Trade News

Protective Asset Protection's parent company will purchase Protective's rival finance and insurance product provider AUL Corp.

Terms of the acquisition were not disclosed in the Monday announcement by Protective Life Corp. Protective Life expects the deal to close in the second quarter.

Protective Life Senior Vice President M. Scott Karchunas, president of Protective Asset Protection, told Automotive News in an email interview Tuesday that the companies had been discussing a deal "for the past few months."

Buying AUL offered new talent and "a complementary business" with dealership, agent and lender relationships, he said.

"We did not look at this opportunity as filling a gap in our existing portfolio, but instead as a chance to add expertise — particularly with serving the automotive and financial institution industry's needs for pre-owned vehicle service contracts and warranty programs," Karchunas said.

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Stellantis and joint venture partner LG Energy Solution Ltd., with backing from three levels of government, committed Wednesday to spending $4.1 billion to build Canada’s first large-scale EV battery plant in Windsor, Ont.

The sprawling facility, expected to begin operations in 2024, will have capacity to produce 45 gigawatt hours (GWh) of lithium-ion battery cells and modules to supply the Chrysler, Dodge, Jeep and Ram parent firm’s auto assembly operations in Ontario and elsewhere in North America.

Stellantis CEO Carlos Tavares said the investment, which is the largest in the history of Ontario’s auto sector, will help position Canada as a leader in North American EV battery production. It will also orient the company toward its EV targets, he added.

“Our joint venture with LG Energy Solution is yet another stepping stone to achieving our aggressive electrification roadmap in the region aimed at hitting 50 percent of battery electric vehicle sales in…

Dan Ammann, the former General Motors president who abruptly left his post as CEO of Cruise in December, has been named president of ExxonMobil Low Carbon Solutions.

Ammann will replace Joe Blommaert, who is retiring after 35 years with the company. Ammann's appointment is effective May 1, according to a company statement.

Ammann, 49, had been CEO of self-driving vehicle company Cruise since 2019. GM now owns 80 percent of Cruise.

Ammann was president of GM from 2014 to 2018 and the automaker's CFO from 2011 to 2014 after more than a decade as a Wall Street banker.

He said in a LinkedIn post Tuesday that he will lead the building of new business at ExxonMobil focused on the decarbonization of the industrial economy.

"We'll be significantly moving the needle toward net zero in the most hard-to-decarbonize industries, in an economically viable way, and with urgency," he wrote. "To do this we'll draw on the deep resources and know-how that exi…

Chevrolet Corvette production is down this week because of a parts shortage.

General Motors cut the first and second shifts at the Corvette plant in Bowling Green, Ky., for the temporary parts constraint, spokesman Trevor Thompkins told Automotive News.

"Our supply chain, manufacturing and engineering teams are working closely with suppliers to mitigate further impacts on production," he said.

Output is expected to resume Monday.

GM declined to say which component was in short supply, but spokesman Dan Flores confirmed that the downtime was not due to a shortage of semiconductor chips. No other GM plants are taking parts-related downtime this week, he said.

Chevy sold 33,041 Corvettes last year, a 53 percent boost over 2020.

Some of China's leading electric vehicle makers and self-driving tech companies are now working with computing supplier Nvidia to develop their next-generation products.

Nvidia unveiled a series of new partnerships Tuesday at its annual technology conference, known commonly as GTC, none bigger than work with Chinese EV maker BYD, which already has more than 780,000 vehicles in operation.

BYD, which includes U.S. billionaire Warren Buffett among its major investors, said it will build its next-generation fleets on Nvidia's Drive Hyperion architecture and sensor suite for self-driving systems. The company will build future EVs with the eighth iteration of Hyperion starting in 2023, enhancing both driving and parking functionality.

Collectively, Nvidia said it now has $11 billion in auto tech contracts signed for production over the next six years.

"It's the right technology at the right time," said Danny Shapiro, Nvidia's vice president of automotiv…

WASHINGTON — General Motors is recalling nearly 740,600 U.S. vehicles for bright headlight reflections that may cause glare or be distracting to other drivers, increasing the risk of a crash.

The recall covers certain 2010-17 GMC Terrain compact crossovers and comes after NHTSA this month denied a GM request that would have allowed the Detroit automaker to avoid fixing the issue.

GM petitioned NHTSA in 2019 after determining those vehicles do not fully comply with Federal Motor Vehicle Safety Standard 108, which regulates automotive lighting, signaling and reflective devices.

GM argued the noncompliance has no effect on vehicle safety for oncoming or surrounding vehicles or for drivers of the Terrains.

The automaker told NHTSA it was aware of one customer inquiry within the U.S. and Canada related to this condition but was not aware of any crashes or injuries.

In its response to GM, NHTSA said "certain weather conditions such as snow and f…

PHOENIX — Subaru's partnership with Toyota Motor Corp. that launched a couple of nifty sports cars, the Subaru BRZ and Toyota 86, is going in a new direction that is more suited for the all-wheel-drive specialist.

Their latest joint project, a pair of full-electric crossovers developed over the last four to five years, is well timed as 2022 is on pace to be a breakout year for electric vehicles of all stripes.

The 2023 Solterra, Subaru's first EV, is a Latin portmanteau for sun (sol) and earth (terra).

While Subaru is launching the Solterra, Toyota, which owns 20 percent of its smaller Japanese rival, is introducing the similar bZ4X electric crossover.

Engineering and design of the Solterra and bZ4X was handed equally between the two companies, though the crossovers are being assembled at a Toyota plant in Japan.

Like most everything Subaru, the Solterra will only be sold with awd. The bZ4X is available with front-wheel drive and awd.