Polestar 3 EV revealed as the brand’s new volume model

COPENHAGEN, Denmark — The first crossover from Swedish electric vehicle startup Polestar is a coming of age for the Volvo affiliate.

Whereas the brand's first mainstream model — the Polestar 2 sedan — represents Volvo DNA, the Polestar 3 is a clean sheet for the automaker.

The midsize Polestar 3, revealed at an event here, is built on a new all-electric platform, sports dual motors and has an estimated EPA range of up to 300 miles. It will arrive at U.S. stores late next year and start at $85,300, including shipping.

Polestar's U.S. CEO, Gregor Hembrough, told Automotive News the U.S. will be the largest single market for the Polestar 3, with North America accounting for about 30 percent of global sales.

"We now enter into the largest segment in North America, with the newest offer on the market," Hembrough said on the sidelines of the launch event. "The luxury SUV segment arguably is one of the most revered, most sought after, and we're really t…

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DriveTime and Informed.IQ partner to automate and revolutionize car-buying and financing experiences

TEMPE, Ariz. and SAN FRANCISCO, Oct. 11, 2022 /PRNewswire/ -- DriveTime, the largest privately owned used car sales and finance company in the country, is proud to announce that it can now verify income for the majority of customers in seconds. No longer the days of printing paystubs and other stipulations, DriveTime has created a process for customers to digitally upload their documents and receive a review response within seconds through the use of AI – based optical character recognition (OCR) technology.

This significant customer experience upgrade has been achieved through a partnership with Informed.IQ, a technology company used by financial institutions to instantly and accurately verify loan origination data. Informed.IQ has become the fastest-growing supplier of automation software to the auto finance industry and now counts the majority of the country's top auto lenders as customers.

For several months, the two companies have collaborated to implement…

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GM to take equity stake in Australian mining company

WASHINGTON -- General Motors said on Tuesday it will invest up to $69 million and take an equity stake in Queensland Pacific Metals to secure a new source of nickel and cobalt for battery cells for use in the U.S. automaker's vehicles.

GM said the investment will help support EV eligibility for consumer incentives under new, clean energy U.S. tax credits. GM said the nickel laterite ore is expected to be processed using a new, proprietary process that helps reduce waste.

Under a law passed in August, automakers must source battery minerals from countries with free trade agreements in order to qualify for the U.S. consumer EV tax credits.

The GM investment is to assist in the development of its proposed Townsville Energy Chemicals Hub (TECH) Project in Northern Australia. High-grade nickel laterite ore will be imported from nearby New Caledonia, GM said.

GM already has binding agreements securing all battery raw material supporting its goal of 1 mi…

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BMW M2 footprint, power grow for 2023

The rear-wheel-drive M2, one of the most celebrated and revered nameplates in BMW's lineup, is getting a bigger footprint and power boost to enhance its driving dynamics.

The second-generation car, redesigned and reengineered for 2023, will be powered by a turbo inline six-cylinder engine with 453 hp, up 48 hp. Transmission choices are a standard six-speed manual gearbox or eight-speed automatic.

The latest M2 is 180.3 inches long, 74.3 inches wide and 55.2 inches tall, making it 4.1 inches longer, 1.3 inches wider and 0.3 inch lower than the outgoing version.

BMW says the M2's 108.1-inch wheelbase is a critical factor in its agility. The wheelbase is 4.3 inches shorter than that of the BMW M4 coupe but 2.1 inches longer than the previous M2, helping to enhance front and rear legroom.

BMW said track width has increased by 1.5 inches, to 63.7 inches, in the front and 0.16 inch, to 63.2 inches, in the rear, matching the M4.

Notable exterior…

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Hyundai, Kia supplier in Alabama fined for child labor violations

NEW YORK -- Authorities found children as young as 13 working at a Korean-operated supplier to automakers Hyundai Motor Co. and affiliate Kia Corp., and have fined the company and a labor recruiter, the U.S. Department of Labor and the Alabama Department of Labor said Tuesday.

In August, authorities accused Alexander City, Ala.-based SL Alabama in federal court of violating child labor laws.

Regulators did not accuse Hyundai and Kia of wrongdoing in the case.

The action against SL Alabama, which supplies lights and mirrors for Hyundai and Kia assembly plants in the U.S., came following a July Reuters article that documented child labor practices at another auto parts supplier in the state, Hyundai-owned Smart Alabama LLC.

The U.S. Department of Labor said in a release that workers aged 13-15 were found at the SL Alabama plant and said it had fined the company, a unit of Korea's SL Corp., around $30,000. SL Alabama agreed to implement new monitorin…

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DAILY DRIVE PODCAST: October 11, 2022

Honda makes a massive battery investment in Ohio. A look at GM’s latest effort to connect EVs with the power grid. Nissan takes a bath to get out of Russia. Plus, a conversation with the CEO of Amprius and the head of its new investment partner about the battery company’s ambitious plans and what makes its technology unique.

How do I subscribe?

