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Ford Motor Co. said Friday it had won approval to defer some quarterly payments due on its U.S. Energy Department retooling loan, but added it will repay the loan on time by June 2022.

In September 2009, Ford was awarded a $5.9 billion low-cost government loan, a key source of liquidity in the aftermath of the financial crisis.

The automaker said its loan was modified in June to reduce quarterly principal payments from $148 million to $37 million. Ford said it has $1.26 billion of remaining principal left on the loan.

An Energy Department spokeswoman said "the flexibility the Loan Programs Office was able to provide through this loan modification is a good example of what (Energy) Secretary Brouillette meant when he asked for all of the Department’s resources to be supportive of the energy industry during the COVID-19 pandemic."

Ford said "with COVID-19 related economic uncertainty remaining, we believe that is worthwhile to further strengthen our…

Jaguar Land Rover parent Tata Motors reported a bigger quarterly loss on Friday, as the coronavirus crisis hammered sales in several of its key markets.

The COVID-19 pandemic has taken a heavy toll on automakers globally and piled pressure on Tata Motors, which was trying to improve JLR's sales after reeling from weak demand and political uncertainty related to Brexit.

Sales at JLR, which accounts for most of the company's revenue, fell more than 42 percent during the quarter and Tata Motors said the outlook for the unit remains uncertain.

"For the rest of FY21, Jaguar Land Rover will continue to manage costs and investment spending rigorously," the company said in a statement.

Earlier this week, the unit named ousted Renault boss Thierry Bollore as its next CEO, with a mission to return the U.K. automaker to profit.

Tata reported a consolidated net loss of 84.38 billion rupees ($1.13 billion) for the first quarter ended June 30, compared w…

Fiat Chrysler Automobiles on Friday posted a second-quarter loss of $1.24 billion, as North American operations contributed a small profit despite lost production due to the COVID-19 pandemic.

In the second quarter, when factories in North America and Europe were closed for weeks to reduce the spread of the coronavirus, FCA's net revenue plunged 56 percent to $13.9 billion. The automaker reported an adjusted loss of $1.1 billion before interest and taxes, compared with a profit a year earlier.

North American vehicle shipments sank 62 percent. But the company said that was "partially offset by favorable channel and model mix," so the region avoided a loss even as net revenue fell 53 percent to $9.71 billion. FCA restarted auto production in May after a two-month hiatus in the region. North America managed to report a $46.1 million profit, down 98 percent from a year earlier.

"Our second quarter showed that decisive actions and extraordinary cont…

TOKYO -- Mazda Motor Corp. forecast a record full-year operating loss Friday as the Japanese automaker continues to be pummelled by falling vehicle sales due to the COVID-19 pandemic.

Japan's No. 5 automaker anticipates a 40 billion yen ($383.5 million) loss for the fiscal year to March, joining a growing number of automakers which expect annual losses after the virus shuttered vehicle plants and kept customers away from car dealerships.

Mazda posted an operating loss of 45.3 billion yen ($433 million) for the April-June quarter, its weakest in 11 years, due to a 31 percent drop in vehicle sales in the period.

Even before the coronavirus outbreak, the maker of the CX-5 crossover and the Mazda3 sedan had been suffering from sliding profits for the past two years as slim new vehicle offerings has knocked sales in the United States and China, its two biggest markets.

For its fiscal year ending in March, Mazda anticipates an 8 percent fall in global v…

SHANGHAI -- The chairman of China's state-owned automaker BAIC Group, which has partnerships with Daimler and Hyundai Motor Co., is set to retire, two people familiar with the matter said.

Xu Heyi, 62, took office in 2007. As chairman of BAIC Group, he developed electric vehicle maker BAIC BluePark and helped Daimler and Hyundai expand production in China, the world's biggest auto market.

Xu's retirement will be announced as soon as this week, sources said. BAIC did not immediately respond to requests for comment.

He led BAIC's move last year to buy a 5 percent stake in Daimler which further cemented the two companies' long-standing alliance. The deal was also seen as a move by BAIC to counter the influence of China's Geely, which had built up a 9.7 percent stake in the German automaker.

Volkswagen Group on Thursday asked the Ninth Circuit U.S. Court of Appeals to reconsider a ruling that said two counties could seek potentially billions in financial penalties over excess diesel emissions.

