Huawei’s second quarter revenue rises slightly from a year ago

Chinese telecommunications giant Huawei released figures Friday that showed its first quarterly increase in revenue since 2020. Pictured here on July 8, 2022, is a Huawei flagship store in Shenzhen, Guangdong province of China. Jade Gao | Afp | Getty Images BEIJING — Chinese telecommunications giant Huawei released figures Friday that showed its first quarterly increase in revenue since 2020. Huawei has come under pressure in the last few years from U.S. sanctions. Last year, Huawei reported its first annual revenue decline on record. However, the company’s latest figures showed…

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GM reveals new GMC Canyon premium midsize pickup, starting at $40,000

DETROIT — General Motors on Thursday revealed its redesigned GMC Canyon as a more premium offering than the current midsize pickup, including a new off-road AT4X model that will expand the vehicle’s pricing range. The new AT4X model features off-road performance parts as well as unique interior and exterior styling. It will launch alongside a standard AT4 off-road pickup, premium Denali model and an entry-level Elevation trim that will start at about $40,000. The company will also offer a limited “AT4X Edition 1” vehicle for the first year of production,…

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Airfares, hotel rates and rental car prices fell in July. Here’s how you can score a good deal

Fluxfactory | E+ | Getty Images Travelers saw prices fall for big-ticket pieces of their vacation budgets in July, offering at least a temporary reprieve after soaring costs earlier this year. Airfares fell nearly 8% from June to July, while prices for rental cars and lodging like hotels declined 9.5% and about 3%, respectively, according to a monthly inflation report issued Wednesday by the U.S. Department of Labor. It was the second consecutive month of price declines for each category. “That’s really good news, I think, when people are planning…

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Ford CEO doesn’t expect electric vehicle battery costs to drop anytime soon

Ford CEO Jim Farley poses with the Ford F-150 Lightning pickup truck in Dearborn, Michigan, May 19, 2021. Rebecca Cook | Reuters WAYNE, Mich. – Ford Motor CEO Jim Farley does not expect the costs of raw materials for the company’s electric vehicles to ease in the near future, marking the latest signal that automakers will continue hiking prices for their new EVs. “I don’t think there’s going to be much relief on lithium, cobalt and nickel anytime soon,” Farley told reporters Wednesday during an event at the automaker’s Michigan…

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How the EV tax credits in Democrats’ climate bill could hurt electric vehicle sales

Tesla cars charge next to a traditional Texaco gas station on July 17, 2022 in Nephi, Utah. With more electric cars on the road, lack of charging infrastructure is becoming more of a problem for EV owners. George Frey | Getty Images Proposed tax credits of up to $7,500 for electric vehicles under the Inflation Reduction Act could be counterintuitive for sales of EVs, according to several companies and a group representing major automakers such as General Motors, Toyota Motor and Ford Motor. The new rules would raise a sales…

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Buying a car and want to go electric? Inflation Reduction Act extends $7,500 tax credit — but with price, income caps

David Madison | Photodisc | Getty Images A federal tax break that’s available to car buyers for going electric may work differently starting next year. Under the Inflation Reduction Act — which received Senate approval on Sunday and is expected to clear the House this week — a tax credit worth up to $7,500 for buyers of new all-electric cars and hybrid plug-ins would be extended through 2032. The bill would also create a separate tax credit worth a maximum $4,000 for used versions of these vehicles. Yet the measure…

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Nikola CEO Mark Russell to retire at the end of the year

Nikola Motor Company Source: Nikola Motor Company Nikola CEO Mark Russell will retire at the end of the year, the company announced Wednesday. Russell will be replaced by Michael Lohscheller, formerly the CEO of German automaker Opel, who joined Nikola in February. Lohscheller, who currently leads Nikola’s truck-making operation, will become its president and join its board of directors immediately. Chairman Steven Girsky said that Lohscheller has had a significant impact on Nikola in his six months at the company, lauding his “sense of urgency” and “accelerated decision-making”. “Michael Lohscheller’s…

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Elon Musk sells 7.92 million Tesla shares worth $6.88 billion

NEW YORK, NEW YORK – MAY 02: Elon Musk attends The 2022 Met Gala Celebrating “In America: An Anthology of Fashion” at The Metropolitan Museum of Art on May 02, 2022 in New York City. (Photo by Dimitrios Kambouris/Getty Images for The Met Museum/Vogue) Dimitrios Kambouris | Getty Images Entertainment | Getty Images Tesla CEO Elon Musk sold 7.92 million shares of Tesla worth around $6.88 billion, according to a series of financial filings published Tuesday night. His transactions occurred between Aug. 5 and 9, the SEC filings revealed, following…

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Ford raises price of electric F-150 Lightning by up to $8,500 due to ‘significant material cost increases’

Ford F-150 Lightning trucks manufactured at the Rouge Electric Vehicle Center in Dearborn Michigan. Courtesy: Ford Motor Co. DETROIT – Ford Motor is increasing the starting prices of its electric F-150 Lightning pickup as it reopens customer ordering this week for the vehicle. The Detroit automaker said the price increases – between $6,000 and $8,500, depending on the model – are due to “significant material cost increases and other factors.” The higher costs will not impact current reservation holders who are awaiting delivery of a vehicle, according to the company.…

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Baidu’s robotaxis don’t need any human staff in these parts of China

Chinese tech company Baidu announced Monday it can sell some robotaxi rides without any human staff in the vehicles. Baidu BEIJING — Chinese tech company Baidu said Monday it has become the first robotaxi operator in China to obtain permits for selling rides with no human driver or staff member inside the vehicles. The local government approvals allow Baidu’s Apollo Go robotaxi business to eliminate the cost of human personnel in some instances. The initial scale of the permits is small: 10 robotaxis divided between two suburban areas of Wuhan…

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