Trade News

Lithia Motors Inc. has purchased four import brand John Eagle Dealerships in Dallas and Austin, Texas, that will bring in a combined $500 million in annual revenue as it continues to grow its dealership portfolio.

The nation's third-largest new-vehicle retailer said it purchased John Eagle Honda of Dallas, Honda Cars of Rockwall, Howdy Honda in Austin and Sport City Toyota in Dallas. The deal was completed over the weekend.

"We're delighted to announce our network expansion in two of the largest markets in our logistically key South-Central region," Lithia CEO Bryan DeBoer said in a statement Tuesday. "We're excited to welcome these high-performing teams to the Lithia family. Their reputation in their communities and extraordinary volume reflect a commitment to an exceptional customer experience."

Lithia, which owns domestic brand stores in Texas, did not disclose the purchase price for the dealerships but said it funded the acquisi…

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.

In the final segment of an exclusive interview, Tesla CEO Elon Musk defends the name of Tesla's Autopilot driver-assistance system. He also weighs in on his management style, Tesla's lawsuit against EV rival Rivian, and restructuring the company as it looks to build more cars in the future.

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The 2021 Venza midsize crossover, arriving at dealerships this month, is an Americanized version of the Japan-built Harrier. The two-row hybrid, slotted between the RAV4 and the Highlander, will boast up to 40 mpg in combined fuel economy with a hybrid-only powertrain, Toyota says. The Venza is equipped with a 2.5-liter inline-four engine mated to three electric motors, delivering 219 hp. Here's a roundup of select early Venza reviews from the automotive media.

"Considering how long Toyota's been refining its hybrids, it shouldn't come as a surprise that the 2021 Venza is one smooth operator. I can never tell when the rear axle is putting in work, and the whole system blends together so well it's impressive. Just apply some throttle and let the computers figure out whether it's launching under electricity alone (smooth and quiet) or relying more on the gas engine and the continuously variable transmission (a little less quiet, no less smooth). The net power output mi…

DETROIT — Jim Hackett plans to retire Oct. 1 as CEO of Ford Motor Co., after a three-year tenure in which he empowered workers to make quicker decisions and started a broad restructuring effort that hasn’t yet bolstered profits.

Jim Farley, a former Toyota Motor Corp. executive and lifelong car enthusiast who was promoted to COO in February, will become Ford’s third CEO since Alan Mulally left six years ago, the company said Tuesday.

Hackett, 65, said the changes he instituted have taken root and he felt now was the right time to leave the company to what Executive Chairman Bill Ford called “the next generation.” Hackett will work with Farley over the next two months to ensure a smooth transition, the company said.

Hackett, a former CEO of furniture-maker Steelcase, implemented sweeping redesigns of Ford’s business after he was named CEO in May 2017 in an effort to improve what he called Ford’s “competitive fitness.” But Ford’s share price continued to …

Hyundai Motor Co. on Friday appointed Jay Chang as the new global head of its Genesis brand.

He replaced William Lee, who left Genesis to become CEO of marketing communications company Innocean.

Innocean is Hyundai's global advertising division that has also worked with sister company Kia and clients outside the parent company. Lee, who was a founding executive of Innocean, will "lead that business forward," Genesis said in a statement.Both Chang and Lee assumed their new roles Saturday.

Chang previously was executive vice president of Hyundai and has held roles in various departments such as customer experience and production development planning.

"His focus on customer experience, quality and corporate growth strategy uniquely positions him to lead Genesis through its next phase of growth," Genesis said.

The company also said Chang will lead Genesis' global expansion in the luxury car market by "increasing…

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.

In Part 2 of an exclusive interview, Tesla CEO Elon Musk opens up about the prospects of a third U.S. assembly plant; why the company picked Austin, Texas, for its next factory; spending ''zero'' time thinking about J.D. Power rankings; and the potential for offering small cars and minivans. Musk also reveals the inspiration for, and his ambitions for, Tesla's Cybertruck.

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Can't wait to hear the next episode of "Daily 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. 

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Beyond the panic and denial surrounding the initial stages of the coronavirus disease 2019 (COVID-19) pandemic, the world’s short-term response naturally emphasized the health aspect of the pandemic, which was then followed by the mid-term realization that one needs to ‘get through’ this in an economically viable manner that can ensure the solvency of the world economy. Only then is the economy able to refocus on the global long-term perspective. 

However, return-to-normality can only occur once a fully tested and approved vaccine becomes available in mass-volume to the global population. Any time before this will continue to be a highly sensitive and potentially contagious time for the world at large, in which intermediate solutions such as adjusting human behavior or utilizing technology will need to be embraced to safely navigate the world’s population.

Among the first observations that became apparent during the initial stages of the global COVID-19 …

MILAN -- Ferrari has trimmed its sales forecasts for this year after reporting decreasing core earnings, although in line with expectations, in the second quarter due to the coronavirus pandemic.

Ferrari said Monday that its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) would come in between 1.075 billion euros and 1.125 billion euros ($1.26 billion and $1.32 billion) this year.

In May, the supercar maker cut its earnings guidance to an adjusted EBITDA of 1.05 billion euros to 1.2 billion euros. It also announced a bond issue worth 650 million euros to increase liquidity.

Net revenue in the second quarter was 571 million euros, a decrease of 42 percent. Industrial cash flow was negative 158 million euros.

For the first half of 2020, net revenue was 1.5 billion euros, a decrease of 22 percent. Adjusted first half earnings were 441 million euros, a 29 percent decline, for a 29 percent margin, a decline of 310 basis p…

Lordstown Motors has agreed to go public through a merger with blank-check company DiamondPeak Holdings in a deal that gives the electric pickup start-up a pro forma equity value of $1.6 billion, the companies said on Monday.

The combined company will be called Lordstown Motors Corp following the closure of the deal in the fourth quarter and will trade on the Nasdaq under the ticker symbol RIDE, the companies said.

"Lordstown ... has a transformational product and business plan in what are two of the most valuable areas of focus and tremendous opportunity in the auto sector -- electric vehicles and light-duty trucks," DiamondPeak CEO David Hamamoto said on a conference call. "Lordstown has attracted a clear lane of customers in the commercial fleet segment of the market."

A blank-check company is a shell company that raises money through an initial public offering to buy an operating entity, typically within two years.

Several EV developers such a…

Chinese electric-vehicle startup Xpeng Motors is raising more funds from Alibaba Group Holding and other investors ahead of its planned initial public offering in New York, according to people familiar with the matter.

Qatar Investment Authority also is one of the backers putting in another $300 million total in Xpeng, said the people, asking not to be identified because the matter is private. That expands Xpeng’s pre-IPO funding round announced last month to $800 million. The increased funding reflects investor demand, one of the people said.

The Guangzhou carmaker still may add to its haul before the IPO, the people said, as investor interest in EVs increases following gains in shares of Tesla Inc. and the U.S.-listed Nio Inc. this year. Xpeng competes against those two companies and a raft of other startups in China, the world’s largest EV market.

The company has filed confidentially to the U.S. Securities and Exchange Commission to go public as soon …