Trade News

Increasing digital demands are behind some dealers' decisions to exit the business. And their stores often are eagerly snapped up by dealership groups that see advantages in being bigger.

One reason why being bigger helps? To maximize use of digital sales tools.

This has been playing out among the nation's publicly traded new-vehicle retailers, namely Asbury Automotive Group and Lithia Motors, which led the pack last year in spending on dealership acquisitions. Both groups have outlined revenue goals for their companies and their in-house digital sales platforms — Clicklane at Asbury and Driveway at Lithia.

Lithia executives, for example, have said they intend to reach consumers across the country by making the group's inventory available online, enabling a nationwide presence without also having to have a physical dealership in every market.

One of Lithia's goals is to have a dealership within 100 miles of its customers, "allowing us to convenien…

The latest Genesis G90 is a capable luxury sedan full of sleek design and expensive features fitting for a flagship car, but it may not be enough to compete with key rivals.

That's the consensus of early reviews by automotive journalists who are thoroughly impressed but doubt the car's competitive zeal.

Genesis has ditched the 5.0-liter V-8 engine that was a staple of the model. Instead, the 2023 version lowers the power to a choice of two different 3.5-liter turbocharged V-6 engines. Reviewers say the change isn't a big deal, and that the luxury sedan still feels good under the hood.

The G90's interior has undergone a major update, with many reviewers noting the effort aims to put the car on par with other models such as the Mercedes-Benz S-Class.

A notable feature is the new phone-as-a-key feature on iPhones that requires only a Bluetooth connection and negates the need for a key fob. Impressions are hit or miss, with …

Warren Buffett's Berkshire Hathaway Inc. has trimmed its stake in BYD Co., seven weeks after prompting speculation it might sell its entire multi-billion dollar stake in the largest Chinese electric vehicle company.

In a Hong Kong Stock Exchange filing, Berkshire said it sold 1.33 million Hong Kong-listed shares of BYD for about HK$370 million (US$47 million), reducing its stake in BYD's total issued H shares to 19.92 percent from 20.49 percent.

Tuesday's filing is the first confirmation that Berkshire has reduced its BYD investment since the 20.49 percent stake entered Hong Kong's Central Clearing and Settlement System on July 11, with Citigroup serving as custodian.

BYD's share price fell nearly 12 percent the next day.

Buffett's company had acquired 225 million BYD shares in 2008, giving it a 7.73 percent stake, equal to the 20.49 percent stake in H shares, according to BYD's annual report.

Berkshire paid $232 million for its shares, who…

The Insurance Institute for Highway Safety said many models' automatic braking systems perform poorly in nighttime tests.

The study, released Tuesday, comes amidst climbing traffic deaths in the U.S., with 2021 having the highest number killed on U.S. roads in a single year since 2005.

Of the 23 models tested, only four earned a Superior rating from the IIHS, and more than half earned a Basic Score or No Credit.

David Harkey, president of IIHS, likened the study's four-level grading scheme to letter grades in academics – with Superior being an A and No Credit being an F. In essence, this means a majority of models either failed or came near failing the nighttime test.

The four vehicles that earned Superior were the Ford Mustang Mach-E, Nissan Pathfinder, Toyota Camry and Toyota Highlander.

The Chevrolet Malibu, Honda Pilot, Nissan Altima and Toyota Tacoma all received No Credit.

Despite their poor performance at night, 19 of the 23 …

The gasoline-powered Mustang’s days – or at least years - may be numbered. Honda and LG are the latest to put billions into a new EV battery plant. Lithia looks to expand across the pond. And Elon Musk’s plans for Tesla’s self-driving tech just got more ambitious.

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WILMINGTON, Del./SAN FRANCISCO -- A California owner of a Tesla Model 3 sued the electric vehicle maker in a proposed class action over cars suddenly stopping for non-existent obstacles, calling it a "frightening and dangerous nightmare," according to the lawsuit.

Tesla has rushed its autonomous driving cars to market with unsafe technology, including its driver assistant system which the company calls Autopilot or Full Self-Driving, and its emergency braking system, according to the lawsuit by Jose Alvarez Toledo of San Francisco.

This adds to growing public and regulatory scrutiny of Tesla's driver assistant technology, despite Tesla CEO Elon Musk promising full self-driving by this year-end.

"When the sudden unintended braking defect occurs, they turn what is supposed to be a safety feature into a frightening and dangerous nightmare," said Toledo's lawsuit, which was filed on Friday in federal court in the northern district of California.

The l…

Tesla Inc. violated labor law by restricting employees from wearing pro-union shirts, the National Labor Relations Board ruled, overturning a Trump-era precedent that took a narrower view.

