Trade News

Peugeot North America CEO Larry Dominique, who has been leading the French brand's planned return to the U.S. after a 30-year absence, has been named the North America head of Alfa Romeo.

The move, announced Friday, is part of a global reorganization of the Italian brand. Alfa and Peugeot are now part of Stellantis, the company created by the January merger of Fiat Chrysler Automobiles and PSA Group.

Dominique has been leading Peugeot's planned U.S. return for four years. Part of his charge has been to create a distribution channel that would shun expensive stores and emphasize the use of technology to offload some consumer-facing services such as scheduling vehicle delivery and pickup.

It's unclear what the appointment means for Peugeot's U.S. comeback.

That return was complicated by PSA's December 2019 agreement to merge with FCA. And just before the completion of the merger two months ago, Carlos Tavares -- the former PSA chief who no…

A group of unsecured lenders to Hertz Global Holdings Inc. are proposing an alternative reorganization of the rental car company that would take it public, a move that counters a plan to sell the company to two investment funds for as much as $4.2 billion.

The lenders want to convert their holdings in the bankrupt company into shares of the reorganized company, which could be traded publicly, the people said. If Hertz’s board were to accept that plan, it would supersede a bid from Knighthead Capital Management and Certares Management to buy the company.

The group believes the Knighthead bid, which values Hertz at $4.85 billion, is too low, according to the people. Its members think Hertz has an enterprise value of $5 billion and would fetch more under their plan, one of the people said. The lenders have not submitted a formal proposal to Hertz and terms are still in flux, the people said.

In one scenario being discussed, Hertz’s shares would become publi…

A plunge in the stocks of EV makers and suppliers is lashing investors who plowed billions into the sector this year in a bid to surf one of Wall Street's hottest trends.

Tesla Inc. led this week’s drop in the auto sector that’s battered the holdings of funds focused on this part of the market. That’s  painful for traders who poured almost $2 billion into electric car and battery-focused exchange-traded funds in 2021, according to Bloomberg Intelligence. Exchange traded fund assets in the segment had swelled to a record $4.6 billion before the selloff.

“Clearly electric vehicles are here to stay, but it’s less clear who the winners are going to be,” said Chris Grisanti, chief equity strategist at MAI Capital Management. “The market has been treating all these companies as if they are going to be winners, whereas we know that’s probably not going to be the case.”

A higher gear

Investors have been jumping in following the election of President …

WASHINGTON/SEOUL -- The U.S. International Trade Commission on Thursday criticized Ford Motor Co. for pursuing battery contracts with SK Innovation after evidence had emerged the South Korean electric vehicle battery maker misappropriated trade secrets from crosstown rival LG Chem.

The ITC last month sided with LG Chem in its trade secrets claims, issuing a limited 10-year exclusion order prohibiting imports into the U.S. of lithium-ion batteries by SK Innovation. It permitted SK to import components for domestic production of batteries for Ford's EV F-150 program for four years, and for Volkswagen of America’s MEB electric vehicle line for North America for two years.

In a redacted version of its full 96-page opinion Thursday, the ITC questioned why the second largest U.S. automaker had continued to pursue battery contracts with SK Innovation "after SK's misconduct in this investigation had come to light."

It said Ford had sought business with SK even a…

FRANKFURT -- The Volkswagen brand plans to more than double the share full-electric vehicles will have in its European sales by 2030, in a bid to accelerate the automaker's shift toward battery-powered cars.

Full-electric vehicles are expected to account for more than 70 percent of the brand's European vehicle sales by 2030, compared with a previous target of 35 percent, VW said on Friday as it unveiled its 'Accelerate' strategy.

"With Accelerate we are increasing the speed on our path to a digital future," said Ralf Brandstaetter, who heads the VW brand and also sits on VW Group's management board.

In the U.S. and China, the brand is targeting a market share of over 50 percent for full-electric vehicles by 2030, VW said, taking aim at rivals including Tesla Inc. to become the world's leader in electric vehicle production.

"Of all the major manufacturers, Volkswagen has the best chance of winning the race. While competitors are still in the middle…

MILAN -- Stellantis on Thursday announced distribution of the stake it still holds in supplier Faurecia to its shareholders.

Stellantis shareholders will decide on the distribution of the shares and up to 308 million euros ($368.46 million) raised from a previous equity sale in Faurecia, in a meeting on March 8, the group said in a statement.

The stake in Faurecia was previously held by the former PSA Group, which merged with Fiat Chrysler Automobiles earlier this year to create Stellantis.

The stake distribution was part of the deal between the two companies.

PSA initially held a 46 percent stake in Faurecia, but last year it said it sold a 7 percent stake, keeping the 308 million euros cash it raised for distribution to Stellantis shareholders after the merger completion.

Porsche's Taycan Cross Turismo full-electric station wagon is another step toward expanding the automaker's lineup, CEO Oliver Blume said.

