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Carvana Co. said on Wednesday it expects a smaller core loss in the current quarter due to a raft of cost-cut measures it implemented amid falling used-car sales, sending its shares up 7 percent in midday trading Wednesday.

Carvana expects first-quarter core loss between $50 million and $100 million, down from a core loss of $348 million a year earlier.

The used-car retailer, known for its automated car vending machines, allows users to buy cars online and offers home deliveries, which made it popular during the COVID-19 pandemic when people were confined to their homes.

However, demand for used cars has cooled in recent months, as people cut back on discretionary expenses amid recession worries, heaping pain on the industry already struggling with inventory purchased at higher prices.

In a regulatory filing, Carvana estimated vehicles sold in the first quarter will land between 76,000 and 79,000. Carvana sold 105,185 vehicles in the year-earlier p…

SHANGHAI - BYD has reduced shifts at two auto assembly plants in China, people with knowledge of the matter told Reuters, in a sign of how weaker demand in the world's largest auto market is affecting its best-selling electric vehicle brand.

BYD, which outsells Tesla in China, asked some of the workers at its Xian plant, its biggest manufacturing hub, to work only four days a week in a factory running two eight-hour shifts per day, according to three people and an internal memo sent earlier this month and reviewed by Reuters.

The Xian plant makes BYD's top-selling Song and Qin EV sedans.

BYD also reduced shifts at its Shenzhen plant, which makes Han sedans, from three shifts per day to two per day, four people with knowledge of the development said.

BYD declined to comment. The sources declined to be identified because the production schedule is private.

BYD did not give a reason for the reduced shifts in its planning memo reviewed by Reute…

Vehicle affordability, higher interest rates, ever-increasing customer expectations… You’re doing your best to manage growing pressures, but the strategies you’ve used to improve performance in the past just aren’t as effective as they once were.

You offer online options so customers can begin the buying process remotely, but when they come in-store to finalize the deal, your salespeople have to rebuild or correct it.

You ask your advisors to be proactive about calling customers to get work approved, but still wind up with occupied bays and stalled jobs while they wait to hear back.

Your business office clerks try to process deal jackets faster, but funding still takes days or even weeks.

Getting better at what you’ve always done only gets you so far. In this whitepaper, learn how you can shift your mindset and begin operating differently.

Vehicle affordability, higher interest rates, ever-increasing customer expectations… You’re doing your best to manage growing pressures, but the strategies you’ve used to improve performance in the past just aren’t as effective as they once were.

You offer online options so customers can begin the buying process remotely, but when they come in-store to finalize the deal, your salespeople have to rebuild or correct it.

You ask your advisors to be proactive about calling customers to get work approved, but still wind up with occupied bays and stalled jobs while they wait to hear back.

Your business office clerks try to process deal jackets faster, but funding still takes days or even weeks.

Getting better at what you’ve always done only gets you so far. In this whitepaper, learn how you can shift your mindset and begin operating differently.

The first all-electric vehicle from Lexus is a crossover, the type of vehicle that put the luxury brand on the map in the 1990s, most notably with the RX.

The 2023 Lexus RZ 450e shares Toyota Motor Corp.'s e-TNGA platform with near identical twins, the Toyota bZ4X and Subaru Solterra.

Lexus designers were tasked with creating a sporty crossover that emphasized elements of a sports coupe.

The RZ has a 71.4-kilowatt-hour battery, and with 313 hp from front and rear electric motors — with all-wheel drive only — it delivers plenty of acceleration. But the RZ's estimated driving range is just 196 to 220 miles, well short of some key rivals such as the Tesla Model Y.

There is 196pound-feet of torque up front and 124 pound-feet on the rear axle, delivering a 0 to 60 mph time of 5 seconds vs. 6.4 seconds for the bZ4X with all-wheel drive.

Pricing starts at $59,650, including shipping. There are several options: A te…

Cox Automotive is laying off 80 staff in Canada and closing its Manheim Edmonton auction operation as it re-evaluates its Canadian footprint following the sale of much of its software business in the country late last year.

Matt Trapp, Cox’s regional vice-president for the eastern United States and Canada, said the company has spent the past few months assessing its long-term strategy for Canada, and changes in the local wholesale market mean Manheim Edmonton no longer fits Cox’s growth plan. 

“It’s never easy when we make these decisions. … Unfortunately, Edmonton is not going to be a part of that plan going forward,” he told Automotive News Canada March 15.

The Edmonton location will cease most operations by the end of the month. Cox said the last public auction will take place March 25, and the final commercial physical sale March 30.

About 40 staff will be laid off in the Alberta capital because of the closure. Cox will maintain a “skelet…

Elon Musk-loving stock traders are famously bullish on Tesla Inc., the eighth most-valued company in the world. Now credit-rating providers, playing catch-up, are giving heft to the automaker’s blue-chip valuation.

Moody’s Investors Service on Monday became the second credit ratings firm to endow Tesla with investment-grade status, upgrading the Austin-based firm’s credit score by one notch to Baa3. It follows a similar move by S&P Global Ratings in October. 

“Tesla will maintain its position as one of the leading manufacturers of battery electric vehicles, as the company further solidifies its global footprint,” Rene Lipsch, senior credit officer at Moody’s, wrote in the statement. 

The credit grader also cited the automaker’s expanding product offering, including early production of the Cybertruck slated for later this year, its regional production facilities and heightened focus on efficiency and financial leverage.

An email sent…

What makes a 40 Under 40 honoree? Hard work, innovation, imagination? And what would such an honor mean for your career in auto retail?

Join Automotive News' Amy Wilson, who leads the publication's retail team, as she speaks to past Automotive News' 40 Under 40 honorees Ashley Cavazos, director of digital performance at Walser Automotive Group, and Leo Portaluppi, CEO and owner of P4 Automotive, for a LinkedIn Live at 1:30 p.m. EST Thursday.

They'll take your questions and discuss Automotive News' 40 Under 40 program, including how it can advance careers for dealership leaders, plus provide best practices for applications for current nominees.

Nominations for this year's program are open until April 7.

Hireology is debuting a new technology tool designed to bring ChatGPT's artificial intelligence chatbot to automotive retailers' human resources operations.

The Chicago dealership recruitment technology company is launching a beta test of Beaker, which is designed to speed the hiring process by generating high-quality job descriptions in seconds. It relies on ChatGPT, a form of AI developed by OpenAI that can process language and communicate as a person would.

"Speed is the most important factor in filling open positions," Hireology CEO Adam Robinson told Automotive News. "This technology will help dealers shave time off their hiring process and deliver a more engaging experience for the applicant, enabling them to hire people faster and thereby keep their roster full."

Beaker automates process steps so employers can post new jobs more quickly, Hireology said. A user can input details such as job title and location and Beaker will generate a "clear and c…

Ever since touch screens started finding their way into cars around 20 years ago, interior designers have been trying to figure out what to do with all the switches, buttons and knobs.

Take them away, as Honda did with the radio controls in many vehicles six years ago, and customers get annoyed. Honda eventually reinstalled the good old-fashioned mechanical audio volume knob; Ford also brought back some switches and knobs.

European automakers have taken plenty of heat for burying key functions in infotainment systems, making the driver scroll through menus just to make a simple adjustment. There might be another way to replace intuitive old-fashioned switch gear with electronics that does not infuriate drivers.

I recently spent an hour chatting with executives and engineers at Marquardt Group's North American tech center in suburban Detroit. I also tested some of the future technologies the 98-year-old German supplier is developing…