Trade News

Automakers want to tap space-based communications to obtain precise positioning data and more robust connectivity for vehicles that will increasingly drive themselves.

As such, Toyota Ventures joined a 2021 funding round to invest in Xona Space Systems, a San Mateo, Calif., startup that plans to launch low-Earth orbit satellites.

Last month, Mercedes-Benz held a Car2space Challenge at the Innospace Masters innovation competition to scout ideas that can "create new business services for enhanced navigation of autonomous vehicles."

Chinese automaker Zhejiang Geely Holding Group launched nine low-Earth orbit satellites in June, the first of 240, to provide navigation and communications for autonomous vehicles. Geely, which owns Volvo, said its satellite constellation will initially cover the Asia-Pacific region, growing to global coverage by 2027.

Last year, Honda announced it's developing a partially reusable rocket to l…

As used electric vehicles become common, the largest auto auction houses grapple with how to value a car after factoring in the gradual degradation of aged batteries, which typically last eight to 10 years, or about 100,000 miles.

Accurately judging the remainder of the battery's useful life is crucial to building confidence in the used-EV market and also will help drive new-EV sales, said Lea Malloy, vice president of battery solutions at Cox Automotive Mobility. The company is a division of Cox Automotive, which also owns auction giant Manheim and vehicle valuation company Kelley Blue Book.

Consumers will think, "I'm going to buy a new [EV] because I'm confident that when I'm ready to unload this vehicle, I have a market that is going to support my sale," she said during a July media roundtable discussion in Detroit.

To help solve the problem, Cox developed software that tracks a battery pack's chemistry, age, service event histo…

Another victim of staffing shortages, inflation and supply chain disruptions has filed for voluntary Chapter 11 bankruptcy protection.

Cammand Machining LLC filed a petition for bankruptcy this week in U.S. Bankruptcy Court in Detroit.

The machine shop, which services the mold-and-die industry for automotive and aerospace customers, indicated in the filing that it was never able to recover from the COVID-19 pandemic. After two forbearance agreements with its lender, it chose to declare bankruptcy.

The company has between $1 million and $10 million in liabilities and less than $50,000 in assets, according to the filing.

"The global COVID-19 pandemic has had a long-lasting impact on the debtor's operations," according to a motion filed by Scott Kwiatkowski, an attorney representing Cammand. "… Due to the inability to run a second shift and the increased expenses associated with the global supply chain issues, operational costs have increased and t…

Land Rover is renowned for conquering new territory. And the limited-production Range Rover SV Carmel Edition, introduced late Thursday at Monterey Car Week, takes the brand to turf it has never touched: direct pricing competition with Rolls-Royce.

The 2022 Rolls-Royce Cullinan crossover starts at $348,000. The latest Range Rover stickers at $345,000 — roughly $75,000 more than a 2023 Range Rover with all the options boxes checked.

The Carmel Edition is a showcase for Range Rover's latest technology as well as its growing expertise in crafting ultraluxurious bespoke vehicles.

Land Rover officials introduced the vehicle in Monterey, Calif., at Range Rover House, a lodge the automaker rented and outfitted specifically for its customers to visit during the events surrounding the Pebble Beach Concours d'Elegance car show.

"The Range Rover SV Carmel Edition pays homage to the beauty of the Carmel coast," Joe Eberhardt, CEO of Jaguar Land Rover North Am…

McLaren has developed a hypercar that blurs the line between fantasy and reality.

The track-only McLaren Solus GT debuted Friday at Monterey Car Week in California.

The 25-vehicle production run is pre-sold, and deliveries begin next year. McLaren did not disclose pricing, but a source estimated it at $3 million to $4 million.

The single-seater Solus GT brings to life a futuristic McLaren concept featured in the Gran Turismo Sport video game.

"Engineered free of any restrictions from road or race regulations, but with the full spectrum of McLaren's expertise to bring it to reality, [the Solus GT] epitomizes our pioneering spirit," McLaren Automotive's newly minted CEO, Michael Leiters, said in a statement.

The company said the Solus GT is capable of the fastest lap times of any McLaren outside single-seater racing and delivers a Formula One-like driving experience.

A naturally aspirated 5.2-liter V-10 engine delivers more than 840 …

General Motors brings back its shareholder dividend. Meanwhile, GM and LG consider Indiana for a fourth U.S. battery plant. A top Toyota executive expects one more year of tight inventories. Plus, MarketScan CEO Rusty West talks about how the economy and interest rate hikes are affecting F&I offices.

How do I subscribe?

Can't wait to hear the next episode of "Daily Drive"? Subscribe through a podcast app to receive episodes days in advance. If you don't have a podcast app already, here are some options. 

iPhone / iPad

“Daily Drive” is available on the iTunes Store and through the ‘Podcast’ app pre-installed on all iOS devices. Click here to subscribe to "Daily Drive"

Android

“Daily Drive” is available on the Google Play store. Click here to subscribe to "Daily Drive"

Spotify

"Daily Drive" is available on Spotify. Click here to subscribe to "Daily Drive"

Auburn Hills, one of the suburbs north of Detroit, has been selected as the potential second location in the state for a "car vending machine" from Carvana Co.

