Trade News

LOS ANGELES — In response to coronavirus fears, Hyundai is relaunching its Assurance job-loss protection program for new vehicles, offering to make up to six months of payments for customers who buy or lease over the next six weeks through its captive financing arm. Genesis is offering a similar program.

The protection is available for vehicles sold or leased starting March 14 and ending April 30, and financed by Hyundai Capital, the company said Friday. Hyundai, which has bucked the industry's downturn in retail sales, is also allowing deferred payments for 90 days, at a customer's request, toward the purchase of select vehicles, including the Accent and Elantra sedans, and Venue, Kona, Tucson and Santa Fe crossovers.

The "Genesis Cares" program is similar, covering new purchases and leases from March 14 through April 30 using Genesis Finance for customers who suffer an involuntary job loss any time this year, Genesis said. Payments can be de…

MILAN -- Ferrari said on Saturday it closed its two plants until March 27 in a response to the coronavirus outbreak in Italy and an emerging shortage of parts.

Ferrari adds to a string of Italian manufacturers that have closed plants or slowed production rates in response to the virus emergency, threatening to disrupt Europe's struggling automotive industry.

Ferrari said in a statement it had so far ensured production continuity, as it already implemented all the health measures required by the Italian government at the two sites, located in Maranello, its global headquarters, and in Modena, in the northern Emilia Romagna region.

However, it added the company was "now experiencing the first serious supply chain issues, which no longer allow for continued production."

Brakes specialist Brembo, which supplies Ferrari as well as other premium and supercar makers, said on Friday it would temporarily close its four Italian plants next week.

All non-…

Editor's note: Luca Ciferri, editor and associate publisher of Automotive News Europe, is living under quarantine at his Italian home in Villastellone, just south of Turin. He will be filing daily updates in this blog post.

Italy is mourning the first known death of an active member of the auto industry community to the coronavirus.

Umberto Falchetti, who for many years was the guiding force at supplier MTA, died after a short battle with the virus.

He was 86 and otherwise very healthy before developing a fever and never recovering, his daughter, Maria Vittoria Falchetti, told me during an emotional phone call.

MTA, short for Meccanotecnica Codognese, makes electronic and electromechanical components supplied to BMW, Fiat Chrysler Automobiles, PSA Group and Renault. The company was founded in 1954 by Antonio Falchetti, Umberto's father and Maria Vittoria's grandfather. The company is based in Codogno, 36 miles southeast of Milan, one of the two e…

OTTAWA -- The Canadian Parliament rushed through ratification of the new U.S.-Mexico-Canada trade pact on Friday before taking a three-week break to help stop the spread of the coronavirus, a top government official said.

Canada was the last of the three signatories to formally adopt the pact, prompting congratulations from the United States and Mexico.

The House of Commons lower chamber, which had weeks of deliberations left, agreed the instant approval on Friday after opposition legislators dropped their objections. The upper Senate chamber backed the pact later in the day, Deputy Prime Minister Chrystia Freeland told reporters.

"(This) was entirely within the power of Canadian legislators to do, something we were able to do to help the Canadian economy at this challenging time, and I would like to thank legislators from all parties," she said.

The only remaining step is formal approval by the governor-general - the representative of Queen Eliza…

CREWE, England — As Bentley Motors enters the world of electric vehicles, its CEO wants to make sure that any Bentley EV is still a Bentley. And that is going to take time.

The British ultraluxury brand plans to introduce its first EV around 2025, years after the initial wave of EVs from its Volkswagen Group sibling brands Audi, Porsche and VW, not to mention other mass-market and luxury automakers.

But Bentley CEO Adrian Hallmark says that ultraluxury must still be the identity of any Bentley EV. For starters, it means a battery range of at least 300 miles, he said at the company's headquarters here this month.

That range will be no small feat considering Bentleys have large footprints and are filled with plush and opulent materials, all of which add significant weight. The company's Continental GT coupe with a W-12 engine has a gross weight of 5,985 pounds. The Bentley Flying Spur sedan weighs 6,614 pounds, and a Bentayga SUV wi…

Nearly two years after a fatal crash involving an Uber self- driving test vehicle, prosecutors are still deciding whether they'll bring charges against the human safety driver who was behind the wheel.

A spokesperson for the Maricopa County Attorney's Office said last week the case remains under review. A decision on whether to charge Rafaela Vasquez could come in a matter of weeks.

