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The U.S. saw a record number of light-vehicle recall campaigns in 2021, but a smaller number of vehicles were affected, according to data from investment bank and advisory firm Stout.

Individual recall campaigns reached a record high of 406 in 2021 compared with 317 in 2020, while the total number of vehicles affected dropped to 21.6 million from 28.9 million over the same period, Stout's data showed.

Two campaigns in 2021 each affected more than 1 million vehicles: a Ford recall of 2.6 million older-model vehicles for potentially defective airbags and a Mercedes-Benz recall of 1.3 million newer vehicles up to 5 years old for a software error.

Stout's data excludes certain Takata airbag recalls and General Motors' ignition switch recalls.

"Having only two recalls over a million units is a significant decline compared to 2019 and 2020 where we have six such campaigns," Anson Smuts, a manager in the disputes, compliance and investigations group at …

DETROIT — General Motors on Tuesday reported first-quarter net income of $2.9 billion, a 2.7 percent decrease from a year earlier despite a double-digit revenue increase.

GM's global earnings before interest and taxes declined 8.4 percent to $4 billion, while its North American profit equaled the $3.1 billion it earned in the first quarter of 2021. Global revenue rose 11 percent to nearly $36 billion.

CEO Mary Barra, in a letter to shareholders, reaffirmed the company's 2022 adjusted earnings guidance of $13 billion to $15 billion. GM expects net income of $9.6 billion to $11.2 billion for the year.

“Our confidence is strong as we accelerate our transformation, even in the face of a challenging macro environment,” Barra said in the letter. “Our biggest growth opportunity in North America is in electric trucks. We’ve led the full-size pickup segment for two consecutive years, and we will lead the EV truck market as well.”

Chevrolet has logged abou…

DETROIT -- Ford CEO Jim Farley on Tuesday said the vehicle that the automaker intends to build at its upcoming Blue Oval City campus in Tennessee will be an additional electric pickup and not a next-generation F-150 Lightning.

Speaking to reporters following the launch of the Lightning, Farley said the product will be an "all-new" vehicle.

"It's another truck," he said. "This is not our only truck. We said very clearly we want to be the leader in electric pickup trucks."

In a release last year announcing Blue Oval City, Ford said it would build "next-generation electric F-Series pickups." The plant is expected to come online in 2024.

The automaker plans to sell 600,000 electric vehicles globally over the next two years to become the No. 2 EV maker behind only Tesla. After that, Farley says Ford plans to challenge Tesla to be the top producer of EVs.

Farley said Ford has built about 2,000 Lightnings since production began about two weeks a…

Tesla Inc. wiped off $126 billion from its valuation in a single session Tuesday with the stock down 12.2 percent to $876.42 on investors’ concern that Elon Musk may sell shares to complete his $44 billion takeover of Twitter Inc.

Before the session, the EV maker’s market capitalization was already down nearly $250 billion since April 4, when Musk disclosed that he increased his Twitter stake. That’s a drop of roughly 23 percent. The dollar value of Musk’s 17 percent stake in Tesla has shrunk by about $42 billion, almost double the equity portion he pledged in the Twitter transaction.

Tesla’s stock price is sinking amid a broader selloff in equity markets around the world due to a slower economic expansion and persistent inflation. In addition, investors have fled high-growth companies as the Federal Reserve prepares to embark on a series of significant rate hikes.

But Musk isn’t doing Tesla any favors by providing scant details on how he will cover the …

The North American International Auto Show will return to Detroit with a focus on electric vehicles and emerging technology as well as activations including street course ride-alongs on the Grand Prix's future downtown circuit.

There will also be five active tracks inside Huntington Place, whose main show floor is sold out for the reimagined auto show, scheduled for Sept. 14-25 throughout various indoor and outdoor venues downtown.

Organizers provided updates on the show's planning Tuesday, along with a new logo reflecting the "global flavor" of the show.

"This year's auto show plays a vitally important role in promoting emerging technologies particularly in the EV space," NAIAS Executive Director Rod Alberts said in a statement. "With the show's exciting transformation, it was the ideal time to introduce fresh branding for what will be a Detroit auto show experience unlike any other before."

