Trade News

Tesla Inc.'s quarterly revenue rose as the world's most valuable automaker sold a record number of vehicles to customers despite supply chain headwinds.

Net income attributable to shareholders surged to $2.32 billion, compared with $270 million a year earlier.

Revenue rose 65 percent to $17.72 billion in the fourth quarter, from $10.74 billion a year earlier. Tesla has fared better than legacy automakers in dealing with the supply-chain issues by using less scarce chips and re-writing software quickly while others including General Motors and Ford Motor Co have had to idle production.

The company reported profits of $2.54 per share, $1.74 higher than the same quarter last year.

The company delivered more than 936,000 vehicles worldwide in 2021, up 87 percent from the year before and above the 50 percent average annual expansion projected over the course of several years.

Investors are tracking comments on Tesla's two new factories in Texa…

General Motors said on Wednesday it would hire more than 8,000 new technical staff this year, as the U.S. automaker accelerates its development of electric vehicles and software-driven services.

The automaker hired about 3,000 tech people in 2021.

GM said it is expanding teams that electrify cars, develop vehicle software and autonomous technology and engineer fuel cells.

GM's announcement comes just a day after the company unveiled a $7 billion investment plan in Michigan, mainly toward making full-size electric pickups, intensifying a battle with rival Ford Motor Co. for EV supremacy in North America.

The automaker, which was dethroned as the U.S. sales leader in 2021 by Japanese rival Toyota Motor Corp., plans to boost its North America EV production capacity to more than a million units by late 2025.

It will also have to contend with current EV leader Tesla, which will soon open a second U.S. plant in Austin, Texas, and is on pace to se…

PARIS -- French auto supplier Valeo said on Wednesday it had appointed deputy CEO Christophe Périllat as its new chief executive, confirming previously announced plans, as the company posted preliminary 2021 results including disappointing cashflow numbers.

Valeo said outgoing CEO Jacques Aschenbroich, who became CEO in 2009, will continue to act as chairman of the board.

The company has been aggressively expanding its automotive driving assitance technology offerings along with its traitional powertrain and thermal products businesses. Valeo showcased several new technologies at CES earlier this month in Las Vegas.

Périllat accepted the appointment, touting the company's technological abilities with this video message, posted on YouTube:

Meanwhile, the group on Wednesday said its preliminarily full-year sales rose to 17.3 billion euros ($19.52 billion), slightly above its guidance range of 16.9 billion-17.2 billion euros.

Free cashflow, …

Rivian Automotive Inc. is ramping up output of its debut EV toward almost 200 delivery-ready units a week after working through production snags, according to people familiar with the matter, gaining traction after missing its goals in 2021.

The pickup maker backed by Amazon.com had paused production at its Normal, Ill., plant for about a week around the start of this month for fixes and process improvements, said the people, who asked not to be identified discussing private information.

After starting limited production of its R1T pickup in August, Rivian averaged about 50 units a week through the end of December. That rate has fluctuated, with the number dropping significantly lower at points last month amid Covid-19 outbreaks at the plant and supply-chain bottlenecks, the people said.

News of the production boost sent Rivian’s shares up 10.5 percent to $66.04 in midday trading.

While the accelerated rate this year is a sign of progress, Rivian'…

LONDON — Bentley will embark on its "biggest product offensive" with plans to introduce five full-electric vehicles in five years starting in 2025.

The first full-electric vehicle will be introduced in late 2025 and will create a fifth product line, CEO Adrian Hallmark said during an online presentation Wednesday.

The new vehicle will "create and shape a segment," Hallmark said, without giving more detail. "The first BEV is a game-changer," he said.

The EVs that follow will replace Bentley's existing lineup starting in 2026, leading up to the automaker's plan to sell only full-electric vehicles by 2030. “The current cars will be converted to electric versions," Hallmark said.

Bentley likely will start with the Bentayga SUV, its bestseller. Bentley also sells the Flying Spur sedan, Continental GT coupe and Continental GT convertible.

Bentley said on Wednesday that it will invest 2.5 billion pounds ($3.36 billion) over the next 10 years …

Mazda is officially back to making vehicles in the U.S.

Jeff Guyton, CEO of Mazda North American Operations, piloted the first production CX-50 off the line Wednesday at the automaker's joint-venture plant with Toyota in Huntsville, Ala.

"The production of the CX-50 here signifies the importance of the North American market to Mazda and our commitment to investing in the U.S.," Guyton said in a statement.

The 2023 CX-50 crossover is a new vehicle designed for the U.S. It is bigger than Mazda's bestselling CX-5, but both are classified as compact.

Mazda is positioning the CX-50 as a rugged adventure vehicle compared with the more city-friendly CX-5, which was freshened last year and will remain in production, Guyton has said.

Mazda last assembled cars in the U.S. a decade ago as part of a joint venture with Ford Motor Co. Elsewhere in North America, the automaker has built vehicles for the U.S. at its Salamanca, Mexico, plant since 2014.

