Lithia signals profit surge ahead of third-quarter earnings

The third-largest U.S. public new-vehicle retailer also announced plans to raise more than $1.1 billion in capital.

from Section Page News - Automotive News https://ift.tt/3n8m9Mc via Falls Church auto repair

Ex-UAW President Williams pleads guilty to embezzlement

Dennis Williams faces up to five years in prison and a fine of up to $250,000, although he'll likely receive a sentence between 18 and 24 months as part of his plea agreement. There was no agreement on a fine.

from Section Page News - Automotive News https://ift.tt/2ScJnmb via Falls Church auto repair

Velodyne Lidar chief eyes growth as stock sinks in public debut

The maker of sensors used in advanced driver-assistance systems and self-driving vehicles is projected to see robust revenue growth and hit full-year profitability as soon as 2022, according to CEO Anand Gopalan.

from Section Page News - Automotive News https://ift.tt/349TSMU via Falls Church auto repair

Nikola postpones forum where electric pickup was to debut

The postponement follows the startup’s efforts to pivot from denying allegations of deception to talking up its technology and partnerships to calm investors who have seen the stock price plunge 45 percent since the company went public in June.

from Section Page News - Automotive News https://ift.tt/33hH73v via Falls Church auto repair

Continental board signs off on cutting or shifting 30,000 jobs

The German supplier also said it’s considering asset sales as it deepens a restructuring started last year.

from Section Page News - Automotive News https://ift.tt/3jfOPkk via Falls Church auto repair

Ford to recall 700,000 vehicles in North America over rearview camera defect

The recalled vehicles are from the 2020 model year and include certain Ford Edge, Escape, Expedition, Explorer, F-150, F-250 SD, F-350 SD, F-450 SD, F-550 SD, Mustang, Ranger and Transit vehicles. The 2020 Lincoln Corsair and Nautilus are also part of the recall.

from Section Page News - Automotive News https://ift.tt/3cGKowo via Falls Church auto repair

Tesla to roll out China-made Model 3s with cobalt-free batteries, report says

Cobalt-free lithium iron phosphate batteries are cheaper to produce and the automaker could announce the product change as early as Thursday, Reuters reported.

from Section Page News - Automotive News https://ift.tt/36jGgkL via Falls Church auto repair

Genesis previews GV70 crossover coming next year

The camouflaged compact luxury crossover, expected to go on sale next year as a 2022 model, will be tested on public roads in Korea for one month, Genesis said.

from Section Page News - Automotive News https://ift.tt/30n89Vn via Falls Church auto repair

Ford to recall 620,000 vehicles in U.S. over rearview camera defect

The recalled vehicles are from the 2020 model year and include certain Ford Edge, Escape, Expedition, Explorer, F-150, F-250 SD, F-350 SD, F-450 SD, F-550 SD, Mustang, Ranger and Transit vehicles. The 2020 Lincoln Corsair and Nautilus are also part of the recall.

from Section Page News - Automotive News https://ift.tt/3ioXbF7 via Falls Church auto repair

VW confirms 2020 outlook; expects September delivery growth to continue

CEO Herbert Diess reaffirmed the company's target of positive operating profit for the year, but also faced questions on the company's emissions scandal at the company's annual shareholder meeting.

from Section Page News - Automotive News https://ift.tt/3cUX4Qx via Falls Church auto repair

Former Audi CEO Stadler faces diesel fraud charges in German court

The trial could cause unease for VW Group and Audi if defendants or witnesses contradict VW's defense that top executives were unaware of engine manipulation uncovered by U.S. regulators five years ago.

from Section Page News - Automotive News https://ift.tt/3ieeg4s via Falls Church auto repair

Ford cuts Mustang Mach-E prices ahead of launch

The upcoming electric crossover will cost between $1,000 and $3,000 less, depending on trim, than originally announced.

from Section Page News - Automotive News https://ift.tt/3jsyRDD via Falls Church auto repair

Q3 sales, slated to decline, may be strongest of year, analysts say

Industry forecasters expect new-vehicle retail sales to continue recovering in the third quarter while lease volume and fleet sales remain depressed.