Vasquez was behind the wheel of the Volvo XC90 on the night of March 18, 2018, when the vehicle, operating in autonomous mode, struck and killed a pedestrian in Tempe, Ariz.

Instead of watching the road, an investigation found Vasquez had been watching an episode of the "The Voice" on a company cellphone. Cameras mounted inside the test vehicle captured the wrenching moment when Vasquez looked up and realized a collision was imminent.

The resulting impact killed Elaine Herzberg, 49. She became the first person ever killed in a crash invol…

When the Texas energy industry is thriving, that means good-paying jobs in a state that loves big-ticket full-size trucks.

So Saudi Arabia's escalating oil price war with Russia, which has the potential to hurt U.S. oil producers and their employees, will be closely watched by the state's dealers and associations.

Oil prices last Monday had their worst day since 1991, plummeting by double-digit percentages amid coronavirus fears and the launch of Saudi Arabia and Russia's price war. The two major oil producers are feuding over Russia's refusal to comply with OPEC's proposal to further cut production and restore oil market stability as the virus continues to disrupt global economies.

In Texas — the largest oil and natural gas producing state in the country — the energy sector is a crucial part of the "engine of the economy," said Darren Whitehurst, president of the Texas Automobile Dealers Association.

"If the price …

Ford Motor Co. on Friday effectively tapped COO Jim Farley as its next chief executive.

According to a filing with the Securities and Exchange Commission, Ford has agreed to award Farley a stock grant worth $2.5 million should someone else eventually succeed 64-year-old CEO Jim Hackett. If Farley is offered the position of president and CEO and declines, he would not receive the stock grant, the filing said.

Farley, 57, assumed the COO post on March 1, a job widely viewed as a stepping stone to the top role. But the Friday filing is the first time Ford has tied financial incentives to Farley and CEO succession. Ford has revived the COO post as part of a sweeping turnaround and effort to boost operating profits.

Ford previously disclosed with the SEC that Farley's total compensation as COO will rise to $8.29 million, up nearly $2 million from his compensation as president of new business, technology and strategy at the automaker. Read more

LONDON - Aston Martin is increasing a capital-raising plan of up to 500 million pounds ($617 million) by 36 million pounds ($44 million) due to the coronavirus outbreak which will now see a consortium led by Canadian billionaire Lawrence Stroll take a roughly 25 percent stake in the company.

Aston, which has seen its share price tumble in recent days in addition to big losses last year after it failed to meet sales expectations, announced plans for Stroll to buy up to 20 percent of the company in January in a bid to turn around its fortunes.

"In light of recent extraordinary equity market volatility related to concerns over Covid-19, the company has renegotiated certain terms relating to the proposed investment," the company said on Friday.

Short-term working capital from Yew Tree, a vehicle controlled by Stroll, is also being increased to 75.5 million pounds ($93 million).

The firm, which builds all its cars in Britain, said the th…

LOS ANGELES — Mazda's North American Chief Marketing Officer Dino Bernacchi has resigned after nearly three years of helping the automaker move upmarket as a "premium" brand, with new messaging for its advertising campaigns.

Brad Audet, the leader of the brand's ad agency Garage Team Mazda, will temporarily head the marketing team while the company searches for a permanent replacement for the CMO position, Mazda said in an e-mailed statement.

"We truly appreciate Dino's contribution to Mazda North American Operations and wish him well in his future endeavors," Mazda said in the release. "During Dino's tenure with MNAO, we saw consistent improvements in brand opinion following the successful launch of our Feel Alive campaign."

Bernacchi, whose resignation is effective March 20, assumed the newly created role of CMO for Mazda's U.S. operations in May 2017. He had worked as marketing director of Harley-Davidson Motor Co. immediately prior to joining Mazda N…

MILAN -- Premium brakes maker Brembo said on Friday it would temporarily close its four Italian plants next week, a further sign that the coronavirus outbreak threatens to disrupt Europe's struggling automotive industry.

Brembo supplies premium brands such as Ferrari, Tesla, BMW and Mercedes, as well as several Formula 1 teams.

Brembo's plants are all located in the provinces of Bergamo and Brescia in the northern Lombardy region, which is the epicenter of the coronavirus outbreak in Italy.

The plants will be closed from Monday to Sunday next week to intensify measures to safeguard workers' health and safety, given "the evolution of the COVID-19 pandemic and the consequent objective inability to operate with continuity," the company said in a statement.

The Italian government has taken extraordinary measures to try and contain the virus outbreak in the country, the worst in Europe, including restrictions on travel and closing restaurants and most …