Trade News

Nikola Corp. took a step toward stabilizing its finances Thursday after winning approval to issue new shares to raise capital.

The ability to issue new shares added to Nikola's momentum in recent weeks, including winning critical grants to build out its hydrogen fueling network and booking new orders, including one from a large trucking company.

The approval was "critical for continued growth and success as we move forward with our strategic priorities, including autonomous technologies and software, our HYLA hydrogen ecosystem and the recent launch of the Nikola hydrogen fuel cell electric vehicle," said Michael Lohscheller, Nikola's CEO.

The Phoenix commercial fuel cell and electric truck maker has tried twice to get shareholders to approve issuing new stock only to fail to reach the required majority of all shareholders to move forward. But a change in Delaware corporate regulations on Tuesday allowed it to move forward.

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A General Motors LG Energy Solution battery joint venture Wednesday said it does not see any path for workers at its Ohio plant to be covered under a national labor agreement, rejecting a push by Democratic U.S. senators.

Ultium Cells LLC said on Wednesday it "does not see a viable legal or practical path to place Ultium Cells-Ohio into the General Motors National Agreement." The United Auto Workers union declined immediate comment.

Last week, a group of 28 senators including Senate Majority Leader Chuck Schumer urged GM, Chrysler-parent Stellantis and Ford Motor to recognize joint venture battery workers under national labor agreements before the current contracts expire on Sept. 14.

If battery workers were covered under the national agreement, they would likely be eligible for better pay and benefits.

Senators and the union have heavily criticized Ultium for paying low wages at the Ohio plant and noted some make just half as much as workers di…

Online wholesale auction marketplaces provider Openlane Inc. reported a wider net loss in the second quarter but said it made progress in executing a rebrand strategy and associated consolidation of its auction platforms.

The company — which announced in May it would rebrand from KAR Global to Openlane — reported a net loss from continuing operations of $193.8 million in the quarter ended June 30. That is wider than the $5.4 million loss from continuing operations it listed for the year-earlier period. It reported revenue from continuing operations of $416.9 million, up 9 percent.

The net loss was driven by "non-cash goodwill and intangibles impairment charges of $221.4 million, net of tax impacts," Openlane said in a news release. One of those, a non-cash impairment charge of $26 million before tax, came from Openlane assessing the value of its ADESA trade name as a "direct result" of its rebranding and one marketplace strategy, Openlane CFO Brad Lakhia said …

Cars.com saw further dealership churn in its digital marketplace during the second quarter, though web traffic grew, the dealership technology company said.

Net income reached $94.1 million for the quarter ending June 30, up from $5.5 million in the period a year earlier. The company attributed the gain primarily to a one-time release of a "significant portion" of its valuation allowance — a reserve typically used to offset a deferred tax asset.

Price hikes, product expansion and more marketing helped boost average revenue per dealer and overall revenue numbers, the company said. Second-quarter revenue grew 3 percent to $168.2 million, while monthly average revenue per dealer jumped 6 percent to $2,472.

"Consumer demand remains strong," CEO Alex Vetter said in a statement.

The company reported 18,785 dealer marketplace customers as of June 30, down from 19,186 in the first quarter and 19,517 from the second quarter of 2022. The downward change was…

Chevrolet has decided not to build an entry-level 1LT trim on the new 2024 Blazer EV. Tesla now faces a class action lawsuit over its driving range claims. Plus, Automotive News reporter Michael Martinez digs into the UAW’s big demands of Detroit 3 automakers.

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Sell down inventory this summer. Not sure which VINs to tackle first? Lotlinx can help.

The 5 Step Guide to Sell Down Summer Inventory includes:

-The top market factors impacting summer sales-The top 5 strategies for moving inventory-Access to a free inventory analytics tool to build your strategy

BMW is ramping up spending on its electric-car rollout after the luxury-car maker’s battery-vehicle deliveries more than doubled during the first half of the year.

The level of buyer interest in EVs means BMW is "investing more than originally planned in the global ramp-up of e-mobility," Chief Financial Officer Walter Mertl said Thursday. During the second quarter, development spending jumped by nearly a fifth to 1.84 billion euros ($2 billion).

