Trade News

The redesigned 2023 Subaru Crosstrek has been captured testing in metro Detroit, pointing to evolutionary changes coming to one of the Japanese brand's bestselling models.

Though hidden in camouflage, the next Crosstrek appears to have a new front fascia, grille and lighting treatments as well as a new tailgate and lighting in the rear.

Though the interior wasn't photographed, Subaru is expected to equip the third-generation Crosstrek with the most advanced versions of its Starlink multimedia system as well as update driver-assistance functions and other technology.

As part of the redesign, the Crosstrek is expected to get its own Wilderness trim level.

It has been a regular top seller in the U.S. subcompact crossover segment since it hit showrooms as the XV Crosstrek in late 2012.

U.S. sales of the Crosstrek rose 13 percent through November, despite very tight supplies this year because of ongoing suppl…

Michigan Gov. Gretchen Whitmer, alongside Senate Majority Leader Mike Shirkey and other political dignitaries in Detroit, on Monday signed a package of bills to create a pair of funds totaling $1.5 billion for business development and aid in Michigan.

Among the bills approved was a $1 billion economic development fund aimed at attracting large-scale development in Michigan that was inspired by the state missing out on Ford Motor Co.'s massive EV investment in Kentucky and Tennessee.

The fund will attract "tens of thousands of jobs" and make Michigan competitive for the next generation of manufacturing, Whitmer said.

"We know the next 20 months will determine what the next 20 years look like," the Democrat governor said during the media event, held at Wayne County Community College's Eastern Campus. "We have an unprecedented, once-in-a-generation opportunity. … We should continue this spirit of collaboration into the coming year."

The bipartisan S…

Nikola Corp. has agreed to pay $125 million to settle civil charges that it defrauded investors by misleading them about its products, technical advancements and commercial prospects, the U.S. securities regulator said on Tuesday.

The Securities and Exchange Commission (SEC) accused the EV manufacturer of violating U.S. securities laws with numerous misleading statements made from March to September 2020 about in-house production capabilities, reservation book and financial outlook.

The settlement follows civil and criminal charges filed in July against Nikola's founder Trevor Milton for using social media to repeatedly mislead investors about the company's technology and capabilities, reaping "tens of millions of dollars" as a result of his misconduct. Milton is battling those charges in court after having lost a bid to dismiss or move the case.

Milton's misleading statements aimed at inflating share prices began even before Nikola had produced a "singl…

KPMG warned that used-vehicle prices could fall abruptly and raise negative-equity issues once new-vehicle supply rebounds.

The used-car market has historically been closely correlated with the new-car market, KPMG global head of automotive Gary Silberg told Automotive News on Monday. But used-vehicle prices are up 42 percent over January 2020 levels, while new-vehicle prices have only risen about 12 percent, KPMG said in a white paper released Tuesday.

"Whatever path the new-car market takes to a 'new normal,' used-car prices will eventually return to the traditional relationship with new-vehicle prices," KPMG wrote in the white paper. "In other words, a 20 to 30 percent plunge in used-vehicle prices is in the cards."

The consulting firm also observed that ALG estimates 2021 vehicles' residual value in 2024 wouldn't be significantly higher than usual.

KPMG estimated vehicle supply and demand would achieve equilibrium sometime between Octobe…

Hot on the heels of the 2022 Range Rover comes the 2023 Range Rover SV, an SUV from Land Rover's Special Vehicle Operations that Land Rover USA says has enough "exclusive design details and material choices," that it offers the customer "greater scope for personalization than ever before."

Land Rover said it will open the SV order books "in early 2022."

The Range Rover's optional BMW-built, 523-hp, 4.4-liter twin-turbo V-8 engine is standard on the SV. Range Rover plans to announce SV pricing "sometime in January."

An SV-exclusive front bumper, five-bar grille and SV badges highlight the new SV's exterior, and Land Rover says buyers can choose from seven wheel options. There are 14 color choices in addition to the standard range of colors, and the SV Bespoke Match to Sample paint service "can replicate any exterior color a customer requests, provides virtually limitless scope for individuality," Land Rover says.

