several negative headlines.
Note: Stock market data as of Thursday’s market close.
HEADLINES 📰
Cox Automotive releases mid-year review, discussing the risk of recession, affordability, and lack of new supply.
Lordstown Motors files for bankruptcy and sues Foxconn (iPhone manufacturer).
Volvo will adopt Tesla’s charging standard starting in 2025. Their sister company, Polestar, will do the same.
NHTSA opens probe into Ford Explorer recalls over power loss reports.
Ford conducts engineering layoffs in U.S. and Canada to cut costs across all three of its units (Ford Blue, Model e, and Ford Pro).
Ford Explorer class action lawsuit filed over rear subframe issue.
Honda recalling 1.3 million cars worldwide over rear camera issue.
Audi's CEO fired and replaced by insider as Volkswagen looks to revitalize its underperforming luxury brand.
Aston Martin partners with Lucid Motors for high-performance EV battery and powertrain technology in exchange for a 3.7% stake in the company.
EVs outnumber gas cars at dealerships by nearly 2x. EV supply is up 343% from last year.
FedEx accused of largest odometer rollback fraud in history with used vans.
Philadelphia-based towing company charged in $8.2MM catalytic converter theft ring.
Porsche unveils 911 Carrera GTS Le Mans Centenaire Edition (only available in France) to celebrate 100 years of Le Mans.
Washington state plans to mandate Tesla's charging plug, joining Texas in adopting Tesla’s standard.
Robin Shute wins the 2023 Pikes Peak International Hill Climb for the fourth time in five years.
Famous actors buy 24% stake in Formula One team, Alpine Racing, as part of investor group.
Brabus and KW team up to develop new high-end suspension system.
Infiniti launches redesigned logo and brand updates, including new retail showrooms for select dealerships.
Fiat to stop making gray cars, shifting focus to colors.
Porsche collaborates with Frauscher to develop electric sports boat powered by technology from upcoming Porsche Macan EV.
COOL CARS FOR SALE
FUNNIES
That’s all we have for you this week. We’ll see you next Friday morning with more car content.
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