Credit Acceptance Corp. Q3 2023 earnings: CACC net income dropped 18 percent year over year to $70.8 million, dragged down in part by the major used-vehicle lender having to pay more for the funds it loaned car shoppers. But third-quarter car loan originations rose 13 percent, and they've been up materially in October.
Higher volumes, stable pricing and improving logistics helped Stellantis reduce the damage of the UAW's campaign of strikes in the U.S.
Upcoming ratification votes will be the ultimate test of UAW President Shawn Fain's aggressive, unconventional approach to bargaining with the Detroit 3.
GM was the last of the Detroit 3 to agree to terms with the union, which stopped picketing Ford Motor Co. late Wednesday and Stellantis on Saturday afternoon.
Unifor struck a tentative agreement with Stellantis early Monday, ending a 7-hour strike after a final weekend of intensive contract talks in Canada. Unifor also settled with GM after a short strike 3 weeks ago.
Unifor strikes Stellantis after weekend contract talks don't end in a deal, but Unifor said negotiations will continue through the night.
By accumulating fast-moving parts ahead of time, many dealers dodged immediate impacts of the UAW strike of the Detroit 3. Now, with certain parts reserves thinning out, their concerns are rising.
The UAW's tentative agreement with Ford also includes an agreement on electric-vehicle battery plants, a plan to convert temporary workers to full-time after nine months of employment and a $5,000 ratification bonus.
Experian predicts retail leasing returns will rise to 1.1 million in the second quarter of 2024, but then fall to only 640,000 by the end of that year.
UAW Local 1853, which represents workers at GM's Spring Hill assembly plant and other facilities, posted that it was on strike as of 5 p.m. Central time Saturday.
The deal reached Saturday is expected to match Ford's 25 percent average pay hikes and a commitment to reopen the idled Belvidere, Ill., assembly plant.
UAW aims to announce Stellantis deal Saturday as talks finish up The recent concessions relate to job security and include keeping an engine plant open in Trenton, Michigan, and building a vehicle in the company’s idled Illinois assembly plant, said the people, who weren’t authorized to talk publicly.
A new campaign for Apple Autos in Minnesota features customers bragging to friends and family that they "didn't get screwed" while buying a new vehicle.
Dealers from across the country were honored in Chicago for their leadership in employee satisfaction.
Audi Bedford, a luxury dealership in Ohio, took home overall top honors and also was the large dealership category winner in Automotive News’ 2023 Best Dealerships To Work For program.
"This isn't related to any new on-road incidents, and supervised AV operations will continue," Cruise said in a post on X, formerly known as Twitter.
Penske Automotive CFO Shelley Hulgrave said 60 percent of the auto retailer's current scheduled service appointments in its western U.S. regionare taken after-hours using artificial intelligence-based systems.
The Federal Highway Administration will award $40 million in grants to communities for vehicle-to-everything technologies such as roadside infrastructure and wireless connectivity.
EV ownership is deeply tied to voting behavior in the U.S., according to a report by BloombegNEF. For every 10 percentage-point increase in Joe Biden’s share of votes in the 2020 election, the concentration of EVs was roughly 50% higher.
Stellantis and Leapmotor will set up a joint venture based in the Netherlands, giving Stellantis exclusive rights for the export, sale and manufacturing of Leapmotor's products outside China.
The carmakers had agreed in April 2022 to create a new architecture based on GM’s Ultium EV battery that will be used primarily for small crossover sport utility vehicles.
Toyota's lineup of electric concept vehicles, of all shapes and sizes, at the Japan Mobility Show aims to illustrate that the world's biggest automaker is finally serious about EVs.
JLR is investing $19 billion to develop EVs, with a new all-electric Jaguar coming in 2025.
GM withdrew its 2023 financial guidance and EV production targets through mid-2024 as it reported a 7.3 percent decline in third-quarter net income.
The first step of the collaboration will see Renault's Ampere unit supply Mitsubishi with an EV for its European lineup.
