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Toyota to buy back $1.8 billion in shares as profit tops estimates

Toyota Motor Corp.’s quarterly profit topped analysts’ estimates thanks to healthy sales of RAV4s in the U.S. and Corollas at home, keeping the Japanese automaker’s business on track amid sputtering global demand for cars. Operating income for the fiscal second quarter that ended in September was 662 billion yen, helped by cost controls that paved […]

New-car prices inch up, EV prices tumble in June

New-vehicle prices climbed 3% year over year, averaging $37,285 in June, according to Kelley Blue Book. KBB analysts attributed the transaction price growth to the persistent demand for trucks and SUVs, pushing both sales and prices in those segments. In fact, light trucks and SUVs are estimated to account for more than 70% of June […]

Tesla Scales Back Store Closures

Contrary to the electric OEM’s announcement last month, Tesla will not be closing as many of its brick-and-mortar stores as originally planned, according to a company release. Although the company didn’t offer specific numbers, Tesla said it will close about half as many stores than was previously announced. As a result, the expected 6% reduction […]

Tesla Pivots to Online-Only Sales Model

Tesla will be shifting its worldwide sales model to an online-only platform, starting with North America, the company said in a statement last week. The electric OEM will also be closing many of its brick-and-mortar dealerships, leaving “a small number of stores in high-traffic locations remaining as galleries, showcases, and Tesla information centers,” the company […]

Tesla Issues Second-Ever Lease Securitization Despite Previous Downgrade

Tesla Inc. is slated to issue its second-ever U.S. auto securitization on Dec. 19, according to presale reports. The $837 million transaction is 53% larger than Tesla’s inaugural securitization, which was issued in February. That securitization was subsequently downgraded because of a “significant shortfall” in the Model 3 production rate and a weak financial situation, […]
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