Hallett, 69, is also stepping down as chairman of the company's board of directors, a role he held since 2014. Michael Kestner, KAR Global's lead independent director since 2019, will assume that role April 1.
The choice of Shanghai for the Formula One team’s public debut is strategic because China is Audi’s biggest market, and at the same time has a huge base of F1 fans.
No reason was immediately given for CEO Tim Jackson's departure from CADA. Matthew Groves has been named interim CEO, effective immediately.
GM's decision to stop offering those systems in future electric vehicles, starting with the 2024 Chevrolet Blazer, could help the automaker capture more data on how consumers drive and charge EVs.
Newly negotiated trade deals on critical minerals could qualify as a free-trade agreement, Treasury says.
Bringing down battery costs, most of which come from raw materials, is the key challenge for carmakers attempting to generate profits from EVs equivalent to those from combustion engine cars.
The viral videos target Hyundais and Kias that lack an electronic-security feature — called an engine immobilizer — that keeps the car from being started without a key.
The base F-150 Lightning Pro model now starts at $61,869, including shipping, up about 50 percent over the initial starting price when the truck launched in April 2022.
Ford sought an exemption from seven safety standards to deploy vehicles that would be used to support mobility services such as ride-sharing and package delivery, according to its July 2021 petition.
Global deliveries, including Daihatsu and Hino, rose 10.5 percent to 856,376 units.
A freshened Porsche Cayenne midsized crossover arrives midsummer with a more dramatic cockpit.
Vale and Huayou began construction of the Indonesia plant in November and commercial operation is expected to start in 2026.
The 57th annual Easter Jeep Safari is showcasing eco-friendly powertrains and luxury with the brand's trademark ruggedness.
BYD Co. doesn't have any current plans to enter the U.S. passenger car market, founder Wang Chuanfu said, throwing cold water on the prospect of the Chinese electric-vehicle maker challenging Tesla Inc. in its home market — for now.
The auto titan, which reported that net income more than quintupled last year after it sold a record number of EVs, said at a post-earnings briefing on Wednesday that its home market of China has already entered a "full-expansion phase" for new-energy vehicles.The US is the next biggest EV market after China, where a price war has erupted between BYD, Tesla and other EV makers. Backed by Warren Buffett, BYD has been expanding its footprint overseas, including into Norway, Denmark, the UK, Thailand and Australia. Wang predicted that the development of clean-energy vehicles will lead to a reshuffling within the global auto industry.
Given that BYD isn't entering the U.S. passenger EV market for now, Wang doesn't foresee any impact from President Joe Biden's Inflation Reduction Act, which offers generous incentives for selling EVs but has stringent requirements on manufacturing and supply-chain sourcing. Final details of the legislation, passed into law last year, are due to be released on Friday.
BYD sold 1.86 million electric and plug-in hybrids in 2022, more than the previous four years combined. It accounted for about 30% of all new-energy vehicle sales in China, with half of them battery-only EVs. In comparison, Tesla delivered 1.31 million EVs globally.
BYD stopped producing cars powered entirely by fossil fuels last year.
Tesla is using AI for an autopilot system and Musk has been vocal about his concerns over the technology.
The Revuelto, which replaces the Aventador, combines the most powerful V-12 made by Lamborghini with three electric motors to boost its output to 1,001 hp.
The acquisition of Estero Bay Chevrolet in Florida will add $150 million in annual revenue to Group 1's operations.
Hyundai Motor Co. shareholders elected president and global COO José Muñoz to the board of directors last week in Seoul. Muñoz also is CEO of Hyundai and Genesis Motors North America and Hyundai Motor America.
EV startup Lucid is reducing positions across the organization a cost-cutting measure, the California automaker said in a regulatory filing.
Ford is discontinuing its Transit Connect in North America, but the van will live on as a European-only model.
Former Audi CEO Rupert Stadler could go to prison for up to 10 years after a Munich court gave a preliminary assessment that an accusation of fraud had been substantiated.
The Vietnamese automaker delivered its first VF 9 crossovers to domestic customers and is preparing the EV for export to the U.S. and Canada. A second batch of the smaller VF 8 crossover is coming to North America in April.
The agency's Office of Defects Investigation said it received two complaints describing an issue with the front seat belt anchor detaching in those vehicles.
