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July 11, 2023Automotive News

MULN advances 7.6% in Friday premarkets

MULN stock drops almost 10 cents after the release of stronger-than-expected US labor data.
The data increases expectations of the Federal Reserve will have to significantly tighten monetary policy, hurting risk assets including stocks.
Mullen had been on the rise after the company hired a law firm to take naked short sellers to task.
MULN stock has gained over 200% in 48 hours, jumping from $0.10 to $0.32.

Mullen Automotive (MULN) stock lost some of its strong gains on Thursday afternoon once US data showed the labor market in better shape than economists had expected. Now

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June 23, 2023Automotive News

Avalon Advanced Materials Inc. plans Ontario lithium plant

Canadian lithium miner Avalon Advanced Materials Inc. has purchased land in Thunder Bay, Ont. to build a processing plant that will connect lithium mined in northwestern Ontario with battery cell manufacturers and electric-vehicle makers in southern Ontario and the United States.

The Toronto-based miner, which is developing lithium mining projects outside both Kenora and Fort Hope, Ont., said the industrial site on the Thunder Bay waterfront is serviced by road, rail, power and port infrastructure, and sits at the midway point between its remote mines and the battery and EV hubs emerge in the south.

“While there is more work

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May 25, 2023Automotive News

Canadian new-vehicle inventory improves, but it’s a ‘murky’ situation

Canadian dealers say the new-vehicle inventory is improving slowly, but remains well below pre-pandemic levels, according to a new survey.

DesRosiers Automotive Consultants (DAC) and the Canadian Automobile Dealers Association (CADA) partnered to query dealers coast to coast and found inventory to be 42.3 per cent “of normal” in the first quarter of 2023 compared with 19.4 per cent in the same period last year.

The two organizations define “normal” as “being pre-pandemic (2019) levels according to those responses” in previous surveys.

The average number of vehicles on dealer lots on hand now stands at 59.9, said Daniel Azarov, a

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May 21, 2023Automotive News

Canada’s Linamar will ‘immediately’ break ground on new plant

Canadian auto supplier Linamar Corp. plans to break ground “immediately” on a new plant in Welland, Ont., that will house three giga-casting presses capable of producing very large aluminum structural parts for electric vehicles.

The Guelph, Ont.-based parts supplier announced the new site in the city south of Niagara Falls as it reported its first-quarter earnings on Wednesday.

Company CEO Linda Hasenfratz said the state-of-the-art plant will be a “flagship location” for the company’s structural castings business.

“As the first supplier to invest in this equipment in North America, Linamar will naturally take a market leadership position in this

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May 19, 2023Automotive News

Shift Q1 earnings: Company reviewing ‘strategic alternatives’

Online used-vehicle retailer Shift Technologies Inc. said Thursday its board of directors is working with management and financial and legal advisers to assess a range of “strategic alternatives” for the company.

in a statementShift said its board of directors was conducting a process to “explore and evaluate strategic alternatives, including exploring a potential sale of certain operating businesses, third party investment or partnership opportunities and/or funding alternatives for our marketplace business, to further enhance value for all stakeholders.”

The company said its board did not set a timetable for the completion of the review process. There is “no

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May 10, 2023Automotive News

Ferrari Q1 results: Earning rise 27% as wealthy pay more

Ferrari, which unveiled the Roma Spider in March, has promised a total of four new models this year.

Ferrari has been hiking the prices of some of its models with its wealthy clientele less acutely affected by soaring inflation and rising interest rates.

CFO Antonio Picca Piccon told analysts that Ferrari is now applying mid-single digit price increases on selected models and markets it had announced last year.

He said the company expected a strong second quarter, followed by a softer second half of the year — the fourth quarter in particular — in line with Cadence’s planned product.

Car

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May 7, 2023Automotive News

Tesla Semi will make its debut at the Run on Less truck event

ANAHEIM, Calif. —The automotive and truck industries will soon learn much more about Tesla Inc.’s Semi — the Class 8 truck the electric vehicle company claims will upend the trucking industry with revolutionary performance.

PepsiCo confirmed Wednesday it would enter at least one of the Tesla Semis it operates in the Run on Less trucking industry event this year.

“We’re really excited to participate in the run and allow the industry to have access to the insights and the learnings that we are getting from experiencing these vehicles,” said Amanda DeVoe, sustainability and technology director, fleet, at PepsiCo’s Frito-Lay North

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April 28, 2023Automotive News

Project Arrow’s speakerless audio is a sonic boon

It’s no secret that the Automotive Parts Manufacturers’ Association (APMA) took the name of its new electric prototype vehicle from Canada’s ill-fated Avro Arrow jet interceptor of the 1950s. But that’s not the only thing Project Arrow borrowed from the aviation industry.

The concept vehicle’s sound system, which pumps out resounding audio without using a single speaker, relies on technology that first found its niche aboard private jets — and could find broader adoption in EVs.

Joseph Butera, chief technology officer at Bongiovi Acoustic Labs, said Project Arrow is the first vehicle to incorporate from the “ground up” his company’s

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