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WASHINGTON — Dealers in the coming months will be able to sign up for preapproval for point-of-sale tax credits on new and used electric vehicles, a senior Treasury official told reporters Thursday. Details were not yet clear.

Starting in January, consumers will be able to transfer EV tax credits of up to $7,500 to dealers at the point of sale so those funds can be applied to the down payment. The credit transfer is allowed under the Inflation Reduction Act's Section 30D credit for new EV purchases and the consumer incentive for used EVs, known as 25E.

"In the next few months, dealers will be able to register via an online IRS portal," Assistant Secretary for Tax Policy Lily Batchelder said in the press briefing. "In January, registered dealers will be able to submit 'clean vehicle' sales information to the IRS and promptly receive payments for transferred credits."

The U.S. Treasury Department also said it plans to issue more guidance by Dec. 31 that …

MUNICH -- The IAA Mobility show here that kicked off on Monday showcased a range of important new cars, giving fans of auto shows hope that the format might revive in Europe. 

Audi, BMW, Mercedes-Benz, Mini, Renault, Seat, Volkswagen -- as well as the Chinese newcomer Avatr -- were among those unveiling new cars, while Chinese automakers BYD, Dongfeng Forthing, Leapmotor, Seres and Xpeng used the event to make announcements about their European expansion. 

These were the five cars that caught our eye in Munich.

Mercedes built the Concept CLA Class its own two-story, windowless showroom in the heart of Munich, where the vibe was more fashion show than auto show. A light display from the car itself showed off extensive use of LEDs on the grille, roof and within the cabin, which has “spa-like elegance,” according to the automaker. 

Unlike other concepts at the event, the CLA Class made heavy use of chrome. The car previewed an electr…

Diversified supplier Magna International Inc. said Thursday it expects to generate $2.5 billion in annual revenue from electric vehicle battery enclosures by 2027, up significantly from just $100 million in 2022.

The enclosures, which house high-voltage batteries and other important EV components, are seen as a major area of growth for North America's largest parts supplier as it looks to position itself for success as automakers roll out new EVs. This year, the company committed around $700 million to expand battery enclosure production at two plants in Michigan and Ontario in order to supply battery enclosures for the Chevrolet Silverado EV and the Ford F-150 Lightning electric pickup.

The $2.5 billion estimate for 2027 battery enclosure revenue is significantly higher than last year's estimate for 2027, when Magna expected around $1.5 billion. Magna expects sales of between $400 million and $500 million this year, with that figure rising to between $1.6 bil…

The new Lotus Emeya is “one of the fastest electric GT cars in the world,” the automaker said during its unveiling Thursday.

The large sedan is the second full-electric Lotus after the Eletre SUV to be launched as part of its so-called Lifestyle range. The sedan will build the car alongside the Eletre at parent Geely's factory in Wuhan, China.

Lotus describes the Emeya as its flagship car, saying it will sit above Eletre.

Lotus said the top-of-the-line, 905-hp Emeya with dual electric motors will accelerate from 0 to 100 kph (62mph) in 2.8 seconds. The performance matches the Porsche Taycan Turbo S. It also puts the Emeya close to the Tesla Model S Plaid, which the U.S. EV maker claims can reach that speed in 2 seconds.

Lotus unveiled the car in New York at an event that will include a public showcase starting on Saturday.

The car carries over the same design language as the Eletre, with an aggressive sports-car inspired front end incorpor…

Off Lease Only, a used vehicle-only dealership group with operations in Florida and Texas, filed Thursday for Chapter 11 bankruptcy protection.

In a news release, the company said "significant challenges and competitive pressures resulting from unprecedented changes" to the automotive retail landscape during the last few years necessitated a wind-down of its operations.

Before the filing, Off Lease Only listed five dealership locations in Florida and one sister dealership, CarSquad, in Katy, Texas. The company terminated all 545 employees "immediately prior" to Thursday, according to a court filing. The websites of Off Lease Only and CarSquad displayed "closed to the public" notices Thursday.

"The industry has been impacted by inventory scarcity, and vehicle price inflation stemming from supply chain disruptions and multi-year declines in new vehicle production," the company said in the news release. "Elevated pricing and rising interest rates have furth…

MUNICH — Automakers are racing to expand and reconfigure their global factory footprint as the industry pivots from fossil fuel to battery power.

Electric vehicle juggernaut Tesla erected three gigafactories across three continents in about three years.

The mission to add capacity is vital because carmakers cannot sell what they don't have. The question is: Can it be done faster?

BMW Group now plans to slash the time it takes to build a new factory by 30 to 40 percent, the automaker's production boss Milan Nedeljkovic told Automotive News ahead of this month's Munich auto show.

Depending on the country, he said, the preliminary work of planning a new assembly plant can take 12 to 24 months, and the actual construction adds another year or two.

Nedeljkovic said of the whole plant construction process: "If we can reduce [the planning portion of a project] from 24 to 12 [months], you're talking of three years down to two."