The Polestar 3 marketing campaign will involve online, television, and outdoor advertising to raise awareness of the new model and the upstart brand.
The deal also aims to reduce U.S.-Japanese dependence on China for such materials by requiring collaboration to combat "non-market policies and practices" of other countries.
Top Toyota Motor North America executives said new-vehicle prices will likely continue to rise, while supply constraints will ease in 2023 as excess demand that was previously sidelined keeps industry economics robust.
Fain has promised a more aggressive approach to bargaining with the Detroit 3 this fall. The union is expected to fight for better wages and benefits as well as more job commitments.
Organizers of IAA Mobility 2023 said Wednesday they've reached an agreement with venture capital firm Assembly Ventures to oversee a portion of the show's conference programming this fall in Munich.
Lucid is recalling several hundred electric vehicles due to a glitch that could cause its flagship model to lose power while being driven.
The Porsche and Piech families behind the unlisted holding company Porsche SE are the most powerful voice in VW Group,
The reorganization, expected to be announced soon, would mean those working on manufacturing engineering would be asked to relocate to central Illinois or its headquarters in Irvine, Calif.
Shawn Fain won by fewer than 500 votes and received the support of less than 7 percent of UAW members eligible to vote.
Ford has tapped actress Sydney Sweeney, stunt driver Dee Bryant and surfer Kai Lenny to revitalize its 'Built Ford Proud' campaign, which had been dormant for three years.
Shawn Fain, who ran as a reformer, will be the union's fifth president in the past five years.
As automakers and battery producers quickly ramp up to mass production of EVs, they need to look out for water leaks.
Kia's sales chief Eric Watson says retail sales will remain at modest levels throughout the year, and economic headwinds will keep industry in check as inventory levels build back.
Napleton Auto Group partners Paul Napleton and Danny Randolph acquired five dealerships in Wisconsin and Illinois in three 2022 transactions.
Used-vehicle retailer Canada Drives has filed for and been granted creditor protection as the company seeks to restructure its business and abandon online sales amid escalating inventory costs and weakening used-vehicle prices.
The auto, battery and clean energy industries have been awaiting guidance on complex questions governing eligibility for hundreds of billions of dollars of incentives in the Inflation Reduction Act, signed into law last year.
The $5.6 billion campus in western Tennessee will build a next-generation EV pickup codenamed Project T3 starting in 2025.
The bill was previously introduced in 2021 by Rep. Darrell Issa, R-Calif., who said it will expand consumer choice for collision repair parts, reduce costs for drivers and insurers and increase competition in the auto repair parts market.
U.S. labor unions are pushing back on White House efforts to allow European Union and Japanese firms mining and processing critical minerals to tap some of the lucrative subsidies available in the Biden administration's massive climate law, fearing the move will sap American jobs.
Akio Toyoda agreed to extend his JAMA tenure following a unanimous vote in January by members of the association's executive board
Cupra has begun market testing for a possible expansion to the U.S., as it targets annual global sales of 500,000 cars a year. CEO Wayne Griffiths says any launch in the U.S. will come only after Cupra increases its market share in Europe.
A fleet of custom-wrapped Domino's electric delivery vehicles has hit the streets of southeast Michigan.
The EV losses will mount as the company expects increased profits for its internal combustion and commercial vehicle businesses.
There is no immediate plan to replace the Camaro, though Chevy hinted at a future possibility.
The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two U.S. banks.
Volkswagen AG's financial-services division forecast a substantial drop-off in annual profit as better access to semiconductors and other components leads to normalization in the used-car market.
Earnings in 2023 are expected to be significantly below last year's level, Volkswagen Financial Services said in a statement Tuesday. Operating profit slipped to €5.6 billion ($6 billion) last year from a record result in 2021.Shortages of chips and other disruptions to supply chains and logistics have constrained auto manufacturers' pandemic recovery efforts, driving up prices of both new and used vehicles. Elevated residual values have been a boon to the in-house lending units that carmakers and their dealers tap to help consumers finance car purchases and leases, though their earnings have widely been expected to fall off this year.
"2022 was once again an exceptional financial year strongly affected by special factors," Frank Fiedler, chief financial officer of Volkswagen Financial Services, said in the statement. "It can be anticipated that a repeat of such a result will not be possible in the short term."