Battery-powered car sales made up about 13 percent of group deliveries during the first half led by demand for models including the i4 sedan and iX3 SUV. Next year, the proportion of EV deliveries is set to rise to at least one-fifth, BMW said.

Incumbent carmakers are battling to catch up to Tesla, which is pulling away in the global EV sales race following aggressive price cuts.

In China, the most important market for Volkswagen, BMW and Mercedes-Benz, local manufacturers like BYD are increasingly domi…

Lauren Armbruster is a service adviser at Maple Hill Auto Group in Kalamazoo, Mich.

First car: 1991 Geo Prism

First concert you attended: Warped Tour

Name a pet peeve: People who have no self-awareness

Most thrilling/adventurous thing you've done: Traveled to Japan with friends

Your personal hero, and why: My mom; she's the best

One thing you learned on the job you never forgot: Always talk about the positive

If you could pick up a new skill, what would it be? I'd like to be better at cooking.

3 people you'd invite to dinner, living or dead: Tom Hanks, Oprah, my grandpa

What did you want to be when you were a kid? Chef

What's your Netflix binge show? "Love Is Blind"

You're king/queen for a day. What's your first order? Free healthcare!

First album/CD you bought: "Tragic Kingdom" by No Doubt

The most important room…

Chevrolet has decided not to build an entry-level 1LT trim on the new 2024 Blazer EV, pushing the starting price of the electric midsize crossover above the $45,000 mark it originally was targeting.

A front-wheel-drive version of the Blazer EV 2LT, scheduled to arrive next year, will be the base model instead, Chevy said. Blazer EV shipments to dealerships began this week with an all-wheel-drive RS trim that starts at $60,215 including shipping.

The brand did not say what the new starting price for the nameplate will be. Chevy said last summer when revealing the Blazer EV that the fwd 2LT was expected to start around $47,595. A 2LT with awd will go into production this fall at a price of $56,715 including shipping, Chevy said this week.

The planned 1LT entry trim that was announced in July 2022 was to have started around $44,995, Chevy said at the time. A Chevrolet spokesperson told Automotive News that the brand envisions higher trim levels on the…

Vehicle listings company TrueCar is jelling nicely as a smaller entity in the wake of a 24 percent work force reduction and restructuring announced in June, new CEO Jantoon Reigersman said during the company's second-quarter earnings call Tuesday.

"The team is working tremendously well coming together," Reigersman said. "It's a smaller team, it's a nimble team, and the team continues to work super hard. It's an exciting time for the company."

Reigersman, most recently TrueCar's COO, was appointed CEO as part of the company's restructuring plans. His brief comments about the staff reductions came at the end of the investor call.

TrueCar said in June that it would cut 102 positions, and the effort would incur $7 million in restructuring charges, excluding stock-based compensation, in the second and third quarters. Those expenses include one-time employee benefits and severance payments.

It will take some time before TrueCar, of Santa Monica, Calif…

A conversation with David Li, co-founder, and CEO of Hesai Technology, which has quickly become one of the largest lidar companies in the world. Plus, pent-up retail and fleet demand helps Ford, Honda, and Suburu sales. And UAW President Shawn Fain makes "audacious" demands of Detroit 3 automakers.

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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. 

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The Fremantle Highway, the car carrier ship that caught fire off the Dutch coast last week, could generate a cargo loss of more than $330 million, said Patrick Anderson, an economist with Anderson Economic Group.

"It does appear after multiple days of fire that it is likely that all of the cars are a total loss and be very difficult to salvage any vehicles out of this," he said. "Certainly no vehicle that endured that fire damage and water damage can be sold as new in the United States."

Anderson, whose firm is based in East Lansing, Mich., referenced the Felicity Ace fire in 2022, when he called for a safety review of commercial car carriers. The Felicity Ace was carrying about 4,000 vehicles, including Volkswagens, Porsches, Audis, Bentleys and Lamborghinis — some of them electric with lithium ion batteries — when it caught fire and sank in the Atlantic Ocean.

The fire on the Panamanian-registered Fremantle Highway, which was carrying new cars, resul…