Trade News

The Small Business Administration will conduct a "full review" of loans for more than $2 million through the Paycheck Protection Program before there is any loan forgiveness, Treasury Secretary Steven Mnuchin said Tuesday.

The announcement comes as a warning to big companies such as AutoNation Inc. and others that had tapped into the administration's $349 billion forgivable loan program designed to support small businesses. The program was recently replenished with an additional $321 billion after President Donald Trump signed a $484 billion spending package.

The Small Business Administration began processing additional loans through the Paycheck Protection Program on Monday. The program provides small businesses with money to pay employee payroll and benefit costs for eight weeks, plus certain other expenses such as rent. The loans can be fully forgiven if companies qualify.

"I think it is unfortunate that there's a small number …

British auto manufacturer McLaren Automotive Ltd. will recall more than 2,700 supercars, including its $1 million, 789-horsepower Senna model named after the legendary Formula 1 driver, over a fault that could increase the risk of a fire.

Most of the vehicles covered by the recall are McLaren’s 720S, GT and 570GT models, according to a notice posted on the National Highway Traffic Safety Administration’s website Tuesday.

A foam pad to dampen noise and vibrations mounted beneath the fuel tank on the affected cars may retain moisture, potentially causing corrosion over time and a possible fuel leak, according to the notice. While leaked fuel or vapors would be released away from ignition or heat sources, if left unaddressed the fuel could spill underneath the cars and increase the risk of a fire, the filing says.

Models without the foam pad in question are not included in the recall, according to the notice.

The callback covers 157 of McLaren’s Senn…

FRANKFURT -- Audi has abandoned plans to introduce its Level 3, eyes-off autonomous driving technology in its A8 flagship sedan, a senior executive told Automotive News Europe.

The feature, called Traffic Jam Pilot, was the most significant technological breakthrough added to the latest-generation A8 that debuted in 2017. At that time Audi said the system would only be activated in markets where governments allowed it.

Since then, global regulators in Geneva have still not agreed on a type approval process for even the most rudimentary Level 3 functionality. At that level a vehicle can be put in auto pilot under certain circumstances, allowing the driver to take his eyes off the road.

Given the various regulatory delays, Audi says it won't have sufficient time to make its Level 3 system compliant in the A8, whose facelifted version is due to arrive next year already.

"We will not see the Traffic Jam Pilot on the road with its originally planned Level…

Hyundai's most popular car in the U.S. — the Elantra — is getting more performance chops.

Hyundai is previewing the upcoming N Line trim of the seventh-generation compact sedan that debuted in regular gasoline and hybrid versions in mid-March.

The N Line version "adds N brand specific design elements, chassis upgrades and a turbocharged engine to the recently revealed 2021 Elantra," Hyundai said. The redesigned Elantra is slated to go on sale in the fourth quarter.

The 2021 model, which is longer and lower than the previous generation, carries a black-and-white camouflage wrap in the teaser images of the N Line prototype released Monday. A brief video shows the sedan being driven on a closed course.

The current-generation Elantra GT N Line hatchback comes with a 1.6-liter turbocharged engine making 201 hp. It's mated to a six-speed manual transmission and available with a seven-speed dual-clutch automatic. The current…

The American consumers' march toward light trucks is claiming another victim in car showrooms — this one a luxury nameplate.

Lexus, citing declining sales, is dropping the midsize GS sport sedan after four generations and three years shy of the car's 30th anniversary.

"We are constantly evaluating model mixes throughout our lineup," a Lexus spokeswoman said. "In the declining sedan segment, the GS family has represented a small amount of sales in the last few years."

Lexus will mark the end by producing 200 limited-edition Black Line GS 350 F Sports models, available in rwd and awd, for 2020.

The GS, introduced in 1993 to compete with rear-wheel-drive models such as the BMW 5 Series and Audi A6, was the fourth car to be added to the Lexus lineup after the LS full-size sedan, ES midsize sedan and SC coupes.

The front-wheel-drive ES is the brand's top-selling car, with U.S. deliveries of 51,336 last year. Read more

The 2.5-ton Bentley Arnage is unveiled before the public at the Sarthe Circuit in France, home of the 24 Hours of Le Mans, on April 26, 1998.