The decision by U.S. District Judge David Lawson covers several Chevrolet and GMC trucks and SUVs, several Cadillac models, and the Chevrolet Corvette and Camaro, equipped with 8L45 or 8L90 eight-speed automatic transmissions.
LANSING — Michigan notched a win with Ford Motor Co.'s decision to build a $3.5 billion, 2,500-job electric vehicle battery factory in Marshall.
But the deal, more pieces of which lawmakers could finalize as soon as Wednesday, will not come cheap.
The state will provide significantly more money for the project than for other major business expansions announced since the creation of a new fund to lure companies 15 months ago.
The cost is expected to total $1.7 billion, or about $693,000 a job, or $1 billion and $384,000 per job if only cash, but not a special tax break, is factored in.
The spending will be far more than what is being disbursed for other top projects benefiting from the Strategic Outreach and Attraction Reserve Fund or, in some cases, a direct appropriation enacted into law by the Legislature and Gov. Gretchen Whitmer. The account was formed in late 2021 after Dearborn-based Ford chose to locate EV assembly and battery plants in Tennessee and Kentucky.
"I believe that we paid a premium for Ford to tell a good story, which is: 'We created this fund because we lost Ford, and now we've attracted Ford.' But the issue is at what cost? That's $1.7 billion of benefits they received, totaling $725,000 a job, which is way out of whack with what we paid" for other agreements, said House Minority Leader Matt Hall, a Republican from Kalamazoo County's Richland Township and a critic of the deal.
Legislators and Whitmer recently enacted a law setting aside $630 million for the Michigan Department of Transportation and the Marshall Area Economic Development Alliance to prepare the megasite for Ford's factory. An additional $120 million is expected to be sought in the future.
State officials defend the Ford project subsidies, pointing to especially tough competition from other states as the federal government provides incentives for domestic battery production. They say Michigan is playing catch-up to offer build-ready sites. They also say the Marshall site will create spin-off jobs and is big enough to host other businesses, not just Ford.
Michigan Economic Development Corp. CEO Quentin Messer Jr. said $525 million of the $750 million in site-readiness spending "would need to be done for this site to be competitive for any project, whether it was going to Ford or company A, B, C, Y or Z. It's important to note that other states and provinces have been doing this and deliver to companies, especially companies in the mobility space, semiconductor and clean energy, sites — lock, stock and barrel, water, wastewater, you name it — as part of the package."
The aid to buy and prep land, expand roads and upgrade water infrastructure is substantial. It is 11 times what is being spent to upgrade the site of an EV battery plant in Lansing that is considered more pad-ready partly because it is adjacent to a General Motors Co. assembly factory.
Here is what the state has committed toward different business expansions since early 2022:
Sen. Thomas Albert, Republican, said the $1.7 billion price tag for Ford's expansion is too much. Many workers, he said, will make $20 an hour, or $41,600 a year.
"I for one would like to see the math showing how Michigan taxpayers would ever receive a positive return on investment with this scale of commitment," he said. "Over the next 20 years, the investment is expected to return less in the state's personal income and sales tax revenue than the state's overall investment. This simply does not make good economic sense."
But House Speaker Joe Tate, a Detroit Democrat, said such an analysis does not tell the "whole story." Michigan must continue to secure auto investment amid the industry's electrification, he said
"You see the spin-off of other jobs. You see the co-location of the supply chain around the areas where there is this manufacturing," Tate said. "When you look at the technology that's going to be manufactured here, this is only the start of those opportunities. I think it's going to be definitely a value add not only for what's being built there but also the supply chain that's going to go along with it."
Two dealership groups entered new states, a dealer and his group expanded in Chicago and an entrepreneur purchased his first franchised dealership — all in transactions that closed in the fourth quarter.
Stuttgart prosecutors said they had searched the premises of an unspecified automaker and two suspects are under investigation for bribery in business transactions.
Mexico has lofty ambitions to boost EV ownership as Tesla gears up to develop its factory in the northern border state of Nuevo Leon.
Italian luxury sports car maker Ferrari was hit with a ransomware attack that exposed customers' personal information.
