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Global Auto Holdings said Tuesday it plans to buy British car dealership chain Lookers for about 465.4 million pounds ($595 million) in cash.

Global Auto Holdings values Lookers at 120 pence per share, a premium of 35 percent to the stock's closing price on Monday.

Global Auto Holdings, an entity related to privately-owned Canadian car dealer network Alpha Auto Group by having the same owner, said the acquisition enables its entry to the UK market and supports its bid to become a global auto retailer.

Lookers directors said they intend to unanimously recommend the offer to shareholders.

Lookers, which sells new and used cars and vans and offers after-sales services, in April raised its 2023 profit forecast, supported by robust trading in used vehicles, stable margins and improvement in supply.

Shares in Lookers surged as much as 35 percent to their highest level since September 2017.

Alpha Auto Group also has a presence in the U.S., …

Automotive News reporter Michael Martinez talks about this year’s Detroit auto show and why statements from organizers don’t seem to add up. Hyundai will launch a new electric vehicle platform with eyes on double-digit profit margins. And Rivian jumps on the Tesla charging network bandwagon.

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Auto loan delinquency exceeded recession-era highs in the first quarter of this year, S&P Global Mobility reported Tuesday.

Auto loans more than 60 days past due reached 1.69 percent in the first three months of 2023. That tops recession-era highs of about 1.46 percent in 2009 and 2010, and is 26 basis points higher than the 1.43 percent recorded in the first quarter of 2021.

The spike is mostly contained within the subprime tier, with independent lenders focused on subprime loans for used-vehicle purchases most feeling the squeeze, according to S&P Global Mobility.

Inflation and high interest rates may be partly to blame for the increase, S&P Global Mobility said.

"The interest rate rise is squeezing the monthly budget for the average American consumer," Jill Louden, product management associate director for S&P Global Mobility, said in a statement. "Consumers set aside money monthly for housing, vehicles, and insurance, but may …

Toyota's 2024 Grand Highlander is big. Expanding on the Highlander in every dimension, it aims to deliver a family vehicle that is comfortable and competitive.

Although not as large as the Toyota Sienna minivan or Toyota Sequoia SUV, this expanded crossover features an additional 5.8 inches of legroom in the third row compared with the Highlander. It also boasts 2.5 more inches of shoulder room and an inch more headroom than the Japanese brand's top-selling crossover.

Toyota said any decline in U.S. sales of the original Highlander, the top-selling large crossover in 2022, is "part of the plan" and will be made up for by customers it gains from this launch.

The Grand Highlander debuted at the Chicago Auto Show and is touted by the automaker as a vehicle for growing families. It comes standard with Toyota Safety Sense 3.0, with upgraded safety and driver-assist features, including dynamic cruise control, lane keeping and automated headlights. It also has…

Rivian Automotive has reached an agreement to access Tesla's Supercharger network starting next year and to incorporate Tesla's charging port design into its future electric vehicles, following in the footsteps of Ford and General Motors, which cut similar fast-charge deals with Tesla over the last month.

Rivian said it will provide a charging adapter as early as spring 2024 for its current vehicles next year so they can access 12,000 Superchargers contemplated in the deal. Rivian currently uses the Combined Charging System port while Tesla uses its own North American Charging Standard.

"We're excited to work with Tesla and to see collaborations like this help advance the world toward carbon neutrality," said Rivian CEO RJ Scaringe in a statement Tuesday. "The adoption of the North American Charging Standard will enable our existing and future customers to leverage Tesla's expansive Supercharger network while we continue to build out our Rivian Adventure Netwo…

Cadillac plans to introduce the electric version of its Escalade full-size SUV on Aug. 9 in New York.

General Motors' luxury brand on Tuesday confirmed the reveal date in a news release and teaser video for the Escalade IQ, which it said will be built at the automaker's Factory Zero electric vehicle assembly plant in Detroit.

Automotive News has reported that the Escalade IQ is expected to go on sale in 2024. Cadillac did not share details Tuesday on the production launch.

The brand called the Escalade IQ "the reinvention of Cadillac's most iconic nameplate." The gasoline-powered Escalade has been Cadillac's top-selling U.S. model for the past two years, as the brand focused on production of more profitable vehicles during the microchip shortage.

