Trade News

Solid Power, a maker of solid-state batteries that counts Ford Motor Co. and BMW AG among its investors, is in talks to go public through a merger with Decarbonization Plus Acquisition Corp. III, according to people with knowledge of the matter.

The blank-check firm is seeking to raise more than $100 million in new equity to support a transaction that’s set to value the combined entity at about $1.2 billion, including debt, one of the people said. Terms could change and as with all deals that aren’t finalized, it’s possible talks could collapse.

A Solid Power representative didn’t immediately respond to a request for comment. A Decarbonization Plus spokesman declined to comment.

Colorado-based Solid Power raised $130 million last month in a round led by Ford, BMW and Volta Energy Technologies LLC, funding that the company said would help it start producing automotive-scale batteries on its production line early next year. “Solid-state battery technology …

Lithia Motors Inc. has added two more dealerships in the Los Angeles area, after buying eight dealerships in the market last fall.

The public auto retailer said Tuesday it purchased Center BMW and Center Acura in Sherman Oaks, Calif., from Dave Farguson. The BMW store transaction closed on May 23 and the Acura store deal closed on June 1, Farguson said.

Lithia said the dealerships combined are expected to generate $185 million in annual revenue.

"We are excited to add our first BMW store in Southern California and capture the significant potential that exists," Lithia CEO Bryan DeBoer said in a statement.

Terms of the transactions weren't disclosed, but Lithia said it paid for the stores using funding from its existing balance sheet.

No broker was used in either transaction, Farguson said. The stores have been renamed BMW of Sherman Oaks and Acura of Sherman Oaks.

Last fall, Lithia purchased nine dealerships from Keyes Automotive G…

Car designer Moray Callum remembers unveiling his latest project at the 1993 Geneva Auto Show: the Aston Martin Lagonda Vignale concept, a radical, swooping four-door sedan far afield from the Le Mans-winning race cars and James Bond coupes that made the British marque famous.

A proud Callum years later would call the car a crowning achievement of his career.

But that evening, at an industry party aboard a yacht on Lake Geneva, Callum says a former boss introduced him to Robert Cumberford, a protege of the legendary Harley Earl at General Motors Corp., the man who literally invented modern-day automotive design. In the time since his work alongside Earl in the 1950s, Cumberford had built his influence through independent commissions and magazine reviews of the latest models. Callum, thrilled to meet Cumberford and familiar with his work, was keen for his verdict on the Aston.  

“Robert told me it was the ugliest car he had ever seen, and had no mor…

DETROIT -- General Motors will build some 2021 full-size pickups and SUVs without the automatic stop-start fuel-saving feature because of the global microchip shortage, the automaker said Tuesday.

The feature, which turns off the engine when the vehicle isn't moving, will no longer be available on select models of the 2021 Chevrolet Tahoe and Suburban, GMC Yukon and Yukon XL and Cadillac Escalade and Escalade ESV SUVs. It will also be unavailable on certain light-duty Chevy Silverado and GMC Sierra pickups.

Only pickups and SUVs equipped with 5.3L and 6.2L V-8 engines and 10-speed transmissions built on or after June 7 will be impacted, GM said in a statement. GM did not disclose the affected volume.

"By taking this measure, it will enable us to continue production of our high-demand full-size SUV and pickups as the industry continues to rebound and strengthen," GM said in a statement.

The change will lead to a minor fuel economy reduction in mo…

It has been a busy week in the digital retailing world.

Two dealership digital retailing providers have been acquired in the past week. The buyers? Dealership management system giants CDK Global Inc. and Reynolds and Reynolds Co.

Last week, publicly traded CDK closed on a $360 million all-cash deal for Roadster, which gives the DMS company more capability around online transacting. Executives from both companies also said they see a path to grow the Roadster business. Those executives added that the combination will help improve the technology that links into dealerships' back-end systems, which is important to create a seamless experience for customers as they transition from online to in-store, or the other way around.

Then on Tuesday, privately held Reynolds and Reynolds said it acquired Gubagoo, a retail technology vendor that specializes in conversational and virtual retailing tools. Terms of the Reynolds-Gubagoo tie-up were not disclosed, but Reyno…

French investigators charged Renault with deceiving on emissions in ongoing fallout from the diesel scandal that erupted when Volkswagen admitted to cheating tests almost six years ago.

Renault must make a 20 million-euro ($24 million) bail payment and provide a 60 million-euro bank guarantee to cover potential damages, fines and compensation for losses, the company said in a statement Tuesday.

Renault denies any wrongdoing. 

It said its vehicles "are not equipped with any rigging software for pollution control devices," adding that it "has always complied with French and European regulations."

The charges spring from a judicial investigation opened in early 2017, days after VW settled criminal and civil complaints with the U.S. VW pleaded guilty to conspiracy to defraud the government and obstruction of justice.

Renault has said that unlike VW, it hasn’t used illegal devices to activate emissions controls in the lab while allowing f…

Self-driving vehicle company Cruise has received a key permit needed to deploy driverless, passenger-carrying test vehicles in California.

The state's Public Utilities Commission authorized the company's request to operate prototype autonomous vehicles that could transport the public. Cruise is the first autonomous vehicle developer included in the commission's Driverless Pilot program to get a permit to do so, according to a Friday release from the commission.

Cruise, which is majority-owned by General Motors, won't be allowed to charge passengers for rides. The company is required to submit a passenger safety plan and quarterly reports about its AVs, according to the release.

Cruise also won another requisite testing permit from the state's Department of Motor Vehicles. It is separate from the commission's permit.

In October, the company said it was seeking NHTSA's approval to put a limited number of its AVs on roads. Last week, it was reported …

Solera Holdings Inc., which specializes in data and software for the insurance and automotive industries, said Monday it closed on its acquisition of dealership technology company DealerSocket.

Terms of the deal have not been disclosed. The tie-up was announced last month.

It was not immediately clear Monday what the acquisition will mean for DealerSocket, of Irving, Texas, which provides auto retailers with dealership management systems, customer relationship management platforms and other software. Messages seeking comment were left with Solera and DealerSocket.

Solera, of Westlake, Texas, also completed its purchase of Omnitracs, which provides fleet management software. Solera, DealerSocket and Omnitracs all are portfolio companies of private equity firm Vista Equity Partners. Vista bought a stake in DealerSocket in 2014. According to Vista's website, a Vista fund completed a buyout of Omnitracs from Qualcomm Inc. in 2013, while a separate Vista fund…

DETROIT — General Motors on Monday will expand its OnStar Guardian safety app to non-GM owners to help anyone with a smartphone connect with family and friends and quickly access emergency services.

"Up until now, [OnStar] has been aboard GM vehicles enabled by the OnStar module," Santiago Chamorro, GM vice president of global connected services, told Automotive News. OnStar Guardian connects customers through Apple and Android smartphones in the U.S. and Canada, GM said in a statement Monday.

"If you're simply walking with your dog around the corner from your house, we want to be with you," he said. "We want to be providing the services so that you feel safe and secure and you always have somebody to reach out to in case you experience an emergency or you witness an emergency and you want to help somebody else."

The OnStar Guardian mobile app launched for GM's OnStar subscribers in June 2020, but subscribers told the automaker they wanted to connect w…

Automotive News' Hans Greimel discusses his new book about the rise and fall of the former Nissan boss and the empire he led.

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