It's not clear when Ferrari's Italian subsidiary was contacted by a hacker or group with a ransom demand related to the exposure of customer information nor did Ferrari disclose the ransom amount.
Ferrari said it is investigating the breach with an unnamed "leading global third-party cybersecurity firm" and has informed law enforcement authorities.
Ferrari's policy is not to pay ransom demands to hackers because the company thinks it will perpetuate cyberattacks.
While many companies will pay white hat hackers to find vulnerabilities, the auto industry pays among the least for discovering potential breaches, according to research by San Francisco's HackerOne. It operates bug bounty programs for BMW, Ford, Rivian and Toyota.
"Instead, we believed the best course of action was to inform our clients and thus we have notified our customers of the potential data exposure and the nature of the incident," Ferrari said in a statement. "We can also confirm the breach has had no impact on the operational functions of our company."
Ferrari said it is working with third parties to reinforce the company's information technology systems.
It's not clear if Ferrari encrypted their customers' data.
"While most organizations view customer data as an asset when it's stored in an unencrypted fashion, it's actually a liability," said Dror Liwer, co-founder of Israeli cybersecurity company Coro.
Organizations facing extortion-related data leaks possibly face direct financial damages from lawsuits, fines, and loss of revenue from lawsuits and regulatory actions, Liwer said.
The number of publicly reported automotive cyberattacks is on the rise. In 2022, Israeli cybersecurity firm Upstream counted 268 publicly reported automotive cyberattacks, up from 245 incidents publicly reported in 2021.
Ferrari plans to make 80 percent of its cars battery electric powered by 2030. These EV offerings are likely to become even more software dependent and Internet connected in the coming years, possibly providing more avenues for cyberattacks.
Companies have a few avenues to deter ransomware attacks, said Javvad Malik, an executive at KnowBe4, a Clearwater, Fla., cybersecurity consultancy and training company.
"When it comes to ransomware, most attacks are successful through phishing, taking advantage of poor credentials or by exploiting unpatched vulnerabilities," Malik said. "So at a bare minimum, organizations should focus on these avenues of attack."
In addition to the Ram heavy-duty trucks, the safety probe now covers Bosch's C4 fuel pumps and certain vehicles from Jeep and BMW.
LaFontaine Automotive Group has purchased a Chevrolet store in metro Detroit, marking its second dealership acquisition of the year.
A cellphone used as a dash cam paired with a driver safety app is helping users implement safer driving behavior, data from Driver Technologies Inc. shows.
Scout Motors picked a site in suburban Columbia, S.C. for its $2 billion factory in part because it was ready to go. Gov. Henry McMaster signed a $1.3 billion incentive package for the project into law Monday.
The transaction includes two dealerships, one selling Cadillac, and the other selling Mercedes-Benz, BMW, Porsche, Infiniti and Honda from separate showrooms.
Troy Poston will take over as head of U.S. sales for Subaru of America effective April 1, succeeding Jeff Walters, who moves to the automaker's top U.S. job with the retirement of longtime CEO Tom Doll.
Battery packs can cost tens of thousands of dollars and represent up to 50 percent of an EV's price tag, often making it uneconomical to replace them.
VW is attempting to sell its Russian factory in Kaluga, south of Moscow.
Audi CEO Markus Duesmann says the automaker's transition to EVs in China is "a challenge" for the VW Group subsidiary. The shift to cleaner technologies presents more than one dilemma for Germany's largest automakers.
While there are no major sheet metal changes for the Mercedes GLA, the interior, exterior and equipment have all been revised, and a mild-hybrid powertrain is standard.
The Mackinac Island Ferry Co. plans to use a $3 million grant from Michigan's Volkswagen settlement fund to convert one of its boats from diesel to electric power.
Auburn Hills, Mich.-based Eypex, a tier-one supplier of magnetic fasteners for cars, came to terms with the trustee assigned to the case of JustLight, a maker of infrared light devices.
Electric vehicle sales and adoption have jumped so far ahead of fuel cell passenger cars that it will be nearly impossible to catch up.
Operating a large collision repair facility also has helped Diehl Automotive Group sell new cars. When cars come to the collision center and are deemed a total loss, Diehl has an opportunity to sell that customer a new vehicle.