Cadillac is working to electrify its lineup in North America by 2030. The Escalade IQ will follow the Lyriq midsize electric crossover, which is on sale now, and the Celestiq, a hand-built, $300,000-plus …

WASHINGTON — Trade groups representing franchised car dealers and automakers are asking the U.S. Treasury Department to tie battery sourcing requirements in the electric vehicle tax credit to when the vehicle was manufactured instead of when it was delivered to the buyer.

Under a proposed rule issued in March, Treasury defined "placed in service" as the date the customer takes delivery of the EV. However, the groups argue the interpretation hinders compliance with the credit and diminishes its use now that increasingly stringent critical mineral and battery component requirements are in effect.

In joint comments submitted Friday, the National Automobile Dealers Association and the Alliance for Automotive Innovation asked Treasury to clarify in its final rule that EVs manufactured in a calendar year in conformance with the battery content requirements remain eligible for a credit even if they are delivered to a customer in a subsequent year with higher content …

Four U.S. lawmakers will travel to Detroit Tuesday to press the CEOs of Ford Motor Co. and General Motors to cut their supply chains’ reliance on China, especially in EV batteries.

The trip highlights the domestic pressures the administration faces as it tries to patch up frayed ties with China. Earlier Monday, Secretary of State Antony Blinken reported some progress in those efforts after a two-day visit to Beijing.

The four lawmakers, who all sit who sit on a newly formed House of Representatives China Select Committee, will raise concerns about Ford’s partnership with Chinese auto battery manufacturer Contemporary Amperex Technology Co. Ltd., and auto companies’ dependence on China more broadly, a person familiar with the matter said. The legislators plan to meet Ford CEO Jim Farley and GM CEO Mary Barra, among other officials.

The companies didn’t immediately respond to requests for comment.

Ford is planning to build a battery plant in Michi…

General Motors plans to spend $920 million to expand its DMAX engine operation near Dayton, Ohio, and prepare for future production of internal combustion powertrain products for heavy-duty trucks.

The automaker said it will expand the existing 250,000-square-foot Brookville, Ohio, site by building a 1.1 million-square-foot addition and bring in new equipment and technology. GM did not disclose details or timing for the future products.

"This investment furthers our commitment to HD truck market dominance with the Duramax power under the hood that customers love so much," Mike Trevorrow, GM's vice president of North America manufacturing, said in a statement. "Additionally, it is truly a testament to the hard work and dedication of our DMAX team members in the state of Ohio who build world-class powertrain products."

DMAX opened as a joint venture between GM and Isuzu Diesel Services of America in 1999 in nearby Moraine, Ohio, building Duramax diesel e…

Striking workers at a Constellium aluminum parts plant near Detroit and a Clarios battery plant near Toledo have both ratified new contract agreements. Lithia makes its first U.S. deal of the year, and it’s a big one. Plus, TeraWatt CEO and co-founder Neha Palmer talks about the startup's plans to charge EV fleets across America.

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German powertrain supplier Vitesco Technologies said Monday it signed an agreement with Japanese microchip maker Rohm Co., securing more than $1 billion in silicon carbide semiconductors through 2030.

The microchips will be integrated into inverters for electric vehicle powertrains starting as early as 2024, Vitesco said in a news release. The company said it had two customers for the inverters but did not name them.

The agreement comes as automakers and suppliers race to lock in long-term sources of semiconductors, especially as EV adoption ramps up and vehicles become more software-driven. The microchip shortage, which has significantly reduced vehicle output over the past few years, has also driven home the need for auto companies to actively secure semiconductor supplies.

"The supply partnership agreement with Rohm is an important building block for securing Vitesco Technologies' [silicon carbide] capacities in the years ahead," Vitesco CEO Andreas W…

BorgWarner Inc. plans to acquire an Italy-based manufacturer of electric vehicle charging components in a deal valued at about $80 million that would build up the electric portfolio of the automotive supplier.

BorgWarner entered a share purchase agreement with Eldor Corp. that would result in the acquisition of its electric hybrid systems segment, the supplier said Monday in a statement.

The deal improves BorgWarner's capability in producing 400V and 800V on-board chargers compatible with various regional electric grid variations, while also bringing high-frequency DC/DC converter technology to its offerings. On-board chargers convert AC power from sources such as home plug outlets into DC power that can charge EV battery packs.

The acquisition target is expected to generate about $27 million in revenue this year, and BorgWarner expects to grow sales to $273 million by 2027.

"Eldor's technologies are a great complement to BorgWarner's ePropulsio…