Trade News

When I was in fourth grade, I had one of those school projects where you had to write a profile of a family member by interviewing another family member. I chose to ask my dad about his dad, who had died seven years before I was born.

My dad, who was an appellate attorney and talented orator, spun a tale for me about a man who was on the design team for the first Corvette, loved a stiff martini, smuggled rifles in violin cases through Canada and had 10 heart attacks, the last one getting him.

The aspiring journalist in me, even at age 10, had a healthy dose of skepticism about his story, but I ran with it for the purpose of completing my project. Four years later, my dad died, and his mom not too long after him. The window into that side of my family closed, save for a few items my brother and I moved to my mom's basement for storage. I lost access to the memory banks that would have taught me about my paternal lineage and its role in the auto industry.

Small public auto retailer LMP Automotive Holdings Inc. plans to sell the corporate jet it bought in the fall.

The Fort Lauderdale, Fla., retailer with eight franchised dealerships and four used-vehicle stores, and which said in February that it was exploring strategic options including a possible sale of the company, in a Wednesday regulatory filing said that it plans to sell its 2008 Gulfstream G200 aircraft for $6.7 million.

LMP said it entered into an agreement Tuesday to sell the plane to RRGS Holdings. The transaction is expected to close in the second quarter.

LMP executives did not immediately respond to requests for comment.

In October, LMP bought the plane for about $5.6 million. To pay for the jet, it signed a $3.2 million five-year note, and monthly payments of $32,435 were set to begin in December, guaranteed by LMP CEO Samer Tawfik, the company said then in a regulatory filing. LMP also received $2 million through a credit line from…

Tesla Inc. will not be allowed to set up a service center in East Hartford, Conn., after the town's Planning and Zoning Commission revoked the electric vehicle maker's building permit last week.

The action comes after local retailer Hoffman Auto Group filed a lawsuit against Tesla, a firm working with Tesla and the Planning and Zoning Commission in May.

The lawsuit said Tesla was breaking state franchise law by selling cars directly to consumers and that the automaker was hiding its true intent by filing its application with misleading information.

The lawsuit initially delayed a decision to approve Tesla's showroom and service center until August, but in that month, the commission approved the permit for just the service center.

The commission was unanimous in its March 8 decision to revoke the permit, and the continuing lawsuit was the main reason, Connor Martin, chief of staff to East Hartford Mayor Michael Walsh, to…

For the past couple decades, scientists at an R&D lab in Bay County have been vaporizing silicon carbide inside of furnaces at twice the temperature of lava to make chunks of crystal as durable as diamonds.

Only recently have those crystals been understood by many to be the future of EV semiconductors.

That's why SK Siltron CSS, a subsidiary of South Korean conglomerate SK Group, is investing more than $300 million to quadruple its real estate footprint in Michigan with a 250,000-square-foot plant near Bay City, Mich.

The company bet big with its $450 million purchase of DuPont's silicon carbide business in 2020. In the two years after the acquisition, the EV industry has increasingly pivoted away from traditional silicon for high power applications to silicon carbide, which transfers electricity more efficiently and improves range — the top concern of most EV makers.

The industry shift means SK Siltron CSS is sitting on a potential gold mine…

The heads of Volkswagen Group's premium brands spoke at length on Wednesday about the impacts of Russia's invasion of Ukraine, as well as the ongoing microchip shortage, and how it has affected their operations.

Audi CEO Markus Duesmann Duesmann said the group had lost a substantial amount of wire harness production in Ukraine that was needed to keep assembly plants running — but amazingly, not all of it.

"Many of our suppliers, especially for wiring harnesses, were in Ukraine, or are in Ukraine. They are desperately — even with the people staying there, which is incredible — trying to produce, and doing so always close to a bomb shelter," Duesmann said stoically. "They try to produce, which is an enormous achievement [for] a really proud and brave people there." 

He said the group has tried to adjust by boosting production of wire harnesses in Romania, Hungary, Tunisia and Morocco, as well as in Mexico and China "to compensate for the volume loss…

EV maker Lucid is looking into raising prices for future models amid "huge inflationary pressures," but is committed to honoring prices for existing reservation holders, its chief executive Thursday.

"There's an inevitability that we will have to look at the price points of models that are coming out in the future," CEO Peter Rawlinson said in an interview with Reuters on the sidelines of the South by Southwest music, technology and film festival (SXSW).

"I think it would be absolutely foolish of me to say we're never going to raise our prices," Rawlinson added, citing high nickel prices.

His comments come as several electric vehicle makers, including Tesla, Rivian and BYD have raised prices on higher raw material costs.

Lucid in late February cut its production forecast for this year to 12,000 to 14,000, down from its original target of 20,000 vehicles, citing "extraordinary supply chain and logistics challenges." Its s…

A closely watched auto-industry forecaster lopped more than 5 million cars off its projections for global production this year and next, largely due to fallout expected from Russia’s invasion of Ukraine.

