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Automotive Deals

2023 Chevy Colorado Trail Boss Road Test: Everyday adventures

May 19, 2023

Having already driven the 2023 Chevrolet Colorado Trail Boss extensively off-road in the course of our first drive review, it was time to get it back home and see how it deals with the mundanity of family life. Of course, full-size pickups are in most cases the truck of choice for families given their crew cabs’ colossal backseat space and abundant available features. But midsize pickups aren’t exactly small, and with crew cabs of their own, it’s not like your kiddos will be riding in those frightful flip-down jump seats of old or, even more frightfully, just out in the…

Automotive Deals

Best New Car Lease Deals for May 2023

May 18, 2023

There are all kinds of reasons for needing a car over a shorter term, especially at a time when the auto industry is still experiencing supply-chain woes. Buying a car outright and then selling it in a couple of years involves tying up a bunch of capital and then taking a hit on depreciation. Instead, a 24-month lease provides the stop-gap filler you need to get around right now with reduced financial exposure. This month, we have a host of two-year lease deals across the full spectrum, from family-friendly crossovers to luxury EVs. There’s something here to fill nearly every…

Automotive Deals

Mullen Automotive gives updates on EV deals, factories

May 16, 2023

Mullen Automotive Inc. MULN, -1.57% gave a business update before market open Monday, with the electric vehicle maker providing details of its latest factory developments and a recently announced $15.8 million contract with MGT Lease Company. The fleet sales and leasing provider took delivery of Mullen’s EV Cargo Vans earlier this year. “The company afterward signed a vehicle purchase agreement, as announced on May 11, 2023, for 250 all-electric commercial Class 3 Cab Chassis EV Trucks,” said Mullen Automotive, in the update. “The contract is valued at $15.8 million and MGT expects to take possession of the vehicles between August…

Automotive Deals

US auto parts supplier signs deal to buy Quebec’s Uni-Select in $2.8-billion deal

May 12, 2023

LKQ Corp. has signed a deal to buy Quebec-based Uni-Select Inc. in a roughly $2.8-billion deal that aims to boost the US automotive equipment supplier’s aftermarket business amid a thriving market. Under the agreement, LKQ will pay $48 per Uni-Select share in cash for the aftermarket auto parts distributor. The purchase marks a 19.2 per cent premium over the $40.28 closing price of Uni-Select shares on the Toronto Stock Exchange on Friday. The transaction, which needs shareholder approval, also requires antitrust clearances in Canada, the US and the UK and approval under the Investment Canada Act. LKQ chief executive Dominick…

Automotive Deals

Mullen Automotive Inc’s shares motor ahead after completing the second EV deal

May 10, 2023

Mullen Automotive Inc (NASDAQ:MULN) saw its shares motor ahead on Wednesday after completing the purchase of bankrupt EV start-up Electric Last Mile Solutions (ELMS), paving the way for the company to manufacture its first electric vehicle. The California-based EV company said it had received approval from the US Bankruptcy Court on October 13 to buy ELMS in a $240 million cash transaction. The deal includes the acquisition of ELMS’ manufacturing plant in Indiana, which is capable of producing 50,000 cars per year. Mullen also acquired all intellectual property of the defunct auto company. READ: Electric vehicles stock climbs on big…

Automotive Deals

Leasing vs. Buying a New Car

May 8, 2023

As attractive as a lease may appear, there are a number of drawbacks: • In the end, leasing usually costs you more than an equivalent loan because you’re paying for the car during the time when it is most rapidly depreciating. • If you lease one car after another, monthly payments go on forever. By contrast, the longer you keep a vehicle after the loan is paid off, the more value you get out of it. Over the long term, the cheapest way to drive is to buy a car and keep it until it’s uneconomical to repair. • Lease…

Automotive Deals

MULN Stock Alert: Mullen Announces $63 Million Order

May 7, 2023

Source: Ringo Chiu / ShutterstockAmong the meme stocks gaining traction today is Mullen Automotive (NASDAQ:MULN). Shares of MULN stock have surged more than 8% in today’s session, moving off of an all-time low seen over the past week. This move is on some rather compelling news for speculators and investors in this upstart electric vehicle (EV) maker. Mullen announced an impressive 1,000-vehicle order from the Randy Marion Automotive Group’s (RMA) Randy Marion Isuzu, LLC segment. The company reports that the deal should amount to $63 million when all Class 3 EV cab chassis trucks are delivered. RMA is a…

Automotive Deals

VW’s battery plant deal changes Canada’s auto sector. Whether it’s worth $13B in subsidies is debatable

May 6, 2023

German automaker Volkswagen was in the city of St. Thomas, Ont., this week, announcing details of their plan to build their first electric battery plant in North America, in a move that backers say will super charge Southern Ontario into becoming a key cog in electric vehicle supply chains. VW’s plan is undeniably huge news in St. Thomas, but whether or not you think it’s enough to transform the place they call the Railway City into something more synonymous with electric cars depends on your perspective. The sheer scale of the plan is jaw dropping. The auto maker is pledging…

Automotive Deals

Bankruptcy threat: Lordstown Motors says Foxconn deal unravels

May 4, 2023

Shares of Lordstown plunged 27 percent to 38 cents in morning trading in New York. Representatives for Foxconn could not be reached for immediate comment. The filing underscores the speed at which the partnership has become destabilized amid turmoil in the EV market. Just about six months ago, Foxconn agreed to invest as much as $170 million in Lordstown and take two board seats. The deal gave the EV maker much-needed capital while offering Foxconn, the Taiwanese manufacturer best known as the maker of Apple Inc.’s iPhone, a firm foothold in automotive production. Foxconn also paid $230 million for a…

Automotive Deals

Chevrolet to Discontinue Bolt EV and Bolt EUV

May 2, 2023

Affordable electric vehicles are few and far between these days. Most automakers went straight to pricey six-figure EVs with a promise to focus on more affordable options in the future. Despite their promises, Chevrolet actually delivered on the affordability front with the Bolt EV and EUV. After the latest price cut for the 2023 model year, the Bolt EV and EUV became some of the cheapest EVs on sale, even undercutting older options like the Nissan Leaf. Shoppers looking to purchase the Bolt EV or EUV better act fast, as production of the affordable EVs is set to end this…

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