from Section Page News - Automotive News https://ift.tt/3478BrK via Falls Church auto repair

VW said to overhaul supercar strategy, putting Lamborghini, Bugatti in focus

A review could result in technology partnerships for Lamborghini, Bugatti and Ducati. Other options include restructuring, a listing or sale, VW Group executives told Reuters.

from Section Page News - Automotive News https://ift.tt/3i8ZEmM via Falls Church auto repair

'Egregious disregard for safety' blamed for 2018 limo crash that killed 20

The fatal 2018 crash in Schoharie, N.Y., prompted debate about the lack of regulation of the stretch limousine industry. It also revealed problems with lax state oversight and loopholes in federal rules that allowed altered vehicles to avoid commercial vehicle regulations.

from Section Page News - Automotive News https://ift.tt/2SaYXPu via Falls Church auto repair

Nikola pushes back on skeptics by showcasing in-house technology

Executives at the embattled startup are talking to investors to rebut criticism it has no working prototypes and to clarify its business plans after the resignation of founder and former Chairman Trevor Milton.

from Section Page News - Automotive News https://ift.tt/33fHITs via Falls Church auto repair

GM 'continuing discussions' with Nikola on alliance deal

When the deal was first announced, Nikola said it expected it to close before Sept. 30, adding either side could terminate the agreement if it wasn't finalized by Dec. 3.

from Section Page News - Automotive News https://ift.tt/2SbD6Hm via Falls Church auto repair

Ford F-150 hybrid to produce 430 hp, record 570 pound-feet of torque

The redesigned pickup, on sale in November, will be able to tow up to 14,000 pounds and haul 3,325 pounds. Ford says both figures will top the light duty fullsize pickup segment.

from Section Page News - Automotive News https://ift.tt/2SgqsXz via Falls Church auto repair

Tesla signals it may mine its own lithium, report says

CEO Elon Musk told investors last week that Tesla has secured access to 10,000 acres of lithium-rich clay deposits in Nevada and planned to use a new, “very sustainable way” of extracting the metal.

from Section Page News - Automotive News https://ift.tt/347jFFn via Falls Church auto repair

Battery-cell developer Northvolt draws backing from Spotify CEO

The funds will help Northvolt expand its production and R&D activities as it gears up to start churning out battery cells next year. The company was founded by former Tesla executives.

from Section Page News - Automotive News https://ift.tt/3n1dSKa via Falls Church auto repair

U.S. implored to close stretch limo loopholes in NHTSA regulations

The fatal 2018 crash in Schoharie, N.Y., prompted nationwide debate about the lack of regulation of the stretch limousine industry because the vehicles are usually personal vehicles that are altered to add capacity.

from Section Page News - Automotive News https://ift.tt/349TFch via Falls Church auto repair

Thyssenkrupp to cut 800 jobs at automotive business

In announcing the move, the German steel supplier warned that the vehicle market remained extremely challenging.

from Section Page News - Automotive News https://ift.tt/2Gkoinn via Falls Church auto repair

Carlos Ghosn launching business program with Lebanon university

The former Nissan chairman is working with the business school at the Université Saint-Esprit de Kaslik north of Beirut to develop programs to coach executives, offer technology training and help startups to create jobs. Ghosn fled Japan, where he was facing trial, to Lebanon in December 2019.

from Section Page News - Automotive News https://ift.tt/34d8Q4u via Falls Church auto repair

EV makers AYRO, Karma team up to manufacture delivery vehicles

The contract is valued at over $300 million and Karma will help design, engineer and manufacture the vehicles in its southern California factory near Los Angeles, the firms said in a joint statement.

from Section Page News - Automotive News https://ift.tt/3n312es via Falls Church auto repair

FCA's Manley excluded from board of merged company with PSA

John Elkann, head of Fiat Chrysler parent Exor, will be Stellantis chairman, with Robert Peugeot as vice chairman. PSA CEO Carlos Tavares will be a board member.

from Section Page News - Automotive News https://ift.tt/30hgrOw via Falls Church auto repair