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In the wake of a quarter in which CarMax kept per-vehicle profits steady despite widespread affordability and economic concerns, the used-vehicle giant is pledging to focus on improving both its efficiency and customers' and employees' experiences.

CarMax executives said this week that the retailer continued trimming costs in its fiscal fourth quarter that ended Feb. 28, a period in which persisting vehicle affordability challenges amid increased interest rates, tightened lending standards and shrunken consumer confidence dinged sales. But even though the company's retail sales tumbled 13 percent to 169,884 vehicles compared with the same period a year earlier, CarMax took in gross profit of $2,277 per used vehicle it retailed, up $82 from the year-ago period.

The profit preservation came at the expense of volume. CarMax CEO Bill Nash noted that external title data showed market share gains the retailer made in the first half of its fiscal year were offset by …

SHANGHAI -- China's Zeekr brand has hired a former Lexus executive to steer its operations in Europe, as the electric vehicle maker owned by Geely plans to enter the market later this year.

Spiros Fotinos, who spent 24 years with Toyota Motor and led brand management at Lexus globally, joined Zeekr in September as CEO of Zeekr Europe to oversee the brand's operation in the region, a memo seen by Reuters showed. He was head of Lexus Europe from December 2019 until September 2022.

A Zeekr representative confirmed the appointment of Fotinos, and on his LinkedIn page he is listed as a vice president at Zeekr, based in Gothenburg, Sweden.

Fotinos was named an Automotive News Europe Rising Star in 2012, when he was head of marketing, sales planning and logistics at Toyota Spain.

The previously unreported move underscores Zeekr's efforts to establish a foothold in the premium EV segment in the home markets of BMW, Mercedes-Benz and Audi.

Zeekr on …

Hyundai Motor Co. is making the most out a provision in the Inflation Reduction Act that allows automakers to pass along a $7,500 clean vehicle tax credit to buyers if they opt to lease an electric vehicle.

The law, enacted in August, immediately disqualified EVs assembled outside North America from credit eligibility. And Hyundai's three EVs — the Ioniq 5 and Kona crossovers and Ioniq 6 sedan — are all built in South Korea.

Jose Muñoz, CEO of Hyundai and Genesis North America, told Automotive News the impact of that rule was "significant," and Hyundai's EV market share dropped "the moment" the law was put in place.

To remain competitive, Hyundai is leaning on a section of the act, called 45W, that lets the tax benefit reach consumers if they lease their EV instead of buy it.

"We've tried to maximize the utilization of the so-called 45W paragraph, which allows for sales through the lease channel to benefit from the $7,500 tax advantage," Muñoz sa…

Tesla Inc. won’t have a presence at the Shanghai auto show, despite a slew of other international carmakers planning on attending and unveiling new models.

China’s major automobile show kicks off on April 18 for media and opens to the general public on April 20.

While the event was canceled last year due to China’s COVID restrictions, Tesla received unwanted publicity at the show in 2021, when a Model 3 owner climbed atop a display vehicle and yelled that her father, who was driving at the time, almost died because her Tesla’s brakes failed.

The protest was captured on video and went viral in China. Tesla eventually made a public apology after facing criticism from local authorities and state-run media, without acknowledging any defect.

A Shanghai-based Tesla representative confirmed the company would not attend this year’s show but said there’s no particular reason for that.

The electric-vehicle maker has been cutting prices in China and…

GM’s robotaxi unit Cruise says it is moving into a new phase of rapid growth. Tesla continues to tower over the rest of the luxury market. And Upstream Security’s Shira Sarid-Hausirer talks about some surprising cyber threats to EVs.

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SUVs cause more severe injury to bicyclists than cars, a new study by the Insurance Institute for Highway Safety shows.

The tall front end of SUVs can strike bicyclists higher on their bodies above the center of gravity. This results in riders getting knocked down, where they can be run over, rather than being thrown onto the hood of the vehicle, said IIHS statistician Sam Monfort, the lead author of the study.

The study analyzed data from 71 Michigan bicycle crashes that involved a single SUV or car and a bicyclist age 16 or older. The severity of injuries inflicted by cars and SUVs was compared using the Abbreviated Injury Scale — which assesses injuries by body region — and the Injury Severity Score, which combines injuries from different regions into an overall assessment.

Ground-impact injuries were twice as common on SUV crashes, the study showed. Trauma to the body was 55 percent higher for SUVs than for cars. Scores for head injuries inflicted by…

Andrew Wareing, a 24-year Nissan veteran, takes over as purchasing boss for the Japanese automaker's Americas region starting May 1.

Wareing, 53, will oversee purchasing for Nissan's operations in the region, including vehicle assembly and engine manufacturing plants in the U.S., Mexico and South America.

