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Business: Page 73
Collision Repair
Tuesday Ticker: Analysts predict Rivian results; Ford’s end to quarterly sales reports cause for concern
Toronto, Ontario — This week, Rivian prepares to unveil its Q1 2023 results; Ford of Canada’s decision to end quarterly sales reporting worries industry market analysts and AutoCanada reports net income increases with Q1 2023 financials. Ready for Rivian results Rivian is set to announce its Q1 earnings on Tuesday following market close, and analysts […]
Products
Clear Consensus: Uni-Select approves plan of arrangement with LKQ
Boucherville, Quebec — Uni-Select shareholders announced that they have approved their company’s plan of arrangement with LKQ and its subsidiary, securing a near-unanimous agreement at Thursday’s special meeting. The arrangement resolution was approved by 98.87 percent of the votes cast by shareholders present virtually or represented by proxy and entitled to vote at the meeting, […]
Network
Industry Intersection: CARI to co-host events with ARAAC-ARC meeting in Halifax, N.S.
Halifax, Nova Scotia – The Automotive Recyclers Association of Atlantic Canada (ARAAC) and Automotive Recyclers of Canada (ARC) board are partnering with the Canadian Association of Recycling Industries (CARI) to co-host events in Halifax, N.S. from June 8 to 10. This was described as “the first time the dismantling and scrap industries have met,” according […]
Collision Repair
Tuesday Ticker: VW makes largest-ever single investment in Canadian EV supply chain; Toronto-based car auction platform makes plans to delist
Toronto, Ontario — Read all about the largest-ever investment in the Canadian EV supply chain and how a Toronto-based online retailer plans to delist from the Toronto Stock Exchange in this weekly Tuesday Ticker. Big bucks for batteries The Canadian government and Volkswagen have committed more than $20 million toward the planned St. Thomas, Ont. […]
Collision Repair
Aftermarket Strong: DesRosiers reports 5.6 percent repair price increase in 2022; says aftermarket in for ‘another strong year’
Toronto, Ontario — DesRosiers Automotive Consultants (DAC) has released its latest Automotive Aftermarket scorecard, reporting increased repair costs and increased retail sales figures to auto parts in 2022, as well as expectations for “strong [aftermarket] growth” in 2023. With parts shortages “widespread throughout the year,” writes DAC, the customer price index for passenger vehicle maintenance […]
Collision Repair
Tuesday Ticker: Bullish analyst downgrades Rivian; Mercedes-Benz opens Canadian raw materials office
Toronto, Ontario — In this weekly Tuesday Ticker, Rivian sees a 76 percent downgrade from a known bullish market analyst; an advocacy group questions Uber’s average pay in Toronto and Mercedes-Benz opens a raw materials office to pursue EV battery mineral sources. Reluctant on Rivian Shares of Rivian Automotive have fallen 10 percent since Mar. […]
Cost Crunch: Nearly half of shops struggle with sourcing affordable parts, says IMR survey
Illinois, United States – Automotive industry research firm IMR has released survey results from independent automotive repair shops, with nearly half of all shops expecting challenges with sourcing affordable parts and a third expecting difficulties finding qualified and responsible technicians. This survey was conducted between Jan. 1 and Jan. 31 with IMR interviewing 500 independent […]
Tuesday Ticker: PPG says first-quarter EPS will be higher than previous guidance; Rivian maintains annual production expectations
Toronto, Ontario — PPG raises its guidance for Q1 2023 earnings thanks to stronger automotive OEM coatings sales performances, while Rivian reassures investors and analysts in this weekly Tuesday Ticker. PPG pumps it up PPG upped its guidance for first-quarter adjusted profit to between US$1.52 per share and US$1.58 per share, thanks to “stronger sales […]
EV/AV Report: Ford’s AV withdrawal, Tesla crash safety and an achievement for Aurora
Toronto, Ontario — Ford withdraws an NHTSA petition to develop fully autonomous vehicles, Tesla showcases its vehicle crash structure design, and a self-driving startup begins testing its trucks at border checkpoints in the United States. This is the latest in electric and autonomous vehicles. Legacy Withdrawal On March 30, Ford announced that it has cancelled […]
Drive Yourself: Ford withdraws request to develop fully autonomous cars
Detroit, Michigan — Ford has withdrawn its petition to develop Level 4 autonomous driving systems with it National Highway Traffic Safety Administration (NHTSA), the legacy automaker announced on March 30. The automaker told the NHTSA said the decision to cancel the request coincides with the closure of its Argo AI self-driving venture last summer. “As […]
A Shocking Trio: Tesla, GM, Ford top three in first-quarter American EV sales
Detroit, Michigan —Tesla knocked the second- and third-best-selling EV makers out of the water when it came to Q1 2023 sales numbers. Tesla says it delivered a record 422,875 units in Q1 2023. General Motors, with record-setting Chevy Bolt numbers, posted 19,700 unit sales—hot off 2022 recalls. The Cadillac Lyriq and Hummer EVs were less […]
Drive Yourself: Ford withdraws request to develop fully autonomous cars
Detroit, Michigan — Ford has withdrawn its petition to develop Level 4 autonomous driving systems with it National Highway Traffic Safety Administration (NHTSA), the legacy automaker announced on March 30. The automaker told the NHTSA said the decision to cancel the request coincides with the closure of its Argo AI self-driving venture last summer. “As […]
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