Trade News

Four dealership groups expanded their portfolios with second-quarter acquisitions, each buying one store.

Here's a look at the deals involving import and domestic brand dealerships and stores in Oregon, Iowa, Florida and Ohio.

Mario Hernandez and Teton Auto Group added a fourth Toyota dealership to their portfolio with the acquisition of Coos Bay Toyota in Oregon on May 26.

Hernandez, dealer principal of Teton Auto, and the group bought the dealership from brothers Guy and Lee Hawthorne, according to Jesse Stopnitzky of Performance Brokerage Services, a buy-sell firm in Irvine, Calif., who represented the Hawthorne brothers in the transaction.

Teton will keep the store's name. Coos Bay, along the Pacific Ocean, is north of the California border and is southwest of Portland.

Hernandez and Jim Parker founded Teton Auto in 2005 when they opened their first store, a Toyota dealership, in Idaho Falls, Idaho. Teton Auto has since expanded into …

TOYOTA CITY, Japan — Lexus' new yoke-style steering looks funky, and it drives a little funky.

But the Japanese premium brand plans to advance the technology by combining jet-age looks with an advanced, ultraprecise steer-by-wire system in the upcoming RZ all-electric crossover.

The high-tech setup, tested by Automotive News in June at Lexus’ proving ground, also one-ups the yoke steering system deployed by Tesla by resolving one of that system’s confounding issues. Tesla's butterfly design, reminiscent of an airplane control or Formula One wheel, earned lackluster reviews when it debuted in the Model S and Model X because drivers must awkwardly spin it all the way around. But since the yoke has a flat top and bottom, there is no easy handhold.

Tesla also dropped the wheel's turn indicator stem and moved that function to buttons on the face of the yoke. That meant that the buttons can confusingly end up on the opposite side of the steering control when …

<!--*/ */ /*-->*/ Americans want EVs but face barriers, survey says

A survey from Consumer Reports shows that interest in electric vehicles and low-carbon fuels continues to be strong, but help from policymakers and automakers is crucial.

"Automakers need to make more classes of electric vehicles. Not just sedans; we need a whole breadth because people have different needs," said Quinta Warren, Consumer Reports' sustainability policy team leader. "We need to make the process of using incentives easy and add more incentives. I can file my taxes and get money back maybe a year after I bought my car. But for some people, that's not feasible."

The survey found 71 percent of Americans expressed interest in buying or leasing an EV. But within that group, 14 percent said they would definitely buy or lease an EV — a 10-point increase from the 2020 survey.

The most significant barrier for those not interested in EVs is charging accessibility, said…

Self-driving tech company Argo AI said it laid off about 150 employees on Thursday.

In a written statement, an Argo spokesperson said the layoffs were part of “prudent adjustments to our business plan” as the company plotted for future growth.

Former Argo employees who worked in the company’s human resources, recruiting, technical sourcing and communications divisions shared news of their layoffs on their respective LinkedIn profiles.

Argo’s workforce remains at more than 2,000 employees across the globe, according to the spokesperson.

The Pittsburgh-based company has developed and launched new operations at a fast clip over the past year.

In September, it started a partnership with Walmart that focused on delivery services in Miami, Washington, D.C., and Austin, Texas. That came in the same month Argo began autonomous testing in Munich.

In December, Argo partnered with Lyft and Ford on launching ride-hailing service in Miami, a ci…

China’s new-vehicle market staged a strong rebound in June after a two-month pandemic-triggered lockdown was lifted in Shanghai and new government incentives were launched early in the month.

New car and light-truck shipments industrywide rose an estimated 21 percent to 2.45 million last month, the China Association of Automobile Manufacturers said Wednesday.

The tally also represents a surge of 34 percent from May volume, the trade group added.

Reflecting steep declines in April and May, when Shanghai and other areas were under strict lockdowns to contain COVID-19 outbreaks, new-vehicle sales through June dropped 7.1 percent year on year to roughly 12 million, according to CAAM’s estimates. 

To revive the market in the wake of the latest coronavirus outbreak, Beijing on June 1 halved vehicle sales taxes to 5 percent for new gasoline light vehicles with engine sizes of up to 2.0 liters and priced at 300,000 yuan ($44,709) or below. 

…

China sales at General Motors and its two joint ventures shrank 35 percent to some 484,000 in the second quarter from a year earlier, reflecting a two-month lockdown of Shanghai and other government measures to curb a resurging coronavirus outbreak. 