The strike is expected to cause limited harm to the automakers' third-quarter results being reported this week, but its repercussions will linger into 2024 even if a deal is reached in the coming weeks.
GM and Stellantis seek out minority candidates when an opportunity arises, but it may not be in an aspiring dealer's home market.
To celebrate Disney's 100th anniversary, 1,000 special-edition Ioniq 5s feature special badging and play Disney music when turned on.
Ford said 354 workers at a transmission plant in Sharonville, Ohio, and 10 at its Rawsonville Components plant in Michigan are being told not to report for work starting Monday because they supply the automaker's Kentucky Truck Plant.
Third-quarter earnings reports released by publicly traded suppliers in the coming days will provide a glimpse into how the UAW strike, slowdowns at the U.S.-Mexico border and other supply chain challenges are impacting supplier finances.
Ciocca's purchase of Apple Automotive, which includes 10 franchised dealerships in York County, Pa., is expected to close in February.
Autoliv CEO Mikael Bratt said the company would increase its 2023 sales guidance to about 17 percent organic growth from 15 percent, citing development of light vehicle production, to which it is highly exposed.
Mercedes dealers took an average of 82 days to sell the brand's battery-powered EQ models in September — more than double that of BMW's 38-day turn.
Stellantis, Ford and GM announced additional layoffs as the ripple effects of the UAW's five-week work stoppage continue to grow.
Tesla drivers will be able to charge without an adapter at select ChargePoint stations starting this month.
Reynolds and Reynolds continues efforts to convince dealership customers that it is more customer-friendly and collaborative. The process is easier said than done, experts say.
Launching Cruise's driverless ride-hailing service in one of the world's biggest, busiest cities represents a step forward for autonomous driving development in Japan, where local players typically trail pioneering tech companies in the U.S. or China.
Launching Cruise’s driverless ride-hailing service in one of the world’s biggest, busiest cities represents a step forward for autonomous driving development in Japan, where local players typically trail pioneering tech companies in the U.S. or China.
The recall covers 2021-22 Mustang Mach-Es equipped with an extended-range battery and comes after NHTSA in August launched an investigation into Ford's handling of a June 2022 recall of nearly 50,000 of the automaker's high-profile EV.
Tech-heavy Teslas cost about $1,350 more in collision repairs than combustion vehicles, third-quarter data shows. Rivian and Lucid were higher. But non-Tesla EVs cost just $269 more than gas cars on average.
Infineon will build and reserve manufacturing capacity to supply silicon carbide and silicon power modules and chips to Hyundai and Kia until 2030.
The union said it is “looking forward” to locking in a deal that matches the pattern set by collective agreements with the other two members of the Detroit 3 while making “additional gains” on workplace issues specific to Stellantis.
Tesla remains the dominant EV player in the U.S., with about half of the segment, but sales of three of its four models fell in the third quarter despite price cuts, Cox Automotive said.
The agency said it received two reports from Cruise of incidents in which pedestrians were injured, and has identified two further incidents via videos posted to public websites.
Volta said problems with a supplier had cut the number of trucks it was able to produce and made it hard to raise sufficient capital.
Chuo Spring said an accident involving an explosion in a building at its Fujioka plant on Monday resulted in damage to the facility where vehicle suspension coils are made for a number of Japanese automakers.
Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto.
GM will report third-quarter results Oct. 24, with Ford following on Oct. 26. GM has already telegraphed a $200 million hit to third quarter profits from strike-related costs.
2024 Nissan Rogue will arrive in stores early next year, followed by an off-road trim in the fall.
Toyota shows it is serious about electric vehicles, with plans to preview its next-generation EV platform in a sexy sports car and futuristic crossover at the Japan Mobility Show.
Consumers engaging with a car protection product option on a dealership's website bought the same number of items as customers who followed a more typical car-buying process, AutoFi found in a study conducted earlier in 2023.
About 4,300 members in Oshawa, St. Catharines and Woodstock, Ontario, voted 80.5 percent in favor of the deal that promises pay increases of nearly 20 percent for longtime workers over the three-year term.
