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Rivian's $250MM fraud settlement
Happy Friday morning. This is Car Alerts with your weekly recap of the latest car news and market happenings.
In today’s edition:
EV sales hit the brakes
Rivian layoffs and lawsuit settlement
Toyota’s new luxury brand
Recent recalls
and more
MARKETS 📈
Note: Stock market prices as of Friday’s market close.
HEADLINES 📰
October new-car sales decline as EV pull-ahead reverses; EV share falls to 5.3% following incentive expiration
Rivian agrees to pay $250 million to settle IPO fraud lawsuit
General Motors will abandon Apple CarPlay, Android Auto
Volvo Cars shares soar 40% after stronger-than-expected third-quarter profit
Rivian reportedly cutting 600 workers in third layoff of the year
Toyota redefines luxury with standalone Century brand debuting this October
BMW says its new EV is in such high demand, even they weren’t prepared
Lamborghini now offers 10-year warranty like Kia, but it costs extra
Porsche tasks former McLaren boss Leiters with leading revival
RECALLS
Ford recalls about 1.5 million vehicles due to backup camera failures
Tesla recalls more than 66,000 Cybertrucks over the parking lights, which have already been fixed
Ford has recalled nearly 355,000 Mustangs because road salt and water can corrode the front seat belt anchor pretensioner cables
That’s all we have for you this week. We’ll see you next Friday with more car content.
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