Shanghai and other parts of the country imposed strict travel restrictions and testing rules for much of the spring, stifling economic activity, disrupting vehicle output and shipments and curbing showroom traffic.

Each of GM’s brands posted double-digit declines during the April-June period, according to results released by the U.S. automaker’s China unit. 

GM produces and markets Cadillac, Buick and Chevrolet cars and trucks at SAIC-GM, a passenger vehicle partnership with SAIC Motor Corp. 

It also builds and distributes minibuses under the Wuling brand and entry-level cars for the Baojun marque at a joint venture with SAIC and Wuling Automobile Industry Co.

Cadillac’s second-q…

Chinese consumers have increasingly opted for electrified vehicles over traditional cars and light trucks, according to the latest vehicle registration data from China’s Ministry of Public Security.

In the first half, while overall newly registered vehicles across the country dropped 21 percent to 11.1 million amid a resurging coronavirus outbreak, electrified-vehicle registrations doubled to top 2.2 million, the Ministry said this week.

As of June, the fleet of electrified vehicles in China expanded to exceed 10 million. Of that number, 81 percent are full electric vehicles and the rest are mainly plug-in hybrids, according to the ministry’s tally. 

Sales at the Honda brand roared back to life in June amid a rebound in the overall Chinese new-vehicle market, while Nissan and Volvo sales dropped, but at a slower pace.

Honda’s June sales advanced 19 percent year on year to 141,142 after slipping three straight months, according to figures released by Honda Motor Co.’s China office.

Nissan Motor Co.’s China office said Nissan deliveries dropped 4.8 percent to 109,051 last month.

Volvo’s China sales slid 1.3 percent to 16,468 in June, according to data the Swedish brand disclosed from its headquarters in Stockholm. 

In the first six months, deliveries at Honda and Nissan slumped 14 percent and 23 percent to 679,227 and 546,020, respectively. Volvo sales contracted 27 percent to 70,233 over the same six-month period.

WASHINGTON -- The U.S. Transportation Department on Thursday announced it is proposing to require that state transportation agencies set new targets for reducing tailpipe emissions on the national highway system.

The department's Federal Highway Administration told Reuters states will have flexibility "to set targets that work for their respective climate change policies and other policy priorities, so long as they are in line with the net-zero goals by 2050 set forth in this rule."

President Joe Biden has set a U.S. target of achieving a 50-52 percent reduction from 2005 levels of economy-wide net greenhouse gas pollution in 2030 in a step toward reaching net-zero emissions economy-wide by no later than 2050.

States would also be required to report on their progress in meeting the targets under the proposed rule. Currently, state laws require 24 states and the District of Columbia to set targets and track their greenhouse gas emissions. Reuters reporte…

CDK Global Inc. has completed its sale to investment firm Brookfield Business Partners, the companies confirmed.

The dealership technology company, of Hoffman Estates, Ill., said in a regulatory filing that Brookfield's acquisition of CDK was completed Wednesday, with a price tag of roughly $8.7 billion "without giving effect to related transaction fees and expenses."

CDK in April said it agreed to be acquired by Brookfield Business Partners — a unit of global alternative asset management firm Brookfield Asset Management's private equity group — with CDK shareholders receiving $54.87 per share in cash. That price would reflect a 30 percent premium to CDK's closing share price on Feb. 18, which the company said was the last full day of trading before market speculation began about a possible sale.

CDK's stock no longer will be publicly traded. The company said in its regulatory filing that it notified the Nasdaq exchange of the transaction and requested t…

TOKYO — Is a new Lexus LX worth a four-year wait?

Plenty of customers in Japan apparently think so.

With delivery delays stretching that long in the home market, Toyota Motor Corp.'s premium brand suspended new orders for the flagship large SUV this month. Otherwise, the company is concerned vehicles ordered today won't even arrive before the next model update is planned.

Lexus has also pulled the plug on new orders for the NX compact crossover in Japan for the same reason. The wait has grown beyond one year, parent company Toyota said.

The redesigned LX went on sale in Japan only in January, and the NX landed here last November.

"LX is very popular not only in Japan but also around the world, and we have received orders that greatly exceed our production capacity," Lexus said in an apology on its Japanese website.

In the U.S., Lexus is still taking orders for both nameplates, but availability is limited by crimped output. The LX is …