Trade News

Georgia dealer Jimmy Ellis, CEO of Jim Ellis Automotive Group, died Saturday at a hospital in Roswell, Ga.

He was 67. No cause of death was shared.

All Jim Ellis Automotive locations in metro Atlanta closed Wednesday for funeral services, a black banner atop the company's website read.

Ellis, born Aug. 26, 1955, became CEO of the family business in 2015 after serving as vice president and COO for 18 years.

Loren Roberts, associate director of marketing for Jim Ellis Automotive Advertising Agency, who has worked for the company nine years, described Ellis as a visionary leader.

"His passion and drive instilled confidence and motivation in those that worked for him," Roberts told Automotive News. "But above that, he was a man that cared deeply about his employees and family and took every opportunity to make sure people felt valued and appreciated."

Ellis' parents, Jim and Billie Ellis, poured their life savings into their first dealer…

BERLIN -- The German government on Wednesday blocked prospective Chinese investment in two domestic semiconductor producers after the moves raised concerns over national security and the flow of sensitive technological know-how to Beijing.

The government said it had vetoed the takeover of the chip factory of the Dortmund-based company Elmos by Silex, a Swedish company that is a subsidiary of Chinese group Sai Microelectronics.

Berlin also blocked investment in ERS Electronic, which is based in Bavaria, government sources told Reuters.

A spokesperson for ERS Electronic said there were no plans to sell the company but it had been exploring the option of getting investment from a Chinese private equity firm.

The decisions came at a time of heightened sensitivity around relations between Berlin and Beijing.

The government of Chancellor Olaf Scholz, who visited China last week, is trying to balance a push for access to the Chinese market for Eur…

SHANGHAI -- Tesla Inc. said it raised insurance incentives for EV orders in China placed before Nov. 30, but reduced them for orders made next month, a move to urge consumers to place orders earlier.

The U.S. automaker previously offered an insurance incentive of 7,000 yuan ($970) for orders between Oct. 1 and Dec. 30. But on Tuesday Tesla said the incentive for November was raised to 8,000 yuan and reduced for December orders to 4,000 yuan.

"As long as you like it enough, pick up Tesla immediately!" Tesla said in its official Weibo account when announcing the policy change.

The insurance incentive is a cash rebate offered to buyers to buy insurance from Tesla's partner insurers.

Tesla delivered 71,704 China-made electric vehicles in October, down 14 percent from a record high in September, according to the China Passenger Car Association last week.

Tesla also slashed starter prices in China on the Model 3 and Model Y and closed what had be…

SHANGHAI -- BYD said on Tuesday it would launch a new premium brand in the first quarter of 2023 under the name Yangwang, with the first model slated to be an off-road vehicle.

Vehicles produced under the new brand will be priced at between 800,000 and 1.5 million yuan, BYD added.

BYD, which ditched gasoline vehicles from its product mix this year, has been able to capitalize on a range of incentives for electric vehicles offered by the Chinese central government and local governments.

The automaker, which produces both pure electric and plug-in hybrid cars, has topped electric vehicle sales in the world's biggest auto market, with sales more than tripling in the first 10 months of this year to 1.4 million, company filings show.

Lucid Group Inc. reported a third-quarter net loss of $670 million but reiterated its production goal of 6,000 to 7,000 units of its Air electric sedan this year after dealing with supply chain issues and growing pains as an EV startup.

The company's stock price fell 13 percent to $11.79 in after-market trading after Lucid posted the results.

The automaker reported revenue of $196 million in the quarter, compared with just $232,000 a year earlier, the company said. Lucid launched the Air sedan in the fourth quarter of 2021 from its factory in Arizona but has repeatedly cut its production goals.

Lucid CEO Peter Rawlinson said on Tuesday’s earnings call that the automaker continues to struggle with supply-chain issues but expects to meet its 2022 production guidance despite the challenges.

“In fact,” Rawlinson said, “even now we are experiencing a challenge with one particular item that will lead to a very temporary timeout for the…

The Maguire Family of Dealerships of Ithaca, N.Y., expanded into the greater Buffalo, N.Y., market with its Oct. 26 purchase of three dealerships in Grand Island, N.Y., from Billy Fuccillo Jr. of Fuccillo Automotive Group, McGuire President Phil Maguire confirmed to Automotive News.

