Trade News

Aeva, a laser-sensor startup founded by two ex-Apple Inc. engineers, is poised to increase its war chest by $200 million with an investment by a Hong Kong-based hedge fund ahead of its public listing via a reverse merger.

The funding from Sylebra Capital Management is expected to boost the total proceeds from its planned deal with InterPrivate Acquisition Corp. to $563 million, an Aeva executive said. Investor interest in Aeva is part of a wave of financing deals targeting next-generation auto-related companies focused on fields such as battery-electric and driverless technology.

Shares of InterPrivate have rallied 47 percent to $14.54 since the merger was announced on Nov. 2. The deal is expected to close in the first quarter of 2021.

Lidar, a system of laser-based sensors that allows a vehicle to “see” its surroundings, is among the most expensive components of autonomous cars and key to enabling more advanced self-driving features. With commercializat…

Fiat Chrysler Automobiles CEO Mike Manley and CFO Richard Palmer will be eligible for cash retention awards worth tens of millions of dollars after FCA merges with PSA Group to form Stellantis, company filings show.

According to the documents, Manley and Palmer will receive the payments for certain possible role changes in the merged company, including specifically if they are not appointed to the Stellantis board of directors. 

The latter change is already certain, as neither has been nominated to serve on the 11-member Stellantis board, which will be led by FCA Chairman John Elkann. Manley has served on FCA’s board of directors since July 2018 and Palmer since April 2019.

FCA and PSA shareholders on Monday approved the terms of the Stellantis merger, including the designated board members. The approval clears the way for the merger to close on Jan. 16 and for Stellantis shares to be publicly listed on Jan. 18 in Europe and on Jan. 19 in…

Fiat Chrysler Automobiles and Peugeot maker PSA Group shareholders have approved a $52 billion merger to create Stellantis.

Following are key details of the deal:

The merged group will have annual sales of 7.9 million vehicles and generate recurring operating profit of almost 10 billion euros ($12 billion) on revenue of 180 billion euros, based on aggregated 2019 results. PSA CEO Carlos Tavares will be the group's CEO for an initial five-year term. FCA Chairman John Elkann will be chairman. Stellantis will be domiciled in the Netherlands, with stock listings in Paris, Milan and New York. FCA and PSA expect to complete the combination on Jan. 16, 2021. Trading in Stellantis shares begins Monday, Jan. 18. The merger is expected to generate more than 5 billion euros in annual synergies. The two groups say no plants will  be closed. The merger will unite brands such as Fiat, Jeep, Dodge, Ram Alfa Romeo and Maserati with Peugeot, Citroen, Opel and DS. Stellantis w…

Canadian auto supplier Magna International Inc. said on Monday it would work with Fisker to develop an advanced driver assistance system (ADAS) for the EV maker's Ocean SUV, expected to launch in late 2022.

The ADAS technology will use digital imaging radar technology in addition to cameras and ultrasonic sensors, Magna said in a statement. The supplier said the ADAS package includes “a unique and first-to-market digital imaging radar technology.” Co-developed with Austin, Texas-based technology startup Uhnder, Icon Radar is being called by Magna “the first digital imaging, single-chip radar solution for the automotive marketplace.”

In December, Fisker said Magna would initially be the exclusive manufacturer of its Ocean SUV in Europe, finalizing a deal originally signed with the auto supplier in October.

“One of our strategic goals is to pursue new business in areas where Magna’s unique strengths can be deployed with an advantage compared…

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.

NADA's Mike Stanton opens up about taking the reins at the trade group, shaping the future for auto retailers and why the upcoming virtual NADA Show will be a success.

How do I subscribe?

Can't wait to hear the next episode of "Weekend Drive"? Subscribe through a podcast app to receive episodes days in advance. If you don't have a podcast app already, here are some options. 

iPhone / iPad

“Weekend Drive” is available on the iTunes Store and through the ‘Podcast’ app pre-installed on all iOS devices. Click here to subscribe to "Weekend Drive"

Android

“Weekend Drive” is available on the Google Play store. Click here to subscribe to "Weekend Drive" Read more

If you compare the quality of the picture on the screen of the 2021 Cadillac Escalade with that of a high-end, big-screen TV, you won't see much difference. Both use the same organic light-emitting diode technology. And the Escalade's curved screen is a harmonious design element that is an integral part of the dash.

In the redesigned Hyundai Elantra, the radio station graphics — old-fashioned tubes with numbers inside — are another illustration of how much importance is being placed on wowing consumers with whiz-bang screens.

The screen, and its great potential to enhance the driving experience, is fast becoming part of the modern vehicle's DNA. To further drive home how important the technology has become, Mercedes-Benz on Thursday, Jan. 7, will host a global event to unveil the MBUX Hyperscreen — a curved display that spans the width of the cabin — for the upcoming 2022 EQS electric sedan.