The dealership began partnering with John's Driving School in 2019. Since then, the school has administered roughly 1,000 drivers' tests and some of those new drivers have become customers.
Lithia Motors' latest acquisition of Jardine Motors Group gives it a sizable presence the United Kingdom and gives it exposure to the agency model.
The incumbent UAW leader, who is trailing in the vote count, says thousands of members were disenfranchised and that his opponent, Shawn Fain, received illegal campaign donations.
Long-serving JLR executive Rawdon Glover will lead Jaguar brand's shift to selling only electric cars.
Benjamen Simon reported unsafe working conditions from heat “reaching dangerous temperatures” on the Tesla shop floor in Peabody, Mass., several times in 2021.
VW plans long-term to build enough cells to meet half of its global battery needs, with most production capacity located in Europe and North America.
Congress has been stymied for more than six years over legislation to ease regulations that would allow for the deployment of thousands of autonomous vehicles.
Masahiro Moro, who has led Mazda's operations in Europe and North America during his career, takes over from Akira Marumoto. He says boosting U.S. sales is a key target.
Masahiro Moro, who has led Mazda's operations in Europe and the U.S. during his career, takes over from Akira Marumoto.
Dodge originally said consumers would have just 'one shot' to buy the 710-hp utility vehicle, and those who did are mad that the model is coming back for 2023.
Zurich-based robotics giant ABB Ltd. is planning to invest $20 million and create 72 jobs at its Auburn Hills, Mich., plant in response to the growth of automation in the automotive industry and others.
The company will increase robot production at its 538,000-square-foot building, adding new equipment to its manufacturing space and renovating its offices and demonstration center, said John Bubnikovich, ABB's U.S. Robotics division president.
The renovations at the plant, where the company has operated since 1993, are expected to be complete by November. The project is being supported with a $450,000 performance-based grant from the Michigan Economic Development Corp.
Automation continues to expand in the auto industry as carmakers accelerate electrification plans. Automotive is roughly half of ABB's robotics business, which supplies the major automakers, Bubnikovich said, declining to name customers.
At the same time, the company is seeing major growth in warehousing, logistics and health care. Besides needing more robots, the common demand among customers is having more control of what they do.
"We need to increase our production capacity to keep up with the market," Bubnikovich said. "How do we streamline our delivery process and become more intimate with the market here in North America?"
The answer has been to build robots locally, which allows for customers to be more involved in the process, Bubnikovich said. About 80 percent of ABB's robots sold in the Americas are delivered from local factories, and that is soon to be 90 percent, according to the company. Most of the robot parts are imported, though Bubnikovich said the company is looking at ways to localize production.
The Auburn Hills renovations will add a third manufacturing line, allowing the company to increase capacity by 30 percent.
Prior to launching its manufacturing plant in Auburn Hills in 2015, ABB focused primarily on systems integration and building assembly lines for automotive companies. It has prioritized diversifying the company in recent years.
ABB's, which has its U.S. robotics base in North Carolina, employs 105,000 people around the world, including 350 in Auburn Hills. The 72 new jobs will be manufacturing positions.
The jobs pay an average of $26 per hour and offer full benefits, according to an MEDC briefing memo. Crain's Detroit Business, an affilaite of Automotive News, requested pay details from the MEDC.
ABB joins other robotics companies growing their footprints in the Detroit suburbs. Last year, robotics giant and ABB competitor Fanuc announced an $86 million expansion in Auburn Hills, following a $51 million add-on in 2018. JR Automation, a customer of ABB, opened a new 227,500-square-foot systems integration plant in Orion Township late last year.
ABB, which recorded $29.4 billion in revenue last year, said it expects future investments in Michigan and the U.S.
"As the global mega trends of labor shortages, uncertainty, the near and reshoring of production, and a desire to operate more sustainably accelerate, more businesses are turning to automation to build resilience while improving efficiency and flexibility," Sami Atiya, president of ABB robotics and discrete automation, said in a news release.
Concerns about the security of EV charging stations are rising as the U.S. builds out a charging infrastructure.
Audi CEO Markus Duesmann said the German brand will make a decision in 2023 on whether to build an assembly plant in the United States to take advantage of the Inflation Reduction Act's EV subsidies.
The law grandfathers in an existing Tesla location, according to the Mississippi Automobile Dealers Association.