Formerly known as Fuccillo Chevrolet of Grand Island, Fuccillo Toyota of Grand Island and Fuccillo Hyundai of Grand Island, the stores all sit within 100 acres of each other off a highway, Maguire said.

"It's a great opportunity and the scenery is very beautiful on Grand Island," Maguire said.

Grand Island, surrounded by the Niagara River that flows between Lake Erie and Lake Ontario, is north of Buffalo and south of Niagara Falls.

The stores were renamed Maguire Chevrolet of Grand Island, Maguire Toyota of Grand Island and Maguire Hyundai of Grand Island.

These are the latest store sales for Fuccillo Automotive, which at one time had more than 20 dealerships.…

Rivian Automotive is a runaway hit with its R1T pickup and R1S SUV in the eyes of owners and automotive journalists, but the electric vehicle startup is no longer a Wall Street darling due to missed production targets and concern over easing demand in today's economic climate.

When the automaker reports third-quarter earnings on Wednesday after the market close, financial analysts are expecting revenue of about $552 million on improving deliveries of its adventure vehicles, but also another net loss similar to Rivian's $1.7 billion loss in the second quarter.

The mean estimate from 16 analysts, based on Refinitiv data, is for a loss of $1.82 per share despite revenue rising from just $1 million in the same period a year ago, Reuters said. Rivian launched the R1T electric pickup in the fourth quarter of 2021 to widespread acclaim.

CEO RJ Scaringe, who has been under pressure to increase production of Rivian's consumer vehicles and electric delivery v…

Vehicle listings company TrueCar Inc. reported Monday a loss of $77.1 million for the third quarter — a drop from a much slimmer loss in the same period a year ago .

The company said a vast majority of that loss, which compares with a year-earlier net loss of $6.8 million, can be attributed to a one-time impairment charge of $59.8 million brought on by the sharp decline in its share price. TrueCar's share price dropped 55 percent, from $3.33 to $1.51, between May 31 and Sept. 30.

TrueCar executives in a Tuesday call with analysts noted that the stock drop meant a similar sharp decline in the company's market capitalization but did not elaborate much on the charge.

"This is a non-cash charge, so there's no impact on our adjusted EBITDA nor our cash balance," TrueCar CFO Jantoon Reigersman said on the call.

TrueCar's adjusted earnings before interest, taxes, depreciation and amortization also worsened, swinging to a defici…

With millions of Americans lacking access to credit, and facing increased strain from inflation, flexible payment options offer new financial opportunity for both consumers and businesses. Learn how today’s transparent lease-to-own (LTO) platforms help address bias and promote inclusion. By opening up new paths to purchase for people, and sending new and loyal customers to e-commerce and omnichannel retailers, LTO partners like Katapult are transforming the economy for the better.

Key Takeaways:

30% of American consumers are overlooked by traditional financing options Traditional credit scores exclude millions, perpetuate bias, and inaccurately predict risk due to limited data More than half of Americans (54%) are more likely to shop with a merchant that offers flexible payment options, such as Lease-To-Own (LTO) or Buy Now, Pay Later (BNPL) In today’s economic landscape, LTO options are vital, helping retailers reach a larger and more loyal consumer base and enabling …

Vroom Inc. said Monday it recorded a smaller net loss and took in record profit per used car and truck it sold in the third quarter as it cut costs, though revenue and volume of vehicles sold fell sharply year-over-year.

The online used-vehicle retailer reported a net loss of $51.1 million for the quarter ended Sept. 30, a period in which it trimmed jobs and slimmed down its logistics network. That loss is smaller than both its first-quarter loss of $310.5 million and second-quarter loss of $115.1 million. It's also an improvement from its $98.1 million loss in the year-earlier period. Vroom's smaller net loss comes a few days after online used-market peer Carvana Co. posted a $508 million quarterly loss, its largest in 2022.

Vroom said its revenue tumbled 62 percent to $340.8 million in the quarter.

The company's volume of vehicles sold online also plunged in the third quarter to 6,428 vehicles, compared with 19,683 sold during the year-ago period. But…