Trade News

PARIS -- PSA Group named Vincent Cobee, a former Renault-Nissan alliance executive, as CEO of the Citroen brand, replacing Linda Jackson, who will take on a strategic role within the group.

PSA also said Wednesday that Beatrice Foucher, another former Renault-Nissan alliance executive, will be the CEO of its DS Automobiles upscale brand, replacing Yves Bonnefont.

Jackson, who had led Citroen since 2014 and also oversaw PSA's low-emissions vehicle business unit, will lead a study "to clarify and support differentiation" of PSA's brands, and will report to CEO Carlos Tavares. PSA last month signed a memorandum of understanding to merge with Fiat Chrysler Automobiles. The merged PSA-FCA will have more than a dozen brands.

Cobee, a French national, left Mitsubishi in April 2019 as part of a wider shuffle among the top ranks at Nissan and Mitsubishi in the wake of the arrest of Carlos Ghosn last November. He joined Citroen as deputy CEO in October 2019. He ha…

BEIRUT -- Former Nissan Chairman Carlos Ghosn, speaking in Beirut after his dramatic escape from Japanese justice, said on Tuesday that the French ambassador had warned him shortly after his arrest that his own company was plotting against him.

"Frankly, I was shocked by the arrest and the first thing I asked is make sure Nissan knows so they can send me a lawyer," Ghosn told Reuters in an interview in Beirut.

"And the second day, 24 hours from this, I received a visit from the French ambassador who told me: 'Nissan is turning against you'. And this is where I realized that the whole thing was a plot."

Former Nissan CEO Hiroto Saikawa, who was forced to resign last year after admitting that he had received improper compensation, told a news conference hours after Ghosn's arrest that Ghosn had been using corporate money for personal purposes and under-reporting his income for years.

The arrest of Ghosn, widely respected for rescuing the automaker f…

Genesis marked a new milestone with the global unveiling of its first crossover, the GV80, a crucial model that could reel in customers interested in the upstart Korean brand's value and quality proposition, but turned off by its all-sedan lineup.

At an event in Seoul, Genesis provided the first official pictures in full color and announced the base engine for the home market — a six-cylinder diesel that won't be heading to the U.S. when the crossover goes on sale by summer.

The GV80, with an optional third row, will be available with two turbocharged gasoline engines in the U.S., Genesis said. The G70 sedan is offered with a base turbo four-cylinder or optional turbo six-cylinder engine, and those are likely choices for the GV80, providing better fuel economy in the smaller motor and performance in the bigger one.

Some standout attributes of the new crossover, according to Genesis, include an electronically controlled suspension with road preview from…

WASHINGTON -- New rules enacting President Donald Trump's reductions in fuel efficiency standards for new vehicles through 2026 moved closer to reality on Tuesday when U.S. agencies sent proposals to the White House for final review.

After more than 17 months of discussion, NHTSA and the EPA submitted proposed rules for 2021 through 2026 model year fuel efficiency to the White House Office of Management and Budget, the agencies said.

Final rules are expected as early as late February or March, officials said.

The administration of former President Barack Obama had required car manufacturers to achieve roughly 5 percent annual increases in vehicle fuel efficiency through the 2026 model year.

The Trump administration proposed in August 2018 freezing fuel efficiency standards at 2020 levels through 2026, erasing the increases the Obama administration enacted, but officials will not finalize that proposal.

"We're not going to be flat,…

VAIL, Colo. — GMC's Yukon and Yukon XL full-size SUVs will gain as much as 30 percent more cargo space and a suite of advanced technology powered by General Motors' new digital vehicle platform as part of a redesign for the 2021 model year.

The Yukon models are among GM's most lucrative nameplates, and like the Chevrolet Tahoe and Suburban, they will further establish a profit base that's key to GM's investment in an electric-vehicle future. The Yukon and Yukon XL are among the six full-size SUVs that GM will resdesign this year.

"GMC Yukon is the full-size premium SUV that's made to be used," Duncan Aldred, vice president of global Buick and GMC, said in a statement. "The new Yukon delivers what customers value most — premium features, purposeful technology and all-terrain capability."

The standard Yukon's maximum cargo space has been stretched 30 percent to 28.2 cubic feet, with 41 percent more legroom and 67 percent more cargo…

BEIRUT -- Carlos and Carole Ghosn, the former first couple of Nissan Motor Corp., are united again in Beirut. They hold hands in the street and whisper together in a mix of Arabic and French. They kiss.

But the pair's most visceral display of unity comes when they talk about Carlos Ghosn's former home.

"I'm done with Japan," Carole Ghosn said in an interview with her husband in a private house in Beirut.

Two weeks ago, Carlos Ghosn made a dramatic escape from house arrest in Japan, where he was awaiting trial on charges of under-reporting earnings, breach of trust and misappropriation of company funds. He denies all charges.

