Trade News

Honda's redesigned 2023 HR-V subcompact crossover — bigger, sportier and available with a new driver-assist feature for enhanced off-roading — is powered by a 2.0-liter inline four-cylinder engine with 158 hp and 138 pound-feet of torque.

And while the base price is rising by nearly $2,000, it will remain under $25,000, making it accessible to the 25 and younger audience Honda hopes to capture more of.

The second-generation HR-V, on sale now, adopts a new architecture that puts it more in line with the latest, 11th-generation Civic as well as the redesigned, sixth-generation CR-V compact crossover coming in September.

It features an independent rear suspension for smoother ride quality. The three available trims — LX, Sport and EX-L — can all be configured with front- or all-wheel drive.

Honda says the awd system is improved for a more responsive driving character. Upon start, the system is tuned to send more torque to…

Bob Carter has spent the better part of four decades talking nearly nonstop to Toyota and Lexus dealers, visiting their stores, helping them develop their businesses and building lasting friendships with his quick, folksy wit and an amiable smile.

But at the end of this month, Carter, 62 — a fixture at Toyota since the days when the Japanese automaker's pickups were called just, well, Pickup and the man who's headed sales at the automaker since 2017 — will call it a career. He said he plans to spend the next few months doing what he's done for the past several decades: head out to travel — only now he'll be accompanied by his wife, Jane, instead of just his cellphone.

"It's been a hell of a career, but after 41 years, it's time to toss the keys to the next group," Carter told Automotive News last week after Toyota Motor North America announced his retirement June 6. Last year, amid COVID-19 and supply disruptions, Toyota finished as the top-sel…

The pandemic-triggered contraction in the Chinese new-vehicle market slowed significantly in May, with wholesale volume dropping 13 percent to 1.86 million, following a 48 percent slump in April.

The market recovery was led by sales of new light vehicles, which slid 1.4 percent to 1.62 million last month, after slipping 43 percent in April, the China Association of Automobile Manufacturers said in a statement Friday.

Government efforts to combat coronavirus outbreaks this year, with many parts of the country including Shanghai under stringent lockdown, has upended auto production and sales.

Automakers and government officials are trying various incentives to revive the market.The sales tax on vehicles priced at no more than 300,000 yuan ($45,000) and with 2.0-liter or smaller engines has been cut in half to 5 percent of the sticker price beginning June 1. The temporary tax cut could spur an increase of 2 million extra car and light-vehicle sales this ye…

Four auto retail groups added dealerships to their portfolios in second-quarter transactions.

Here's a look at the deals involving import and domestic dealerships and stores in New York and Wisconsin.

One transaction involved an auto retailer ranked on Automotive News' top 150 dealership groups list.

Matthews Auto buys two Fuccillo dealerships

Matthews Auto Group, of Vestal, N.Y., has acquired two Fuccillo Automotive Group dealerships to enter the Albany market in New York.

Matthews Auto, which in January 2021 bought five New York Fuccillo dealerships, on May 27 purchased Fuccillo Kia of Schenectady and Fuccillo Hyundai of Schenectady. Schenectady is northwest of Albany.

The transaction did not include a Lincoln franchise that had been located at the Hyundai dealership, according to Matthews Auto.

Matthews Auto, a family-owned business since 1973, renamed the stores Matthews Kia of Schenectady and Matthews Hyundai of Schenect…

Despite continued robust profits, franchised dealers polled by Cox Automotive this spring were a little less optimistic about the future than they were mid-winter, as overall dealer sentiment softened in part because of inflation, higher costs and still-tight inventory.

Franchised dealers' expectations for their vehicle markets for the next three months fell from a score of 69 in the first quarter to a still-positive 64 in the second quarter, according to the latest Cox Automotive Dealer Sentiment Index results.

"The decline we're observing with franchises here is not typical for this time of the year," Cox Chief Economist Jonathan Smoke told Automotive News. Normally, franchisees' three-month outlook holds steady heading into both spring and summer, Smoke said.

Cox surveyed 591 franchised and 555 independent dealers from Jan. 24 to Feb. 7 for the first-quarter index and 568 franchisees and 531 independents from April 25 to May 9 for the second-quarter…

Ferrari plans to significantly expand its factory in northern Italy as part of the electrification strategy it will unveil during a highly anticipated briefing next week, according to people familiar with the matter.

