Trade News

DETROIT — Ford Motor Co. is expanding its off-road utility lineup with a new Timberline variant as it seeks to cash in on a growing segment even beyond the new Bronco family of vehicles.

The automaker on Wednesday unveiled the 2021 Explorer Timberline, which will start at $47,010, including shipping, and arrive at dealerships this summer. The vehicle features steel skid plates and unique shocks, springs and stabilizer bars that, along with all-terrain tires, boost the Timberline's ride height by 0.8 inch over the base model.

It comes in a unique green color with red tow hook accents and space on the grille for auxiliary lighting to better illuminate trails or other off-road courses.

Ford says there's a market for such capability; internal data show 56 percent of Explorer owners reported an increase in off-road use over the past three years.

"Consumer data has shown us that now more than ever, customers want to get outside and explore nature with…

A first wave of former Reagor-Dykes employees were sentenced Tuesday for their roles in the spectacular collapse of the Lubbock, Texas, dealership group.

Court records were not yet available online, according to a clerk at the federal court in Amarillo, Texas, where the criminal cases have been held. But local media reports say the six employees received prison sentences ranging from two to four years and were ordered to pay restitution of $100-$200 per month.

They pleaded guilty to a range of charges related to a purported floorplan fraud and check-kiting operation that the FBI began investigating as far back as February 2018.

Nine other employees who pleaded guilty to similar charges await sentencing in the coming days and months, including Shane Smith, a former Reagor Dykes CFO whom dealer principals blamed for the group's financial improprieties. Smith is set to be sentenced July 27.

Meanwhile, former dealer principal Bart Reagor was indicted …

Auto supplier BorgWarner Inc. on Wednesday said its operating income doubled to $403 million in the first quarter, while net income fell from a one-time loss on equity securities.

The maker of turbochargers, powertrain sensors and battery heaters said net sales hit $4.1 billion in the first quarter, up 76 percent from the year-earlier period. The company attributed that gain mostly to its October acquisition of Delphi Technologies along with increased product demand and global markets' recovery from the COVID-19 pandemic.

Net income was cut in half to $65 million primarily because of the unrealized loss of $272 million on equity securities.

BorgWarner's quarterly results come in the midst of industry turmoil due to a global semiconductor chip shortage. Ford Motor Co., which made up about 13 percent of BorgWarner's sales in 2020, said last week that the chip shortage could slash its vehicle production by half in the second quarter.

Still, BorgWarne…

WASHINGTON -- House Democrats are pushing for tens of billions of dollars in funding to shift to electric vehicles and away from gas-powered vehicles and build hundreds of thousands of charging stations.

U.S. Reps. Andy Levin and Alexandria Ocasio-Cortez on Wednesday are unveiling a revised version of their bill dubbed the "Electric Vehicle Freedom Act" to create a network of high-speed charging stations within five years along the public roads of the national highway system in the U.S.

The Democrats proposed a version last year while Donald Trump was president and who backed ending taxpayer subsidies for electric vehicle purchases. Levin said in an interview "everything's changed" in the push for EVs with the change in administration.

President Joe Biden has called for $174 billion in new spending to boost EVs and charging, including $15 billion to help build and support a national charging network of 500,000 stations by 2030.

"We have a presiden…

General Motors' defense subsidiary appointed a new president and officially opened its North Carolina manufacturing center, the company said in a statement Tuesday.

The production plant, in Concord, has already begun building GM Defense's Infantry Squad Vehicle for the U.S. Army. GM Defense was awarded the $214.3 million contract last June. The Army has an acquisition objective of 2,065 vehicles for infantry brigade combat teams over eight years. GM Defense has space to expand the plant for larger or additional orders, spokeswoman Sonia Taylor told Automotive News.

The truck is the first major product for GM Defense since it was reestablished by the automaker in 2017. The original GM Defense, which helped U.S. combat efforts beginning with World War I, was acquired by General Dynamics in 2003.

GM Defense's new president, Steve duMont, joins the company from Raytheon Intelligence & Space, where he implemented a global growth stra…

Commerce Secretary Gina Raimondo called for a major increase in U.S. production capacity for computer chips whose current shortages are causing global manufacturing bottlenecks, saying the push could create jobs and wean the nation off over-dependence on China and Taiwan.

“Right now we make 0 percent of leading-edge chips in the United States. That’s a problem,” Raimondo said Tuesday in a virtual conference of the Council of the Americas, a business group. “We ought to be making 30 percent, because that matches our demand. So, we will promise to work hard every day, and in the short term also see if we can have more chips available so the automakers can reopen their factories.”

Reaching 30 percent would likely take decades of sustained investment. In the shorter term, the Biden administration is in talks with Taiwan and Taiwan Semiconductor Manufacturing Co. to prioritize the needs of American automakers to boost supply after a chip shortage led to closed facto…

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…