Autos

Westend61 | Westend61 | Getty ImagesAccess to personal cars remains important to Americans despite the growing monthly cost of ownership. The average monthly auto payment reached $733, a new record, in the second quarter of the year, according to a report by auto site Edmunds.Seventy-eight percent of middle-income households earning between $47,000 to $142,000 rely on a vehicle to get to work, Santander Bank found in a new survey, and 74% are willing to make financial tradeoffs to maintain access to cars. For instance,…

A Mercedes-Benz EQA photographed in Berlin on Jan. 20, 2021.Sean Gallup | Getty Images News | Getty ImagesThe shift to zero-emission mobility should be viewed as a marathon not a sprint, according to the CEO of Germany's Mercedes-Benz.Speaking to "Squawk Box Europe," Ola Kallenius sought to highlight the huge challenge facing the automotive industry in the years ahead as it shifts its focus toward electric vehicles (ESs)."I think we have to realize that the transition to zero-emission driving is really a marathon, and I…

VinFast is set to break ground on its delayed U.S. factory on Friday.Steve Russell | Toronto Star | Getty ImagesLe acknowledged that there's increasing competition in the U.S. market."We think that there's still a lot of room for new players. I think the U.S. consumers are open to new players, as long as we have good quality products," said Le.VinFast entering the U.S. EV market means it will have to go up against Tesla and BYD, as well as traditional automakers increasingly focusing on hybrids and EVs.But crucially, the…

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Thursday's key moments. Stocks rise on growth Stick with Meta Watch Ford earnings 1. Stocks rise on economic growth U.S. stocks climbed higher Thursday on the back of solid economic data and upbeat second-quarter earnings, shrugging off the Federal Reserve's widely-anticipated move Wednesday to raise interest rates by an additional 25 basis points. The U.S. economy grew by 2.4% in the the second…

Ford Mustang on display at the NY Auto Show, April 6, 2023.Scott Mlyn | CNBCDETROIT — Ford Motor is reporting second-quarter earnings after the markets close Thursday.The Detroit automaker is expected to report results that are solid but not as strong as the $1.91 in adjusted earnings per share that crosstown rival General Motors reported Tuesday.related investing newsHere's what Wall Street expects from Ford, based on average analyst estimates compiled by Refinitiv:Adjusted earnings per share: 55 centsAutomotive revenue:…

Nissan CEO Makoto Uchida said the Japanese carmaker needs to bring new vehicles to the increasingly crowded Chinese market at speed. Speaking to CNBC's Tanvir Gill on Wednesday, Uchida said the company would target current Nissan customers with the "timely introduction of high-value product that are as competitive as fast-growing local brands, at attractive price."Earlier this year, Nissan announced a China-focused electric SUV, called the Arizon, and plans to launch other models as the company grapples with declining…

The California attorney general's office is investigating Tesla, seeking information from customers and former employees about Autopilot safety issues and false advertising complaints, CNBC has learned.Greg Wester, the owner of a 2018 Tesla Model 3, filed a complaint with the Federal Trade Commission in August 2022, regarding "phantom braking" — sudden, automatic braking by a car for no apparent reason — that he would experience when using the company's driver assistance systems, or Autopilot, on the highway.related…

Sean Gallup | Getty Images News | Getty ImagesPrices for both used and new electric vehicles have dropped substantially from a year ago. But don't rush to buy: Costs are still relatively high."It's not a consumer-friendly market right now," said Joseph Yoon, a consumer insight analyst for car shopping guide Edmunds.Prices for used electric vehicles fell by almost 30% in June, according to a recent study by iSeeCars, which analyzed more than 1.8 million cars from June 2022 to June 2023 to identify which models have the…

Carmaker Stellantis on Wednesday posted a 12% year-on-year jump in net revenues and 37% spike in net profit for the first half of 2023, boosted by higher shipments.The manufacturer of Jeep, Dodge, Peugeot and other brands recorded second-quarter net revenues of 98.4 billion euros ($108.8 billion) and a net profit of 10.9 billion euros. The company confirmed its 2023 guidance while raising its growth outlook in Europe and the Middle East & Africa from 5% to 7%.The Dutch-headquartered company, formed in 2021 from the…

Michael H | Stone | Getty ImagesCar repair costs are up almost 20% in the past year, according to the consumer price index — more than six times the national inflation rate and among the largest annual price increases of any household good or service.So, what's driving up prices?It's a combination of factors, experts said. Some emerged in the pandemic era while others are longer-term trends in the auto market, they said. Here's a look at six reasons why you're paying more for car repairs.1. More technology in carsJamie…