WASHINGTON -- U.S. House of Representatives leaders on Tuesday unveiled a bill aimed at increasing U.S. competitiveness with China and supporting the U.S. chip industry, including $52 billion to subsidize semiconductor manufacturing and R&D.

President Joe Biden's administration is pushing to persuade Congress to approve funding to help boost chip production in the U.S., as shortages of the key components used in autos and computers have exacerbated supply chain bottlenecks.

House Speaker Nancy Pelosi said the 2,900-page bill, called the "America Competes" act, would "supercharge" investment in chips and boost U.S. manufacturing and research capacity, as well as advancing U.S. competitiveness and leadership.

The Senate passed the U.S. Innovation and Competition Act last year, which includes $52 billion to increase U.S. semiconductor production and authorizes $190 billion to strengthen U.S. technology and research to compete with China.

The Hou…

Kia's EV6 electric crossover will come in a base, standard range version starting at $42,115 with shipping and move up the trim ladder to a GT-Line dual-motor priced at $57,115 with destination charges.

The base Light trim comes with a 58-kilowatt-hour battery pack rated at 232 miles of range on the EPA testing cycle, Kia said Tuesday. The midrange Wind and top GT-Line trims come with a 77.4-kWh battery pack with up to 310 miles of range.

Kia's first electric vehicle on a dedicated platform qualifies for the current federal tax credit of $7,500 plus any state and local credits. It will be available in all 50 states in the coming weeks, Kia said.

Similar to the Hyundai Ioniq 5 that shares Hyundai Motor Group's E-GMP electric platform, the Kia crossover is priced competitively in the growing electric compact crossover segment. Rivals include the Ford Mustang Mach-E and the Volkswagen ID4.

The EV6 is priced slightly higher than…

Vehicle applications created by automakers are being used by more customers, even though drivers remain unsatisfied with the smartphone apps' performance, J.D. Power said in a study released Tuesday.

Brand apps for cars have become an important aspect of drivers' experiences, and 38 percent of respondents indicated they use their vehicle's app at least half the time they drive, the benchmark study found. Only 25 percent of users do not use their app, down from 45 percent in 2020.

Of the 32 brand apps tested, none left respondents completely satisfied, J.D. Power said.

Tesla's app was by far the highest rated. Among combustion engine vehicles, the Volvo app worked best, said Frank Hanley, J.D. Power's senior director of global automotive consulting.

Many applications still lack features that owners desire, such as navigation assistance and remote controls. The most common complaint was that apps run too slowly and thus are not worth using, Hanley s…

WASHINGTON -- The White House plans to host the CEOs of major U.S. companies -- including GM's Mary Barra and Ford's Jim Farley -- on Wednesday to discuss his signature $1.75 trillion Build Back Better legislation, officials told Reuters.

"We have an event tomorrow on Build Back Better where there will be a number of CEOs here," White House press secretary Jen Psaki told reporters at a news briefing on Tuesday.

Biden made a push in December to win passage in Congress of the spending bill that would provide billions of dollars to tackle climate change and boost electric vehicles along with money for universal preschool, paid family leave and other social safety spending.

But the measure currently lacks enough support in the Senate, where moderate U.S. Sen. Joe Manchin, D-W.Va., has opposed it along with Republicans.

Biden on Tuesday touted General Motors' announcement of a $7 billion investment in Michigan, adding 4,000 jobs and boosting EV and bat…

WASHINGTON -- Lawmakers who support the rival petroleum and ethanol industries have joined forces to oppose the Biden administration’s push to electrify the federal vehicle fleet, marking a rare moment of unity between oft-warring interests.

Fifty Republicans -- -- including 17 from oil-rich Texas and 21 from the Corn Belt -- warned President Joe Biden that his executive order requiring the federal government to purchase only zero-emission vehicles risks forfeiting climate progress and will make the U.S. dangerously dependent on China.

The effort reflects a public detente between warring oil and biofuel interests, which see EVs as a common enemy.

Biden’s executive order, issued in December, requires federal agencies buying light-duty vehicles to make those zero-emissions models by the end of fiscal year 2027.

Because almost all critical minerals required to manufacture EVs are sourced from China or countries where China is a significant investor a…

Four dealerships, two in the South and two in the Northeast, changed ownership in either fourth-quarter 2021 or first-quarter 2022.

Here's a look at the deals involving import and domestic brands.

Springhill Automotive expands

Springhill Automotive Group bought its second Toyota dealership and entered a new state with the purchase of Toyota of Bristol in Tennessee on Jan. 18.

Springhill Automotive of Mobile, Ala., bought the dealership from Mark Mitchell, managing partner of the Mitchell Family Office in Birmingham, Mich., near Detroit, and JR Reihl, who was the dealership's operating partner.

"Due to the extremely attractive market conditions for dealers and a growing need to get bigger to compete in automotive retail, we were exploring the strategic decision of selling our Toyota of Bristol location and returning our complete focus to the family's core healthcare business opportunities," Mitchell said in a statement.

The family of…