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Automotive News

Stellantis, GM pay $363 million in US fuel economy penalties

June 9, 2023

Chrysler-parent Stellantis and General Motors paid a total of $363 million in civil penalties for failing to meet US fuel economy requirements for prior model years, documents seen on Friday by Reuters show. The record-setting penalties include $235.5 million for Stellantis for the 2018 and 2019 model years and $128.2 million for GM covering 2016 and 2017, according to NHTSAwhich administers the Corporate Average Fuel Economy program. Stellantis said the penalties “reflects past performance recorded before the formation of Stellantis, and is not indicative of the Company’s direction.” Stellantis previously paid a total of $156.6 million in penalties for the…

Automotive News

Expert Insights: The Future of Connected Vehicles and Customer Experiences

June 8, 2023

Q: What types of experiences are on the horizon that will be supported through connected or software-defined vehicles? Macleod: As digitally fueled car sales increase, vehicles are also becoming more connected. By the end of the decade, it is estimated that connected cars — cars that can communicate and share data with a variety of systems both inside and outside the vehicle — will make up about 95% of all new vehicles sold around the world. Layering web-based and location-based data, for example, a car will be able to alert a hungry driver that a favorite fast-food dining spot is…

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Elon Musk’s politics play to potential EV buyers in red states

June 7, 2023

Mario Natarelli, managing partner of the MBLM marketing group, doesn’t see Musk’s political shift and controversial Twitter posts as an attempt to shift from “blue” liberal customers to “red” conservative shoppers. “I don’t buy the argument that Musk is trying to pivot to red customers,” Natarelli said. “To think that he’s doing it on purpose seems really shortsighted.” Many brands seen as blue, such as Apple, or red, such as Walmart, are able to attract broad swaths of the American political landscape by focusing on their brand strengths, Natarelli said. MBLM publishes an annual brand intimacy report that ranked Tesla…

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Franchise Equity Partners invests $55M in Parks Automotive Group

June 6, 2023

“We remain a passive partner,” Romanoff said. “Adam and team continue to fully run operations, but we’ve provided them the intellectual and equity capital that they need to further their objectives.” Family-run Parks Automotive is the second auto retailer investment for Franchise Equity Partners, following its $70 million October investment in Georgica Auto Holdings. Shortly after that partnership was announced, Georgica Auto bought three dealerships in Connecticut. Launched by Romanoff and Michael Esposito in November 2021, the firm received $1 billion in funding from HPS Investment Partners. It was tasked with investing in five sectors, including automotive dealerships, with about…

Automotive News

Should You Use Insurance to Replace Your Windshield: Yes or No?

June 6, 2023

It’s likely what happened to you before: a chipped or cracked windshield. Unfortunately, this type of issue generally occurs quickly, and without any warning. In addition, chips, cracks and breaks can be big, small, easy to fix or very expensive to repair. Each situation is different and calls for a specific action. It’s important to remember that when you experience windshield damage, seek professional automotive assistance as soon as possible. Not only is it extremely unsafe for you (and others on the road) to drive a car with a windshield that has been impaired, but small chips or cracks can…

Automotive News

GM CEO Mary Barra: Software, services, autonomy mean growth

June 5, 2023

General Motors sees the biggest revenue opportunities from software and services that go beyond what vehicles offer today, rather than charging for features such as heated seats that customers already expect, CEO Mary Barra said Friday. Such software and services represent a major growth opportunity for GM, particularly as they extend beyond a vehicle’s first owner, Barra said at a Bernstein investor conference Friday. She said the automaker has learned from its OnStar safety and connectivity service what consumers are willing to pay for and what they expect to be in the vehicle. GM has seen a willingness for “something…

Automotive News

GM battery materials investment in Quebec to top $1 billion

June 4, 2023

General Motors and South Korea’s Posco Future M said they will invest more to expand the production capacity at their chemical battery materials facility in Canada, taking their estimated total investment in the plant to over US$1 billion. The companies said on June 2 the new investment in their Ultium CAM plant, expected to start operating in 2025, will be used to set up additional facilities for local on-site processing of critical minerals used in electric vehicle (EV) batteries. The announcement comes less than a week after the two initially said it would be a C$600-million facility in Becancour, Que.…

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How it stacks up against GM and Ford

June 4, 2023

There are very few women at the wheels of Tesla. Detailed data about the demographics of Tesla’s workforce released for the first time this week shows men vastly outnumber women at the upper levels of billionaire Elon Musk’s electric car manufacturer. Men held 8 out of 10 executive jobs and nearly 7 out of 10 management jobs at Tesla in 2021, the most recent data available. Those figures were comparable to other major car manufacturers, according to a USA TODAY analysis. At Ford, 74% of executives were men and at General Motors, 79%. Women of color were the least represented…

Automotive News

Canadian partners buy VW car dealership in the US

June 3, 2023

Hewitt — an experienced used-car manager — is focusing on the store’s sales department, while Alalouf oversees fixed operations, accounting and finance. The partners each have three decades of automotive managerial experience. They met 25 years ago at what was then the Cowell Auto Group near Vancouver, British Columbia, then later worked for Canada’s Foundation Automotive Corp. in the US After they decided last year to launch their own business, Alalouf and Hewitt sold their Vancouver homes to raise cash. They said they chose a US location because Canadian dealerships were either too expensive or too remote. If all goes…

Automotive News

May sales up 13%, but remain well below pre-pandemic numbers

June 2, 2023

May marked just the second month of this year in which sales were up over 2021 totals, which were higher than 2022 totals in all but November and December of last year. DAC said that historically, May was more often than not the strongest sales month of the year over the previous decade. It took the sales crown eight times between 2010 and 2019. “The last three years have seen very different sales patterns, however, with the first the pandemic and then the semiconductor shortage, meaning that the traditional spring selling season failed to materialize,” the consultancy said in a…

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