News

Rivian Automotive Inc., the electric-truck startup backed by Amazon.com Inc. and Ford Motor Co., is close to raising a new round of funding valuing it at about $25 billion, according to people familiar with the matter.

Several existing Rivian investors are participating in the round, which will raise several billion dollars, the people added, asking not to be identified because the matter is private.

Existing investors in the company include Amazon, T. Rowe Price Group Inc., BlackRock Inc., Soros Fund Management, Coatue, Fidelity Investments and Baron Capital Group.

The funding isn't finalized and details could still change.

Rivian is developing two battery-electric consumer cars designed to be capable in off-road terrain. The R1T is an electric pickup capable of driving more than 300 miles on a single charge and towing up to 11,000 pounds. The R1S is a bulky SUV also capable of 300 miles on a single charge. Rivian is also developing 100,000 deliv…

A federal judge in California has agreed to allow former Reynolds and Reynolds Co. CEO Bob Brockman to face charges of tax evasion and wire fraud closer to his home in Houston.

In an order issued Monday, U.S. District Judge William Alsup granted a motion Brockman's attorneys filed in November to transfer the government's case against him to the U.S. District Court for the Southern District of Texas. Alsup said several factors, including Brockman's residence and medical conditions, favored moving the case out of the U.S. District Court for the Northern District of California, where Brockman was indicted in October.

It was not immediately clear Monday what the judge's order means for a hearing on a motion from Brockman's lawyers seeking a competency hearing, scheduled for Jan. 12 before Alsup. A government spokesman and Brockman's attorneys could not immediately be reached for comment.

Alsup wrote that transferring the case is warranted base…

DETROIT -- General Motors plans to transition more than 650 temporary hourly employees into full-time jobs this month, the automaker said Monday.

The move delivers on GM's promise in its 2019 UAW labor agreement to promote temporary employees with at least three years of continuous service to permanent positions.

The employees who will transition to full-time roles work at nine GM plants in Michigan, Indiana, Texas and Missouri, GM said in a statement.

"Our people are the heart and soul of everything we do and through their hard work and dedication to building quality products, they are taking the next step in their journey with GM," Phil Kienle, GM vice president of North America manufacturing and labor relations, said in the statement.

Temps who transition to full-time posts will get medical plan cost-share improvements, dental and vision coverage, company contributions to their 401(k) plans, profit-sharing and life insurance coverage.

…

The Bentley Bentayga Hybrid, the British ultraluxury brand's first and only electrified vehicle, has been freshened for 2021, following updates of the standard Bentayga and Bentayga Speed.

Bentley said the freshened Bentayga Hybrid is one of two plug-in hybrid models it will launch in 2021 as it prepares for an electrified future.

In November, Bentley said it would be dropping internal combustion engines from its lineup by 2030 and switch the entire lineup to full-electric vehicles.

Its first full-electric vehicle is set for a 2025 launch. By 2026, Bentley will offer only plug-in hybrids or EVs.

The latest Bentayga Hybrid is powered by a 3.0-liter twin-turbocharged V-6 engine paired with an electric motor for a total of 443 hp and 516 pound-feet of torque. The hybrid system utilizes a 17.3-kilowatt-hour lithium battery.

The Bentayga Hybrid has an electric-only range of 31 miles on the NEDC test cycle.

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DETROIT — U.S. District Judge Paul Borman on Monday slashed by 18 months the prison sentence of former Fiat Chrysler labor chief Alphons Iacobelli, who had been serving a 5½-year term in federal prison for his role in the UAW corruption scandal.

The reduction to a four-year sentence, Borman said, was due to Iacobelli's "significant post-sentence cooperation" in the ongoing probe as well as his good conduct in prison and the "significant negative impact" of the coronavirus pandemic in prisons.

He had been scheduled for release Sept. 8, 2023. He will now likely get released in May 2022. 

Iacobelli, 61, had said the pandemic has curtailed family visits and has greatly reduced his "yard time" in prison in Morgantown, W. Va.

The government had requested his sentence be reduced to 52 months, while Iacobelli asked for a reduction to "not more than 36 months."

Borman also recommended Iacobelli be considered for home confinement instead of hal…

Aeva, a laser-sensor startup founded by two ex-Apple Inc. engineers, is poised to increase its war chest by $200 million with an investment by a Hong Kong-based hedge fund ahead of its public listing via a reverse merger.

The funding from Sylebra Capital Management is expected to boost the total proceeds from its planned deal with InterPrivate Acquisition Corp. to $563 million, an Aeva executive said. Investor interest in Aeva is part of a wave of financing deals targeting next-generation auto-related companies focused on fields such as battery-electric and driverless technology.

Shares of InterPrivate have rallied 47 percent to $14.54 since the merger was announced on Nov. 2. The deal is expected to close in the first quarter of 2021.

