FRANKFURT -- Porsche must pay a fine of 40 million euros ($47 million) for breach of duty relating to its tax filings, German prosecutors said.
The company is paying that sum to the state of Baden Wuerttemberg, where it is based, and not appealing the fine, the prosecutors added.
"Therefore, the proceedings against Porsche have been legally completed," they said.
The case relates to filings between 2009 and 2016.
Lithia Motors Inc.'s revenue and earnings per share reached second-quarter records as net income jumped nearly fourfold on soaring new- and used-vehicle sales, higher gross vehicle profits and improved finance and insurance profits.
Net income totaled $304.9 million, up from $77.7 million in the same 2020 quarter that saw showrooms temporarily close and business slow during the early days of the coronavirus pandemic. Revenue more than doubled to $6 billion.
Adjusted net income also more than tripled to $315.5 million, up from $85.5 million in the quarter ended June 30, 2020. The adjusted results in this quarter included 37 cents a share of charges for acquisition costs, a net loss on the sale of dealerships and insurance reserves that Lithia said were somewhat offset by a gain in an investment.
Results in the year-earlier quarter included 34 cents a share of charges for asset impairment, insurance reserves and acquisition costs, partially offset by…
Biden administration officials say they’re starting to see signs of relief for the global semiconductor supply shortage, including commitments from manufacturers to make more automotive-grade chips for car companies that have had to idle production.
U.S. Commerce Secretary Gina Raimondo, who has led President Joe Biden’s efforts on chip supply, has brokered a series of meetings between semiconductor manufacturers, their suppliers, and their customers including automakers. Senior administration officials said the meetings helped ease mistrust between the sides related to the chipmakers’ production and allocation and automakers’ orders.
The result has been more transparency about the manufacturers’ production and shipments and a gradual increase in supply for automakers, Raimondo said in an interview. The administration has also recently pressed governments in Malaysia and Vietnam to ensure semiconductor plants would be deemed “critical” businesses and maintain …
Mexican supplier Nemak's revenue climbed 137 percent to $955 million in the second quarter as improved operating efficiencies, higher aluminum prices and favorable currency exchange rates helped boost results -- offsetting production interruptions caused by the global microchip shortage.
The supplier of powertrain and body structure components on Tuesday said it swung to net income of $44 million in the second quarter from a $125 million loss a year earlier, when customer production stoppages hindered its global operations for eight consecutive weeks.
Nemak's production volume grew to 9 million units in the second quarter, up nearly 104 percent from 4.4 million units in the year-earlier period. The supplier says that's because of increased customer demand and improving economic conditions in the post-pandemic world.
Earnings before interest, taxes and other adjustments swung from a loss of $37 million in the year-earlier period to $150 million this quart…
Detroit lender Ally Financial Inc. on Tuesday reported higher profits and its largest auto origination volume in more than a decade as consumer demand for cars and trucks remains high.
Ally, one of the largest U.S. auto lenders, reported second-quarter net income of $900 million, nearly quadruple the $241 million it reported in the year-earlier period.
Consumer auto originations grew to $12.9 billion, up 79 percent from $7.2 billion in the second quarter of 2020, and marked the highest level in 15 years. There also was a record 3.5 million applications "decisioned" in the quarter.
For the first time in the company’s history, there was a net recovery in credit, in part driven by strong demand and general spending power for consumers, CEO Jeffrey Brown said on an investor call.
Auto originations covered $7.3 billion in used retail volume, or about 56.6 percent of total originations, as well as $3.8 billion in new-vehicle retail volume and…
WASHINGTON -- Consumer Reports said Tuesday that Tesla Inc.'s "Full Self-Driving" software lacks safeguards and raised concerns the system's use on public roads puts the public at risk, citing reports from drivers.
The influential consumer publication cited videos posted on social media of drivers using it and raised concerns such as "vehicles missing turns, scraping against bushes, and heading toward parked cars."
Consumer Reports said it plans to independently test the software update known as FSD Beta 9, as soon as its Model Y receives the update.
Tesla and NHTSA did not immediately comment.
"Videos of FSD Beta 9 in action don’t show a system that makes driving safer or even less stressful,” says Jake Fisher, senior director of Consumer Reports' Auto Test Center. “Consumers are simply paying to be test engineers for developing technology without adequate safety protection.”
In April, Consumer Reports said its engineers were able to def…
If you haven't yet read the stories of this year's Automotive News 40 Under 40 honorees, definitely do so.
The young dealership leaders recognized this year have worked through the dual global crises of a pandemic that disrupted operations and a shortage of microchips that has throttled the pipeline of new-vehicle inventory.
Factories were closed. In some states, dealership showrooms were closed. Consumer demand dried up, then rebounded, even as vehicle supply became more constrained. Dealerships have had to get creative in how they do business, from setting up a process for online sales to bringing vehicles to buyers' homes.
The pandemic accelerated auto retailers' adoption of technology and digital processes throughout the past 16 months, and several of the honorees in this year's 40 Under 40 class played a role in that shift at their stores or in their dealership groups. Some of their strategies: centralizing and modernizing the business development c…
Intel Corp.'s Mobileye said Tuesday it was testing self-driving vehicles in New York City, including the bustling Manhattan borough, in an effort to prove its technology can handle jaywalkers, construction zones and even horse carriages.
Mobileye CEO Amnon Shashua said at a news briefing the company has begun testing camera-only vehicles in the city in the past weeks, calling the driving environment "very challenging."
"It's really a huge headache to test here in New York City," Shashua said, listing a range of driving challenges in the Big Apple, including light pollution at night, aggressive driving, double-parked cars and pedestrians ignoring traffic rules.
Shashua said the ability to navigate NYC streets was a crucial step towards commercializing autonomous vehicles that can handle a range of driving environments.
Mobileye had received a testing permit by New York state after supplying officials with all the data from self-driving programs t…
More than 200 employees who worked or are working for Fiat Chrysler's U.S. unit will not be considered victims of a long-running scandal that involved the automaker's representatives paying off members of the UAW, a federal judge said Monday.
Judge Paul Borman of the Eastern District of Michigan ruled that the company funneling $3.5 million to the union between 2009 and 2016 did not negatively affect the 234 workers in question in the lawsuit.
FCA US, which is now part of Stellantis, pleaded guilty this year to one count of conspiracy to violate the Labor Management Relations Act. The automaker agreed to pay a $30 million fine and undergo independent compliance monitoring for three years.
The employees alleged that the bribes caused them to receive suboptimal work agreements. Labor negotiations took place within the aforementioned time frame. Stellantis spokeswoman Jodi Tinson declined to comment on the latest ruling.
Th…
DETROIT — BrightDrop, General Motors' electric van-powered goods and delivery service, has appointed executives from Lyft, Postmates and Nio to fill out its leadership team.
BrightDrop has named Anthony Armenta as chief technology officer, Rachad Youssef as chief product officer, Shaluinn Fullove as chief people officer and Steve Hornyak as chief revenue officer, the company said in a statement Tuesday.
The appointments are effective immediately.
"Their robust backgrounds — spanning robotics, autonomy and machine learning — will enable us to accelerate our vision of delivering better cities while helping decarbonize the last mile of delivery," BrightDrop CEO Travis Katz said in the statement.
Armenta, Youssef and Fullove will work out of BrightDrop's San Francisco Bay Area offices, and Hornyak will be based in Atlanta.
BrightDrop plans to launch the EV600 van later this year, initially built by a supplier in Livonia, Mich., b…