The automaker has snapped up space near its Maranello plant and started clearing the way for a third production line that will be dedicated to making electrified vehicles, said the people, who asked not to be identified because the information is private.

The expansion will also likely include a new battery R&D center, they said.

Ferrari will highlight the project during its June 16 capital markets day, when CEO Benedetto Vigna is expected to shed light on the automaker's EV strategy and lay out his business plan for the next four years.

The former STMicroelectronics executive was hired as Ferrari CEO in to accelerate the shift away from the 12-cylinder engines and four-figure horsepower the automaker is known for.

Ferrar…

SEOUL -- Production at Hyundai's biggest factory complex fell by half on Thursday because of component shortages caused by a truckers' strike in South Korea, a union official at the automaker said.

The automaker's Ulsan plants operated at about 50 percent to 60 percent of capacity due to parts procurement issues the strike caused.

Hyundai normally builds about 6,000 vehicles a day at its Ulsan factories including the high-margin Genesis SUV and Ioniq 5 EV.

With trucks unavailable because of the strike, Korean companies are seeking alternative ways to transport goods. At Hyundai affiliate Kia, employees were spotted driving newly produced cars on the streets to warehouses.

Hyundai said it has experienced partial production disruptions at its Ulsan plants and is monitoring the situation closely.

Thousands of South Korean truckers have been on strike this week to protest the surge in fuel costs, disrupting production, slowing activity at por…

Denso, one of the world’s top automotive semiconductor manufacturers and a key supplier to Toyota, might consider spinning off its chip business, which generates around 420 billion yen ($3.1 billion) in sales, the company’s chief technology officer said.

Denso ranks second on the Top 100 suppliers list and has also quietly built up a presence in automotive chips.

Now, with semiconductor-related capital expenditures totaling around 160 billion yen over the past three years, Denso ranks as the world’s fifth-largest supplier of automotive chips by sales.

"We need to think about whether the time will come when we sell semiconductors, alone, externally," CTO Yoshifumi Kato said in an interview at Denso's headquarters in Aichi prefecture on Friday. "It's worth looking into whether that kind of structure is possible," he said.

Today, the semiconductors Denso makes in-house go into automotive parts that it then sells to carmakers or other suppliers. Whe…

<!--*/ */ /*-->*/ By 2035, BEVs forecast to be majority of global sales

Battery-electric vehicles will account for a majority of new light-vehicle sales worldwide by 2035 as government mandates begin and automakers roll out new models, according to a forecast by Boston Consulting Group.

BCG anticipates 59 percent of all new vehicles sold worldwide will be BEVs by 2035, a double-digit upward revision from its estimate in 2021, which called for a 45 percent market share. Likewise, the consulting firm anticipates BEVs will make up 20 percent of worldwide sales in 2025, up from last year's forecast of 11 percent.

"We really think the switch has been flipped," said Aakash Arora, managing director at BCG. "It used to be a few years ago that for many companies, both OEMs and suppliers, EVs were a very important piece of their strategy but still just a project. Now, we're seeing that EVs are the company and that ICE is the project."

BCG's report …

Kellen Walker gives you the top headlines. The Biden administration proposes minimum standards for electric vehicle charging stations. A new forecast says “the switch has been flipped” on EV growth. The 2023 Nissan Altima gets a new design. Plus, George Hines of Lithia & Driveway talks about the company’s aim to bring car-buying into the digital age.

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 her…

Cadillac is going dramatic with a prototype of its third-generation endurance race car, the Project GTP Hypercar.

Introduced Thursday, it previews the race car Cadillac will use to contest the 2023 IMSA WeatherTech SportsCar Championship and the FIA World Endurance Championship, including the 24 Hours of Le Mans.

The Project GTP Hypercar, co-developed by Cadillac Design, Cadillac Racing and Italian race car builder Dallara, incorporates some of the brand's key design characteristics such as vertical lighting and floating blades.

It is powered by an all-new 5.5-liter double-overhead-camshaft V-8 engine that will be paired to IMSA's common hybrid system.

"The Project GTP Hypercar is a unique convergence of form and function and showcases Cadillac's future performance aesthetic," said Chris Mikalauskas, lead exterior creative designer at Cadillac. "We have plenty more to come, from the upcoming race car to amazing production…