US Car Market

Elon Musk-run Tesla remains the market leader in the electric vehicle (EV) market in the US with more than 50 per cent share, selling more cars than the other 17 automotive groups combined

The layoffs add to an increasing number of tech-related job cuts in the face of rising interest rates, persistent inflation, and economic downturn fears

US safety regulators have closed an investigation into sticky power steering on thousands of older General Motors SUVs and will not seek a recall. The National Highway Traffic Safety Administration says GM in 2014 issued "special coverage" to fix the problem on the Chevrolet Equinox, GMC Terrain and other models. The coverage replaced a steering gear with an improved one. The agency said a recall isn't needed because of the coverage and low complaint and warranty repair rates. The agency opened the probe in June of 2020 into steering problems affecting an estimated 781,000 of the SUVs from the 2010 through 2012 model years. Increased friction could make it feel like the steering wheel is stuck. But GM said the SUVs could still be turned, although with more effort than usual. In view of the special coverage, low rate of failure and low potential hazard to drivers, this preliminary evaluation is closed, the agency wrote in documents posted Wednesday on its website.

Rivian is the world's fifth-largest automaker by market cap having delivered only a few electric vehicles to customers

Sales of the passenger-car body style that's dominated the industry since the Model T will sink to 21.5 per cent of the US market by 2025, according to researchers