Trade News

Polestar is broadening the market appeal of its first mainstream nameplate.

The Swedish electric carmaker will introduce a single-motor version of the Polestar 2 fastback, slashing the entry price into the model lineup by about $10,000.

The new variant will launch in the U.S. in the fourth quarter and will be powered by a 78-kilowatt-hour battery that delivers 231 hp and an EPA-estimated 260 miles. The model will start at about $50,000, including shipping, but before federal and state incentives.

The Volvo affiliate late last year began deliveries of the long-range, dual-motor Polestar 2 that features 408 hp and about 240 miles of driving range. The launch version starts at $61,200, including shipping.

Next year, Polestar will introduce a customizable version of the fully loaded, dual-motor variant.

Polestar expects to attract more customers to the brand with a mix of performance and driving range options, s…

The court-approved monitor overseeing Prime Automotive Group majority owner GPB Capital Holdings Inc. for the U.S. Securities and Exchange Commission is recommending that he remain in place for six months.

Joseph Gardemal, managing director at consulting firm Alvarez & Marsal Holdings, said that after meeting with the U.S. regulator and GPB management, he suggests "continuation of the monitorship for a period of 180 days," according to an April 11 letter filed Monday in U.S. District Court in New York.

Gardemal was appointed Feb. 11 as monitor to oversee alternative-asset management firm GPB. He was to report to the court within 60 days his recommendation whether to continue a monitorship, convert a monitorship into a receivership, or recommend that one or more GPB entities file for bankruptcy.

The SEC in February filed a complaint against GPB, two related companies, GPB CEO David Gentile and two associates, alleging securities fraud.

Gentil…

DETROIT — Federal prosecutors on Monday asked a judge to appoint lawyer Neil Barofsky as an independent monitor to oversee the UAW as part of its corruption case settlement with the union.

Barofsky, a partner at law firm Jenner & Block, previously was appointed monitor to oversee Credit Suisse Securities and Credit Suisse AG following billion-dollar settlements, prosecutors said. He also was an attorney in the Southern District of New York and was appointed inspector general for the Troubled Asset Relief Program instituted by the U.S. Treasury after the Great Recession.

In a motion sent before U.S. District Judge David Lawson, prosecutors said they believed Barofsky "would dutifully fulfill the role as monitor in this case."

The UAW in February submitted its list of candidates, per the consent decree, which a spokesman on Monday confirmed included Barofsky. Prosecutors had the right to request additional candidates before selecting one and requestin…

The chief executive of Intel Corp. told Reuters on Monday the company is in talks to start producing chips for carmakers to alleviate a shortage that has idled automotive factories.

CEO Pat Gelsinger said the company is talking to companies that design chips for automakers about manufacturing those chips inside Intel's factory network, with the goal of producing chips within six to nine months. Gelsinger earlier on Monday met with White House officials to discuss the semiconductor supply chain.

Intel is one of the last companies in the semiconductor industry that both designs and manufactures its own chips. The company last month said it would open its factories up to outside customers and build factories in the United States and Europe in a bid to counter the dominance of Asian chip manufacturers such as Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co.

But Gelsinger said Monday that he told White House officials during the meeting that…

DETROIT -- Volvo Cars said Monday it will use a new generation of high-powered chips from Nvidia Corp. to enable more autonomous driving functions in future vehicles, starting next year.

Volvo is among a crowd of new and established automakers putting digital processing power ahead of horsepower as they try to catch up with Tesla Inc.

Tesla, the world's most valuable automaker, has taken the lead in software-driven features and functional capability in part by equipping its cars and SUVs with powerful, and expensive, on-board computers that can manage complex tasks such as automated driving, and be upgraded over the air.

For Nvidia, the Volvo agreement, a similar deal with electric vehicle startup Faraday Future, and other agreements expected in the coming weeks mark a reboot of growth for the Santa Clara, Calif.-based gaming and data center processor company's automotive business.

"Nvidia's pipeline of automotive orders has grown into the ma…

DETROIT — General Motors plans to roll out a more convenient in-vehicle navigation system this month for select 2018 model-year and newer vehicles, the automaker said Monday.

On April 30, Maps+, which is powered by Mapbox, will be available to about 900,000 vehicles as part of select Connected Services plans. It's an upgrade from GM's OnStar turn-by-turn navigation tool, though that tool will still be available to drivers.

Owners of 2018 model-year and newer vehicles who want the new mapping system can download an over-the-air update. GM and Mapbox will continue to enhance Maps+ based on feedback and metrics, GM said.

"We know customers want an easy and convenient in-vehicle experience that improves over time," Santiago Chamorro, GM vice president of Global Connected Services, said in a statement. "We listened to customer feedback and developed a product that works seamlessly with our current infotainment systems and provides a highly personalized exper…

WASHINGTON --  President Joe Biden told companies vying with each other for a sharply constrained global supply of semiconductors that he has bipartisan support for government funding to address a shortage that has idled automakers worldwide.

During a White House meeting with CEOs on Monday, Biden read from a letter from 23 senators and 42 House members backing his proposal for $50 billion for semiconductor manufacturing and research.

“Both sides of the aisle are strongly supportive of what we’re proposing and where I think we can really get things done for the American people,” Biden said. “Now let me quote from the letter. It says, ‘The Chinese Communist Party is aggressively -- plans to reorient and dominate the semiconductor supply chain,’ and it goes into how much money will be they’re pouring into being able to do that.”

More than a dozen CEOs, including General Motors CEO Mary Barra, Ford Motor Co. CEO Jim Farley and Stellantis CEO Carlos Ta…

For many dealers, Ford Motor Co.'s used-vehicle platform launched in February couldn't have come at a better time.

Not only is the new Autotrader-powered digital retail tool, called Ford Blue Advantage, giving dealers a greater slice of the pre-owned sales pie, it's offering them another revenue stream as new-vehicle inventory continues to dwindle amid the ongoing semiconductor shortage.

At Power Ford in Albuquerque, N.M., used-vehicle sales are up 19 percent so far in 2021 compared with 2020. Used-vehicle sales jumped 26 percent from February to March, and officials there believe the Ford Blue Advantage platform was the main driver.

"Today's buyers are looking for a transparent, worry-free buying experience," Rob Sneed, the store's general manager, told Automotive News. "Our ability to provide high-quality, highly reconditioned vehicles that come with the assurance of a warranty is precisely the point of separation Ford dealers need to be competitive i…

SHANGHAI — Automakers plan a busy stage of new and upgraded crossovers and SUVs next week at the Shanghai auto show, capitalizing on robust customer demand in China as that market rebounds from the coronavirus pandemic.

Also expected to take the stage: the latest in electrified vehicles to compete with Tesla, which is now China's largest electric vehicle brand, according to the automaker.

Two U.S. automakers will be standing in Shanghai's spotlight.

A Ford-badged midsize crossover will make its global debut, featuring new design language and intelligent vehicle architecture, said Ford Motor Co.'s China unit, without disclosing further details.

The vehicle will become the second new Ford utility vehicle to be rolled out in China this year. Last month, the six-seat Ford Equator arrived with a starting price equivalent to $28,977.

Ford also will unveil the China-built version of its full-electric Mustang Mach-E crossover. So far, the U.S. au…