S&P Global Mobility, formerly known as IHS Markit, lowered its 2022 and 2023 estimates each by 2.6 million vehicles. The forecaster now expects auto companies to make 81.6 million cars worldwide this year and 88.5 million next year.

“The downside risk is enormous,” Mark Fulthorpe, S&P Global Mobility’s executive director for global production forecasting, said in a statement Wednesday. In the firm’s worst-case scenario, production would be as much as 4 million vehicles below its earlier projections for each year.

S&P Global Mobility cites the effect that Russia’s war is having on the prices of energy and raw materials, expectation for the semiconductor shortage to worsen and disruptions to the flow of wire harnesses from Ukraine. Suppliers ma…

Lyft said on Wednesday riders in the United States, except those in New York City and Nevada, would have to pay an extra 55 cents for their commute as the ride-hailing company looks to cushion the impact of high gas prices on drivers.

Companies hiring gig workers have started imposing these surcharges as drivers on social media protest about high gas prices due to Western sanctions on Russia, a major oil producer.

The fuel surcharge policy kicks in starting next week and will stay in place for at least 60 days, Lyft said, adding that the money will go directly to drivers.

The move mirrors that of rival Uber, which said its customers would have to pay a surcharge of either 45 cents or 55 cents on each trip.

On Tuesday, food-delivery company DoorDash said its U.S. delivery partners would be eligible for a 10 percent on gas purchases beginning March 17.

Autonomous trucking startup TuSimple Holdings Inc., backed by Chinese social media firm Sina Corp., is looking to sell its business in China and focus on the U.S. market, sources told Reuters.

The decision comes after the startup reached an agreement with the U.S. government to restrict the China unit's access to data due to U.S. security concerns.

TuSimple, which raised more than $1 billion through an initial public offering on Nasdaq last April, said in its annual report that it operates about 100 Level 4 autonomous semi-trucks -- 75 in the United States and 25 in China -- capable of running without human drivers on certain routes.

Shares in TuSimple surged more than 20 percent to $11.51 on Wednesday afternoon and finished at $11.65 when the market closed.

The company hopes to sell the China unit for up to $1 billion, and has approached several Chinese investors, including private equity firm Boyu Capital, in its search for potential buyers, ac…

Former Unifor President Jerry Dias built a considerable automotive legacy in his eight-plus years leading the Canadian union.

Dias, who retired March 11, was influential in securing billions of dollars of investments for the country's assembly plants, helping to secure a Canadian manufacturing footprint that had been in danger of collapsing.

He loudly advocated for auto workers as a participant in North American trade talks during intense spats with automakers such as General Motors.

But the longtime labor leader has exited under a cloud of controversy that threatens to tarnish that legacy.

A day after announcing Dias' sudden retirement because of health issues, Unifor said its former leader was under investigation for an alleged breach of the union's constitution. The nature of the allegation is still unknown.

The union did not provide specifics, citing that the investigation was ongoing. Dias declined to…

Citing insufficient evidence, authorities declined to file charges against a Miami Shores, Fla., dealership finance manager arrested on suspicion of identity theft.

Tropical Chevrolet Finance Manager Sofia Pinedo, 31, was arrested by the Miami Shores Police Department in February after Jennifer Umanzor reported appearing as a co-signer on an ex-boyfriend's 2016 Porsche Macan without authorization, police said.

Assistant State Attorney Charles Heinemann declined this month to file a charge on the single count, and Pinedo has returned to Tropical Chevrolet. She had been placed on leave, the dealership said in February.

"She did nothing wrong," Pinedo's attorney, Michael Gottlieb, of Michael A. Gottlieb PA, said Tuesday. "She's thrilled to be back at work."

Gottlieb said he had explained the circumstances to the prosecutor's office.

Pinedo originally told authorities buyer Bryce Crawford and his ex-girlfriend Um…

BERLIN -- BMW Group said it would resume full production next week at factories that were halted or slowed by supply bottlenecks after Russia’s invasion of Ukraine.

Earlier this month, output was paused at factories in Munich and Dingolfing, Germany, and Oxford, England.

BMW said last week that it would begin to restart the factories, and production chief Milan Nedeljkovic gave more details of the ramp up at the automaker’s annual news conference on Wednesday.

Production will resume later this week in Munich and Dingolfing, starting with a staggered ramp-up before returning to usual levels from March 21, BMW confirmed in an email to Automotive News Europe.

Production of Mini vehicles in Oxford remains interrupted this week, but will be ramped up again from next week, Nedeljkovic said. 

Nedeljkovic said BMW had the flexibility to recover any lost production, although he would not give a figure for potential losses due to supply s…