The company said it was able to divert precious computer chips to higher-profit models such as full-size pickup trucks and SUVs, and that brought the higher income.
KAR Global invests millions in Israel-based artificial intelligence company
The strategic investment creates a partnership between the two companies that is expected to bring KAR customers a new slate of automated vehicle inspection products.Read More
Car dealers hungry for inventory after factory shutdowns leave lots depleted
Automakers essentially halted production for eight weeks—from mid-March through mid-May—as the pandemic wreaked havoc on supply chains and sparked concern for autoworker safety.Read More
Fuel pump problem forces Subaru to recall more than 200K vehicles
The recall covers certain 2019 Impreza, Outback, Legacy, and Ascent vehicles built from June 26, 2018, through Feb. 25, 2019.Read More
Buyers move to used vehicles as new autos hit record prices
Consumers bought an estimated 40.4 million used vehicles last year, likely passing the old record of 40.2 million set in 2018, according to figures from the Edmunds.com auto pricing site.Read More
Biofuels producers and some of their supporters in Congress say now is the time to increase sales of ethanol and biodiesel, not abandon them.
The fake press release could land Volkswagen in trouble with U.S. securities regulators because its stock price rose nearly 5% on Tuesday, the day the bogus statement was officially issued.
Consultant AlixPartners has said the global chip shortage could cost automakers $61 billion in lost sales this year. The recent setbacks could further delay an expected second-quarter recovery in output.
Automakers have said they don’t expect the chip shortage to get any better before the third quarter of the year, potentially costing them billions of dollars in revenue.
The company said it will invest $33 million to expand its bustling Elkhart campus, which opened in 2009. It is slated to receive up to $11 million in tax credits.
The world’s major automakers have made something abundantly clear: They believe electric vehicles will dominate their industry in the years ahead. But the American public is far from sold on the idea.
Peter Kelly, who joined the company in 2011 when he sold KAR Auction Services his 11-year-old online vehicle auction firm Openlane, has been named CEO.
A Toyota spokesman would not answer questions about whether the SUVs should be parked outdoors until the matter is resolved, but said the company is cooperating in the probe.
The price of an average new vehicle jumped 6% between January and December 2020, to a record $40,578, according to data from Edmunds.com. Yet, that increase was nothing next to what happened in the used market.
The Bolt will bring the total number of EVs on sale in the U.S. to at least 23, and Edmunds.com expects that figure to reach 30 this year.
Tesla is in a unique position to accept digital currencies for payment, since the automaker does not rely on a network of independently owned dealerships to sell its vehicles unlike traditional car companies such as General Motors and Ford.
Company representatives gave more than $3.5 million in cash and other things of value to senior officials at the United Auto Workers, federal prosecutors in Detroit said as they charged FCA with conspiracy from 2009 to 2016.
Kinetic Advantage, which helps finance inventory for independent car dealers, launched last July, but has already grown to 65 employees and is operating in 26 markets.
Carmakers with more software and chip expertise are set to face a smoother ride, while those whose traditional strength is metal-bending are potentially more prone to supply hiccups.
The first product for the new venture called BrightDrop will be an electric-powered wheeled pallet that will take goods from the warehouse to trucks and from trucks to destinations. Then GM will roll out a clean electric delivery van.
Sales of new vehicles in the U.S. fell 14.6% last year, but the 2020 performance was better than most forecasters had expected when the pandemic forced auto factories and many dealerships to shut down in April and May.
Dickinson has about 1,000 employees overall, including 200 in Indianapolis. It operates 18 nationwide service centers and a fleet of more than 700 mobile repair units.
The merged company, to be called Stellantis, will be the world’s fourth-largest auto business. The merger combines legacy car companies that helped write the industrial histories of the United States, France and Italy.