As BMW maps…

There's perhaps no better proof that crossovers are king in today's auto market.

Toyota Motor Corp. just updated its top-of-the-line Century luxury limousine.

But instead of keeping the staid four-door layout that has been the Century sedan's hallmark since 1967, Toyota rebooted the storied nameplate as a sleek, high-riding, SUV-styled limo.

Revamps are rare for the made-in-Japan, ultra-low-volume Century. In 2018, it underwent its first redesign in a whopping 21 years. That update dumped the silky smooth 5.0-liter V-12 engine on the outgoing model for a 5.0-liter V-8 mated to the Japanese brand's trademark hybrid setup.

Apparently, Chairman Akio Toyoda thought the Century couldn't wait another two decades to stay in step with the times. Hence, the Wednesday unveiling of the crossover version in Tokyo.

"He knew that Century had to change," said Toyota Chief Branding Officer Simon Humphries. "New generations are leading new industries, with…

Changes in the dealership buy/sell landscape are ever evolving. The economy, dealership performance, geographical differences, and new bills, laws and regulations all factor into the equation. Many dealers today describe the path for future growth as “harder” based on three critical areas: 1) competition from non-traditional dealers; 2) electric vehicles; and 3) digital retailing.

5 Key Takeaways:This article delves into the inescapable factors to consider when deciding whether to buy or sell, including:

How to determine true dealership value Why bigger isn’t always better The importance of properly assessing the competitive landscape Provide guidance for dealership groups and M&A firms regarding the kind of partners they should look for in their decision-making process How those who rely on data – not gut instinct – result in the most successful buy/sell acquisition strategies

As automakers showcase the latest electric models at the North American International Auto Show in Detroit, suppliers, engineers, technology companies and policymakers will be 30 miles away at The Battery Show in Novi, Mich., discussing plans to underpin those vehicles.

"It has to be one of the most important trade shows out there at the moment if all of the OEMs [are] serious about their route towards electrification," Martin French, managing director at German auto industry consultancy Berylls Strategy Advisors, told Automotive News. "Without the batteries and infrastructure, it's hard to have a discussion about the consumer, the product and what that market is going to look like in five to six years."

The Battery Show, at Suburban Collection Showplace, focuses on EV batteries and components, their supply chain, battery recycling, EV charging and more. Speakers will also discuss battery plant timelines, siting issues, regulations and other factors and how th…

The founders of the former self-driving unit of Ford Motor Co. and Volkswagen AG are launching a new autonomous trucking startup with backing said to be more than $1 billion from Japan’s SoftBank Group Corp.

The new firm, named Stack AV, is led by Bryan Salesky, Pete Rander and Brett Browning, who previously ran Argo AI, the self-driving operation that Ford and VW shut down last year. Based in Pittsburgh, also home to Argo, Stack AV has hired 150 people and already has a test fleet of trucks on the road, Salesky said in an interview.

While Salesky and SoftBank declined to detail the investment in Stack, Matt Smith, an economic development official in Pittsburgh, said he expects the commitment to be “north of $1 billion,” adding to a growing tech corridor in the city known as Robotics Row.

The Stack AV founders connected with SoftBank early this year and Salesky said the Japanese investment tech conglomerate, which says it manages more than $160 billion …

TEL AVIV, Israel — The autonomous vehicle landscape is littered with failures as companies find they can't raise the capital to get the technology across the finish line.

Those likely to succeed, namely Waymo (the Alphabet subsidiary) and Cruise (the General Motors subsidiary), have deep-pocketed corporate parents and additional blue-chip investors.

Analysts expect Mobileye Global Inc. to join them as an industry survivor by supplying automakers rather than operating robotaxis.

As a division of Intel Corp., the Santa Clara, Calif., chip giant, Mobileye grew without the spotlight that shined on other autonomous technology developers, said Michael Ramsey, automotive and smart mobility analyst at Gartner Inc.

But since its October spinoff as a public company, "it has become clear that they have the technical expertise and the commercial relationships to become the supersupplier for autonomous equipment," Ramsey said.

Others agree. Consulting…

TEL AVIV, Israel — Amnon Shashua, the CEO of automated-driving technology developer Mobileye Global Inc., wants to change the conversation around automated driving.

Shashua told Automotive News the number-based nomenclature the auto industry relies on to confer automation capabilities must be more straightforward and adequately convey the division of responsibilities between human and robotic drivers.

"You either have eyes-on or eyes-off," he said. "With eyes-on, you are responsible. With eyes-off, you are not responsible."

As automated-driving technology has developed over the past decade, the auto industry has relied on what is known as the SAE Levels of Driving Automation.

Developed by the automotive engineering trade group, the taxonomy is numbered from zero to five to demarcate the gradations of automated driving. The range starts at zero — where the driver operates the vehicle manually — to five — where the car is self-piloted, regardless …