Trade News

FRANKFURT -- Japan's Nissan Motor Co. said on Tuesday it was selling its roughly 1.5 percent stake in German carmaker Daimler AG through an accelerated transaction, following a similar move by alliance partner Renault in March.

The French carmaker, with Nissan, had exchanged stakes with Daimler a decade ago to strengthen their industrial partnerships.

Cooperation is continuing, Daimler and Renault said earlier this year, although people close the matter had said larger initial plans never materialized and the cross-shareholdings were no longer deemed necessary.

Investors were guided to expect pricing near Tuesday's closing price of 69.85 euros a share, a bookrunner organizing the deal said.

At that price, Nissan would reap just under 1.2 billion euros ($1.2 billion) from the deal.

Daimler shares closed at 72.41 euros a share on Tuesday.

DETROIT — Ford Motor Co. said Tuesday the E-Transit electric van will start at $44,990, including shipping, cheaper than originally estimated and less than $2,000 more than its gasoline-powered counterpart.

The automaker, which also opened a registration site for the van, said more than 450 commercial customers already have indicated they plan to purchase the vehicle, which goes on sale this year.

The most expensive variant, the high-roof extended-wheelbase cargo van, will start at $54,385, including shipping.

"We've had so much interest early on, we wanted to open this registration site to serve customers with a build mix for their needs across all van body styles," Ted Cannis, general manager, North American commercial business, said in a statement. "Some customers want high-roof vans to maximize internal cargo space, while others need to install bodies on cutaways and chassis cabs. Customers will have an all-electric solution —…

Rolls-Royce Motor Cars is jettisoning two models in the U.S. as the British ultraluxe automaker makes room for new product, including an all-electric vehicle in the next few years.

U.S. sales of the Dawn convertible and Wraith coupe will end after the 2021 model year, the company said, becoming the latest car nameplates to be dropped in a market that has shifted decidedly to SUVs and crossovers. The vehicles will continue to be available globally.

The two-door models helped Rolls-Royce diversify its customer base from billionaire barons to reality TV millennials. The Dawn and Wraith, combined, accounted for 23 percent of the 3,756 vehicles the automaker sold globally last year.

As an exclusive brand, Rolls-Royce thrives on scarcity.

"As we look into what we have coming in the future, we made the decision to take [the Wraith and Dawn] out to maintain the low volumes throughout the brand," spokesman Gerry Spahn said. Read more

DETROIT — Ford Motor Co. is reportedly reconstituting an old name for one of its newest electric vehicles.

The automaker plans to call the electric version of its full-size pickup, and top-selling model, the F-150 Lightning, according to Car and Driver, which cited an internal document provided by a source. The vehicle is expected to go on sale in the middle of next year.

Ford previously used the Lightning name on two generations of V-8-powered F-150 performance variants. The first was sold from 1993 until 1995, while the second was sold from 1999 until 2004.

"We're excited to introduce the all-electric F-150 very soon, but we don't comment on speculation about future products," Ford spokesman Mike Levine said.

IMG01The automaker currently owns the Lightning name, according to the U.S. Patent and Trademark Office. It last registered the wordmark for "motor vehicles, namely, trucks" in 2018.

The performance-oriented name squares up with the …

Stellantis expects to achieve its European CO2 emissions targets this year without environmental credits bought from Tesla, Carlos Tavares told a French newspaper.

Stellantis was formed in January through the merger of PSA Group and Fiat Chrylser Automobiles.

FCA spent about 2 billion euros ($2.40 billion) to buy European and U.S. CO2 credits from EV maker Tesla over the 2019-2021 period.

"With the electrical technology that PSA brought to Stellantis, we will meet carbon dioxide emission regulations as early as this year," Tavares said in the interview with French weekly Le Point. "Thus, we will not need to call on European CO2 credits and FCA will no longer have to pool with Tesla or anyone."

Tesla earns credits for exceeding emissions and fuel economy standards and sells them to other automakers that fall short.

Tesla continues to generate billions of dollars in revenue from selling emissions credits. During the first quarter, Tesla's cre…

Porsche has added a new flavor to the Taycan mix, its first all-electric vehicle. And it's essentially a wagon with a European name: the Cross Turisimo. Just as the brand built around famed high-performance sports cars defied the marketplace and purists with the Cayenne and Macan, the thoroughbreds of SUVs, now it's putting Porsche alongside the words "electric" and "wagon."

The Cross Turismo is essentially the same vehicle as the Taycan but with some unique body panels, a longer roof and more interior and cargo space. The Cross Turismo packs electric powertrains that range from the entry-level 469-hp S and 562-hp 4S up to the 616-hp Turbo and 750-hp Turbo S variants. Unlike the sedan, the Cross Turismo is available only with all-wheel drive and the Taycan's larger battery pack.

We've collected some early reviews.

"Acceleration in the Porsche Taycan 4 Cross Turismo is silky smooth and flawless, from zero to 60 mph in 4.8 seconds an…

Editor's note: A previous version of this story incorrectly implied AB5 was no longer the law in California for anyone. While the law no longer applies to ride-hail and food delivery workers, it remains in effect for other freelancers.

Uber, Lyft and other gig-economy companies face a new challenge from the Biden administration to their use of contract workers, but as they gear up for a fight in Washington they could turn to a lobbying playbook that helped them score a decisive win against California regulators last year.

President Joe Biden campaigned on the promise of providing legal protections and benefits to gig workers, who as independent contractors generally have no access to unemployment insurance, sick pay and health insurance. U.S. Labor Secretary Marty Walsh said last week: "A lot of gig workers should be classified as employees."

In Congress, Democratic lawmakers are pushing a union-supported labor bill, the PRO Act, that in part is modeled…

DETROIT — General Motors has extended downtime at Fairfax Assembly in Kansas through at least July 5 and will curtail production at Lansing Grand River in Michigan beginning next week, the automaker said Monday.

Production at Fairfax, which builds the Cadillac XT4 and Chevrolet Malibu, has been down since Feb. 8 because of the global microchip shortage.

Lansing Grand River Assembly, which builds the Chevy Camaro and Cadillac CT4 and CT5, resumed production Monday after being down since March 15. But GM will shut down production at the plant again the week of May 10 through the week of June 28, except to support limited 2022 Cadillac CT4-V Blackwing and CT5-V Blackwing preproduction volume in June, GM said.

Industrywide, the chip crisis eliminated 121,000 vehicles from the North America production schedule last week, according to AutoForecast Solutions' tally. GM lost 79,600 vehicles.

More than 12,700 vehicles were deleted from production plans las…

Mark LaNeve, who retired as Ford Motor Co.'s sales boss in January, has joined finance and insurance product provider KeyFetch Automotive as its non-executive chairman of the board.

LaNeve, a former sales executive at General Motors, is reuniting with his old boss former GM CEO Rick Wagoner, who is an investor in KeyFetch and strategic adviser to the board.

"From the day Rick introduced me to KeyFetch, I have been incredibly impressed with their leadership, technology and vision for the industry," LaNeve said in a statement. "Once on-boarded to the KFA platform, dealers report exceptional penetration rates, customer satisfaction and profitability which tells me the company has a bright future ahead."

The company offers smart key chains with patented tracking technology, as well as protection plans that reimburse customers for lost or stolen keys and fobs.

"We have gone from being a niche player to partnering with some of the largest dealer groups …