The Phoenix-based used car e-commerce company, which has been in money-losing mode for much of this year, submitted a development application to build a 12-story steel-and-glass tower that would display used cars, according to an announcement Friday from the city of Auburn Hills' community development department.

Should the estimated $15 million investment obtain approvals from the northern Oakland County city's planning commission and City Council next month, the company is targeting a construction start in late 2023 or early 2024 with completion 10 months later, according to the announcement.

The proposed tower would be built adjacent to Topgolf Auburn Hills on Great Lakes Crossing Drive off of I-75. Carvana has 33 car vending machines in total, including one in northwest of Detroit in Novi, Mic…

The regular Lamborghini Urus is no slouch, but the Italian supercar brand has opted to kick things up a notch with the Urus Performante, a new higher-performance version that promises to be lower, lighter, quicker and more powerful.

The brand debuted the 2023 Urus Performante Friday at the Quail during Monterey Car Week. Engineers squeezed an additional 16 hp from its twin-turbo V-8 to lift the Performante version's power rating to 657 hp, while reducing its overall weight by 104 pounds, giving it a 0-to-62 mph time of 3.3 seconds, Lamborghini said. The Urus Performante's upgraded powertrain also delivers 627 pound-feet of torque.

Set apart by styling distinctive from the rest of the Urus lineup, the Performante's drive modes were reengineered and include a new Rally selection, which amplifies its oversteer characteristics with anti-roll and dampening systems to augment its revised suspension, the brand says.

To prove its bona fides, Lamborghini took the…

MONTEREY, Calif. — Acura has unveiled a concept for its first electric vehicle, to be built through a partnership between Honda Motor Co. and General Motors, and said the production model will bear the name of a popular but discontinued vehicle — the ZDX.

The old nameplate was a short-lived performance-oriented crossover that Acura debuted in the 2010 model year and then canceled after 2013.

The Acura Precision EV Concept, unveiled here Thursday, will serve as a north star for the brand's upcoming EV design look. The sporty compact crossover has a low, wide athletic stance and is draped in a brilliant blue with space-age light effects. Its various exterior and interior elements will be incorporated into the electric lineup Acura will roll out starting in 2024.

"The ZDX will complement our current [crossover] lineup, offering a premium, sporty and all-electric experience," said Emile Korkor, Acura's assistant vice president of national sales. "We will re…

Lucid is rolling out the next evolution of its luxury Air sedan: a performance edition under the new Sapphire subbrand with three electric motors, 1,200 hp, a $249,000 starting price and supercar levels of acceleration.

The Lucid Air Sapphire, unveiled Friday at Monterey Car Week, has a track-tuned suspension and carbon-ceramic brakes and will vie for the title of the fastest sedan in the world with the Tesla Model S Plaid.

Both advertise a 0-to-60 time of under two seconds.

"With three state-of-the-art electric motors — all developed and manufactured in-house by Lucid — Lucid Air Sapphire reaches an entirely new level of performance," said Eric Bach, senior vice president of product.

"And because a three-motor Lucid Air was always part of the development program, it retains all the strengths of Lucid Air variants already on the market — including limo-like rear legroom, a voluminous trunk and frunk, and impressive efficiency," Bach said.

Read more

Pebble Beach weekend has returned in full force this year. Automakers are showing a slew of new product changes out among the lawns and beachsides of the Monterey peninsula.

And stealing the spotlight this year: electric vehicles.

An annual cluster of events traditionally known for displays of sky-high-horsepower sports cars and rarified exotica, the venues this year will unveil EV versions of vehicles that can perform (and will likely cost) at breathtaking levels.

Muscling into Rolls-Royce pricing territory: The small-batch Range Rover SV Carmel Edition stickers at $345,000 — roughly $75,000 more than a 2023 Range Rover with all the options boxes checked. In comparison, the 2022 Rolls-Royce Cullinan crossover has a starting price of $348,000.

A north star for Acura's upcoming EV design: Acura has unveiled a concept for its first electric vehicle, to be built through a partnership between Honda Motor Co. and General Motors, and said the pr…

Dealership inventory levels will remain at or near record lows for at least another year before they begin to make any recovery of their unsold vehicles on hand, and may never return to previous levels that required sales incentives, said Jack Hollis, Toyota Motor North America's newly minted head of sales.

Speaking Thursday during an Automotive Press Association event, Hollis — who succeeded Bob Carter in the top sales role in June — said demand is continuing to outstrip automakers' abilities to produce enough vehicles to fill dealership lots.

"We're going to be dealing with this for one more year," said Hollis. "I do not believe we're going to see growing dealer stock for one more year. I think we're going to be in a situation, speaking for Toyota and Lexus, where whatever we wholesaled is what we'll retail."

Hollis said dealer inventories are likely to remain tight — he noted that Toyota dealerships have been down to a 36-hour supply at certain points…