Trade News

DETROIT — General Motors plans to invest more than $50 million at its Indiana parts plant to build drive unit castings for the upcoming Chevrolet Silverado EVs and other applications, the automaker said Tuesday.

The commitment will help GM prepare for its plan to launch 30 EVs globally and invest $35 billion in electric and autonomous vehicle development through 2025. Renovations at the aluminum die casting plant in Bedford, Ind., will begin immediately. GM in February invested $7 million in the plant to add die casting capability.

GM plans to reveal the electric Silverado on Jan. 5 at CES. The automaker has not said when the electric pickup will go on sale.

This year, the Bedford plant began building electric drive unit castings for the 2022 Hummer EV pickup, which will be shipped to dealerships this month, and the 2024 Hummer EV SUV. Both vehicles, along with the electric Silverado, will be built at Factory Zero in Detroit.

"Our Bedford operatio…

Asbury Automotive Group Inc. has added eight dealerships in the Denver area and $715 million in annual revenue by closing on the purchase of Stevinson Automotive.

The nation's sixth-largest new-vehicle retailer said it spent about $300 million for the dealership goodwill — the blue sky, or intangible value of the stores — plus $77 million for real estate and leasehold interests, according to a regulatory filing. The purchase price excludes vehicle inventory, parts inventory and fixed assets.

The transaction closed Monday and was paid for with cash on hand, Asbury said.

"We are thrilled to add to our growing footprint in the dynamic and growing Denver area, especially through a well-respected and successful dealership group like Stevinson," Asbury CEO David Hult said in a statement Tuesday.

The Stevinson group, which dates to 1962, derives 48 percent of its revenue from two Toyota dealerships, while two Lexus dealerships contribute another 27 perc…

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While all the hype of China’s electric-car boom is focused on shiny new upstarts like Xpeng, Nio and the fluctuating fortunes of Elon Musk’s Tesla, it would be premature to write off the old guard just yet.

SAIC Motor, which traces it roots back to the early days of China’s auto industry in the 1940s, is working to make sure its 15-year reign atop the country’s sales charts doesn’t end anytime soon.

Just this year, it has rolled out two new EV brands (including one to take on Tesla and Nio at the top end of the market), announced plans for an IPO of its hydrogen-car development unit, tipped money into Chinese self-driving startup Momenta and is looking to buy two ships to almost double its export capacity. It’s also looking to beef up its Xiangdao Chuxing ride-hailing unit to offer a broader suite of services. Read more about In EV boom, don’t write off Old Guard

WASHINGTON — The European Union has joined Canada and Mexico in raising "strong concerns" over the proposed electric vehicle tax credits in the Democrats' Build Back Better Act being discussed in the U.S. Senate.

In a letter sent Friday, Valdis Dombrovskis of the European Commission urged Senate lawmakers to remove "all elements" of the EV tax credit proposal that he says would discriminate against EVs imported from the EU as well as EU companies and the American workers those companies employ.

"We agree that tax credits can constitute important incentives to drive demand for electric vehicles. Many EU member states also make use of such incentives," Dombrovskis, the commission's executive vice president, wrote in the letter. "However, we also believe that these tax incentives should be fair and avoid discriminating between car manufacturers."

At issue is a proposal championed by Michigan Sen. Debbie Stabenow and Rep. Dan Kildee that would boost consumer…

Toyota Motor North America is planning to  build a $1.3 billion battery plant near the small town of Liberty, N.C., where the Japanese automaker plans to eventually produce enough lithium ion batteries to power up to 1.2 million vehicles per year.

News of the location leaked last month.

Toyota Battery Manufacturing North Carolina is expected to begin production in 2025 with four production lines, each capable of producing batteries to power 200,000 vehicles, the company said in a statement Monday. The plant, to be co-owned and operated by Toyota and subsidiary Toyota Tsusho, is expected to later be expanded to six production lines. The automaker said the venture is expected to create 1,750 jobs. Liberty is in Randolph County, about 20 miles southeast of Greensboro, in the central part of the state.

“The future of mobility is electrification and the Greensboro-Randolph Megasite is the ideal location to make that future a reality,” Ted Ogawa, CEO of …

BERLIN -- The dispute between Volkswagen Group CEO Herbert Diess and the company's powerful works council seems to have been resolved, a source close to the matter told Reuters, potentially ending the latest leadership tussle at the automaker.

After protracted negotiations, a solution has been found under which 63-year-old Diess is likely to keep his job, the source said.

"It is going in the direction that the dispute will be settled, and Diess will remain CEO," the source told Reuters on Monday.

As part of the solution, VW brand chief Ralf Brandstaetter will become a member of the management board and Diess will focus on strategy, the source said.

Last month German media reports said Brandstaetter will take over responsibility for the mass-market brand group from Diess. The mass-market group includes the VW, Skoda and Seat brands.

The run-up to VW's supervisory board's meeting on Thursday to agree on a five-year investment plan has been cl…

Honda's Passport gets a styling refresh for 2022, along with a $5,080 price increase for the most inexpensive model.

The automaker said Monday that it is discontinuing the budget Sport trim when the 2022 model goes on sale sometime this winter. The 2021 Passport Sport starts at $34,015 with shipping, while the 2022 entry point is the EX-L trim with a starting price of $39,095 with shipping.

Honda didn't give specifics on why the Sport trim is being discontinued on the midsize crossover.

The bigger 2022 Pilot crossover retains the Sport trim, starting at $38,055 with shipping.

"Reflecting customer demand, the Passport EX-L is now the new entry point for Honda's largest 5-passenger SUV," Honda said in a press release.

The Passport does get significant styling upgrades for a more rugged, upright look. The new light-truck design language first made an appearance on the Ridgeline pickup this year.

"Pass…