Trade News

BEIJING -- Geely Automobile and sister company Volvo Cars will abandon merger plans but launch a new entity to combine their powertrain operations and expand cooperation on electric vehicles, the companies said on Wednesday.

A year ago, the two said they were planning to merge and list in Hong Kong and possibly Stockholm, giving Volvo access to public markets, as global automakers pursue alliances to respond better to the cost of the transition to EVs, tougher emissions rules and autonomous driving.

In a joint statement on Wednesday Geely and Volvo said that they would preserve their existing separate corporate structures after "a detailed review of combination options."

They said, however, they would launch a new company to combine their existing powertrain operations.

The new entity, expected to become operational this year, will provide engines, transmissions systems and hybrid systems for use by both companies as well as other automakers.

Foxconn Technology Group will develop an electric vehicle with Fisker Inc., part of the manufacturer’s efforts to boost its automotive capabilities at a time when technology companies including its main customer Apple Inc. are looking to expand in vehicles.

The car will be built by Foxconn, targeted at multiple markets including North America, Europe, China and India, and sold under the Fisker brand, according to a joint statement from the companies Wednesday. Production is set to start in the fourth quarter of 2023.

Taiwan’s Foxconn, whose main listed arm is Hon Hai Precision Industry Co., in October introduced its first-ever EV chassis and a software platform aimed at helping automakers bring models to the market faster. This month, Hon Hai Chairman Young Liu said two light vehicles based on the Foxconn platform will be unveiled in the fourth quarter. Foxconn is also planning to help launch an electric bus around the same time.

The Taiwanese company is…

Former Nissan Motor Co. CEO Hiroto Saikawa told a Tokyo court that he agreed that former Chairman Carlos Ghosn should have been paid more to prevent him from going to a rival automaker.

Greg Kelly, the former Nissan director who was arrested on the same day as Ghosn in November 2018, is standing trial for allegedly helping the former chairman of Nissan and its alliance with Renault SA and Mitsubishi Motors Corp. understate tens of millions of dollars in compensation. Saikawa took the stand Wednesday to testify about his role in the events leading to the arrests more than two years ago, which triggered turmoil within the carmaker and later led to Ghosn's escape from Japan and life as a fugitive in Lebanon.

Saikawa, 67, was the most senior leader at Nissan after Ghosn when he was detained, sending shock waves through the alliance and wider business world. That put the Japanese executive in a position to know many of the details behind the allegations against Ghos…

WASHINGTON -- President Joe Biden will sign an executive order on Wednesday aimed at addressing a global semiconductor chip shortage that has forced U.S. automakers and other manufacturers to cut production and alarmed the White House and members of Congress, administration officials said.

The scarcity, exacerbated by the pandemic, will be the subject when Biden meets a bipartisan group of U.S. lawmakers on Wednesday to discuss the issue.

Administration officials said Biden's executive order, to be signed later Wednesday afternoon, will launch an immediate 100-day review of supply chains for four critical products: semiconductor chips, large-capacity batteries for electric vehicles, rare earth minerals and pharmaceuticals.

The order will also direct six sector reviews -- modeled after the process used by the Defense Department to strengthen the defense industrial base. It will be focused on the areas of defense, public health, communications technology,…

DETROIT — Ford Motor Co. is expanding its swanky King Ranch trim to the 2021 Explorer in a bid to move the nation's best-selling large crossover more upscale.

Slotting just below the high-end Platinum trim, the Explorer King Ranch will have leather-trimmed seats, wood accents and an optional premium technology package with special seats and sound system. Available this spring, the rear-wheel-drive configuration will start at $53,595, while the four-wheel-drive version will start at $55,595. Both prices include a $1,245 shipping charge.

Ford has used the trim, named after the famed Texas ranch, for 20 years since it launched on the 2001 F-150. The name has also appeared on Super Duty pickups and Expedition SUVs.

The exterior features a unique gray grille insert, 20-inch aluminum wheels, a liftgate scuff plate and quad chrome exhaust tips. The King Ranch "Running W" logo can be found throughout the exterior and interior.

Ford says the Explorer King …

Chrysler freshened the Pacifica minivan for the 2021 model year by giving the minivan a restyled grille, a new all-LED taillight that spans the width of the vehicle — similar to that of the Dodge Durango and Charger — and available all-wheel drive. The awd Pacifica is powered by a 3.6-liter V-6 engine with 287 hp and 262 pound-feet of torque. The Pacifica also was the launching pad for the automaker's fifth-generation Uconnect infotainment platform. Here's a roundup of snippets of Pacifica awd reviews from the automotive media.

"We drove the all-wheel-drive Pacifica on the rain-soaked roads of rural North Carolina, which was a perfect setting to put the new drive setup to the test. Chrysler engineers note that this all-wheel-drive system is a mechanical one, with a front-wheel-drive bias that delivers an appropriate amount of torque to each axle only as needed. So in perfect conditions — 65 degrees and sunny — power still travels almost exclusively to the front wheel…

Join Automotive News Publisher Jason Stein for a daily podcast series about the coronavirus crisis. He’ll speak with industry experts, insiders and Automotive News reporters about how the virus is impacting and reshaping the automotive industry.

New NADA Chairman Paul Walser talks about his top priorities for 2021, which include improving the relationship between dealers and automakers, pushing for more diversity and eliminating ''complex'' incentive programs.

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Nikola Corp. on Tuesday disclosed details on its hydrogen fuel cell-powered product lineup that will include vehicles with a driving range of up to 900 miles.

The lineup for North America includes the Nikola Two FCEV Sleeper, a long-haul freight vehicle, and a fuel cell EV variant of Nikola's Tre Cabover.

The company's Tre battery EV can currently handle trips as far as 300 miles.

Construction of the the first Tre FCEV prototype is set to begin in the second quarter, with testing continuing into 2022, the Phoenix-based company said, adding that production is slated to start in the second half of 2023.

The Tre FCEV Cabover will have a range up to 500 miles, Nikola said, while the Sleeper's will be up to 900 miles.

In December, the company terminated a deal with Republic Services Inc. to develop electric garbage trucks for the recycling and waste disposal firm.

Nikola shares fell 8.2 percent to $19.20 in early trading on Tues…

Automotive captive lenders are offering assistance to borrowers whose lives were upended by the winter storm that struck Texas last week.

Toyota Financial Services and Lexus Financial Services will offer payment extensions and lease deferred-payment options to impacted customers. Consumers are urged to contact the lender to work out details, Toyota said in a release.

Meanwhile, Ford Credit will assist Ford and Lincoln customers "who may need to defer a payment or two until their situations improve, or who need to request other assistance," a company spokeswoman told Automotive News in an email.

Honda Financial Services in an emailed statement said, "We are prepared to review requests for assistance on a case-by-case basis."

Larry Vellequette and Jackie Charniga contributed to this report.

FRANKFURT -- Mercedes-Benz is positioning the redesigned C-Class as a smaller, sportier version of the recently launched S-Class flagship sedan.

The latest C-Class will "raise the bar as the most sophisticated offering in its segment," Mercedes said Tuesday, reflecting extensive customization, a more luxurious interior with greater space, as well as better handling and lower fuel consumption.

"The letters C and S sit at opposite ends of the alphabet. However, in our portfolio they are now moving closer together," Daimler CEO Ola Kallenius said in a statement on Tuesday. "I am certain our new C-Class will excite even more customers with a wide range of high-tech features derived from our flagship S-Class."

The C-Class, expected to go on sale in the U.S. in early 2022, borrows heavily from the S-Class top-of-the-line sedan, including the cockpit and the latest version of the MBUX infotainment system complete with over-the-air software updates.

The …