Trade News

HANGZHOU, China -- "Do you know how big Volvo is?" asked Don Leclair, finance chief at Ford Motor Co..

It was 2008, and Leclair was responding to an offer from a little-known Chinese businessman to purchase the Swedish carmaker, which Ford owned.

The businessman, Li Shufu, had a company with less than half Volvo's sales and a flagship model, King Kong, almost unknown outside China. He was politely shown the door of the "Glass House," Ford's iconic headquarters near Detroit, according to two people who were at the meeting. Ford's Leclair did not respond to requests for comment about the episode.

Fast-forward to 2021 and Li Shufu's company, Zhejiang Geely Holding Group, is one of the biggest-selling automakers in the world's largest auto market. It controls not only Volvo Cars but also a clutch of global auto brands, and a significant stake in German giant Daimler AG, the maker of Mercedes-Benz. These names are now part of its plans for a revolution in au…

According to Audi, the future of autonomous driving is ... reclined much of the time.

The German premium brand on Thursday introduced the Grandsphere, the second of three planned concept vehicles it says lay out a future for its products as it transitions to an all-electric lineup that will include models with Level 4 autonomous-driving capability. Brand executives said they intend to sell a Level 4-capable vehicle to consumers by 2026. The first concept, named Skysphere, was shown last month; the Urbansphere will be shown next year.

The Grandsphere, a large luxury sedan with two front-row seats and a rear bench, has two main highlights: the brand's coming cat-eye LED exterior lighting signature and a bespoke interior that reimagines how the vehicle's passengers will spend their time while the vehicle is driving itself.

Accessed via large portal doors, the spacious Grandsphere interior replaces the traditional huge blackened touch screen prevalent in mo…

Audi's top executive said he believes the premium brand can nearly double its global sales volume to 3 million vehicles and maintain profit margins between 9 and 11 percent by 2030, even as it phases out internal combustion powertrains in favor of an all battery-electric lineup.

Speaking to reporters via videoconference from headquarters in Ingolstadt, Germany, CEO Markus Duesmann admitted the brand's "Vorsprung 2030" strategy is ambitious but said he believes it is possible "in light of the market forecasts and our attractive product portfolio."

He said that growing Volkswagen Group synergies — Audi now leads development of autonomous driving across the group and has responsibility for Lamborghini and Bentley — mean "a sustainable return of 11 percent is definitely realistic for us in the long term."

In 2020, Audi sales were down 8.3 percent to 1,692,773 cars delivered worldwide compared with 2019. However, the brand gained market share in most major m…

Linda Gao, head of Inalfa Roof Systems Group BV’s China operations, has been named president and CEO of the Dutch automotive roof maker, succeeding Jorg Buchheim. 

The appointment was effective on Sept. 1, Inalfa said in a statement.

After joining Inalfa in 2015, Gao has overseen the company’s opening of six plants in China. 

She previously worked for two German suppliers -- Webasto and Hella – as a senior executive.

Inafa, headquartered in Venray, the Netherlands, was acquired in 2011 by Beijing Hainachuan Automotive Parts Co., a Beijing-based auto parts supplier.

With factories and development centers in Europe, Northern America and Asia, it has grabbed a 25 percent share of the global market for automotive roofs, Inalfa said.

Subaru of America is recalling 802 model year 2021 Subaru Imprezas that it says have an improper weld on a lower control arm that could break and cause the tire to contact the wheel well, risking a loss of control.

Subaru on Wednesday said the improper weld is near a connection joint between the lower control arm and the crossmember, and could lead to a partial separation of the two components.

Subaru says it has received no reports of crashes or injuries related to the defect, but is warning owners to have their vehicles checked by Subaru dealers to see if the lot number stamped into the control arm is part of the recall. If it is, consumers are being told not to drive the vehicle until it is repaired.

If the control arm contains a specific lot number, the part will be replaced with a new part at no cost to the customer. Until the inspection is completed by an authorized Subaru dealer, customers are being instructed to not drive the vehicle, the Ja…

Stellantis said it plans to purchase First Investors Financial Services Group's parent company for about $285 million with the intention of creating an American captive finance company.

"This transaction marks a significant milestone in Stellantis' sales finance strategy in the critical U.S. market," Stellantis CEO Carlos Tavares said in a statement late Wednesday. "Direct ownership of a finance company in the U.S. is a white-space opportunity which will allow Stellantis to provide our customers and dealers a complete range of financing options, including retail loans, leases, and floorplan financing in the near-to-medium term."

Stellantis expects the cash deal for F1 Holdings Corp. to close by the end of the year.

The company said it is the only "major" automaker without a U.S. captive finance company. Its Chrysler Capital finance-and-insurance program involves a private-label partnership with Santander Consumer USA Holdings.

Stellantis spokesman…

WASHINGTON — The Alliance for Automotive Innovation on Wednesday unveiled principles on EV charging infrastructure that the trade association says are necessary to advance consumer acceptance and adoption of electric vehicles in the U.S.

"Charging infrastructure is a key element to any comprehensive national vision and strategy for EVs. Consumers will not buy vehicles they cannot conveniently charge or refuel," said John Bozzella, CEO of the alliance, which represents most major automakers in the U.S. Many of its members have set goals for electrifying their lineups.

"For the auto industry's transition to electrification to be successful, customers will need access to affordable and convenient charging and hydrogen fueling, easy-to-understand utility rate structures that reward off-peak charging, and improved charging times," Bozzella said in a statement Wednesday. "And we must also work together to grow EV sales without leaving low-income, rura…

WASHINGTON -- Volkswagen's U.S. unit has agreed to a $42 million settlement covering 1.35 million vehicles that were equipped with potentially dangerous Takata airbag inflators, according to documents filed in U.S. District Court in Miami.

The settlement is the latest by major automakers and much of the funding goes to boosting recall completion rates. To date, seven other major automakers have agreed to settlements worth about $1.5 billion covering tens of millions of vehicles.

VW did not immediately comment.

The defect, which leads in rare instances to airbag inflators rupturing and sending dangerous metal fragments flying, prompted the largest automotive recall in history.

To date, at least 19 U.S. deaths have been attributed to faulty Takata airbag inflators. Honda Motor Co. said in April it had confirmed the 19th U.S. death tied to a ruptured Takata airbag inflator since 2009 -- and the 16th in one of its vehicles. 

Honda reache…

WASHINGTON — U.S. Rep. Dan Kildee is working on the details of a tax credit in the $3.5 trillion budget reconciliation bill that would make electric vehicles more affordable for consumers while supporting union jobs.

"We're doing that by making the tax credit fully refundable, which means it's available at the point of sale to ensure that more Americans have access to this," Kildee, D-Mich., said during a virtual press conference Wednesday with state leaders and local advocates. "We're ensuring that we support American jobs — especially union jobs — so we don't support foreign vehicles over American-made ones."

Kildee said he is working directly with President Joe Biden, House Speaker Nancy Pelosi and Michigan Democratic Sen. Debbie Stabenow on the effort.

House and Senate committees are expected to mark up various pieces of the budget package by a nonbinding deadline of Sept. 15. The budget bill can pass in the Senate with a simple majority vote, or 50 …