“Wearing union insignia, whether a button or a t-shirt, is a critical form of protected communication,” NLRB Chairman Lauren McFerran said in a statement Monday after the 3-2 ruling by the agency’s Democratic majority.

“For many decades, employees have used insignia to advocate for their workplace interests -- from supporting organizing campaigns, to protesting unfair conditions in the workplace -- and the law has always protected them.”

The electric carmaker required production workers to wear black shirts with the Tesla logo, or occasionally all-black shirts when a supervisor gave permission, according to the ruling. The majority said the policy interferes with workers’ rights under the 1935 National Labor Relations Act.

The company didn’t immediately respond …

TOKYO — Toyota Motor Corp., fresh off sponsoring last year's Tokyo Summer Olympics, is diving into sports again.

This time, Toyota will build a bay-side arena for a Japanese pro basketball team with one of the wildest names in the wide world of sports: the Alvark.

The stadium, to seat 10,000 fans when it opens in 2025, will be the new home court for the Toyota Alvark Tokyo, a professional Japan league team backed by the world's biggest automaker.

The plan, unveiled Monday, will redevelop an area of the Tokyo waterfront where Toyota long had a sprawling vehicle showroom, auditorium, test drive and brand experience center.

Toyota's Mega Web facility shut down in December, shortly after President Akio Toyoda used the space for its last major event, to unveil the company's long-term vision for electric vehicles.

Toyoda, who played field hockey in his youth and still gets behind the wheel in motorsports, said his company draws inspiration from t…

China should boost initiatives to study and monitor carbon footprints across the electric-vehicle battery supply chain because the nation has “apparently fallen behind,” according to Zeng Yuqun, chairman of leading battery manufacturer Contemporary Amperex Technology Co.

China is one of the world’s major vehicle-battery production centers but seems to lag behind other countries in terms of handling emissions in the manufacturing process, Zeng, founder of the Ningde, Fujian-based company, said Saturday at the World New Energy Vehicle Congress in Beijing.

Representatives at the meeting suggested the government should follow international standards and urged it to: establish an up-to-date carbon-emission database; encourage enterprises to improve production facilities; invest more in low energy-consumption products; and further develop battery-recycling businesses.

While emissions from electric vehicles also depend on the source of power generation, they a…

STAVANGER, Norway -- Tesla CEO Elon Musk aims to get the automaker's self-driving technology ready by year-end and hopes it could be in wide release in the U.S. and possibly in Europe, depending on regulatory approval.

Speaking at an energy conference in Norway on Monday, Musk said his attention was currently focused on his SpaceX Starship spacecraft and self-driving Tesla cars.

"The two technologies I am focused on, trying to ideally get done before the end of the year, are getting our Starship into orbit ... and then having Tesla cars to be able to do self-driving."

"Have self-driving in wide release at least in the U.S., and ... potentially in Europe, depending on regulatory approval," Musk told the audience.

Oil, gas needed

Earlier, Musk said the world must continue to extract oil and gas in order to sustain civilization, while also developing sustainable sources of energy.

"Realistically I think we need to use oil and gas in the…

Honda Motor Co. is plugging its range of products — from motorcycles to jets — in a major new campaign that points to its future, including investments in electric vehicles and a longer-term vision for reusable space rockets and avatar robots.

A new “Forever Determined” ad, which comes from agency-of-record RPA, is the second spot in Honda's “Origin of Determination” campaign that debuted in October.

While the campaign’s first ad focused on the brand’s legacy, the new spot is geared toward showing how the company is “embarking on new initiatives,” and to “highlight and tease future products,” said Senior Manager for Honda Marketing Jessika Laudermilk. Along with reaching its existing consumer base, Honda is targeting Gen Z and millennials “who may not be as familiar with Honda’s past,” she said.

The ad was filmed from the perspective of drivers of various Honda vehicles, including the brand’s Type A motorized bicycle, the aircraft HondaJet Elite S, as w…

TOKYO – Honda Motor Co. and South Korean battery maker LG Energy Solution said they will invest $4.4 billion to build lithium ion batteries in the U.S. for Honda and Acura brand electric vehicles.

The move, announced on Monday in a statement, will establish a joint venture battery plant with annual capacity for about 40 gigawatt hours of pouch-type lithium ion batteries.

The power packs will be supplied exclusively to Honda in North America, though LG Energy Solution and Honda said the location of the plant has not yet been finalized.

Construction is slated to start in early 2023 with mass production beginning by the end of 2025.

The ramp up comes as Honda plans to build about 800,000 electric vehicles in North America by 2030. By that time, EV production should account for 40 to 50 percent of the company's total output in North America, underscoring Honda’s need for a big increase in battery supply.

North American production of batteries …