Trade News

Traditional parking spaces and lots were already the subject of attention pre-pandemic. The seemingly one-dimensional blocks of real estate are the source of fierce frustration when unavailable — or utter joy when a spot magically appears and life seems to effortlessly fall into place.

Parking is a universal issue: To some degree, we've all experienced adding in travel time to circle blocks to find a space; managing our tempers when construction takes over a parking zone; running down the block to beat a parking enforcement officer to avoid a fine; breathing in excessive exhaust from idling cars waiting for a spot; and wondering why the parking-to-population ratio just never seems realistic.

For a while, it seemed like the ride-hailing and public transport lifestyle was a quasi-solution and a step in the right direction. These modes for getting from Point A to Point B supported emotions and logistics in not having to deal with finding a parki…

Tesla Inc. has cut the price of its Model Y crossover by $3,000 less than four months after starting sales.

The starting price is now $51,190, including a $1,200 destination and documentation fee, according to Tesla’s website. The electric-car maker had been charging $54,190 since beginning deliveries in mid-March.

The Model Y reduction is the second significant price cut Tesla has made to its vehicles in roughly six weeks. In late May, the company lopped $5,000 off the Model S and X and $2,000 off the Model 3, which some analysts viewed as a bearish signal of demand.

Tesla ended up delivering 90,650 cars to customers in the second quarter, beating analysts’ estimates and sending its shares soaring. The 269 percent surge in the stock price this year has vaulted CEO Elon Musk past Warren Buffett on the Bloomberg Billionaires Index.

Tesla did not immediately respond to a request for comment.

The company started deliveries of the Model Y in Ma…

Tesla Inc. cut the price of the Model Y crossover by $3,000, just four months after its launch, as the electric carmaker seeks to maintain sales momentum during the COVID-19 pandemic.

The reduction follows price cuts in May on the Model 3, Model X and Model S.

The company this month posted a smaller-than-expected decline in new-vehicle deliveries in the second quarter, resilient results despite the pandemic that hit the global auto industry.

The Model Y now starts at $49,990, down nearly 6 percent from a previous price of $52,990, according to the carmaker's website.

Tesla did not immediately respond to a request for comment.

The company started deliveries of the Model Y in March, promising a much-awaited crossover that will face competition from European carmakers as Volkswagen Group and others roll out their own electric rivals.

In April, Tesla had said the Model Y was already profitable, marking the first time in the company's 17-…

U.S. auto sales rebounded in May and June, but not enough to overcome abysmal results in March and April. Here’s how the first 6 months of 2020 compare with last year.

TOKYO — Toyota Motor Corp. will deploy its most advanced automated driving system to date in a freshened Lexus LS sedan later this year, pitching the setup as a lidar-based Level 2 system that can automatically change lanes and pass other vehicles in highway driving.

The rollout furthers Toyota's bid to catch competitors, especially in the luxury segment, that have been more aggressive in introducing self-driving vehicles.

Last week, Tesla CEO Elon Musk told a technical conference audience that Tesla could have the technology for completely autonomous Level 5 driving within the year. But some in the industry now doubt that automakers will ever achieve commercially viable, completely autonomous driving.

Toyota, preferring a more conservative approach, has steered clear of labeling its system self-driving or autonomous. Toyota instead calls its systems automated, a nod to the system's reliance on human interaction.

The n…

The minivan market is shrinking, but it isn't a lost cause.

Chrysler, Toyota, Honda and Kia are doing battle for the remaining consumers still drawn to the segment's practicality even as three-row crossovers eat into the base of would-be minivan buyers. Conquest opportunities may be slim, but brands are working to stand out with bolder styling, hybrid engines and all-wheel-drive capability.

Those still loyal to minivans are seeing automakers raise the bar as the minivan segment evolves.

Toyota said it deliberately avoided a boxy look with the 2021 Sienna, which will be offered only as a hybrid. Chrysler, on the other hand, believes it can bring in some of the 700,000 people who switched from passenger cars to utility vehicles last year with its sleekly designed Pacifica, which is gaining the option of all-wheel drive and the next-generation Uconnect system this year.

Meanwhile, Kia gave a preview of the next-generati…

General Motors is temporarily cutting the third shift at its midsize pickup plant in Wentzville, Mo., due to worker absenteeism as cases of COVID-19 in the area increase.

The production cutback, which likely will result in about 1,250 layoffs for an undetermined length of time, is not related to low demand for the Chevrolet Colorado and GMC Canyon that are built at the plant northwest of St. Louis, GM said Saturday. There is enough demand for three shifts, and GM is working on a staffing plan to resume a three-shift schedule as soon as possible, spokesman David Barnas said.

"We believe in the short term, a two-shift operating plan will allow us to operate as efficiently as possible and accommodate team members who are not reporting to work due to concerns about COVID-19 in the local community," Barnas said in a prepared statement.

It's the first known instance of a U.S. automaker reducing its production schedule due to absenteeism s…

Data sets that auto lenders typically use to determine who is creditworthy have been upended by the fallout of the coronavirus, consumer credit experts say.

As a result, lenders concerned with loan losses and fraud have clamped down on access for customers they believe pose more risk to their business. Subprime customers, with credit scores typically below 620, especially are having a harder time getting approved and dealers say that customers on unemployment are being rejected out of hand.

To make matters worse, sorting through the confusion prompted by massive job losses and unprecedented federal intervention could take years for lenders as the industry struggles to compete in a market with wild swings in supply and demand. This means over the long term that lenders could increasingly be exposed to potential losses and limited in taking on new business while they grapple with who is creditworthy.

The federal government's pandemic provisions protect c…

Change comes slowly to some British automakers.

The original Land Rover, for instance, came out in 1948 and soldiered on with minimal changes until 2016. The first-generation Mini Cooper debuted in 1959 and hung around until 2000.

But one British automotive architecture is the granddaddy of them all: the steel ladder frame under the Morgan Plus 4 sports car.

The shape of the car changed a few times since the steel ladder frame was introduced in 1936, but the rugged frame remained true to the original design, featuring a leaf-spring rear suspension and an unusual sliding-pillar front suspension.

The setup ensures the tire tread stays flat on the road as the shocks compress and rebound.

Morgan last week built its last steel-framed sports car and shipped it to one of the company's most loyal customers.

Morgan has switched to a lighter, stronger bonded-aluminum platform, an architecture introduced …

U.S. luxury auto sales stirred to consciousness last month after having been KO'd by the coronavirus pandemic early this spring.

While results for the April-June quarter look grim, with the segment tumbling 31 percent from a year ago, June heralded a brisk bounce back from the global economic crisis. The segment sustained only a 5.5 percent year-over-year decline for the month, J.D. Power data showed.

At the end of June, luxury brands accounted for 12.9 percent of total U.S. industry sales, according to the Automotive News Data Center. That's up from a 12.7 percent share midway through 2019, a record year for premium sales.

And the momentum continues to grow. For the week ending July 5, premium retail sales were 11 percent above the pre-virus forecast, compared with 8 percent above in the prior week, J.D. Power reported.

April was a grisly month for premium brands, with sales cratering by nearly half from the prior year,…