Toyota orders massive recall due to fuel pump flaw
Toyota has recalled around 700,000 vehicles due to a flaw in the fuel pump that could cause the engine to suddenly stop working. The company said that the flaw could cause a crash if the car is traveling at high speeds and that it will need to be corrected before the cars return to the market.
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Tesla beats Toyota to become the world’s most valuable automaker
American electric automaker Tesla became the world’s most valuable automaker on Wednesday when the electric vehicle company’s market capitalization surpassed Toyota’s for the first time. Shares of Tesla gained 5% to hit a new all-time high of $1,135, giving the company a valuation of roughly $206.5 billion, compared with Toyota’s valuation of about $202 billion
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Fiat Chrysler announced to restart production in two weeks
The automaker announced that the company will restart production in two weeks. Fiat Chrysler lost about $1.8 billion (1.7 billion euros) in the first quarter as the coronavirus pandemic caused rolling shutdowns of its plants in China, Europe, and North America. Fiat Chrysler also said it expects to restart the majority of its North American plants the week of May 18 strengthening the argument of reopening the US economy
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Tesla Cuts Salaries, Furloughs Workers Amid Pandemic Wind-Down
Tesla will cut salaries by as much as 30% and furlough workers in the wake of the electric carmaker’s forced production wind-down due to the coronavirus pandemic. Starting next Monday, U.S. employees at the electric car and solar battery system maker who hold director and vice president-level roles and above will see pay reductions of 20% to 30%, and "everyone else" will receive a pay cut of 10%
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Nissan to furlough about 10,000 workers in Mississippi, Tennessee
Nissan plans to furlough most of its hourly manufacturing employees as its US plants remain closed to help slow the spread of Covid-19. Nissan is asking furloughed employees to apply for unemployment through at least April 27, when the company plans to restart production. The Company closed its US plants on March 20.
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