Shortly after Ghosn appeared in Beirut, Japanese authorities issued an arrest warrant for Carole on suspicion of alleged perjury related to the misappropriation charge against her husband.

"What they're accusing me of is a bit of a joke," said the 54-year-old Lebanese-American national, who spent many years as a fashio…

BMW's largest plant in the world, in Spartanburg, S.C., delivered a record 411,620 vehicles last year, as global demand for crossovers soared.

The 7 million square-foot factory, which assembles five BMW X-series crossovers, produced 15 percent more vehicles in 2019 than the prior year. Production volume topped the previous record, set in 2016, by 449 units. The plant has an annual capacity of 450,000 units.

Since 2017, the Spartanburg plant has launched five new or redesigned BMW X models, four Motorsport X models and two electrified vehicles.

Luxury crossover and SUV sales in the U.S. rose 6.6 percent to 1.386 million last year from 1,300,901 in 2018, according to the Automotive News data center.

The X5 was the volume leader in Spartanburg last year, accounting for 161,096 units produced. The compact X3 came in second, accounting for 115,088 units.

The X7, BMW's largest SUV to date, arrived in U.S. store…

Volvo will build its own U.S. battery assembly plant as it readies a line of electric vehicles for this market.

The expansion is part of a previously announced $600 million project that the Swedish automaker has begun at its plant in Ridgeville, S.C., which includes a second production line and Volvo Car University.

Volvo will create an electric version of its next XC90 crossover and build it at the plant starting in late 2022. The factory, 45 miles northwest of Charleston, employs about 1,500 workers building the S60 sedan.

The South Carolina plant will become the global production center for the third-generation XC90 flagship crossover.

That vehicle will be built on the next version of Volvo's Scalable Product Architecture platform, referred to as SPA2. Volvo has not said how much of the XC90's production at the $1.1 billion factory will be devoted to the battery-electric variant.

Construction of the b…

DETROIT — The 2020 Detroit auto show will feature a prelude weekend event, June 5-8, to showcase European supercars.

Motor Bella will feature Italian and British supercars, provided by global auto companies, local dealers and car clubs. The vehicles will be displayed in an emerging section of downtown Detroit that includes new, upscale hotels and other attractions.

"The event will feature well over 100 Italian and British supercars, representing 12 brands including Ferrari and Rolls-Royce, to name a couple," auto show Chairman Doug North said at the North American Car, Utility and Truck of the Year award ceremony on Monday.

During the four-day festival, local food trucks, street vendors and restaurants will offer Italian and British food.

The 2020 North American International Auto Show has doubled in size for 2020, North said, with 14 added acres of outdoor space in downtown Detroit's Hart Plaza next to the TCF Center…

FRANKFURT -- German prosecutors on Tuesday filed charges against six Volkswagen employees for their role in the automaker's emissions-cheating scandal.

Prosecutors in Brunswick, Germany, accused the unnamed employees of fraud and false advertising as well as tax evasion, since VW cars equipped with illegal emissions-cheating software should not have received road worthiness certification and tax breaks.

The employees worked at the automaker between 2006 and 2015 and were below management board level, prosecutor Klaus Ziehe said, adding it was unclear whether they are still employed at the automaker.

Volkswagen declined to comment.

Opel plans to cut as many as 4,100 jobs, according to a person familiar with the matter, joining automakers around the globe in restructuring amid a sales slowdown and technological disruption.

The automaker will eliminate at least 2,100 positions by 2025 and could take measures to cut another 1,000 workers twice in two-year increments through 2029, said the person, who asked not to be identified ahead of an official announcement.

Opel will brief employees on Tuesday, the person said.

A spokesman for parent PSA Group declined to comment.

While PSA breathed life into Opel after acquiring it from General Motors in 2017, German brands have been struggling to prove they are ready to meet stricter emissions standards and go electric. Transitioning from the internal combustion engine could be taxing for the German economy because full-electric cars require fewer parts and less labor to build.

Automakers are eliminating more than 80,000 jobs dur…

PARIS -- French Finance Minister Bruno Le Maire said on Tuesday he expected Renault to name its new CEO in a few days.

Luca de Meo, who stepped down as the head of Volkswagen Group's Seat brand last week, is seen as a frontrunner for the job, although a stringent non-compete clause in his contract with VW Group may prove a hurdle, sources have told Reuters.

Renault's board ousted Thierry Bollore, a Ghosn-era appointee, as CEO in October.  The automaker's finance chief, Clotilde Delbos, is interim CEO.

Le Maire also said on French CNews TV that media reports that some Nissan executives wanted to break up the alliance with Renault were "malicious."

The French government is Renault's largest shareholder with a 15 percent stake.