Trade News

Toyota has confirmed that it will reveal the redesigned 2024 Tacoma pickup on May 19.

The top-selling midsize pickup is the third of the Japanese brand's four body-on-frame vehicles sold in the U.S. to move onto Toyota Motor Corp.'s global F1 platform. They are known internally as the Four Brothers: the Tundra, Sequoia, Tacoma and 4Runner.

Toyota has released a series of teaser images in recent weeks, giving hints about the fourth-generation Tacoma in advance of the reveal. Included in those is confirmation that it will have an optional hybrid i-Force Max powertrain, as does the Tundra full-size pickup and Sequoia large SUV, tuned specifically to provide more power and towing capacity instead of just added fuel efficiency. The redesign is expected to be powered by a turbocharged 2.4-liter inline four-cylinder engine as well as the hybridized optional powertrain. It will be available with an optional manual transmission.

An image of the upcoming Toyota …

Volkswagen Group says first-quarter revenue was up considerably. You might see way more of Waymo soon. The Tesla Semi will make its debut this year. Plus, Chevrolet marketing chief Steve Majoros talks about why the brand is so bullish on the new Trax and the subcompact crossover segment.

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Come learn about Automotive News' PACEpilot program at a free information session on May 16 in Detroit with program judges, a recent honoree and Executive Editor Jamie Butters.

PACEpilot recognizes pre-commercial Innovations to Watch in the automotive and future mobility space. These represent not only products, but also software/IT systems and other processes that have the potential to revolutionize an automaker's business or products.

The session is scheduled for 3-5 p.m. at the Detroit Smart Parking Lab and will cover how to apply for the program, what makes a good application and location resources for startups looking for partners.

Butters is scheduled to be joined by:

Jeremy McCool, CEO of HEVO, a 2022 PACEpilot honoree

Nancy Philippart, director of judging for PACEpilot and general partner and co-founder of BELLE Michigan

Jessica Robinson, PACEpilot judge and co-founder and partner of Assembly Ventures

Kevin Mull, co-fo…

Cadillac's lineup of electric vehicles appears set to expand again.

Photographers have captured a camouflaged vehicle, believed to be a new small Cadillac EV similar in size to the compact XT4, while road testing. It appears to slot below the Cadillac Lyriq midsize electric crossover in size.

The vehicle looks to share design elements with the Lyriq, including front and rear lighting features. Photographers said they observed the upper rear vertical lights acting as turn signals.

There also are similarities to the gasoline-powered XT4, which will be freshened for 2024. Cadillac has said the updated XT4 takes tech cues from the Lyriq, the brand's first EV, which will be joined by the ultraluxury Celestiq electric sedan in 2023.

A Cadillac spokesperson declined to comment on future products, but said in a statement that "the XT4 continues to be a top-selling vehicle in its segment and remains an important part of Cadillac…

Ford reporter Michael Martinez digs into the automaker's sales and earnings so far in 2023 and challenges ahead. Honda sales surge. And the former CEO of Audi is ready to confess in the VW diesel emissions scandal.

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U.S. Senator Marcio Rubio on Wednesday asked the Biden administration to investigate Ford Motor Co.'s plan to partner with PT Vale Indonesia and China's Zhejiang Huayou Cobalt in a $4.5 billion nickel processing plant in Indonesia.

Rubio, who is the top Republican on the Senate Intelligence Committee, said the venture threatens U.S. national security and asked the Justice, State, Treasury, Commerce, Homeland Security departments as well as the Securities and Exchange Commission to investigate the plan.

Ford had no immediate comment.

Rubio's letter to Secretary of State Antony Blinken cited Huayou calling the project "one of the flagship projects under the Belt and Road Initiative" when Ford announced the deal in March.

Rubio said the Chinese Belt and Road Initiative is one of the primary mechanisms China "uses to spread its influence around the world and gain control of critical infrastructure and natural resources."

The investment is Ford…

WASHINGTON - The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point and signaled it may pause further increases, giving officials time to assess the fallout from recent bank failures, wait on the resolution of a political standoff over the U.S. debt ceiling, and monitor the course of inflation.

