Trade News

Daimler and BMW are exploring a sale of their jointly-owned parking app business Park Now, according to people familiar with the matter, as the German luxury automakers focus on their core automotive operations.

The companies are working with advisory firm Rothschild & Co. on the potential divestment, said the people, who asked not to be identified because discussions are private. Park Now is expected to fetch several hundred million dollars, they said.

Daimler and BMW merged their mobility operations last year and folded them into a joint venture called Your Now, which has five business segments including the parking operations. Their Free Now ride-hailing service has attracted interest from Uber Technologies Inc., people familiar with the matter said last month.

The potential disposals reflect Daimler and BMW’s focus on generating cash and improving efficiency within their core automotive operations. Carmakers have been scaling back their mobilit…

Tesla Inc. has cut the price of its Model S "Long Range" sedan by 4 percent in the United States, days after the electric vehicle maker reported record quarterly deliveries.

The company, which is expected to report third-quarter results on Oct. 21, cut the price to $71,990 from $74,990 in the United States. It also trimmed the starting price of the Model S by 3 percent in China.

Earlier this month, Tesla cut the starting price of its Chinese-made Model 3 sedans by about 8 percent to 249,900 yuan ($36,805).

The electric carmaker has been trimming prices on various models in its lineup at the same time legacy automakers are trying to make inroads in the electric vehicle market by launching their own electric cars.

Tesla said it delivered 139,300 vehicles in the third quarter, an all-time record, yet shares fell as some analysts doubted if Tesla could hit its ambitious year-end target.

Last week CEO Elon Musk told employees that Tesla has a …

Nissan's bestselling vehicle undergoes a makeover for the 2021 model year that loads up the compact crossover with family-friendly technology. The redesigned Rogue introduces a more capable assisted-driving system — one that uses new radar and camera technology to deliver smoother braking, better steering assist and improved safety. The third-generation Rogue offers a single powertrain: a 2.5-liter inline four-cylinder engine. That stands in contrast to Nissan's competitors in the critical compact-crossover segment that are doubling down on fuel-sipping electrified vehicles.

We've gathered highlights from several initial Rogue reviews from the automotive media.

"The engine is a total bore, but it's unobtrusive in operation, and the CVT reacts well to throttle prodding. Even with more power than before, the Rogue is still on the slow side for the segment. A new platform and steering system have woken up the chassis for better handling and impro…

The first Jeep CJ-5 — the civilian version of the M-38A1 made famous during World War II — was produced Oct. 11, 1954, helping to launch what would become one of the most American of consumer brands, influencing competitors and popular culture for decades.

Willys began designing civilian vehicles in 1944. With no auto stamping capacity, designs were limited to those that could be stamped by appliance manufacturers, resulting in a boxy, flat appearance. The first was the CJ-2A.

In 1956, Willys introduced the CJ-6, adding 20 inches to the wheelbase of the CJ-5.

More than 1.5 million CJ's — which stands for Civilian Jeep — were built since the model first appeared.

In November 1985, American Motors Corp. disclosed plans to stop building the CJ the following January, ending decades of production of the direct descendant of the famed World War II workhorse.

At the time, AMC said it would build an all-new Jeep …

LMP Automotive Holdings Inc., an emerging public auto retailer and subscription provider, said it agreed to purchase a majority stake in New York's largest dealership group in a transaction valued at $608 million.

The deal, announced late Friday, would advance LMP's aggressive acquisition goal to grow to as many as 50 franchised new-vehicle stores within a year of starting from scratch.

Pending closing conditions, LMP plans to purchase a 70 percent stake in Atlantic Auto Group, which is owned by John Staluppi Sr. It represents the largest chunk of Staluppi Auto Group, which is ranked No. 9 on Automotive News' annual list of the top 150 U.S. dealership groups, based on 2019 retail new-vehicle sales.

Staluppi Auto Group includes stores owned by John Staluppi Jr., which are not involved in the transaction. Staluppi Auto Group sold 62,570 new retail vehicles last year at a combined 43 dealership locations.

Alongside previously announced acquisitions,…

A longtime Toyota executive who ran the automaker's supply chain management organization will retire later this month, Toyota Motor North America announced.

Randy Pflughaupt, 61, group vice president of supply chain management, will retire Oct. 26 after 38 years with Toyota. He will be succeeded by Keith Robertson, 51, vice president of demand and supply management for Toyota Motor North America, the automaker said. Robertson will report to Chris Nielsen, chief quality officer in North America.

Pflughaupt previously was group vice president of sales administration with Toyota Motor Sales, senior vice president of production control with Toyota Motor Engineering and Manufacturing, group vice president of marketing and held several sales region leadership positions. Most recently, Pflughaupt played a vital role in the automaker's ongoing response to COVID-19.

The impending executive change comes as the automaker continues to struggle to keep up with growin…

LOS ANGELES — Hyundai's Santa Fe midsize crossover is undergoing a heavy freshening for the 2021 model year, including new hybrid and plug-in hybrid options that will come next year. The gasoline models, produced at the automaker's plant in Alabama, will go on sale by the end of this year.

Although the Santa Fe was redesigned for the 2019 model year, the 2021 model rides on a new platform to accommodate the hybrid battery packs.

The freshened Santa Fe features front and rear styling updates, revised engines on all trims and a new center stack and console design inside, Hyundai said Monday.

"The bold new face of the Santa Fe is enhanced with a wider, three-dimensional grille and a striking T-shaped LED illumination signature, including daytime running lights," the company said. "The new silhouette sports a horizontal cabin profile, scalloped lower door panels and a long, highly-defined hood."

A new top-end Calligraph…

The midengine Chevrolet Corvette has hit yet another production snag: a parts shortage that will halt assembly at the Bowling Green, Ky., plant this week.

General Motors paused production of the 2020 Corvette beginning Monday, spokesman Kevin Kelly said.

"Due to a temporary parts supply issue, we can confirm that Bowling Green Assembly will not run production the week of Oct. 12. Our supply chain, manufacturing and engineering teams are working closely with our supply base to mitigate any further impact on production, and we expect the plant to resume normal operations on Monday, Oct. 19," Kelly said in a statement.

Corvette inventory is extremely limited because most of the sports cars are preordered before they arrive at dealerships, he told Automotive News.

Corvette production at the Kentucky plant will be extended into December, Corvette Action Center reported last week, citing a letter to Chevy dealers. GM originally said that 2020 Corvette…