Trade News

An ownership change revived a town's only new-car dealership, a second-generation dealer entered New York state, two partners expanded to a third store and another group added a new brand, all in fourth-quarter transactions.

Here's a look at the deals involving domestic and import brands and dealerships in Ohio, New York and Texas.

An Ohio village's only new-car dealership entered a revival era after an ownership change in October.

Bill Harris Dealerships on Oct. 31 purchased Cal Hans Ford in Loudonville, Ohio, a dealership that in recent years only operated a sales department, Bill Harris Dealerships President Aaron Harris said.

Seller Linda Hans, the longtime owner, purchased the store with her late husband Cal Hans and took it over after he died in 1997.

The COVID-19 pandemic brought challenges for Hans, including inventory shortages, Harris told Automotive News. And in the past few years, only her son Kevin Hans worked full time at th…

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Zhejiang Geely Holding Group Co., a major private Chinese automaker, said it started delivering its first full electric pickup model. 

The vehicle, the RD6, is the first domestically produced electric pickup sold in China, Geely Group said.

The compact RD6 truck is marketed under the Radar brand with a starting price of 178,800 yuan ($25,988). 

It was developed on Geely’s new-generation EV platform known as the Sustainable Experience Architecture and is 5,260 mm long, 1,690 mm wide and 1,900 mm tall, with a wheelbase of 1,830. The bed is 1,525 mm long. 

The RD6 is available with battery pack options of 63kW (400 km range), 86kW (550km range) and 100kW (632km range), with rear wheel drive powered by a 200kW electric motor generating 384Nm of torque. 

The pickup truck has a 430 kg maximum payload and can tow up to 2.5 tons.

Geely Group introduced the Radar brand of EVs including pickup trucks, SUVs and all-terrain v…

Nio, a leading electric-vehicle startup, is speeding up the expansion of its network of battery swap stations across China. 

The company will add 1,000 battery swap stations this year, rather than 400 stations under an original plan, Nio founder and Chairman William Li said in a blog posted online this week. 

Among the 1,000 new stations, around 600 will be built in urban areas, especially in Tier-3, Tier-4 and county-level cities where swap facilities are still lacking.

The remaining 400 will be set up along expressways, according to Li. 

In April, Nio will begin mass production of its third-generation battery swap station, which is more efficient and can store more battery packs than the second-generation station, Li said in the blog. 

That will allow Nio to install 120 to 150 battery swap stations per month starting in June and boost the cumulative number of such facilities to 2,300 by the end of 2023, he added. …

SAIC-General Motors, GM’s passenger-vehicle joint venture with SAIC Motor Corp., issued a statement Wednesday condemning rumors it is preparing to cut jobs amid weak sales by offering buyouts to veteran employees.

“The company does not have any plans to buy out employees above the age of 45 or any other layoff plan,” SAIC-GM said. 

“The negative impact caused by the online rumors has disrupted the normal production and operation order of the company and seriously damaged the company's business reputation,” it added.

SAIC-GM, a 50-50 partnership between SAIC and GM, builds and markets cars and light trucks for Buick, Chevrolet and Cadillac.

In January, shipments at the company shrank 50 percent year on year to 55,000 due to a lingering coronavirus outbreak and fewer working days as a result of the Chinese New Year holiday.

In 2022, new-vehicle shipments at the joint venture dropped 12 percent to 1.17 million, according to numbers disclo…

Ram, GMC, Ford, Tesla and Dodge have the lowest female buyer representation of top brands in the U.S., new data from S&P Global Mobility shows.

An analysis of 2022 data by the market research firm found that only 17 percent of Ram's new personal vehicle registrations listed female owners. The four other bottom brands all had representation under 35 percent.

In contrast was Buick with the highest female buyer representation of 55 percent. Mitsubishi, Mini, Lexus, Infiniti, Mazda and Kia were also near the top with women listed in roughly half of their registrations — all above the industry average of 41 percent.

Toyota also had standout popularity among women. The brand's female buyer representation stood at 43 percent, but its volume of registrations among women surpassed all others at 606,985 personal registrations. The second-highest in volume was Honda at 363,799.