Lidar, a system of laser-based sensors that allows a vehicle to “see” its surroundings, is among the most expensive components of autonomous cars and key to enabling more advanced self-driving features. With commercializat…

Fiat Chrysler Automobiles CEO Mike Manley and CFO Richard Palmer will be eligible for cash retention awards worth tens of millions of dollars after FCA merges with PSA Group to form Stellantis, company filings show.

According to the documents, Manley and Palmer will receive the payments for certain possible role changes in the merged company, including specifically if they are not appointed to the Stellantis board of directors. 

The latter change is already certain, as neither has been nominated to serve on the 11-member Stellantis board, which will be led by FCA Chairman John Elkann. Manley has served on FCA’s board of directors since July 2018 and Palmer since April 2019.

FCA and PSA shareholders on Monday approved the terms of the Stellantis merger, including the designated board members. The approval clears the way for the merger to close on Jan. 16 and for Stellantis shares to be publicly listed on Jan. 18 in Europe and on Jan. 19 in…

Fiat Chrysler Automobiles and Peugeot maker PSA Group shareholders have approved a $52 billion merger to create Stellantis.

Following are key details of the deal:

The merged group will have annual sales of 7.9 million vehicles and generate recurring operating profit of almost 10 billion euros ($12 billion) on revenue of 180 billion euros, based on aggregated 2019 results. PSA CEO Carlos Tavares will be the group's CEO for an initial five-year term. FCA Chairman John Elkann will be chairman. Stellantis will be domiciled in the Netherlands, with stock listings in Paris, Milan and New York. FCA and PSA expect to complete the combination on Jan. 16, 2021. Trading in Stellantis shares begins Monday, Jan. 18. The merger is expected to generate more than 5 billion euros in annual synergies. The two groups say no plants will  be closed. The merger will unite brands such as Fiat, Jeep, Dodge, Ram Alfa Romeo and Maserati with Peugeot, Citroen, Opel and DS. Stellantis w…

Canadian auto supplier Magna International Inc. said on Monday it would work with Fisker to develop an advanced driver assistance system (ADAS) for the EV maker's Ocean SUV, expected to launch in late 2022.

The ADAS technology will use digital imaging radar technology in addition to cameras and ultrasonic sensors, Magna said in a statement. The supplier said the ADAS package includes “a unique and first-to-market digital imaging radar technology.” Co-developed with Austin, Texas-based technology startup Uhnder, Icon Radar is being called by Magna “the first digital imaging, single-chip radar solution for the automotive marketplace.”

In December, Fisker said Magna would initially be the exclusive manufacturer of its Ocean SUV in Europe, finalizing a deal originally signed with the auto supplier in October.

“One of our strategic goals is to pursue new business in areas where Magna’s unique strengths can be deployed with an advantage compared…

Join Automotive News Publisher Jason Stein for a daily podcast series about the coronavirus crisis. He’ll speak with industry experts, insiders and Automotive News reporters about how the virus is impacting and reshaping the automotive industry.

NADA's Mike Stanton opens up about taking the reins at the trade group, shaping the future for auto retailers and why the upcoming virtual NADA Show will be a success.

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If you compare the quality of the picture on the screen of the 2021 Cadillac Escalade with that of a high-end, big-screen TV, you won't see much difference. Both use the same organic light-emitting diode technology. And the Escalade's curved screen is a harmonious design element that is an integral part of the dash.

In the redesigned Hyundai Elantra, the radio station graphics — old-fashioned tubes with numbers inside — are another illustration of how much importance is being placed on wowing consumers with whiz-bang screens.

The screen, and its great potential to enhance the driving experience, is fast becoming part of the modern vehicle's DNA. To further drive home how important the technology has become, Mercedes-Benz on Thursday, Jan. 7, will host a global event to unveil the MBUX Hyperscreen — a curved display that spans the width of the cabin — for the upcoming 2022 EQS electric sedan.

But as screens continue gobbling up re…

Toyota's Lisa Materazzo and Ford's Suzy Deering take on new jobs Monday, Jan. 4. They are the latest in a growing list of female marketing chiefs at some of the biggest auto brands in the U.S. Key appointments within the past 20 months:

Lisa MaterazzoToyotaBecomes vice president of marketing for Toyota Division on Jan. 4, replacing Ed Laukes, after holding similar role at Lexus.

Suzy DeeringFordHired from eBay to begin as Ford Motor Co. chief marketing officer on Jan. 4. Replaces Joy Falotico, who will focus on her other job: president of Lincoln Motor Co.

Tara RushAudiJoined Audi in 2019 from Heineken USA. Became marketing chief on Dec. 1, succeeding Loren Angelo.

Kimberley GardinerVolkswagenHired in November to fill the vacancy created by the exit of Saad Chehab in May. Gardiner had an identical title at Mitsubishi.

Allyson WitherspoonNissanPromoted to chief marketing officer, a new position, in October. Had been vice pres…