Trade News

AutoNation Inc.'s fourth-quarter net income slipped 26 percent to $286.4 million while total revenue gained 2 percent to $6.7 million.

The company said it expects prices for new and used cars to decline this year as manufacturers crank up volumes and offer more incentives to price-sensitive buyers.

AutoNation, which pivoted to selling more used cars than new during the pandemic as chip shortages sapped inventory, has been bracing for lower car prices as auto production recovers.

CEO Mike Manley expects the seasonally-adjusted annual rate of light-vehicle sales to be close to 15 million this year, up from 13.7 million in 2022.

“You are going to see improved balance and level of inventory,” he said in a phone interview. “You’ll see it progressively more once you get out of the first quarter.”

The company's fourth-quarter results topped Wall Street expectations and shares rose 4.4 percent to $147.52 in premarket trading. The shares have ralli…

HANOI -- Vietnam's VinFast said North Carolina regulators had given the automaker one of the environmental permits it needs to begin construction on a planned $4 billion EV assembly plant in the state.

The company, a subsidiary of conglomerate Vingroup, has been moving to expand in the U.S., where it hopes to compete with existing automakers.

VinFast was awarded an "Air Permit," the company said, adding it was still seeking other permits for the Chatham Country factory, but would start a tender for construction.

"The Air Permit allows us to start construction on phase 1 of the factory. We will start construction soon," VinFast said, without specifying any time frame.

The company completed the application for the Air Permit in December last year and received approval on Feb. 9, according to the North Carolina Department of Environmental Quality website.

It has also applied for a permit from the U.S. Army Corps of Engineers designed to minim…

STUTTGART -- Mercedes-Benz Group earnings rose by 28 percent in 2022 to 20.5 billion euros ($21.8 billion) on a rise in revenue of 12 percent.

Mercedes-Benz Cars' adjusted return on sales was 14.6 percent, in line with the company's own forecast of 13-15 percent and up from 13.1 percent in 2021, the automaker said in a statement on Friday.

Still, the carmaker forecast a lower adjusted return on sales for the cars division in 2023 of 12-14 percent and group earnings slightly below 2022, even with Mercedes-Benz Cars unit sales expected at the same level.

Incoming orders were sluggish in Europe, and sales in the Chinese market were tepid due to the COVID-19 restrictions in the fourth quarter, the company said in a statement, adding that demand in the United States was still strong.

Sales of top-end cars including the S-Class and EQS all-electric sedan saw particularly strong growth in 2022 and helped the carmaker overcome rising costs.

Globa…

Forget the Super Bowl ads starring Will Ferrell, the Jeep remix of "Electric Boogie" and the spot from Elon Musk's chief critic. The most interesting transportation-related commercial to debut this Super Bowl season is one that never actually aired on network television.

If you missed an advertisement called "The Distance" making the rounds on social media last week, it's worth 1 minute, 27 seconds of your time.

Modeled on Super Bowl-style, extended-length ads, the spot's creator juxtaposes some of America's ambitious achievements, like space travel, with basic failures that thwart a child's ability to reach school without dodging traffic hazards.

"With all this progress moving us into the future, why can't our kids walk, bike and roll a single mile to school like they did in the past," a narrator says.

The advertisement is the brainchild of Tom Flood, principal at Ontario-based Rovelo Creative. He described it as a passion project made with th…

The growing complexity of car electronics delivered Visteon Corp. a record sales year, but the shortage of a specific type of semiconductor has prevented the automotive supplier from capitalizing on demand.

The supplier of cockpit electronics, with roots as a unit of Ford Motor Co., finished the year with $1 billion in sales for the fourth quarter, up 35 percent from the year prior, while net income was level with last year at $35 million.

For full-year 2022, Visteon's net income nearly tripled from the year before to $130 million, on $3.8 billion in revenue, up 36 percent year over year and besting its previous sales record set in 2017.

A primary driver of Visteon's growth was its digital clusters segment, which increased 40 percent year over year with key launches in North America. The segment is anchored by increasingly sophisticated infotainment and dashboard displays.

Of the 45 new product launches, 17 were digital clusters, including in th…

Even as the global microchip shortage slowly improves, some automakers are still feeling pinched more acutely than others, new data shows.

Honda told shareholders this month the semiconductor shortage is bottoming out — but that it has nonetheless cut its global sales expectation for the year ahead. BMW, Mercedes-Benz, Renault and Nissan have not been affected so far this year by the shortage, according to a report this month from Bank of America Global Research analysts, citing data from S&P Global.

But the positive outlook has not spread to every automaker.

