Trade News

Ford Motor Co.'s CEO on Wednesday called on the U.S. government to support battery production and charging infrastructure development, as he outlined the automaker's plan to develop electric platforms for its top-selling trucks, vans and SUVs.

"We need to bring large-scale battery production to the U.S.," Ford CEO Jim Farley said at a financial conference, adding that he planned to highlight the issue in talks with government leaders.

President Joe Biden met with lawmakers Wednesday to discuss how to secure supplies of electric vehicle batteries, semiconductors used in vehicles, rare earths and pharmaceuticals.

Policy support for increased U.S. production of EV batteries and better charging infrastructure for electric commercial vehicles will help drive demand for those vehicles, Farley said.

"We can't go through what we're doing now with chips," he said, referring to the shortage of imported semiconductors that has caused the temporary shutdown o…

Flying cars are on the road toward reality.

Over the past month, two models built for both road and air travel have found favorable regulatory tailwinds, receiving certification from government agencies, which put them on a firmer path toward commercialization.

The European Union Aviation Safety Agency granted first-of-its-kind certification to the PAL-V Liberty, a two-seat gyroplane, last week. The milestone came after a decade's worth of testing and development, which included working with EASA on establishing or amending 1,500 regulatory requirements that fit the vehicle.

Short for Personal Air and Land Vehicle, PAL-V is a company based in the Netherlands.The Liberty received its roadworthiness certification in October. The company intends to start handing keys to customers in 2022.

PAL-V's certification follows that of the Terrafugia Transition, which in…

Dealership technology company Cars.com swung to a profit in the fourth quarter, citing tax benefits resulting from federal coronavirus relief legislation.

The Chicago company — which provides vehicle listings, dealership websites, marketing and other services — on Thursday reported net income of $7.2 million in the quarter that ended Dec. 31. That compared with a net loss of $4.1 million in the same quarter a year earlier. Cars.com said the quarterly profit was the result of tax benefits earned through increased ability to carryback operating losses under the federal Coronavirus Aid, Relief and Economic Security, or CARES, Act.

Adjusted net income in the fourth quarter plunged 86 percent to $6 million. The adjusted figure excludes one-time charges, such as amortization of intangible assets; stock-based compensation; severance, transformation and other exit costs; and transaction-related costs.

Fourth-quarter revenue was mostly flat at $153 million.

Geely Automobile Holdings, China’s largest private passenger vehicle maker, is looking to incorporate its electric vehicle businesses into a separate company, company founder Li Shufu said. 

“Geely will form a brand-new pure electric vehicle company to participate in the competition in the smart pure electric vehicle market,” Li said last week during an internal company meeting.

Geely later disclosed transcripts of what Li said at the meeting. Li is chairman of Geely’s parent company Zhejiang Geely Holding Group which also owns Volvo Cars. 

Geely’s EV company is likely to be incorporated in Hefei in east China’s Anhui province, Shanghai-based China Business News reported this week. 

Hefei, Anhui’s provincial capital, is home to Chinese EV startup Nio Inc.’s vehicle assembly plant and Volkswagen Group’s EV joint venture with Jianghuai Automobile Co. 

Geely is based in Hangzhou in east China’s Zhejiang provi…

Honda will sell its new HR-V small crossover in Europe only with a full-hybrid drivetrain as the automaker continues to drop diesels and expand its electrified offerings.

The new-generation HR-V will go on sale in Europe later this year as the automaker’s third full-hybrid after the launch of hybrid versions of the CR-V compact crossover in 2019 and the Jazz small hatchback in 2020.

In a statement, Honda said the HR-V expands its electrified line up as the brand moves further toward its goal of electrifying all of its European mainstream models by 2022.

Honda has said it wants two thirds of its vehicles sold in Europe to be electrified by 2025.

The automaker also said an HR-V successor is under development for the U.S.

"This new HR-V will be designed to meet the distinct needs of U.S. customers, and will differ from the Honda Vezel/HR-V that will be introduced in other regions," Honda said in a separate statement. "Honda will have more inf…

Land Rover is taking the Defender into uncharted territory.

