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Auto supplier Dana Inc. said net income dropped by nearly 85 percent in the second quarter, reflecting lower operating earnings caused by the unfavorable impact of foreign currency values, a spike in costs and supply chain challenges.

Dana reported net income of $8 million — a drop of $45 million from a year earlier. The company blamed the plunge primarily on inflation, resulting in higher operating costs including labor, energy, transportation and raw materials.

There were some bright spots for the Maumee, Ohio-based axle and transmission producer. Sales increased by about 17 percent to $2.59 billion, and free cash flow rose to $167 million compared with negative cash flow of $13 million in the same period a year earlier.

Electric vehicle product sales, which CEO James Kamsickas said in April will become a top priority, grew by an incremental $59 million.

Light-vehicle product sales climbed 16 percent from 2021 to about $1.03 billion. Commercial …

Wholesale used-vehicle prices exhibited only a tiny decline in July amid a stagnating summer sales season.

Cox Automotive said Friday that wholesale prices fell just 0.1 percent in July compared with June. The Manheim Used Vehicle Value Index — an indicator of used-vehicle market pricing trends — declined to 219.6, down from 219.9 in June but up from 195.2 in July 2021.

Ultimately, wholesale prices remain elevated in 2022 compared with 2021. They were 12.5 percent higher in July than in the year-earlier period. Those numbers are adjusted for mix, mileage and seasonality. On a nonadjusted basis, the index fell 3.2 percent in July from its June level, with prices up 10.2 percent year over year.

Used-retail sales fell 13 percent in July from June, and sales were down 16 percent year-over-year, according to Cox Automotive. Sales in July were down 29 percent compared with 2019 — the "worst comparison" against 2019 since January, according…

Carvana books another big quarterly loss. Toyota tries to make things right for buyers of its new EV. Tesla plans for another assembly plant to keep growing rapidly. EV incentives appear set to pass the Senate, but which will get the benefit? Also: A study finds more dealers speeding up financing with e-commerce tools.

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DETROIT — Cadillac's electric compact crossover will take styling cues from the Lyriq midsize crossover, but it appears to have a shorter wheelbase and smaller, more upright interior than its larger sibling.

The side profiles and layouts are similar, but there are some scale and design differences, according to spy photos of the compact crossover prototype. It has smaller door openings and windows than the Lyriq, with side mirrors mounted lower on the door, for example.

The compact crossover is one of several Cadillac electric vehicles in the pipeline as the luxury brand converts to an all-electric lineup by 2030. Cadillac, the brand set to lead General Motors' EV transition, will likely have at least eight electric vehicles on sale in the U.S. by the end of 2026.

Cadillac has not confirmed any EVs beyond the Lyriq, on sale now, and the Celestiq, slated to go on sale next year.

The electric compact crossover will replace the XT4, which is expected…

WASHINGTON — After months of pressing Congress for an extension of the electric vehicle tax credit, automakers in July unexpectedly got their wish — and the support of make-or-break vote Sen. Joe Manchin.

But what appeared to be a path forward on EV tax credits at first glance evolved into a last-minute scramble, as automakers and some Senate Democrats sought changes to the provision's strict battery content and assembly rules, which they said could delay vehicle eligibility.

The EV tax credit provision — part of the larger Inflation Reduction Act — was unveiled last month by Manchin and Senate Majority Leader Chuck Schumer, both Democrats, in a breakthrough deal after several failed attempts to move forward on an economic package that would include an extension of the current $7,500 federal EV tax credit.

The Democrats' revamped credit for consumers buying new battery-electric, plug-in hybrid and fuel cell vehicles would eliminate the 200,000-vehicle-…

Toyota has offered a series of make-goods to hundreds of owners of the new 2023 bZ4X — including an offer to buy back the electric compact crossover — as recompense for asking them to stop driving the recalled vehicle because of concerns that the wheels could fall off.