Female buyers have been shown to consistently demonstrate more brand loyalt…

TrueCar said its 2022 fourth-quarter net loss widened to $18.1 million from $15.8 million during the same quarter last year. Revenue fell 19 percent to $36.7 million.

Electric and hydrogen truck producer Nikola Corp. said Thursday its net loss widened during the fourth quarter after it delivered fewer vehicles to dealers than it produced.

The company said it posted a net loss of $222.1 million for the quarter ended Dec. 31, compared with a loss of $158.9 million a year earlier. It generated $6.6 million in revenue, which was far below the $32 million in revenue expected by Wall Street.

The company produced 133 trucks and delivered 20 vehicles to dealerships.

It expects to deliver between 250 and 350 Tre battery electric trucks this year and at least 125 fuel-cell electric trucks in the fourth quarter.

Loss-making U.S. startups such as Nikola and Lordstown Motors Corp. have been battling costs associated with ramping up production as they seek to grab a share in the commercial vehicles market.

Electric-truck maker Lordstown Motors Corp. said on Thursday it would temporarily stop production and deliveries of its pickup truck Endurance due to performance and quality issues with some components.

In a statement the EV maker said has filed paperwork with the National Highway Traffic Safety Administration to voluntarily recall the Endurance to address an electrical connection issue that could result in a loss of propulsion while driving.

Shares of the company fell 8 percent in trading before the bell.

Lordstown also said it would voluntarily recall 19 vehicles delivered to customers or being used internally.

The company started commercial production of Endurance trucks in September, with a target to deliver 50 vehicles in 2022 and more in 2023 out of the planned first batch of 500 units.

Expectations were high for WM Motor Holdings, a Shanghai electric-vehicle maker backed by tech giant Baidu Inc. and started by a former Volvo executive. Now, it risks becoming yet another casualty of the slow-motion shakeout in China’s crowded EV market.

The company needs to cut costs to survive, founder and CEO Shen Hui wrote in a staff memo earlier this month seen by Bloomberg News. Salaries have been slashed, with employee pay reduced by 30 percent in October and some managers taking 50 percent cuts, another memo dated Nov. 21 showed.

At least 20 percent of WM Motor’s workforce has been laid off since November, and voluntary departures have resulted in the total count dropping by about 40 percent to fewer than 2,000 staff, people familiar with the carmaker’s situation told Bloomberg. Laid-off workers are still awaiting compensation, and payments to some suppliers and contractors have been delayed or only partially made, some of the people said.

The s…

Volkswagen Group wants to remain a strong player in Europe and China, but in the face of growing geopolitical tensions and an increasingly complex regulatory environment, the automaker is looking beyond the U.S. for markets with growth potential, Chief Financial Officer Arno Antlitz said.

“We are turning our attention to India to be more robustly positioned in this new world,” Antlitz said in an interview with Porsche Consulting Magazin.

“India has enormous growth potential in my view,” the CFO said.

The effort will mark yet another attempt by the company to break into the Indian market in a significant way.

The automaker’s earlier efforts to boost its presence in India have often been bruising experiences. An alliance with Suzuki ended in a fierce legal dispute before a single car was built and talks over teaming up with Jaguar-maker Tata Motors did not go anywhere.

But as U.S.-China tensions mount and the Asian giant’s seeming support of …

Sometimes less is more: Stellantis saw North American operations power profit gains for 2022, a year in which top brands Jeep and Ram saw their U.S. sales fall by double digits.

Adjusted operating income from North America surged 23 percent to $14.8 billion for the second year since the merger of Fiat Chrysler Automobiles and PSA Group. While the company reported that second-half shipments in the region fell 4.8 percent to 902,000, net revenues rose 15 percent to $45.8 billion. All this in a year where Jeep sales in the U.S. dropped by 12 percent and Ram sales by 16 percent.

Pricing power and higher-end content was the key.

Ram recorded its highest average transaction prices for the 1500 pickup at $57,000 and what it calls its heavy-duty trucks at $71,000. Stellantis said Ram has a 3.4 percent pricing power advantage against the benchmark. Stellantis touted Jeep's pricing power in the U.S. as 9.4 percent better than its benchmark.

The region's s…