The North Carolina dealership group, fresh off a September acquisition, bought four stores in two separate first-quarter transactions. One of the deals included two new brands for the group.
About 60 percent of early interest in the Ariya electric crossover is from buyers new to the Nissan brand.
LANSING — Lawmakers on Wednesday authorized the transfer of $585 million in state funding to support three new multibillion-dollar electric vehicle battery factories in Michigan.
The Democratic-led House Appropriations Committee supported the incentives on a 16-12 party-line vote, with Republicans opposed. The Democratic-controlled Senate Appropriations Committee also must OK the transfer before the money can be disbursed. The state's economic development board previously blessed the spending.
The package includes:
The panel's vote followed testimony from a Gotion executive and regional and local leaders including Ferris State University President Bill Pink. The committee heard last week from an Our Next Energy official and in February from a Ford official and state and local leaders who support the Marshall project.
Randy Thelen, president and CEO of The Right Place, said a confluence of factors are driving a wave of "extraordinary projects, the likes of which I have never seen." He pointed to companies realizing after the COVID-19 pandemic that their supply chains are stretched too thin and that onshoring is important. The electrification of the auto industry also is significant, he said.
"We have not historically competed for projects of this scale," Thelen said of the Gotion plant. "This is a rare moment for us to see this kind of opportunity. ... To see them consider a corner of the state, the northwest portion of the state, that hasn't seen projects like this frankly ever is a really exciting opportunity for us to see a path to really boost the economy in an area that's been in decline."
Rep. Donni Steele, a Republican from Oakland County's Orion Township who opposed the transfer, noted that all three projects are EV battery factories.
"I'm just really kind of concerned moving forward in the state of Michigan that we don't necessarily have really a vision and we don't really have a lot of diversification," she said.
She pointed to worker shortages and suggested that some of the incentives funding should instead go toward improving schools. Republicans also have criticized Chinese ties to two of the factories.
Thelen, however, said 40,000 people in West Michigan work for auto suppliers. He warned of a reduction in employment amid the transition to EVs because they are simpler to engineer and manufacture than cars powered by internal combustion engines.
"If we take no action, we stand to lose about a third of the employment in that industry, dramatically impacting the state of Michigan, dramatically impacting communities all across the state," he said. "We have to find ways to offset that loss and reposition ourselves as leaders in this new economy, in this new automotive economy. That to me is why I think this is imperative."
Rep. Phil Skaggs, an East Grand Rapids Democrat, supported the transfer. He cited competition from Kentucky, Tennessee, Georgia and Nevada for EV investment.
"We have to win this competition for the engineering jobs that will come, the working jobs that will come, the entrepreneurs and the pizza shops, for the supply chain and the construction. This is an extraordinary, serious moment. And it calls for us to govern seriously, to put aside rhetoric, to put aside foreign policy hypotheticals and do what is right for Michigan, for Michiganders and our future."
Honda observed a potential trend in seat belt latching errors in June 2019.
Lithia CEO Bryan DeBoer told in January that the group had been looking for the right partner in the U.K. for about five years and hoped to buy an auto group in the next few quarters.
NHTSA says investigations revealed "serious and systemic violations of federal safety requirements."
After doubling sales of full-electric BMW and Mini cars last year, the automaker expects demand for EVs will make up a quarter of sales by 2025, rising to 50 percent well ahead of its 2030 target.
Kroger will use Gatik's autonomous box trucks to transfer groceries between a distribution center in Dallas to multiple stores in the Dallas-Fort Worth market.
Wahl, 60, became GM's global marketing chief in 2019. She has "elected to retire," GM said.
After requiring every buyer to pay for three years of OnStar since last summer, GM is making its safety and connectivity service optional again on all but the top trims of Buick and GMC vehicles.
A U.S. judge in Florida ruled in favor of Hyundai last week in a wrongful termination suit filed by two Napleton Automotive dealerships.
Honda's U.S. unit said it would move production of its Accord sedan to Indiana in 2025 after assembling the model in Marysville, Ohio, for more than 40 years, as part of its shift to EV production. Marysville will be Honda's first U.S. auto plant to transition to making EVs.
The institute updated its moderate overlap front crash test, adding a rear passenger behind the driver to examine rear passenger protection.