The 2022 Defender 90 and 110 will be available with a high-performance supercharged V-8 engine whose 518 hp can propel the boxy off-roader to 60 mph in just 4.9 seconds.

Defenders have had V-8 engines in the past, but the General Motors-designed aluminum V-8 used in models sold in the 1990s was more of a torquey, low-revving motor suitable for crawling up hills and over rocky terrain.

The new 5.0-liter V-8 is a tire-shredding performance engine that will help the modern-day Defender take on rivals such as Mercedes-Benz's 577-hp AMG G-Glass.

Land Rover engineers have tweaked the Defender's eight-speed transmission, chassis and suspension system to handle the significant bump in power over the 395-hp turbocharged six-cylinder engine, the most powerful motor available in 2021 models. The V-8 is rated at 461 pound-feet of torque, and the V-8 powered Defender 90 has …

Jeep is bringing back its Bruce Springsteen ad after the rock icon was cleared today of charges of driving while intoxicated and reckless driving. 

"As we stated previously, we paused the commercial until the facts were established. Now, that the matter has been resolved, we are unpausing the film," the brand said in a statement.  

Jeep had pulled the big budget Super Bowl spot from its YouTube channel three days after it aired during the game after news broke that Springsteen was arrested Nov. 14 at Gateway National Recreation Area in Sandy Hook, New Jersey, and charged with DWI, reckless driving and consuming alcohol in a closed area. 

At a virtual hearing today, prosecutors dropped the DWI and reckless driving charge, but Springsteen pled guilty to possession of alcohol in a closed area, according to Bloomberg, which reported that “the government asked the court to dismiss the two charges because Springsteen was presumed not …

Ford Motor Co.’s top executive said the U.S. must begin building batteries for the coming wave of electric vehicles in order to avoid supply disruptions like the semiconductor shortage now shutting American auto factories.

“We need to bring large-scale battery production to the U.S., and we’ll be talking to the government about” that, CEO Jim Farley said Wednesday at the Wolfe Research Auto Conference. “We can’t go through what we’re doing with chips right now with Taiwan. It’s just too important.”

A global shortage of critically needed computer chips is causing a wave of factory idlings worldwide that could cut automotive earnings before interest and taxes by one-third at Ford and General Motors this year, Moody’s Investor Service estimates. Many of the world’s chips used in cars and consumer electronics come from the Taiwan Semiconductor Manufacturing Co., which has struggled to meet unexpectedly strong demand from both sectors.

Ford’s battery supplier…

WASHINGTON -- U.S. Postmaster General Louis DeJoy told lawmakers on Wednesday the Postal Service was committed to having electric vehicles make up 10 percent of its next-generation fleet as part of its multibillion-dollar plan to retire its 30-year-old delivery vehicles.

The U.S. Postal Service said on Tuesday it had awarded a $482 million contact to Oshkosh Defense to finalize production for the next-generation postal vehicles.

The contract, which could be worth more than $6 billion in total, allows for delivery of between 50,000 and 165,000 of the vehicles over 10 years, which will be a mix of internal combustion-powered and battery-electric vehicles.

Last month, President Joe Biden vowed to replace the U.S. government’s fleet of roughly 650,000 vehicles with electric models.

Democratic U.S. Rep. Jackie Speier, D-Calif., cited Biden's announcement in questioning DeJoy about the contract. "Why not 90 percent?" she asked.

"We don't have the…

Diversified auto supplier Tenneco Inc. said it swung to net income of $167 million in the fourth quarter from a net loss of $313 million in the year-earlier quarter.

Fourth-quarter revenue improved 12 percent to $4.65 billion. Fourth-quarter adjusted earnings before interest, taxes, depreciation and amortization increased by $123 million to $410 million.

Tenneco posted a $350 million net loss in the second quarter and a $499 million net loss in the third.

The ride-control and emissions systems producer joined several suppliers this month in reporting fourth-quarter and full-year earnings as the COVID-19 crisis lingers around the globe.

Tenneco said the pandemic damaged its full-year revenue and earnings during the first six months of 2020, but its performance in the second half improved margin and free cash flow generation.

"Strong operational performance in the quarter helped Tenneco generate significant cash flow and year-over-year debt r…