Alberts said the show is expected to be a "pivotal pl…

WASHINGTON — Toyota Motor Corp. is once again being targeted by a political action committee after resuming donations to certain federal lawmakers.

In a statement Monday, Toyota said it has resumed contributions to some members of Congress after a six-month pause and "extensive discussions with internal and external stakeholders."

"We will not support those who, by their words and actions, create an atmosphere that incites violence," the Japanese automaker said. "Toyota's employee PAC will continue its long history of giving equally to Democrats and Republicans based on the best interests of our company, work force and the U.S. automotive industry."

In its statement, Toyota pointed to others in the auto industry as well as "nearly 800 companies and industry groups nationwide" that also have resumed contributions.

A Toyota spokesman said its employee PAC "supports candidates who promote issues important to our business, regardless of political par…

DETROIT — General Motors has asked its global suppliers to sign a pledge of carbon neutrality, development of social responsibility programs and implementation of sustainable procurement practices in their supply chain operations.

"There are economic and social imperatives in lowering emissions and addressing climate change while cultivating a just transition," Jeff Morrison, GM vice president of global purchasing and supply chain, said in a statement Monday. "As we accelerate toward our vision of an all-electric future, our commitment to bringing everybody along includes our global suppliers whose collaboration is critical to promoting a sustainable, safe and better world."

Many suppliers have already set their own carbon neutrality targets. Magna, for instance, is aiming for global carbon neutrality by 2030, and Bosch says it has been carbon neutral since 2020.

In addition to carbon neutrality, the GM-backed pledge calls for social and governance comm…

Subaru's first electric vehicle, the 2023 Solterra, will be priced from $46,220, including shipping, and top out at more than $53,000 when it goes on sale this summer.

The EV, developed under a partnership with Toyota Motor Corp. and built in Japan, is available in three trims: Premium, Limited and Touring. Subaru anticipates receiving 6,500 units to deliver in the U.S. this year, and a spokesman said the crossover is essentially sold out through the rest of the calendar year.

"We have not opened up sold orders for the rest of the model year yet but would anticipate doing so as we work through delivering vehicles to reservation holders," Subaru spokesman Todd Hill said Monday.

Subaru, the only major automaker with average U.S. new-vehicle incentives below $1,000 in the first quarter, is not expected to offer major deals on the Solterra.

The compact crossover is eligible for a federal tax credit of up to $7,500 and might qualify for additional sta…

NORMAL, Ill. — As vehicle panels are being pressed into the shape of an R1T pickup at Rivian Automotive's gleaming central Illinois factory, CEO RJ Scaringe points toward the assembly line and proudly proclaims, "that is someone's car."

That pride was evident throughout a media tour this month of the former Mitsubishi Motors plant in the university town of Normal. From the stamping department through general assembly and the paint shop, Scaringe points out cool details at every station.

Rivian bought the site for $16.5 million in 2017 and has turned it into a modern facility making some of America's first electric pickups. Some former Mitsubishi workers — and their grown children — now assemble the R1T, along with an SUV and electric delivery van.

Rivian added 700,000 square feet to the original building, which had housed a joint venture between Mitsubishi Motors and Chrysler before Mitsubishi took over the plant. Mitsubishi closed it in 2015. Rivian sa…

General Motors will launch electrified versions of the Chevrolet Corvette sports car starting next year, GM President Mark Reuss said Monday.

Reuss told CNBC that GM will launch an "electrified" version of the Corvette in 2023, followed by a fully electric version later.

The all-electric Corvette will be powered by GM's proprietary Ultium battery platform.

In September 2020, GM reassigned engineers who worked on the midengine Corvette to an EV team in an effort to give future EVs a high-performance flair. 

GM aspires to have an all-electric lineup by 2035.

So far, the Chevy Bolt, GMC Hummer pickup and Cadillac Lyriq crossover EVs are on the market. GM has also announced plans for an electric GMC Hummer SUV and Sierra pickup, along with an electric Chevy Silverado, Equinox and Blazer. Cadillac's Celestiq flagship EV is expected to go on sale next year.

"We are ramping up the launches right now," Reuss said. "Our Ultium platform…