Trade News

LOS ANGELES — When Hyundai unveiled its angular "45" concept vehicle at the Frankfurt auto show in fall 2019, its mix of futuristic styling cues and 1970s nostalgia struck observers as a daring design exercise rather than an upcoming production model.

But 18 months later, the Ioniq 5 compact crossover is headed into production with much of that concept look intact. U.S. sales start this fall.

The story is similar with Kia's EV6, which also sits on Hyundai Motor Group's first dedicated electric platform. While toned down from Kia's 2019 Imagine concept car, the EV6 that's headed to market with a distinctive rear hatch and wraparound taillight bar is certainly not playing it safe.

This is the South Korean group's strategy for gaining a place in the industry's new EV race.

With industry plans for 100 or more competing EVs in just the next few years, the Hyundai group aims to set itself apart by using design — along with advanced charging technology…

As part of its quest to be at the leading edge of digital retailing, CarMax will take vehicle-listings and research company Edmunds — and a joint instant appraisal-and-offer tool the companies have launched — completely under its control.

CarMax CEO Bill Nash called out that tool last week when talking about why the used-vehicle retailer's investment in Edmunds had been fruitful. CarMax took a $50 million minority stake in Edmunds in January 2020 and last week announced it would fully acquire the company.

Edmunds introduced and tested the offer tool on its website in June, and CarMax completed its rollout on its own site in February.

"Early response has been strong with online buyers quickly exceeding our expectations, providing us with a clear pathway to become the largest online buyer of used autos from consumers," Nash said last week as CarMax also announced higher revenue but lower earnings for its fiscal fourth quarter. Read more about CarMax targets crown in online used-car buying

After five years as CEO of autonomous technology company Waymo, John Krafcik is stepping down.

Tekedra Mawakana and Dmitri Dolgov will succeed Krafcik as co-CEOs of the Mountain View, Calif.-based Google subsidiary, Krafcik said in a LinkedIn statement Friday.

Mawakana and Dolgov currently serve as Waymo chief operating officer and chief technology officer, respectively.

"My time leading Waymo has been the capstone of my career," Krafcik said in a blog post. "Together, we've achieved remarkable firsts as we develop, deploy, and commercialize our fully autonomous Waymo Driver, and work to make our roads safer and mobility more accessible."

Krafcik said Mawakana and Dolgov "are an incredibly talented pair who are ideally suited for this moment."

An industry veteran, Krafcik, 59, previously served as the president of TrueCar Inc., as well as president and CEO of Hyundai Motor America. Krafcik also held various roles in product development…

Double-digit increases for three of Subaru of America's four crossovers led the brand to its best quarter for U.S. sales in company history.

Subaru tallied deliveries of 160,426in the first quarter of 2021, a jump of 23 percent over the first quarter of 2020, which was ravaged by the early stages of the COVID-19 pandemic.

Subaru was the only major automaker to hike first-quarter incentives, according to TrueCar, though the increase was slight and the company's discounts remain well below the industry average.

All but three of Subaru's eight nameplates posted double-digit increases of at least 22 percent in the first quarter. The Ascent was the only crossover in Subaru's lineup to be down through the first quarter, joining the Impreza compact sedan and hatchback and Legacy midsize sedan as the only models with weaker volume.

Subaru's first-quarter performance was aided by a strong March for new sales. Subaru sold 65,726 v…

The CEO of Volkswagen of America says the pre-April Fools' name-change hoax was intended as a ''harmless'' gag to play up its electrification push.

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Two House Democrats introduced a bill Thursday that would expand a loan program within the Department of Energy for projects that are committed to the production of fuel-efficient vehicles and parts.

The bill, sponsored by Reps. Debbie Dingell of Michigan and Julia Brownley of California, would update the Energy Department's Advanced Technology Vehicles Manufacturing loan program by broadening the definition of eligible borrowers to include "ultra-efficient vehicles," as well as light-duty and medium-duty passenger vehicles and heavy-duty vehicles that meet emissions standards set by the EPA or emit zero emissions.

The measure — dubbed the Advanced Technology Vehicles Manufacturing Future Act — also would support electric vehicle battery development, strengthen prevailing wage requirements for workers, update the evaluation of an applicant's prospects of repaying a loan under the program and invest $10 million in the program annually through 2031, according to …

Tesla Inc. delivered 184,800 cars worldwide in the first quarter of 2021, up from about 88,400 in the first three months of 2020.

“We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity,” the electric vehicle maker said in a statement Friday. The new Model S and Model X have also been “exceptionally well received,” it said, adding that it’s in the early stages of ramping up production.

Tesla currently makes the Model S and X only at its factory in Fremont, Calif., and the smaller Model 3 and Y both there and at its plant in Shanghai. The company doesn’t break out sales by geography, but the U.S. and China are its largest markets and the bulk of sales were of the Model 3 and Y.

The Palo Alto, Calif., company recently refreshed the Model S sedan and the X crossover. CFO Zachary Kirkhorn warned in January that production would be low due to the transition to the revamped produ…

WASHINGTON -- Ford Motor Co. will resume making political donations and will not rule out donations to those lawmakers who voted on Jan. 6 against certifying President Joe Biden's election win, according to a letter from Ford seen by Reuters.

The automaker was among many companies that suspended political donations earlier this year pending a review, including some that opted to halt all donations to the 147 House and Senate members who voted against Biden's certification, including Walmart Inc., Marriott Inc., AT&T Inc., Amazon.com Inc., Comcast and American Express.

In the letter seen by Reuters, Ford said its political action committee was resuming donations to lawmakers effective April 1, and had opted against imposing a blanket ban on the Republican lawmakers who voted against certification.

Five people died when supporters of former President Donald Trump attacked the Capitol on Jan. 6 to prevent the U.S. Congress from certifying Biden's win. T…

The U.S. arm of Stellantis recorded a 5.1 percent sales gain in the first quarter, rebounding from a pandemic-induced downturn that hammered the industry.

Alfa Romeo, Chrysler, Jeep and Ram all posted sales increases during the quarter. Dodge deliveries declined due to the loss of volume from the discontinued Grand Caravan minivan and Journey utility vehicle, but the Charger, Challenger and Durango each posted gains.

Brands: Alfa Romeo, up 25%; Chrysler, up 32%; Dodge, down 28%; Fiat, off 28%; Jeep, up 8%; Ram, up 16%

Notable nameplates: Wrangler, up 25%; Gladiator, up 23%; Cherokee, up 13%; 300, down 4%; Grand Cherokee, up 10%; Ram pickups, up 16%; Pacifica, up 40%; Challenger, up 24%; Charger, up 6%; Durango, up 15%; Giulia, up 17%; Stelvio, up 24%.

Incentives: $4,345 per vehicle in March, down 12.3% from a year earlier, according to TrueCar.

Average transaction price: $43,086 per vehicle in March, up 5.6% …