WASHINGTON — The Federal Reserve held interest rates steady on Wednesday and signaled it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings and suggested a possible stall in the movement towards more balance in the economy. The Fed's latest policy statement, issued at the end of a two-day meeting, kept key elements of its … [Read more...]
Lithia trims U.K. car dealership network after Pendragon deal
Lithia Motors is paring its U.K. auto retail footprint with cuts to the Pendragon network after entering and expanding throughout the country in the past 13 months. It's dropping 16 used-car CarStore locations and rebranding 11 others. Source: autonews.com … [Read more...]
Tesla retreats from next-generation ‘gigacasting’ manufacturing process
Tesla has backed away from an ambitious plan for innovations in gigacasting, its pioneering manufacturing process, according to two sources familiar with the matter, in another sign that the electric-vehicle maker is retrenching amid falling sales and rising competition. Source: autonews.com … [Read more...]
Mazda teases an EV Mazda6 sedan with China show car
TOKYO — Mazda killed off the Mazda6 sedan in North America with the 2021 model year, but the Japanese carmaker could be teasing its possible resurrection as a full electric vehicle. Mazda Motor Corp., a longtime laggard in the global EV race, plans to launch only its second battery-electric vehicle this year, in China. That car's name is the Mazda EZ-6 sedan. The sporty, rear-slung four-door with … [Read more...]
Goldman in talks with Barclays on GM Credit Card deal, WSJ Says
Goldman Sachs Group Inc. is in discussions to transfer its General Motors Co. credit-card business to Barclays Plc. The British lender is the lead candidate to take over the credit card portfolio with about $2 billion in outstanding balances, Source: autonews.com … [Read more...]
Porsche study concludes aluminum could reduce Taycan weight, increase manufacturing simplicity
The study by Alumobility found switching the electric Taycan's top hat structure to all-aluminum could cut down on weight by about 40 percent. Source: autonews.com … [Read more...]
Tesla Supercharger growth to slow, CEO Elon Musk says, after mass layoffs
"Tesla still plans to grow the Supercharger network, just at a slower pace for new locations," Musk said, following media reports that the automaker slashed its team dedicated to the charging network. Source: autonews.com … [Read more...]
Credit Acceptance Q1 net income down 35%; loan volume grows
Credit Acceptance Corp. Q1 2024 earnings: Net income fell 35 percent year over year during the first quarter as the major national car loan company grew its loan portfolio but had higher expenses. Source: autonews.com … [Read more...]
Possible clues emerge on Amazon's mystery plan for Zoox robotaxis
Developments in the Amazon empire may hint at tech giant's strategy for its Zoox robotaxi subsidiary that plans to launch service this year. Source: autonews.com … [Read more...]
Toyota establishes North American hydrogen business headquarters in Los Angeles
The H2HQ facility will do R&D, commercialization and sales for hydrogen fuel cell products. Source: autonews.com … [Read more...]
Hyundai, Kia sales slip in April
U.S. light-vehicle sales are expected to drop about 2 percent in April, reflecting one less selling day than a year earlier and weaker fleet shipments, analysts say. Source: autonews.com … [Read more...]
Ford launches AI-powered dealership training platform
The automaker is rolling out Ford University, a digital platform that utilizes AI to train dealership employees on selling vehicles and improving their relationships with customers. Source: autonews.com … [Read more...]
Polestar delays key SEC filing, says it needs time to review "certain errors" in its 2021 and 2022 annual and interim financial statements.
Polestar said it believes the historical errors are expected to "positively impact net loss by less than five percent for 2021, and negatively impact net loss by less than five percent." Source: autonews.com … [Read more...]
Mercedes-Benz Alabama factory changes CEO weeks before UAW vote
Federico Kochlowski, vice president of operations, will take over as CEO of the Mercedes U.S. assembly plant effective Wednesday. Source: autonews.com … [Read more...]
Continental Auto Group founder Bryan Hardeman arrested on more arson charges
Bryan Hardeman, founder of Continental Automotive Group, was arrested for the second time in two months in connection with multiple suspected arson fires in Austin, Texas. Source: autonews.com … [Read more...]
6 public auto dealership groups challenged by inflation, lower profit per vehicle
The nation's six publicly traded auto dealership groups all saw net income decline in the first quarter, in some cases by double digits, as post-pandemic supply and demand continued its return to normal dynamics and other headwinds made their mark. Asbury Automotive Group, AutoNation Inc., Group 1 Automotive Inc., Lithia Motors Inc., Penske Automotive Group Inc. and Sonic Automotive Inc. also have … [Read more...]
Toyota names Jack Hollis, Chris Reynolds to new jobs under Ogawa
Toyota restructures its top North American management, splitting responsibilities between Jack Hollis and Chris Reynolds, with both reporting to CEO Ted Ogawa. Source: autonews.com … [Read more...]
UAW to hold strike vote at Stellantis' Warren Stamping Plant
Around 1,100 workers at Stellantis' Warren Stamping Plant will vote May 6 on whether to authorize a strike over unresolved health and safety grievances. Source: autonews.com … [Read more...]
Lear's Q1 net income falls as auto supplier goes full bore into automation
Lear Corp. reached a revenue record in the first quarter but saw net income drop 24% as it navigates operational and restructuring challenges related to lower volumes. Source: autonews.com … [Read more...]
Carvana's plans to return to growth sought ahead of Q1 earnings
How the company executes its next growth period is critical, Carvana CEO Ernie Garcia said. Source: autonews.com … [Read more...]
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