The unanimous decision lifted the U.S. central bank's benchmark overnight interest rate to the 5-5.25 percent range, the Fed's tenth consecutive increase since March 2022.

The Federal Reserve’s actions increase the likelihood of higher borrowing costs for new and used vehicles and other forms of credit. Rising interest rates along with higher sticker prices have dealers concerned.

Franchised dealers surveyed in January and February by Cox Automotive for its first-quarter Dealer Sentiment Index were most likely to cite interest rates as a factor holding back their business.

The Fed's accompanying policy statement dropped …

Norwegian hydrogen company Nel will establish a $400 million manufacturing plant in Michigan, creating an estimated 500-plus jobs at what officials said will be the first U.S. facility to make alkaline electrolyzer equipment used to produce renewable hydrogen.

Nel Hydrogen, a subsidiary of Oslo-based Nel ASA and a collaborator with General Motors Co., is still evaluating where in the state to put the factory.

The project was announced Wednesday by Nel CEO Håkon Volldal, Michigan Gov. Gretchen Whitmer, U.S. Commerce Secretary Gina Raimondo, and state and local economic development officials attending the SelectUSA Investment Summit in Maryland.

"The choice of Michigan is based on an overall assessment of what the state can offer in terms of financial incentives, access to a highly skilled workforce, and cooperation with universities, research institutions and strategic partners," Volidal said in a statement in which he also highlighted "personal engage…

Uber Technologies Inc. said it plans to make UberX Share available in five more U.S. cities in the coming weeks. UberX Share gives users a discount for sharing their ride with others.

The service will soon be available in Baltimore, Miami, Nashville, Philadelphia and Washington., the company said in a statement Wednesday.

UberX Share launched in New York, Los Angeles and other major cities across the U.S. and Canada in 2022 after a pause in shared ride availability due to the COVID-19 pandemic. Before the pandemic, Uber's shared ride service was known as Uber Pool, which launched in 2014. Shared rides are typically cheaper than those under UberX, the company's standard single-user service.

"Getting more butts in seats of fewer cars will help achieve our goal of zero-emissions," Uber said in the statement. The goal of UberX Share is "to encourage fewer cars on the road and less impact to the planet."

Uber said it plans to expand UberX Share to othe…

Morgan Automotive Group, one of the largest dealership groups in the country, continued its rapid pace of acquisitions with the purchase of four dealerships in Florida in March and April, chairman Larry Morgan confirmed.

Morgan Automotive, of Tampa, Fla., on March 15 purchased Kendall Hyundai-Genesis in Miami from Potamkin Automotive Group Inc., Morgan told Automotive News. The name remains.

The purchase represents the group's first foray into Miami, Morgan said. Planning has begun for renovations that will include a larger showroom and more service bays, he added.

Following the Miami acquisition, on April 27, Morgan Automotive bought two dealerships in Leesburg and one in Fruitland Park from Bill Bryan of Bill Bryan Automotive Group. Bryan, a friend of Morgan's, had unidentified partners in the stores, Morgan said.

The three dealerships are near The Villages, Central Florida's sprawling master-planned community for active residents 55 and older.…

Ford Pro, the commercial vehicle business unit of Ford Motor Co., plans to boost the range of the E-Transit electric van by 48 percent with a model that can travel up to 186 miles on a charge, the automaker confirmed Wednesday.

The longer-range option, which would include faster charging capabilities, will be an improvement over the 126-mile range on the E-Transit today. Ford Pro will continue to offer the 126-mile van as a base option, according to the website Electrek, which first reported the plans based on an interview with Ford Pro CEO Ted Cannis.

A Ford spokesperson declined to comment on how much the 186-mile van would cost or when it would go on sale. Cannis told Electrek that a formal announcement would happen May 11, the day of Ford's annual shareholders meeting.

Ford executives said they settled on the van's 126-mile range after internal research indicated fleet customers drive 74 miles a day and typically don't want to spend more on capabilit…