Mono…

The 100,000th Porsche — a 912 Targa outfitted for police use — was produced and delivered on Dec. 21, 1966, at the company's Zuffenhause plant in Stuttgart, Germany.

Ferry Porsche, son of founder Ferdinand Porsche, turned keys to the car over to the state police of Baden-Wurttemberg, where Porsche is based, during the factory celebration.

It was remarkable milestone for the young brand. Just four years earlier, on April 3, 1962, the 50,000th Porsche rolled off the production line. Daily output at the time had reached about 50 cars.

The 100,000th car, with a silver dash plaque, was one of the first cabriolet Targas ever built. It was emblazoned with the word POLIZEI.

Porsche started output in March 1950 and began delivering police cars to some European countries in 1958.

Some 40 police cars, mainly 912 Targas and some six-cylinder Coupes, were delivered in 1967 alone.

That was the same year Japan d…

Florida is threatening to suspend Carvana's dealer license over issues related to title transfers on vehicles it sold.

A spokesperson for the Florida Department of Highway Safety and Motor Vehicles told Automotive News that Carvana has until Jan. 31 to submit title applications for all vehicles sold in 2021 before Dec. 1. If it does not comply, the state “may commence administrative action to suspend Carvana’s dealer license.”

According to television station WFLA in Tampa, which first reported the news, Carvana was notified by the state via email last week.

The email reportedly included a spreadsheet showing 300 Carvana vehicle sales dating to 2019 that have not had their titles transferred, including more than 100 in Florida. State law requires retailers to apply for a title within 30 days of completing the sale.

“The department has been proactively working with Carvana to identity and assist Florida customers who have not received their title in…

WASHINGTON -- The EPA is finalizing new vehicle emissions requirements through 2026 that reverse former President Donald Trump's rollback of car pollution cuts and will speed a U.S. shift to more electric vehicles.

"We are setting robust and rigorous standards that will aggressively reduce the pollution that is harming people and our planet – and save families money at the same time," EPA Administrator Michael Regan said in a statement.

In August, President Joe Biden's administration proposed undoing the Trump-era action easing requirements imposed during the presidency of Barack Obama. The new rule finalized Monday is tougher than EPA's August proposal or requirements issued by Obama.

If expressed in miles per gallon (mpg) requirements, the EPA rules would result in a fleetwide average of about 40 mpg in 2026, versus 38 mpg under the August proposal and 32 mpg under the Trump rules.

The Democratic administrations of Biden and Obama have pushed f…

MILAN -- Ferrari said three managers will leave the automaker as the company implements a new organizational structure.

The three executives include Chief Technology Officer Michael Leiters, who oversaw the development of the first series Ferrari hybrid cars: the SF90 Stradale, the automaker's first plug-in hybrid launched in 2019, and its first plug-in hybrid V6, the 296 GTB, launched earlier this year.

Leiters had held the post since 2014, when he moved to Ferrari from Porsche.

The other two executives are Chief Manufacturing Officer Vincenzo Regazzoni and Chief Brand Diversification Officer Nicola Boari.

The managers "will end their cooperation with Ferrari to pursue new opportunities," the company said in a statement on Monday.

The management shake-up is one of the first major moves of Ferrari's new CEO Benedetto Vigna, who took on the role in June with a task to drive the automaker into the new era of electrification.

Ferrari ha…

General Motors said Monday it is extending a production halt at its Orion Assembly plant in Michigan, which makes the Chevrolet Bolt EV, through the end of February.

The largest U.S. automaker in August widened its recall of the Bolt to more than 140,000 vehicles to replace battery modules after a series of fires. Earlier this month it extended its production shutdown through late January. GM has also indefinitely halted retail sales of new Bolt vehicles.

The suburban Detroit plant halted production in August but conducted two weeks of limited production at Orion starting Nov. 1 to help provide courtesy transportation vehicles for customers during recall repairs.

GM President Mark Reuss said in October the company was addressing the recall before resuming production. The company said Monday it will continue to prioritize recall repairs and "focus on battery module replacements."

The National Highway Traffic Safety Administration has an ongoing inv…