He will also oversee supplier quality assurance, purchasing project management and supplier relations.

Wareing is currently regional vice president of purchasing for Nissan in Africa, the Middle East, India, Europe and the Oceania region.

The executive started his career with the automaker as a buyer at the Nissan Motor Manufacturing plant in Sunderland, England.

Wareing succeeds Hiroshi Izumiyama in the role. A Nissan spokesperson was unable to share specifics about Izumiyama's next assignment.

Chinese ride-hailing giant Didi Global said on Thursday that it is working with Chinese carmakers to develop its own robotaxis, which it aims to put into service by 2025, revealing a concept one with robotic arms it called "Didi Neuron."

The company said that it is collaborating with multiple new energy carmakers in China on developing robotaxis.

"We hope they can enter Didi's network and provide services by 2025," Didi Autonomous Driving COO Meng Xing said at a company event that was livestreamed online.

"We hope they will be domestically produced. We hope the supply chain is controllable, and even 90% of the key components inside can be domestically produced," he said.

He also showed off a robotaxi concept car called "Didi Neuron", with robotic arms that can help passengers pick up luggage.The blue and white vehicle had no driver's seat, maximizing space for passengers.

Didi also announced a lidar sensor and a car computing device at the event…

SHANGHAI -- The Shanghai auto show is around the corner. But only a small number of global automakers have disclosed what they will exhibit at the event. 

Is it because they are unprepared for the Chinese market’s rapid shift toward electric vehicles or do they want to keep consumers waiting until the last minute?

Only six international brands have disclosed what they plan to show, signaling they aim to impress local audiences with new EV models. 

The Mercedes-Maybach EQS SUV, an ultraluxury full-electric utility vehicle, will make its global debut at the Shanghai auto show, Mercedes-Benz said this week. 

The new electric EQE crossover, and the redesigned, long-wheel-base version of the GLC crossover, will also be revealed for the first time in China.

Two new models under the Toyota brand’s bZ series of EVs will be exhibited for the first time globally. 

The two EVs will be rolled out in the Chinese market…

Nissan's U.S. sales to rental companies swung skyward in the new year, despite tight retail supply and a vow to dial down the fleet business.

The automaker's first-quarter fleet sales surged 83 percent to 67,577, compared with a 36 percent increase for the overall industry, per TrueCar estimates based on data through mid-March.

TrueCar forecasted Nissan's fleet penetration to be the second highest among major manufacturers after Stellantis in March and above the industry average of 16 percent.

Nissan said the higher Q1 fleet volumes were to meet its contractual obligations with commercial customers.

"There's always some seasonality in the industry as fleets stock up for the busy spring [and] summer seasons," spokesman Brian Brockman told Automotive News.

But the uptick is raising eyebrows among dealers, some of whom say they have a less than 30-day supply of the entry-priced models that fleets like, such as the Sentra, Kicks and Versa.

Bob Loquercio Auto Group has expanded with the addition of three dealerships in Peoria, Ill.

CEO Bob Loquercio and his namesake group on April 5 purchased O'Brien Lexus of Peoria, O'Brien Toyota of Peoria and O'Brien Ford of Peoria from Joe O'Brien of O'Brien Auto Team, Loquercio confirmed to Automotive News.

The dealerships, in central Illinois, were renamed Peoria Toyota, Lexus of Peoria and Ford of Peoria. Loquercio said his brother, Anthony Loquercio, also purchased an undisclosed stake in the Peoria Ford store.

Bob Loquercio said the group's first Lexus store will get updated, with construction expected to begin in December.

April's acquisition makes 14 franchised stores and one used-car store in Illinois and Indiana for the group, Bob Loquercio said. He said he has several other dealerships under consideration to purchase but didn't share specifics.

"We're in growth mode," Loquercio said. "We're looking to expand our footprint."

Lidar maker Ouster is suing China's Hesai Group for patent infringement and wants the U.S. International Trade Commission to investigate the company for illegally importing technology based on five of Ouster's lidar patents.

Ouster filed its complaint with the USITC against rival lidar maker Hesai and its related entities on Wednesday.

San Francisco-based Ouster also filed a patent infringement lawsuit against Hesai in the U.S. District Court for the District of Delaware, seeking monetary damages and an import ban against the company's lidars.

"What we've filed is a preliminary step, a request with the ITC to consider our case," Ouster co-founder and CEO Angus Pacala told Automotive News. "Ouster's goal is to seek a ban of the infringing products in the United States, this is the first step in a series of steps to ultimately reach that goal."

Ouster wants the commission to issue a limited exclusion order and a cease-and-desist order against Hesai …