Kia recalls over 188,000 K5 vehicles in U.S. for side curtain airbags that were installed incorrectly, causing them to not deploy properly during a crash.
The increase, at GM's pickup plant in the central city of Silao, will go into effect for one year as of March 25 and tops last year's deal for 8.5 percent pay raises, the head of the local union said.
The automaker and its in-house battery subsidiary PowerCo on Monday announced the landmark investment in the southwestern Ontario city midway between Toronto and Windsor.
The new crossover above the Cayenne is part of Porsche's goal of delivering more than 80 percent of its new vehicles as full-electric models in 2030.
Chinese driverless technology startup Guangzhou WeRide Technology has filed confidentially for an initial public offering in the U.S., looking to raise as much as $500 million, according to people familiar with the situation.
Ride Automotive Group of Ottawa, Canada, bought its first two U.S. stores in California in first-quarter transactions.
Allyson Witherspoon reflects on her Nissan U.S. tenure as she prepares to take on a global marketing role for the automaker.
BMW was ranked fourth overall, and it was the highest of any auto brand in the AdAge-Harris Poll study.
GM is exploring uses for ChatGPT as part of its broader collaboration with Microsoft, a company executive told Reuters.
Although the Model X has a range of more than 300 miles, the suspects were arrested when they stopped at a Tesla Supercharger a short distance away.
Despite the growing sophistication of fake IDs, there are warning signs dealership employees can look for to avoid selling vehicles to fraudulent buyers.
Tire sensors — and the data they generate — are likely to become smarter and more important for vehicle owners in the coming years as EVs become more prominent, industry executives said.
The Chinese battery parts manufacturer has presented a revised plan to local officials that would increase its initial footprint by a third, calling for the addition of two 500,000-square-foot plants on the site near Big Rapids, Mich.
The new supercar, code-named LB744 and packing a V-12 engine and three electric motors, will be capable of operating at times on electric power only, improving emissions.
The 2024 GMC Hummer EV pickup and SUV will gain the ability to send 6 kilowatts of charge to other EVs.
Tesla CEO Elon Musk expects his Cybertruck to compete with the Ford F-150 when it goes into production later this year. But Adam Jonas of Morgan Stanley, a Tesla bull, sees limited volume for the wildly designed pickup.
VinFast's bold ambitions to sell EVs to U.S. consumers have suffered another setback, with production at its as-yet-unbuilt facility in North Carolina now not expected to start until 2025.
Chris Walsh is helping to lead Reynolds and Reynolds' efforts to become more customer-centric, improving retention of existing dealership clients and adding new ones.
Mitsubishi's new electrification plan calls for investing between $10.26 billion to $13.19 billion in r&d and facilities for electrification through March 31, 2026. It will partly fund the rollout of nine new electrified models, including battery-electrics, hybrids and plug-in hybrids, over the next five years.
Woven Planet Holdings, the critical software-first company tasked with programming Toyota's next-generation digital cars, is again going through some reinvention.
Tesla has big plans to move into mainstream segments with a new vehicle platform and an outlandish sales target of 20 million cars per year. The key to success: slashing costs by revolutionizing the manufacturing process.
PDF Solutions and Voltaiq announced a new collaboration Thursday that the companies say will accelerate EV battery development and production.
BMW has appointed a new chief financial officer as the German premium automaker spends billions of euros to transitions toward electric cars.
BMW's autos business reported an 8.6 percent margin on earnings before interest and taxes (EBIT) of 10.6 billion euros and cash flow of 11.1 billion euros.
The agreement calls for the startup battery manufacturer to supply Shyft with 15,000 battery packs for Class 3-5 trucks over the next five years, ONE announced Thursday.
Massachusetts' newly elected Attorney General Andrea Campbell said in a court filing that terminating her office's non-enforcement stipulation is "in the public interest" and would take effect June 1.
Any new investment would mark a rare bright spot for auto manufacturing in the UK, where production slumped to a 66-year low in 2022.
The fire department said a Tesla struck one of its fire trucks and the Tesla driver was pronounced dead at the scene.
Peyman Kargar's No. 2, Olga Filippova, will take over as acting head of Infiniti, parent company Nissan said. The company also named a new U.S. chief marketing officer.