The 3-0 ruling in June said Utah's Salt Lake County and Florida's Hillsborough County could seek "staggering" damages over updates made to polluting diesel vehicles after they were sold.

VW said in court papers Thursday that the ruling, if upheld, could have sweeping ramifications for the U.S. auto industry and could force car companies "either to avoid maintaining or improving the emission control systems of in-use vehicles... or pass on the substantial increased compliance costs to consumers."

VW asked the panel to reconsider its ruling or for the full appeals court to take up the case, warning the decision could result in "regulatory chaos."

Volkswagen admitted to using illegal software to cheat U.S. pollution tests in 2015.

VW argues …

DETROIT — Ford Motor Co. on Thursday reported second-quarter income of $1.1 billion despite a pandemic that idled its North American plants for roughly half the reporting period.

The surprise profit came largely from a $3.5 billion gain on its investment in Argo AI, the company that is developing a self-driving vehicle system. Volkswagen Group closed on an deal with Ford for a stake in Argo last month and CFO Tim Stone said the startup is now valued at $7.5 billion.

The automaker lost $1.9 billion before interest and taxes and one-time items in the quarter as revenue fell 50 percent to $19.4 billion. Still, the operating loss was much less than the $5 billion Ford had forecast earlier in the year.

“Overall it was a good quarter for Ford in light of the circumstances,” Stone said on a call with reporters.

Shares in Ford rose 1.9 percent to $6.74 in after-hours trading.

In addition to the gain from Argo, Stone said Ford benefited from a smoot…

Visteon Corp. said Thursday that its second-quarter earnings fell into the red after revenue was cut nearly in half as the coronavirus pandemic continues to bludgeon many auto suppliers.

The cockpit electronics supplier's adjusted second-quarter earnings before interest, taxes and other adjustments dropped to a loss of $3 million from a gain of $46 million during the same quarter last year. The company reported a $45 million net loss compared with a $7 million gain in 2019.

Total revenue fell to $371 million, compared with $733 million in the second quarter last year.

"Adjusted EBITDA was impacted by lower sales volume, primarily due to COVID-19 and partially offset by strong cost-reduction actions," the company said in a statement.

"Despite the challenging environment, we launched 21 new products during the first half of the year, including all-digital clusters, a new Android-based infotainment system and large displays," Visteon CEO Sachin Lawan…

The economic toll of the coronavirus pandemic contributed to lower revenue and profit for Cars.com in the second quarter, as the company offered discounts to dealerships and cut costs to offset the revenue hit.

The Chicago company, which provides dealership technology and vehicle listings services, reported Thursday that it posted a deeper net loss in the quarter ended June 30 than a year ago — $24.6 million, compared with $6 million in the second quarter of 2019.

Revenue fell 31 percent in the second quarter to $102 million, which the company said mostly was attributed to billing discounts to its dealership listings customers worth 50 percent in April and 30 percent in May and June. National advertising revenue also fell 17 percent, Cars.com said, as restrictions meant to slow the spread of COVID-19 led to more cancellations.

The company's adjusted net income in the quarter was $8 million, down from $20 million in the second quarter last year. The adjus…

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.

Kim Stonehouse, director of automotive at Facebook, says the social media giant is focused on supporting dealers as they navigate the new digital retail landscape accelerated by the pandemic. She also shares what the company is doing to prevent the spread of disinformation and hate speech.

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Sonic Automotive Inc.'s second-quarter earnings rose despite the coronavirus pandemic, aided by lower expenses, higher new-vehicle gross profit per vehicle and a recovery in used-vehicle sales late in the quarter, including at its standalone used-only EchoPark stores.

The nation's sixth-largest new-vehicle retailer saw revenue slip 19 percent to $2.1 billion, while net income jumped 16 percent to $30.8 million. Net income from continuing operations also increased 16 percent, to $31 million. The second quarter included a $3.2 million tax benefit.

"Our second quarter results reflect not only a dramatic operating improvement since the onset of COVID-19, but also an all-time record monthly profit in June," Sonic CEO David Smith said in a statement Thursday. "The record-setting momentum we saw during the month of June has continued throughout July to date."

New-vehicle sales fell 40 percent in April but were down 15 percent in June, while used-vehicle sales a…