"By 2025, half of all the new vehicles we will deliver will have an electrified drive, either fully electric or plug-in hybrid," Blume said in a statement announcing the launch of the Taycan Cross Turismo.

One in three of all vehicles Porsche delivered in Europe had an electric powertrain, Blume said. "With the Taycan Cross Turismo, we are taking another major step in this direction," he said.

The Taycan Cross Turismo is a more spacious version of the Taycan sedan that will broaden the Taycan line's appeal and help parent Volkswagen Group catch up with Tesla.

The wagon is 20mm taller than the Taycan sedan, or 30mm with the optional off-road package. It has adaptive air suspension as standard that can raise and lower the car to clear obstacles.

The extended roofline gives more headroom for rear-seat pass…

Stellantis will go "full throttle" on battery-electric vehicles to meet emissions goals in Europe and the U.S., as hybrid powertrains eventually "disappear," CEO Carlos Tavares said.

Tavares has not yet committed Stellantis, which has 14 brands and home bases in France, Italy, Germany and the U.S., to a date when it will sell only zero-emission vehicles but, he said, "The societies in which we operate will trend toward a ban on internal combustion engines."

Automakers are racing to develop electric vehicles to meet tighter CO2 emissions targets in Europe, and this week Volvo joined a growing number of automakers including Ford of Europe, Jaguar and Bentley aiming for a fully electric lineup in the near future.

"We are going full throttle on battery-electric vehicles, as we believe the mix of sales within electrified vehicles will move very fast to pure BEVs," he said this week at a financial results conference for the two automakers that combined to for…

<!--*/ <!--*/ */ /*-->*/ /*-->*/ Israeli company technology provides insights when rubber hits the road

Whether you live in Michigan and potholes frequently wreak havoc on your wheels, or you live elsewhere, and your tires get a more standard amount of wear-and-tear, it would be helpful to know when one of the most important parts of your vehicle is giving out.

This week, Tactile Mobility launched a measurement technology that can derive insights about a vehicle's tire tread deterioration from data collected using vehicle sensors.

The Israeli company said its technology uses vehicles' existing sensors to collect metrics about wheel speed, wheel angle, RPM and other variables.

Using this information, the company can generate real-time insights about the vehicle's tire-tread depth and ultimately, tire health, for automakers, suppliers, fleet managers, auto repair shops, insurance companies and even the drivers.

Tactile Mobility…

After the unprecedented winter storm in Texas and other states last month, automakers and suppliers could be slammed by yet another devastating parts shortage that could idle seating plants as early as next week.

The blizzard halted the region's critical petrochemical plants, which could lead to a shortage in automotive seating foam, industry sources say.

The storm that left millions without heat or power amid subfreezing temperatures has impacted production of oil refinery byproducts used to make propylene oxide needed for the polyurethane foam found in auto seats.

The potential shortage comes as the supply-constrained industry navigates an unexpected rebound in consumer demand and an alarming microchip shortage that has halted production lines for a number of automakers.

An auto-industry executive who spoke with Crain's Detroit Business on the condition of anonymity said some seating supplier assembly lines were expected to run out of foam by M…

Cadillac rolled out XT5 and XT6 crossovers equipped with a 48-volt system that will give the luxury brand two core models with enhanced fuel efficiency and driving dynamics. 

The system, comprised of a 48-volt motor, power battery, power management module and control unit, will improve fuel economy and driving performance for the two vehicles, GM’s China unit said.

The system, combined with GM’s 2.0-liter turbocharged gasoline engine, can reduce fuel consumption of the XT5 and XT6 by 5 percent and 6 percent to 7.0 liters and 7.2 liters per 100 kilometers, respectively, according to GM China.

The system also provides a quieter, smoother and nimbler driving experience: In stop-and-go traffic, the 48-volt motor starts the vehicle with the instant release of torque; when the vehicle accelerates, the motor assists the engine to power the vehicle; when the vehicle is at cruising speed, the system recycles energy from the engine and stores it for future ac…

The Jeep Wagoneer and Grand Wagoneer will be integrated with Amazon Fire TV for Auto, which will give users access to shows, movies, apps, vehicle features and the Alexa personal assistant.

The utility vehicles, tasked with pushing Jeep upstream, will be technological showcases for the adventure brand and function as rolling entrainment hubs with the inclusion of Fire TV for Auto, the Stellantis brand said Thursday.

The upcoming Grand Wagoneer will be the first SUV with a front-passenger infotainment screen. The 10.25-inch screen, which is shielded from the driver by a privacy film on the glass, allows a passenger to watch movies in addition to sending destinations to the driver. It's unclear whether the Wagoneer will offer a screen for the front passenger.

Stellantis says Fire TV for Auto will communicate directly with the new Uconnect 5 infotainment system. The automaker says the content will sync with an existing Amazon account like other Fire TV dev…