But as screens continue gobbling up re…

Toyota's Lisa Materazzo and Ford's Suzy Deering take on new jobs Monday, Jan. 4. They are the latest in a growing list of female marketing chiefs at some of the biggest auto brands in the U.S. Key appointments within the past 20 months:

Lisa MaterazzoToyotaBecomes vice president of marketing for Toyota Division on Jan. 4, replacing Ed Laukes, after holding similar role at Lexus.

Suzy DeeringFordHired from eBay to begin as Ford Motor Co. chief marketing officer on Jan. 4. Replaces Joy Falotico, who will focus on her other job: president of Lincoln Motor Co.

Tara RushAudiJoined Audi in 2019 from Heineken USA. Became marketing chief on Dec. 1, succeeding Loren Angelo.

Kimberley GardinerVolkswagenHired in November to fill the vacancy created by the exit of Saad Chehab in May. Gardiner had an identical title at Mitsubishi.

Allyson WitherspoonNissanPromoted to chief marketing officer, a new position, in October. Had been vice pres…

After decades of slowly building up market share, diesel vehicles are expected to be leapfrogged by electric vehicles within the next two years.

Diesel-powered trucks aren't going away. They're expected to maintain their small share of the U.S. light-vehicle market — especially in the heavy-duty pickup space — through at least 2032, IHS Markit says.

But EVs have the potential to catch on in a way that diesels haven't, especially as body styles with more mass appeal reach the market. Fifteen new battery-electric and plug-in hybrid vehicles are expected in 2021 and 2022, and 11 of them are SUVs or pickups, according to J.D. Power.

"As of now, you either have to want an EV hatchback, or you're in that premium space for an EV. There really isn't a middle ground," said Tyson Jominy, J.D. Power vice president of data and analytics. "As the body types start to hit what Americans want, we could really start to see EVs start to outpace diese…

Before last spring, Sellers Buick-GMC performed pickup and drop-off services only when requested by a customer — and it didn't happen often.

Employees would drive together in a dealership vehicle, retrieve a car for service and drive back separately to the dealership in Farmington Hills, Mich. Vehicle sales finalized in customer driveways weren't very common, either.

The coronavirus pandemic, which upended dealership operations and prompted permanent changes across the dealership group, deeply impacted this process for the store, and the entire three-dealership group.

"This isn't about when the customer is asking anymore," Andrew Haller, president of Sellers Auto Group, told Automotive News. "This is about what we have to offer to the customer. And we need to make sure all of our customers know right off the bat that we have these services."

Two dealership employees previously handled remote deliveries for the store. Now, six employees focus full…

The coronavirus pandemic has created an opportunity to redefine transportation.

Some say we are in a "whiteboard" moment.

We heard from experts across the industry over the past several weeks about how they see mobility evolving post-pandemic.

"One of the big changes that we have to grapple with, both at the regional level but frankly across the country, is the role and future of public transit. ... I'm a big believer that transit should be something that other innovations — whether from the private sector through a startup or some other initiative — plug into. I think COVID has really laid bare the funding challenges that transit systems across the country have, but it's also laid bare that there are many in our community that still fundamentally rely on transit to get back and forth to their jobs. We can't ignore that population. We can't ignore the importance of public transit in this solution, but we do have to take some hard looks at exactly when …

Let's face it: Any good news in 2020 was welcome. It was a hard road. Yet stories emerged this year that highlighted extraordinary efforts companies throughout the industry took to support local communities.

That should be no surprise. It's emblematic of what happens in the auto industry; When the going gets tough, its people come together to help one another.

What's also emblematic of the auto industry? It's a lot of fun.

Alex Rosenberger knows that. He's the owner of MasterCars, a seller of late-model upscale cars and motorcycles in Granite City, Ill. Having some safe fun in the midst of the coronavirus pandemic was just one of the reasons he and other local business owners along historic Route 66 east of St. Louis created the Kicks on 66 Ultra Car Show and Cruise, hosted in Edwardsville, Ill., in October.

As business owners, they also saw the event as an opportunity to tap into the history of the Mother Road to help…

Dealers around Scranton, Pa., and some other local business owners collaborated to buy more than $61,500 worth of gift cards from area restaurants that have lost significant business during the pandemic.

The idea started with Gibbons Ford owner John Grow and his wife, who wanted to buy gift cards from the restaurants and bars they would normally be patronizing during the holiday season. Pennsylvania Gov. Tom Wolf barred indoor dining from Dec. 12 through Jan. 4 after a surge in COVID-19 cases across the state.

Grow, who was raised in the restaurant business, called other dealers across Lackawanna County and said all were eager to join the effort.

"We're competitors but we're friends," Grow told the LNP newspaper in Lancaster, Pa. "Every single dealer — everybody — did not blink an eye. They said, 'What do you want? ... What do you want us to give?' "

In addition to Grow's store, the donors include Burne Honda, RJ Burne Cadillac, Pompey Auto Grou…