Trade News

TOKYO -- Mazda, which sees utility vehicles as a fast path to profits, is beefing up its crossover lineup, starting with the addition of a newly minted Mazda CX-50 to be made at its plant in Alabama.

That new nameplate, which will arrive in 2022, will be followed by a slew of new products that will be built on the Japanese automaker's upcoming large-vehicle platform. Some North America offerings will use robust turbo-charged inline six-cylinder engines and plug-in hybrid systems.

The fleet of new nameplates will include the Mazda CX-60, CX-70, CX-80 and CX-90, Mazda Motor Corp. said in a news release on Thursday. All of the vehicles will land between 2022 and 2023.

Mazda is unleashing the crossover blitz as it repositions its lineup toward the hot-selling utility vehicle segment and tries to move upmarket with bigger, more powerful offerings.

"We aim to offer customers a diverse choice of SUVs able to provide both the driving pleasure and the lat…

Lexus has set pricing for the redesigned 2022 Lexus NX and revealed fuel economy ratings for the compact crossover set to arrive in U.S. showrooms in December.

The base model front-wheel-drive version, the 2022 NX 250, will start at $39,025, including delivery, while all-wheel drive is an available $1,600 option. The more powerful NX350, which comes standard with awd, begins at $42,625, including delivery, with the hybridized version selling at a $500 discount and starting at $42,125. The top-end NX450h+ hybrid will start at $56,635, Lexus said.

The NX 250 is expected to achieve fuel economy ratings of 26 city/33 highway/28 mpg combined when equipped with fwd, and 25 city/32 highway/28 mpg combined in awd configurations, while the NX 350 is expected to achieve fuel economy ratings of 22 city/29 highway/25 mpg combined, Lexus said.

The NX, with U.S. sales of 50,544 this year through September, up 41 percent, is the No. 2 seller among luxury compact c…

DETROIT – General Motors plans to double its revenue and expand margins by 2030 through a series of steps, such as retooling existing plants for electric vehicle production, commercializing Cruise's business and leveraging new businesses, including BrightDrop and Ultifi.

"GM is unlocking a secular growth story that is changing the trajectory of our business," CFO Paul Jacobson said in a statement.

The automaker plans to double revenue to $280 billion from its five-year average of $140 billion by 2030, with software and other new businesses growing nearly 50 percent annually through 2030. The core automotive business will fund much of the growth, Jacobson said. GM expects electric-vehicle revenue to grow from a projected $10 billion in 2023 to about $90 billion annually by 2030 as the automaker's EV portfolio expands. GM has said it aims to launch 30 EVs globally and invest $35 million in electric and autonomous vehicle development through 2025.…

Expanding Morgan Auto Group of Tampa, Fla., has purchased a collection of seven luxury and import dealerships in Tampa, marking its largest acquisition yet based on number of stores.

Morgan Auto, one of the largest dealership groups in the country, on Tuesday bought Reeves Import Motorcars from Vivian Reeves, who retired, Morgan Auto CEO Brett Morgan said.

"For us this is the most meaningful acquisition that we've made, especially in the sense that it doubles the number of luxury rooftops," Morgan told Automotive News. "It's in our hometown. They're people we know in a market that we know very well. It takes us to 21 total rooftops in Tampa Bay."

Reeves Import Motorcars included Audi Tampa, Reeves BMW of Tampa, Land Rover Tampa, Maserati of Tampa, Porsche of Tampa, Reeves Subaru of Tampa and Reeves Volkswagen.

Audi, Porsche and Maserati are new brands for Morgan Auto. Acquiring those brands was a draw for the group, Morgan said, adding that buyin…

Mercedes-Benz will add about 300 jobs at its Alabama assembly plant by the end of this year as the luxury automaker gears up to build electric utility vehicles.

The factory, in the town of Vance, employs 4,400 and is a production hub for the Mercedes GLS and GLE utility vehicles. Starting next year, it will produce battery-powered versions of the two popular vehicles.

Electric vehicle production will be integrated into the Alabama factory's existing body shop, paint shop and assembly lines. A new battery assembly plant is located on 270 acres nearby.

Mercedes is hiring for the assembly, body and paint shops, as well as the battery plant, where workers will assemble high-voltage EV battery systems.

The new jobs will pay a starting wage of $20 per hour, which will increase to more than $25 per hour over four years.

U.S. production of the electric EQS SUV is expected to begin in June, while assembly of the EQE c…

Three settlements between banks and regulators over the past several days serve as a reminder for F&I departments and auto lenders to pay close attention to state and federal rules.

On Sept. 27, Democratic Colorado Attorney General Phil Weiser announced that BBVA (which is in the process of being absorbed by PNC) and Air Academy Credit Union owe consumers at least $1.68 million in GAP fee refunds.

GAP covers the difference between the vehicle's actual cash value — the maximum an auto insurer would be obliged to pay — and the amount financed if the car or truck is totaled.

If the consumer pays off their loan early or their vehicle is repossessed, it's possible they've paid for GAP coverage that no longer protects anything. Under the state's consumer credit code, lenders must repay such "unearned GAP payments," according to Weiser's office.

According to the agreement signed by BBVA and the state, lenders must cut those refund checks "automatic…

Lithium prices extended their yearlong rally as surging demand spurs a shortfall of the key battery material.

Prices have more than doubled in the past year, according to a Benchmark Mineral Intelligence index of lithium carbonate and hydroxide. Demand for the materials used in EVs and renewable-energy storage has soared and, while miners are seeking to boost supply, there’s not enough to meet consumption.

“The financing for lithium projects is still too little, too late,” said Cameron Perks, a minerals analyst at BMI in Melbourne, Australia. “The market deficit is already occurring.”

A lengthy slump since 2018’s peak meant investment in the sector slowed, while the pandemic has exacerbated supply constraints. On the demand side, the green energy transition has accelerated the adoption of EVs and global lithium consumption is estimated to grow five-fold by the end of this decade, according to BloombergNEF.

“As prices increase now, there will be u…

Hopes that 2021 would recover much of the auto sales lost to the pandemic in 2020 are fading as the semiconductor shortage continues to bring widespread factory stoppages.

Last month, IHS Markit, which many automakers use as their benchmark for production forecasting, said it was trimming its production forecast by 6.2 percent, or 5 million units, to 75.8 million for 2021.

"The outlook for Q4 now reflects heightened risk as challenges to the supply chain – primarily semiconductors – remain entrenched,” IHS analyst Mark Fulthorpe wrote. 

In its most recent note to investors, IHS said that 9.5 to 11 million units could be lost over the full year. In contrast to earlier statements from automakers and analysts expecting a recovery in the second half of 2021, IHS said Monday that the disruption could continue into the first half of 2022. 

"H2 2022 may be the point at which we look for the stabilization of supply, with recovery efforts now st…