Trade News

In a quiet backwater of the new-vehicle market during the 1960s and much of the '70s, four rugged off-road vehicles battled annually for the few thousand sales available: Land Rover's Series II (precursor to the Defender), the Jeep CJ (today's Wrangler), the original soft-top Ford Bronco and the International Scout.

Two of those are once again available. The new Land Rover Defender arrived at U.S. dealers this spring, and an all-new Bronco arrives in less than a year. The Wrangler, of course, never went away and for decades has been uncontested in many ways.

Only one of those original off-road 4X4s is missing from showrooms today: The Scout, which arrived in 1961 — five years before the Bronco — and can legitimately lay claim as one of America's first true SUVs.

It isn't really clear who made America's first SUV. Chevrolet claims the Suburban, which has been in production since 1935, owns the title. But for most of its existence, t…

DETROIT — Lear Corp.'s second-quarter net income swung to a loss of about $294 million compared with a gain of about $183 million the year before as industrywide production shutdowns slashed sales and profits.

The producer of automotive seating and electronics is one of several auto suppliers — including BorgWarner and Tenneco — scheduled to release second-quarter earnings this week. Numerous auto suppliers already have reported a plunge in second-quarter results.

Lear said revenue for the quarter slipped 51 percent to $2.4 billion because of production declines.

Shares of Lear fell 1 percent to $110.95 in midday trading on Wall Street.

During the second quarter, global vehicle production fell 46 percent, with China up 7 percent, North America down 69 percent and Europe down 63 percent, Lear said. Global production weighted by Lear's sales declined by 55 percent.

Lear said in a Tuesday call with analysts that it expects global production to…

Gordon Murray, the race car designer and engineer best known for the McLaren F1 supercar, says his new T50 will offer a driving experience "to surpass any supercar ever built."

The three-seat T50 was revealed on Tuesday via webcast, with customer deliveries set to start in January 2022. It will be built in the UK by Murray’s company, Gordon Murray Automotive.

The T50 closely follows the blueprint of the F1 from 1992, down to a V-12 engine and a three-seat cockpit layout with the driver occupying the central seat. It will improve on the F1 “in every conceivable way,” Murray said in a statement.

The biggest difference is in the inclusion of a 400mm ground-effects fan that dominates the rear of the car and aids aerodynamics.

The T50 will cost 2.8 million pounds ($3.6 million) in the UK and is limited to 100 units. The car will be sold globally and more than two-thirds of the production run have been spoken for already, the company said.

…

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.

How do I subscribe?

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. 

iPhone / iPad

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

Android

…

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.

How do I subscribe?

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. 

iPhone / iPad

“Daily Drive” is available on the iTunes Store and through the ‘Podcast’ app pre-installed on…

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 …