Trade News

DETROIT — Jim Farley's gambit at the outset of the Great Recession to leave a flourishing career at Toyota Motor Corp. to help save a foundering Ford Motor Co. has paid off: In less than eight weeks, he'll become CEO.

While Ford is nowhere near the precarious position it was in when Farley moved from Southern California to Michigan at the end of 2007, the 58-year-old will enter the chief executive's office Oct. 1 with much to fix.

He inherits a company that remains out of favor on Wall Street with a balance sheet weighed down by legacy warranty costs and the effects of an $11 billion global restructuring begun by his predecessor. After Ford botched the rollout of the Explorer in 2019, Farley will have to execute flawless launches of four of the automaker's most highly anticipated vehicles in recent memory.

He'll also have to continue navigating a changing industry and fend off new rivals aiming to dethrone Ford's most profitable vehicle line — F-Series …

Editor’s note: This story is part of the annual Automotive News “Future Product Pipeline” series.

BMW plans to keep its foot on the product-development accelerator over the next few years as the performance automaker looks to maintain its sales lead over rival Mercedes-Benz.

BMW is launching 12 products this year, including a new 2 Series Gran Coupe, a redesigned 4 Series and updated plug-in hybrids.

The automaker believes it has the correct mix of cars and crossovers and is out to gain market share.

Next year will be a big year for BMW's transition to EVs. The automaker will begin production of the iNext crossover and i4 battery-electric sedan as part of a global effort to have 25 electrified models (half of which will be full electric) on the road by 2023. In the future, the X1 crossover and the 5 Series and 7 Series sedans are expected to get all-electric powertrains.

Consumer expectations and technology limitations, however, are headwi…

Editor’s note: This story is part of the annual Automotive News “Future Product Pipeline” series.

Audi's expansion of its battery-electric lineup will begin next year and will continue for at least the next four years as the German luxury brand adds battery-powered, all-wheel-drive sport sedans, crossovers and perhaps even supercars.

Over that period, however, Audi intends to add mild hybrids to many of its existing turbocharged models, boosting power and fuel efficiency. The brand also promises that future BEVs will have a more competitive range than its first offering, the E-tron, which debuted last year.

To do so, Audi is developing vehicles from Volkswagen and Porsche electric architectures for its future offerings.

A3/S3/RS 3: The redesigned 2021 A3 sedan's U.S. arrival was delayed by the COVID-19 outbreak and related production shutdowns. The sedan and its derivatives debuted this summer in Europe but won't be in North America until the se…

Jeep is in a transformative period.

While the spotlight is on the adventure brand's upcoming off-road joust with the Ford Bronco, another larger development is taking place: Jeep is setting itself up to gain ground everywhere else.

By the end of 2021, Jeep will have a varied powertrain portfolio that plays in the electrified and diesel spaces, while its new three-row options and redesigned Grand Cherokee bring fresh competition to the crossover world.

On top of that, a V-8-powered Wrangler appears close, which could add an intriguing option to the off-road war with the Bronco.

A slowed economy could hamper Jeep's progress, just like the rest of industry, but a lack of offerings won't be on its list of problems.

The brand has been checking off boxes on its fan wish list with models such as the Gladiator pickup, a diesel Wrangler and a stronger V-8 Wrangler — which still bears the "concept" tag but has bee…

A lot can happen in two-and-a-half years.

In early 2018, Georg Schaeffler became Germany’s richest person as shares of Continental AG, the vehicle supplier in which he and his mother -- Maria-Elisabeth Schaeffler-Thumann -- own a major stake, surged in price. At the time, their combined fortune totaled $35 billion.

They are now worth about a quarter of that. That’s partly due to the coronavirus pandemic, which has slowed auto production and significantly curbed sales, as well as the industry’s broader shift toward electric cars.

The Schaefflers ended each of the last two years less well-off than they began, and 2020 may be the same. Both have lost about a quarter of their wealth so far this year, according the Bloomberg Billionaires Index, a listing of the world’s 500 richest people.

While they are still very wealthy, the slump in the Schaefflers’ fortune is among the biggest on the Bloomberg index and highlights the slowdown in global vehicle produc…

The top executive of the National Independent Dealers Association in Arlington, Texas, has resigned.

Steve Jordan, who had been CEO since 2013, is leaving to "pursue another career opportunity in the automotive industry," the association said Friday.

Shaun Petersen, senior vice president of legal and government affairs, has been selected as interim executive vice president by the NIADA board of directors. Petersen will handle day-to-day operations, effective immediately.

Jordan will remain with NIADA in an "advisory capacity" during a 30-day transition, the association said.

"This news was a shock, but not a surprise. Someone of Steve's caliber will always be in demand," NIADA President Henry Mullinax said in a statement. "I know he will be successful in whatever he pursues and will be an asset to any endeavor to which he lends his talents. Steve has left our association in great shape and in a growth mode."

The announcement triggers a nati…

Electric carmaker Fisker Inc., which recently announced plans to go public through a merger with a so-called blank-check company, said on Friday it has a tentative deal for Canadian auto supplier Magna International Inc. to build its Ocean electric SUV.

Fisker said in a statement that it expects to reach a definitive agreement "in the next few months" to have Magna Steyr start production of the Fisker Ocean at its Graz, Austria, plant as early as the fourth quarter of 2022.

A Magna spokesman confirmed the memorandum of understanding, but declined further comment.

Fisker added the companies were "also evaluating manufacturing options for the United States and China."

Spartan Energy Acquisition Corp., backed by alternative investment manager Apollo Global Management Inc., announced a deal last month to take Fisker public through a merger that valued the EV startup at $2.9 billion. The deal is expected to close in the fourth quarter.

LOS ANGELES — Hyundai Motor America has named Olabisi Boyle, a former Fiat Chrysler Automobiles engineering executive, as vice president of product planning and mobility strategy for the Korean automaker's U.S. operations.

Boyle's responsibilities include strategic direction of Hyundai's U.S. vehicle lineup, along with market research, business analytics and pricing. She starts Monday and will report to Hyundai Motor North America CEO Jose Muñoz, the company said in a news release.

"Olabisi brings to Hyundai the perfect combination of automotive engineering and product planning experience with an in-depth understanding of the technologies that are going to drive the future of the automotive industry," Muñoz said in a press release.

The product planning post was formerly held by longtime product vice president Michael O'Brien. He left the company in February after 10 years.

Boyle joins Hyundai from Visa, where she was vice…

SAN FRANCISCO -- Uber Technologies Inc. generated more revenue from delivering food than transporting people for the first time last quarter, but it failed to offset a steep and prolonged decline in ridership brought on by the coronavirus pandemic.

Sales fell 29 percent in the second quarter to $2.24 billion, ending a decade of unchecked growth. The loss in the quarter also widened, but Uber maintained Thursday that it will achieve its goal of turning an adjusted profit by the end of next year.

Delivery revenue, which was growing even before the pandemic, surged 103 percent during the quarter and is now central to Uber’s strategy. Along with a $2.65 billion deal to acquire Postmates Inc. and expand its food delivery operations, Uber has begun delivering other items including groceries, prescriptions and packages. Uber now includes UberEats, its food delivery service, as part of the Delivery category.

“Delivery is clearly one of the major beneficiaries of…