Protective Asset Protection surveyed over 300 dealership executives and found 53 percent were unsure if F&I products should be for sale online.
Honda, which is getting out of the gasoline-powered mower business, unveiled an electric self-driving replacement that can be controlled by a tablet or smartphone.
A fourth Chevrolet Corvette model, the ZR1, is expected to arrive at dealerships next year as a 2024 or 2025 model.
Unlike previous versions of the highest-performance street-legal Corvette with supercharged V-8s, the C8 version will be powered by a twin-turbo V-8 engine — just the second such production engine GM has ever made. Horsepower could top 850. Engineers last week were putting the sports car through severe high-speed testing at Germany’s Nürburgring.
The latest ZR1 will have a different front fascia with a splitter and a rear wing. These spy photos show two different wings being evaluated.
China's dominance in the battery market is explained in a new book that highlights how German automakers failed to invest early in a crucial technology – lithium ion batteries.
The electric Tesla Semi demonstrated its initial performance advantages in range and charging efficiency.
Lexus, Subaru and Mazda plan to unveil sporty concept cars at this month's Japan Mobility pointing to an electrified future in possible successors of the LFA, WRX and MX-5 Miata.
The $7 billion — part of a larger $8 billion hydrogen hub program funded through 2021's Infrastructure Investment and Jobs Act — will be used to create networks that link hydrogen producers, infrastructure providers and customers across multiple industries, including transportation.
Project will benefit from provisions in the Inflation Reduction Act and other rules the U.S. has promulgated to incentivize local lithium battery production, Gotion said in a statement.
Toyota is teaming with Japanese petrochemical giant Idemitsu to develop a sulfide solid electrolyte for the all-solid-state batteries the automaker plans to market in its next-generation electric vehicles around 2027-2028.
Toyota is teaming with Japanese petrochemical giant Idemitsu to develop a sulfide solid electrolyte for the all-solid-state batteries the automaker plans to market in its next-generation electric vehicles around 2027-2028.
Toyota is teaming with Japanese petrochemical giant Idemitsu to develop a sulfide solid electrolyte for the all-solid-state batteries the automaker plans to market in its next-generation electric vehicles around 2027-2028.
Kia's new line of affordable EVs shatter price barriers with style and technology, kicking off with the EV5 compact crossover, on its way to 1 million all-electric sales globally.
The automaker's January to August EV share fell to 58% from 65.1% a year earlier, Experian data shows. Tesla blamed factory downtime for global third-quarter sales that came in lower than the preceding quarter.
Idra was also about to sign a supply contract for two 9,000 presses with a premium automaker in Europe, its first with a European group, Reuters reported.
The online portal is similar to tools dismantlers employ for catalytic converters and platforms dealers employ to price used vehicles.
Some dealerships have long launched startups to fill specific business needs. They're increasingly becoming investors for new companies outside their walls.
Magna International debuted a new foam and trim product line for vehicle seats that is 100 percent recyclable, helping automaker customers reach sustainability targets and keeping seating materials out of landfills.
Schaeffler, already the main shareholder in Vitesco and Continental, will add electrification expertise and more scale to manage its declining combustion-engine business.
Tesla came under scrutiny in the past fortnight after German media citing local authority documents in Brandenburg reported an unusually high number of work-related accidents requiring workers to take at least three days of sick leave were occurring at the plant.
The $3.2 billion plant will be co-located in Kokomo, Ind., next to the first plant under construction. The companies expect to create 1,400 jobs at the second site and will begin production in 2027.
Shift Technologies terminated 120 employees last week ahead of its Chapter 11 filing and retained 24 employees to facilitate Shift's wind-down of operations, according to a court filing.
Nearly 4,000 public charging stations were out of service as of Oct. 5, according to the U.S. Department of Energy. That's an outage rate of more than 6 percent.
The EV startup has a production goal of more than 10,000 Air sedans this year. On Sunday, it launched the performance Sapphire trim, starting at $250,500 with shipping.
