breaking auto news

Chinese EV startups draw Arab investorsChinese EV startups draw Arab investors

June 30, 2023| 3:32 am

SHANGHAI – Investors from oil rich Arabian countries have long been fond of buying into European luxury and sports car brands such as Mercedes-Benz, PorschesMcLaren and Aston Martin. But a shift is unfolding and such investors are now developing more interest in staking out electric-vehicle startups from China. CYVN Holdings, an investment arm of the Abu Dhabi government, signed an agreement with Nio Inc. on acquiring a seven percent stake in the Shanghai-based EV startup for some $740 million. Abu Dhabi is the capital of the United Arab Emirates. The two sides “agreed to cooperate to jointly pursue opportunities in… [...]

The Infiniti showroom redesign is lounge-likeThe Infiniti showroom redesign is lounge-like

June 26, 2023| 2:48 am

The lack of fresh product has put Infiniti into a multi-year slump. Last year, the brand reported 46,619 US sales, its lowest since 1992, according to Automotive News Research & Data Center. Another retailer also said he’s unlikely to pull the trigger on a store upgrade until he sees a “Cadence product that is true and believable — not just promises.” “Infiniti has been a disappointing brand for years,” Haig said. “Its dealers are not making any meaningful money compared to almost any other franchise.” Anticipating the pushback, Infiniti is pitching the redesign to its dealers as optional. “It’s not… [...]

Autoliv sees pricing helping it hit or beat a mid-term growth goalAutoliv sees pricing helping it hit or beat a mid-term growth goal

June 15, 2023| 11:31 pm

STOCKHOLM — Autoliv expects to meet or exceed its medium-term business growth target while reiterating all of its financial goals for this year, a week after announcing around 8,000 job cuts to save costs. The world’s largest maker of airbags and seatbelts said that due to price increases to offset high-cost inflation, its business expansion was on track to significantly exceed growth in light vehicle production by four percentage points per year. In a statement ahead of its US investor day, Autoliv said when adjusting for those price increases, it would meet or exceed the growth target set for 2022… [...]

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

June 9, 2023| 10:59 pm

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… [...]

The UK expects a deal on EU ‘rules of origin’ for EVsThe UK expects a deal on EU ‘rules of origin’ for EVs

May 30, 2023| 9:08 pm

The UK and the European Union will “soon” announce a solution on post-Brexit trading rules that automakers warn could lead to factory closures, Business and Trade Secretary Kemi Badenoch said. “This is not a UK problem, it is an EU-UK problem. It works both ways,” Badenoch told Bloomberg on Tuesday on the sidelines of the Qatar Economic Forum in Doha. “We should see an answer soon.” Stellantis this month warned that British car plants would close with the loss of thousands of jobs if the issue was not addressed. Ford called for post-Brexit EU trade requirements on rules of origin… [...]

Plante Moran study: Auto suppliers in dark on EV plansPlante Moran study: Auto suppliers in dark on EV plans

May 29, 2023| 8:57 pm

The study captures North American automaker-supplier relations as parts makers navigate financial pressures stemming from inflation, unstable automaker production schedules, the shortage of microchips and rising interest rates. Those pressures, which began in late 2019 with the onset of COVID-19 and the UAW’s strike at GM, have tested relations between suppliers and their customers. Suppliers said there needs to be greater and more timely communication and transparency on short-term supply chain disruptions and on any changes in forecasting, Plante Moran reported. And it was found that many parts companies are frustrated by what they see as a disconnect between what… [...]

Elon Musk has found a new Twitter CEOElon Musk has found a new Twitter CEO

May 17, 2023| 5:41 pm

Elon Musk said on Thursday he has found a new chief executive for Twitter without naming the person and that he will transition to the role of chief technology officer of the social media platform within the next few weeks. “Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks!,” Musk said in a tweet. The Wall StreetJournal first reported that Comcast NBCUniversal executive Linda Yaccarino was in talks for the job. Word came Thursday that Yaccarino will leave NBC following the reports. Musk has previously not named any prospective candidates, and… [...]

What dealerships service managers are readingWhat dealerships service managers are reading

May 9, 2023| 4:34 pm

When I was first starting at Automotive News a few years back and trying to learn the service and parts business, Lee Harkins, CEO of dealership training company M5 Management Services, let me be a fly on the wall at one of his performance group meetings. I must not have made too big of a nuisance of myself because I’ve been invited back to every meeting since, including one a couple weeks ago in Orlando. The discussions there were the same: What are you struggling with? Where are you having success? What’s one best practice you want to [...]

Maserati updated the lineup with a choice of EVs, hybrids, combustionMaserati updated the lineup with a choice of EVs, hybrids, combustion

April 26, 2023| 2:20 pm

Peffer said Maserati’s sales last year and so far in 2023 are primarily utility vehicles. Early data shows that around 80 percent of Grecale sales are conquests. The Grecale starts at $64,995 with shipping, a price point that may surprise some consumers. Houston Maserati dealer Steven Wolf said the brand’s image can make people assume its products are out of their reach, but the Grecale is more accessible. “I think that there’s a lot of people who don’t know you can get a Maserati in the $60,000 range, and I think that’s something [where] the word needs to get out,”… [...]

Transport technology startup funding plunged 43 percent in MarchTransport technology startup funding plunged 43 percent in March

April 23, 2023| 2:09 pm

Globally, deal activity in the mobility technology sector for the fourth quarter of 2022 was going flat into 2023, Jonathan Geurkink, a senior analyst at PitchBook, told Automotive News. “We are seeing investment shift away from the activity in and around autonomous driving and the ride-hailing and last mile stuff seems to be tailing off as well,” Geurkink said. “I think there are areas certainly in battery technology that look interesting. We’re probably going to put out an analyst note in the next month or so on sodium battery technology and some of the investments there.” Of the 47 investments… [...]

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