Bentley's newest flagship four-door sedan was designed by British designer Stephen Harper and powered by a BMW V-8 engine, with twin-turbos engineered by Cosworth. It was 212 inches long and 75 inches wide.

The Arnage and its Rolls-Royce-branded sibling, the Silver Seraph, were the first all-new designs for the two ultraluxury marques since 1980.

And for a short period, the Arnage was the most powerful and fastest four-door saloon — with a top speed of 180 mph — on the market.

A long-wheel base variant became available in 2000.

In 2001, The New York Times called the Arnage Red Label an "extraordinary motor car" with an exhilarating, steady surge of power.

"The look is powerful, from the mesh grill to the 18-inch alloy wheels, from the classic lines to t…

Joining the Jeep Gladiator lineup this year is the Mojave variant which is the first Jeep to get the brand's Desert Rated badge. The new rating is based on several pillars: ride control and stability, traction, ground clearance, maneuverability and desert prowess. The Gladiator Mojave comes with specially tuned Fox 2.5-inch internal-bypass shocks with external reservoirs, industry-exclusive Fox front hydraulic jounce bumpers, a reinforced frame, a 1-inch front suspension lift with a silver front skid plate, stronger axles with cast-iron steering knuckles, aggressive front seats with integrated upper bolsters and standard 33-inch Falken Wildpeak all-terrain tires. Here's a roundup of snippets of Gladiator Mojave reviews from the automotive media.

"While the changes Jeep makes to turn the Gladiator into a Mojave certainly help its off-road capability, they detract from its on-road manners, which were pretty compromised in the first place. The extra ride height makes ge…

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.

Steve Lietaert, president of Hella Corporate Center USA, on how the auto parts supplier is bracing for market uncertainties; reprioritizing future projects and investments.

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Elon Musk tapped more of his shares in Tesla Inc. late last year to unlock some of his wealth and also entered into an unusual arrangement to provide liability coverage for fellow members of the electric-car maker’s board.

Musk increased the share of his Tesla holding that he’s pledged as collateral for personal loans to 54 percent at the end of 2019, the company disclosed in a regulatory filing Tuesday. That compares with 40 percent at the end of 2018, when the carmaker last shared the size of Musk’s pledging.

Tesla said in the filing that the company decided not to renew its directors’ and officers’ liability policy for 2019-2020 due to “disproportionately high” premiums quoted by insurers. Musk, 48, instead agreed to personally provide substantially equivalent coverage for a year. The carmaker’s board concluded the arrangement with the CEO would not impair the independent judgment of his fellow directors.

The amended annual report from Tesla shows Mus…

Lear Corp. released a second edition of its Safe Work Playbook on Monday with new information on employee communication and training as suppliers wrestle with implementing health and safety protocols during the COVID-19 pandemic.

The seating and electronics supplier stepped ahead of the industry when it released the first edition of the Safe Work Playbook on April 6. Days later, the Original Equipment Suppliers Association and the Alliance for Automotive Innovation released their own set of guidelines.

The new edition of the Safe Work Playbook includes information from the first edition along with updated guidelines for returning to plants.

The original document details appropriate social-distancing measures in manufacturing plants. It also includes information on educating employees on new work procedures and protocols for taking proactive health measures in plants, such as worker temperature checking.

The second edi…

SAIC Motor Corp. is spending 3.3 billion yuan ($466 million) on discounts and other incentives to spur demand for gasoline-powered Roewe vehicles from April 24 to June 30.

The incentives -- price discounts and subsidies for sales taxes and interest payments on auto loans – will be offered on five gasoline-powered models, the state-owned Chinese automaker said.

In addition to those five vehicles -- the i5 and i6 Plus sedans and the RX3, RX5 and RX8 crossovers -- SAIC builds and markets plug-in hybrid and electric vehicles under the Roewe and MG brands. 

First-quarter combined sales at the two brands slipped 34 percent to 99,397, reflecting the impact of the coronavirus outbreak, with many dealers and factories idled. SAIC didn’t disclose separate sales for the two brands.

SAIC is not the only Chinese carmaker seeking to attract car shoppers with incentives in the wake of the pandemic. 

Chery Automobile Co., another state-owned…