VW said it is still evaluating suitable locations for cell factories in eastern Europe and North America after a report said the automaker is prioritizing the U.S.
Porsche and Ferrari are seeking to exempt e-fuels from the EU’s planned 2035 ban on new internal combustion engine vehicles.
Ferrari expects to start delivering its latest model to customers by mid-year. The supercar maker had resisted building four-door cars even as rivals turned to SUVs and bigger vehicles.
Peyman Kargar's No. 2, Olga Filippova, will take over as acting head of Infiniti, parent company Nissan said.
After CATL Chairman Zeng Yuqun described in a private meeting how the company commands 37 percent of the global battery market, Chinese President Xi was quoted as saying that he was "both happy and worried," glad about its leading position but concerned about the risks.
A Michigan woman was arrested last week for allegedly embezzling more than $200,000 from a Stellantis dealership in Dundee, Mich., an hour Southwest of Detroit.
The system, which debuts in 2024 on the Cadillac Celestiq, can handle 95 percent of scenarios but will ask the driver to take over for complicated maneuvers.
Dealers say new contracts will substantially reduce their margins after they have invested millions in their dealerships at JLR's request.
Nissan's profitability will continue to lag behind its competitors for the next one to two years S&P said, as supply-chain issues persist.
AutoCanada Inc.’s net income fell in the final three months of 2022 as the company took a writedown on its used-vehicle inventory and saw floorplan financing costs climb with interest rates.
Canada’s only publicly traded dealership group last week reported (in Canadian dollars) net income of $14.8 million ($10.9 million USD) for the fourth quarter, down 79 percent from $69.4 million the year before.
Used-vehicle writedown provisions cost the company $12.4 million during the quarter, while added floorplan financing costs amounted to $13.3 million.
“These new hits to profitability impacted what was otherwise a historic quarter for AutoCanada,” said the company’s Executive Chairman Paul Antony on a conference call with financial analysts March 2.
Despite the lower net income, AutoCanada revenue hit a fourth quarter record of $1.4 billion, up from $1.2 billion in the same quarter of 2021. For the year, AutoCanada reported revenue of $6 billion for 2022, up from $4.6 billion for 2021.
Antony said “continued fluctuations” in used vehicle pricing prompted the writedown, before adding that the revaluation positions the company’s used inventory properly heading into the spring selling season. On Jan. 1, AutoCanada also implemented new measures to better address changes in used-vehicle prices, rolling back a change it had enacted as the used market accelerated during the pandemic.
After rising steeply in 2020 and 2021 to a peak in March 2022, used-vehicle prices in Canada declined in the second half of 2022, according to the Canadian Black Book Used Vehicle Retention Index. Used-vehicle values declined about 5.4 percent between March and December of 2022, the index shows.
AutoCanada’s gross profits on used vehicles were lower in the final three months of 2022, though its used sales climbed 21.2 percent during the quarter to reach 14,418 vehicles.
This compares to a 1.3-percent decline in new-vehicle sales for the period across AutoCanada’s 82 new-vehicle dealerships in Canada and the U.S.
Despite the current challenges, Antony said the company continues to move further into the used market in pursuit of growth.
“We see ourselves as being a hybrid of a lot of the largest auto retailers in the U.S., and CarMax. … We want a bunch of new-car dealerships and a bunch of used-car dealerships that sell both online and in-store.”
In the fourth quarter, the company sold 1.78 used vehicles for each new vehicle sale. This compares to a used-to-new ratio of 1.45 in the same period of 2021, and a ratio of 0.88 in the fourth quarter of pre-pandemic 2019.
The company is also expanding its presence in the collision centre and vehicle repair business.
On Feb. 27, it announced the acquisition of DCCHail, a paintless dent repair company specializing in the insurance claim management process and repairing hail damaged vehicles, with a national presence, including Canada’s largest hail repair facility in Calgary, Alta.
DCCHail generates more than $15 million in annual revenue, AutoCanada said.
“The current management team will continue to operate the business going forward,” the company said. “Apart from continuing to strengthen the operation's performance, the acquisition unlocks additional growth opportunities, including the potential to expand the business by leveraging AutoCanada’s dealership, parts and service and collision platforms.”
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