Can't wait to hear the next episode of "Daily Drive"? Subscribe through a podcast app to receive episodes days in advance. If you don't have a podcast app already, here are some options. 

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Tesla crushes U.S. competition in Q3 luxury deliveries

For more than a decade, Germany dominated the U.S. luxury sales Grand Prix. But it's 2022, and American luxury is back.

Texas' Tesla Inc. has entered the final quarter with a mile-long U.S. sales lead, leaving former premium segment champions BMW and Mercedes-Benz squabbling over second place.

While Tesla does not break out sales by market, the Automotive News Research & Data Center estimates Tesla delivered 114,000 cars and crossovers in the third quarter, rocketing 47 percent higher from a year earlier.

So far this year, the EV maker has a 112,050-vehicle sales lead over No. 2 BMW.

Overall, premium-brand sales tallied 539,807 cars and light trucks in the third quarter, up 7.1 percent while the broader industry's deliveries flatlined.

The lift in quarterly sales comes as luxury vehicle supply improves.

As of Sept. 26, the average dealer days' supply for luxury brands in the U.S. was 47, slightly higher than the 44 days' supply …

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Car Sales Trends & Best Practices

The Credit Acceptance Portfolio Program is designed to help enrolled dealers increase credit approvals, cash flow and profits through competitive financing for nonprime and subprime customers.

Dealers enrolled in our program have two advantages:

1) The ability to say ‘YES’ to every customer regardless of credit history

2) The opportunity to get paid 3 ways on every contract through our Portfolio Program.

Learn more about how the Credit Acceptance Portfolio Program works and how it can benefit your dealership by downloading our guide.

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Toyota partners with Google Cloud to bolster speech recognition AI

Toyota is partnering with Google Cloud to bolster its artificial intelligence-based speech services.

The partnership aims to improve in-vehicle infotainment systems' voice recognition, something drivers have continuously complained about in the past few years.

Improvements will go toward Toyota Voice Assistant. The system has been leveraging Google Cloud technology since 2018, according to a Tuesday press release.

The new partnership's results are already being seen in some models' infotainment systems — including those of the 2023 Toyota Corolla, Tundra and Sequoia and the 2023 Lexus NX, RX and RZ, the release said.

In the future, the partnership will help develop Speech On-Device, a new product from Toyota and Google Cloud. The main draw is its ability to use speech recognition without the Internet, keeping the system local to the vehicle's multimedia system processors.

Part of the goal is making speech reco…

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Embracing the Cross-Border E-Commerce Opportunity

Improving the Shipping Experience to Grow Cross-Border E-Commerce

Not only has the pandemic accelerated the growth in online shopping domestically in most parts of the world, it has also meant more consumers are now willing to make online purchases from abroad. And retail and direct-to-consumer e-commerce brands are keen to tap into the potential to build online sales internationally.

A key challenge is getting the customer experience right—especially the shipping and delivery strategy. Eliminating friction, delays, and doubt is crucial. You should make it as easy and straightforward for crossborder shoppers to order, track, and if necessary, return their goods as if they were making online purchases domestically.

Based on a e2open survey of 2,035 online shoppers in the US, UK, Germany, and Australia, this report explores consumers’ views on cross-border e-commerce. How open are they to placing online orders with companies in other countries and why? Which prod…

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EV battery maker CATL sees up to 200 percent jump in profit

Contemporary Amperex Technology Co Ltd. expects its net income to surge to as much as $1.4 billion in the third quarter as the biggest maker of electric-vehicle batteries benefits from strong sales to the automotive industry.

CATL, investing heavily in expanding its production capacity, predicted the profit jump of as much as 200 percent in a stock filing on Monday. The Ningde, Fujian-based company also said net income could top $2.5 billion in the nine months through September, up 132 percent compared to the same period last year.

CATL has made spending commitments in the region of $20 billion to build new, bigger factories at home and abroad including in Hungary with Mercedes-Benz AG, and also plans to tap resource-rich Indonesia for expansion. In August, the manufacturer unveiled half-year results that marked a recovery from a disastrous start to the year. Profit for the six months through June climbed 82 percent to $1.1 billion, as CATL cope…

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DAILY DRIVE PODCAST: October 10, 2022

Renault could reduce its $6 billion stake in Nissan. Audi considers its first U.S. factory amid new EV tax credits. Carvana has another license suspended, this time in Michigan. Plus, a conversation about how soon hydrogen vehicles are to full production with Faurecia Clean Mobility's Chief Engineer of Hydrogen Storage Tarek Abdul-Baset.

How do I subscribe?

Can't wait to hear the next episode of "Daily Drive"? Subscribe through a podcast app to receive episodes days in advance. If you don't have a podcast app already, here are some options. 

iPhone / iPad

“Daily Drive” is available on the iTunes Store and through the ‘Podcast’ app pre-installed on all iOS devices. Click here to subscribe to "Daily Drive"

Android

“Daily Drive” is available on the Google Play store. Click here to subscribe to "Daily Drive"

Spotify

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