Bank of America said Volkswagen is projected to cut about 65,000 autos from its production schedules in the first quarter of this year because of the shortage. Toyota is expected to lose about 58,000 vehicles, while Geely could lose 50,000 units as it grapples with the shortage on top of the impact of COVID-19 in China.

"Improvements are on the way," said Sam F…

A vehicle being moved Wednesday at a Lauderdale Lakes, Fla., auto auction lot struck and injured at least eight people, sending seven of them to the hospital.

The crash occurred around 9:30 a.m. Wednesday at South Florida Auto Auction, located near Fort Lauderdale, Fla., after brakes failed on the vehicle being moved, according to a news release provided by the Broward Sheriff's Office. The police agency described the vehicle involved in the accident as "slow-moving."

Of the eight people struck, seven were transported to a local hospital for treatment of injuries, while one refused treatment, according to the Broward Sheriff's Office.

Two of them were reported to have more serious injuries.

Television station WPLG Local 10 said that two were taken to the hospital as trauma-alert patients. A Broward Sheriff's Office public information officer confirmed that to Automotive News in an email. The trauma-alert designation denotes "significant injury cau…

High performance doors have been around for over forty years and got their start as a solution for high-traffic areas within behind-the-scenes industrial applications. Original models were made of heavy-duty fabric panels, and opening speeds were five times faster than conventional rolling steel doors. Demand for modern high performance doors grew within industrial applications where high-speed door operation could accommodate demanding workflow.

High performance fabric doors continue to be a popular choice for industrial applications, while more recently, high performance rigid doors came onto the scene offering fast operating speeds like their fabric counterpart, with the added benefit of security and contemporary aesthetics.

Today, high performance fabric and rigid doors have become a staple for highly visible, and even glamourous applications where performance meets style, such as: parking garages & stadiums, emergency service facilities, and retail automotiv…

5 Key Takeaways Extending manufacturing automation efforts into new areas and tasks. Support so-called work-from-anywhere initiatives for non-office workers. Tracking the impact of changed consumer behavior. Improving employee training, safety, and productivity (for example, through augmented/virtual reality technology). Meeting new compliance mandates.

DETROIT — Buick is giving the Encore GX subcompact crossover an exterior facelift inspired by the brand's Wildcat electric vehicle concept and updating the interior with new technology.

The Encore GX, to be revealed Thursday at the Canadian International AutoShow in Toronto, is the first Buick to include its new Virtual Cockpit System and the first in North America to sport the brand's updated tri-shield logo. The refreshed GX also will offer a top-end Avenir trim for the first time.

Production is scheduled to begin in March, and the vehicle will go on sale this spring. Buick lowered the starting price by $300 to $26,895, including shipping. The Avenir trim starts at $33,195.

"Styling here speaks for itself. It's modern. It has a lot of sculptural beauty, and it's going to resonate, I feel, really well with the younger customer especially," said Steve McCabe, advanced design manager for Buick.

"It encompasses an all-new …

WASHINGTON -- U.S. Sen. Marco Rubio on Tuesday asked the Biden administration to review Ford Motor Co.'s deal to use technology from Chinese battery company CATL as part of the automaker's plan to spend $3.5 billion to build a battery plant in Michigan.

Rubio, the top Republican on the Senate Intelligence Committee, wrote to Treasury Secretary Janet Yellen, Energy Secretary Jennifer Granholm and Transportation Secretary Pete Buttigieg calling for an immediate Committee on Foreign Investment in the U.S. review of the licensing agreement between Ford and CATL.

Rubio said the deal "will only deepen U.S. reliance on the Chinese Communist Party for battery tech, and is likely designed to make the factory eligible for Inflation Reduction Act (IRA) tax credits," in a statement posted on his website.

The $430 billion IRA imposes restrictions on battery sourcing and is designed to wean the U.S. off the Chinese supply chain for EVs. The IRA will eventually bar c…

Legacy automakers launched exciting new electric vehicles last year, including the Ford F-150 Lightning and Kia EV6, but they barely dented Tesla's outsized market share as battery-electric vehicles surged to 5.6 percent of U.S. light-vehicle registrations from 3.1 percent a year earlier.

New EV registrations numbered 756,534 in 2022, for a 57 percent increase, Experian data showed. That dramatic growth occurred as the overall market slumped 11 percent in registrations to 13.6 million, according to the Experian data.

Tesla had 484,351 of the total — a 41 percent jump over its 2021 performance. The Tesla Model Y was the most popular EV in America last year with 228,312 new registrations, for a 35 percent increase.

While Tesla's EV share fell to 64 percent last year from 71 percent in 2021, the big takeaway from the data is that the automaker barely suffered in what was expected to be a big year for its legacy and startup rivals.

New models such as…