Silicon carbide is more efficient than traditional silicon chips and has been used in some EVs, including Tesla vehicles, to speed charging and extend range.
Mercedes' sales fell 4 percent to 510,600 vehicles, while BMW's volume dipped 5.8 percent to 621,699 vehicles in the quarter.
The strike includes roughly 4,300 hourly workers at GM’s Oshawa Assembly Plant east of Toronto, its powertrain plant in St. Catharines and its Woodstock Parts Distribution Center.
The Nissan Hyper Adventure, a high-tech, eco-friendly sporty crossover, will preview the Japanese automaker's next-generation EV designs with a huge battery and unique flip seat when it debuts at this month's Japan Mobility Show.
Pendragon appeared primed to sell most of its assets to Lithia Motors Inc. when the transformative but still pending deal was revealed in mid-September. That kick-started a flurry of jostling among three of the largest auto retailers.
Lack of staff and inadequate safety provisions are leading to a high number of accidents at work at Tesla's plant near Berlin, the IG Metall union said.
Michigan State Professor Peter Berg will join for a live talk on the UAW strikes against the Detroit 3.
Genesis opened its first retail facility on the East Coast — Genesis of Cherry Hill in Marlton, N.J. — which is the brand's ninth store to open in the U.S. and one of the largest at 20,000 square feet.
Tesla’s top-selling electric vehicles now compete directly with gasoline cars on price after the latest round of price reductions. The lower prices could cost the company $1.2 billion a year.
The deal will help the billionaire Schaeffler family reshape its industrial empire, expanding Schaeffler's offerings for the EV industry.
Dream Girls Detroit is letting in UAW members for free throughout the strike, and the Greenhouse of Walled Lake is giving half off.
Lithia Motors' increased offer to acquire the dealership and fleet businesses of Pendragon could bring more long-term value to shareholders of the large U.K. auto retailer vs. a rival auto retailer's preliminary proposal, one analyst said.
Mullen Automotive will soon know if its strategy of homologating Chinese vehicles for the U.S. commercial fleet market is a viable business plan. Two vehicles, a small electric van and a Class 3 chassis cab, are starting production now.
Dealers have begun receiving their first Lexus TX large crossovers built in Indiana that are intended to keep younger buyers in the luxury brand as their families grow.
Ford, General Motors and Stellantis don't seem to have gone "cold turkey" on their October car sales promotions despite the UAW strike, a J.D. Power analyst said. But GM's deals run only two weeks.
About 80 percent of the dealer group's customers are enrolled in the O'Brien Rewards program.
The deal hands ownership of Lookers’ 147 new-vehicle dealerships in the U.K. and Ireland to Global Auto Holdings, a special-purpose acquisition company formed to carry out the purchase.
UAW President Shawn Fain said he planned to strike GM's key full-size SUV plant in Texas but called it off after the company made its last-minute concession. No other strike expansions were announced Friday.
The rear-drive Air is $5,000 less expensive than the all-wheel-drive Pure trim. The launch comes after Tesla cut the price of its Model S sedan by $3,500 last month to $76,630.
The reimbursement time frame was part of a handful of new guidance issued Friday by the Treasury and IRS to provide dealers with additional information on registration requirements and how the mechanics of the credit transfer will work.
The SEC began its probe in April 2022 and has requested thousands of documents from the Tesla CEO and other parties, the agency said. The billionaire has already sent hundreds of documents, and testified twice in July 2022.
At a public meeting Thursday, auto safety officials at NHTSA made their case for why the airbag inflators pose an unreasonable risk of serious injury or death to vehicle occupants. ARC Automotive, of Knoxville, Tenn., pushed back against the agency's reasoning.
Workers must still ratify the agreement covering 4,000 hourly workers that includes a $3,500 ratification bonus, improved retirement benefits, additional vacation and a reduction in the time needed to get to top pay. The agreement includes an immediate 10 percent pay hike upon ratification.
Joining their global peers — including Ford, GM and Nissan — in adopting Tesla's North American Charging Standard, Hyundai's and Kia's moves take the Elon Musk-led company's superchargers closer to becoming the industry standard.