The Japan-built bZ4X went on sale in the U.S. in late spring as Toyota's first EV since the RAV4 EV it built in cooperation with Tesla in 2014. However, just weeks after the launch, Toyota issued a stop-sale and recall notice. Japan's safety regulator said sharp turns and sudden braking could cause a hub bolt to loosen, raising the risk of a wheel coming off the vehicle.

An estimated 260 of the vehicles were in the United States, and a remedy has not yet been determined to allow the vehicles to again be safely driven, Toyota said. Consumers were asked to immediately contact their dealership, which would pick up the vehicle and drop off a loaner at no charge.

In a letter late last month to …

American Axle & Manufacturing Holdings Inc. took another supply chain-related hit to its bottom line in the second quarter but offered a better-than-expected financial outlook through the end of the year.

Gross profit fell 9 percent to $173.5 million in the quarter, with sales up 12 percent to $1.4 billion, according to the Detroit-based supplier's earnings, released Friday.

Commodity price increases and other cost pressures including labor and freight hampered the company's financial performance, as it has done to the broader automotive supply base.

"Financial results were impacted by rising input costs and the continuing supply chain volatility," CEO David Dauch said on a Friday call with investors. "We cannot control the macro environment, but we can manage our business."

The microchip shortage and production stoppages hurt operations in the second quarter, but not as badly as the prior period, CFO Chris May said on the call.

Materia…

Toyota’s fiscal first-quarter results take a hit. Lucid cut its production plans for a second time this year. Uber looks to develop robo-trucking. Side-impact tests get tougher on midsize sedans. U.S. auto sales in July were a little better than in June, but not much – when might the sales pace return to something close to normal?

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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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Miniaturized radar target simulators (mRTS) are enabling design and test engineers to emulate complete traffic scenes to train their ADAS and autonomous driving algorithms.

Scientists from Keysight Labs combined mRTS technology with the concept of pixelation to create "rixels". A 64-by-8 array of these mRTS rixels are used to form a wall of RF front ends in the Keysight Radar Scene Emulator, which can emulate dynamic real-world traffic scenarios experienced by automotive radar sensors. 

Key takeaways: 

apply DevOps (development and operations) model across software application development cycles emulate and reproduce test scenarios in the lab understand the technology concepts of how automotive OEMs could emulate the scenes for lab testing test autonomous driving systems with radar sensors faster and with highly complex, multitarget scenes

Inventory shortages are arguably one of the biggest challenges facing dealers today. Dealers have had to go back to the basics of leveraging the phone and get creative to avoid turning away prime customers. Overcome the inventory challenge by leveraging these five phone handling strategies, but also use them to prepare your team for the future challenges to come when the market shifts.

Download this FREE e-book from Car Wars to ensure your team is conquering the current inventory hurdle and preparing for when the tides turn. You will discover:

Five in-depth strategies to prepare your dealership for phone handling success Best practices when it comes to organizing and searching through calls Creative selling strategies, such as virtual appointments or holding back inventory, to ensure customers are given a variety of buying options FREE word tracks for turning difficult customers into lifetime customers

Volkswagen of America has detailed its U.S.-produced versions of the 2023 ID4 compact crossover, which will come standard with a smaller 62-kilowatt-hour battery pack and start at $38,790, including shipping and excluding any federal or other tax credits.

With its smaller battery, the base model rear-wheel-drive crossover will now come with a manufacturer-estimated 208 miles of range, based on a simulated EPA test cycle, and deliver 201 hp, VW says. An optional 82-kWh battery lifts the estimated range to 275 miles in rwd configurations.

The U.S.-produced 2023 ID4, due in dealerships in the fall, will be available in three trim levels and with optional all-wheel drive. A 12-inch touch screen infotainment system comes standard in the updated interior, as does a suite of driver-assistance and safety features, the German automaker says.

The top-end awd version of the S Plus trim starts at $55,290, including shipping and excluding tax cr…