Müller-Ötvos, 63, has led Rolls-Royce since 2010, overseeing a sharp increase in sales and the brand's first SUV and full-electric models. He will be replaced by Christopher Brownridge, the head of BMW Group's U.K. and Irish operations.
VW, Mercedes, as well as California's Lucid and Asian automakers, are taking part in the show to win business in a region with annual new-car sales on a par with the German market.
Deliveries of the company's EVs rose to about 9,500 in the three months through June.
Ford's EV sales rose 15 percent in the third quarter, while hybrid sales jumped 41 percent.
Honda's 2024 Passport gets enhancements to its off-roading TrailSport variant and a new Black Edition that replaces the top Elite trim.
The European Commission formally launched the investigation on whether to set tariffs to shield its producers from a "flood" of imports of cheaper Chinese electric vehicles it says benefit from state subsidies.
Video reviewed by late Tuesday showed how the incident developed on Monday night in San Francisco.
A Cruise autonomous vehicle ran over a pedestrian who became trapped underneath the vehicle in San Francisco on Monday night, according to emergency responders.
Analysts expect U.S. light-vehicle sales to rise 13 to 14 percent in September and 15 to 16 percent for the third quarter as retail inventories improve and fleet shipments rebound.
The single-motor variant starts at $45,630 with shipping — $3,750 lower than the previous base trim. It arrives on the heels of Tesla's mixed third-quarter sales report.
Fast-growing Tesla posted a rare quarter-on-quarter sales decline due to factory downtime. But better days are coming, analysts say, with the launch of Cybertruck and freshened Model 3 sedan
The Model Y, a crossover that began deliveries in March 2020, is the company’s best-selling model. Tesla has tweaked prices several times since the beginning of the year.
The UAW strike will prompt Ford, General Motors and Stellantis to pare back incentive deals for car shoppers, according to J.D. Power and Edmunds analysts. However, incentives are already low industrywide.
Analysts expect U.S. light-vehicle sales to rise 13 to 14 percent in September and 15 to 16 percent for the third quarter as retail inventories improve and fleet shipments rebound.
Tesla missed market estimates for third-quarter deliveries on Monday as planned upgrades at its factories forced production halts, sending its shares down 2.4% in early trading.
The ruling marks a significant victory for Tesla, as it means the company will not have to face class action claims on behalf of much larger groups of vehicle owners.
Electric-vehicle maker Rivian Automotive RIVN.O on Monday reported third-quarter deliveries above market expectations, as it ramped up production to meet a sustained demand for its pickup trucks and crossovers.
Suffolk County Supreme Court Acting Justice James Hudson in New York on Sept. 20 blocked Ford and Lincoln from imposing facility and business requirements on five dealerships to sell EVs until the retailers' lawsuit challenging the brands' EV dealer agreement changes is resolved.
NHTSA's Office of Defects Investigation upgraded the investigation to an engineering analysis after Ford provided evidence of 328 customer complaints, 487 warranty claims and 809 engine exchanges in 2021-22 Ford Bronco, Edge, Explorer and F-150 vehicles and 2021-22 Lincoln Aviator and Nautilus vehicles that are equipped with 2.7-liter or 3.0-liter EcoBoost engines.
The deals that Ford Motor Co., General Motors and Chrysler parent Stellantis eventually make with the union will go a long way toward determining their electric futures, according to industry experts.
The temporary agreement must still be ratified by the UAW rank-and-file. Should the 4,000 Mack workers have gone on strike, it could have strained the UAW's $825 million strike fund.
The operator of a nine-mile toll road outside Denver says vehicles registered to Tesla's store in Littleton have avoided paying for thousands of trips.
Toyota is radically rebooting its famed manufacturing system for its next generation of Tesla-fighting electric vehicles, due in 2026. Automotive News synthesizes days of company briefings and demonstrations to deliver a step-by-step picture of the production processes that will churn out these lower-cost, giga-cast, software-defined EVs of tomorrow.
