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Diversified auto supplier BorgWarner said Wednesday its anticipated spinoff of Phinia is scheduled to be completed by July 3.

Phinia is set to trade on the New York Stock Exchange on July 5.

The completion of the spinoff is still subject to some conditions, according to Phinia's final information statement filed with U.S. regulators.

BorgWarner revealed its intention to spin off its fuel parts and aftermarket business in December. Brady Ericson, president of BorgWarner's fuel systems and aftermarket business since March 2022, was named CEO of Phinia in February.

The spinoff comes as part of BorgWarner's overarching "Charging Forward" strategy for navigating the EV transition.

BorgWarner stock gained 2.7 percent to $47.94 in late afternoon trading on Wednesday.

BorgWarner, of Auburn Hills, Mich., ranks No. 15 on Automotive News' list of the top 100 global suppliers, with sales to automakers worldwide of $13.99 billion in 2021.

WASHINGTON — The Federal Reserve kept interest rates unchanged on Wednesday but signaled in new economic projections that borrowing costs will likely rise by another half of a percentage point by the end of this year as the U.S. central bank reacted to a stronger-than-expected economy and a slower decline in inflation.

In an effort to balance risks to the economy with a still unresolved fight to control inflation, "holding the target (interest rate) range steady at this meeting allows the committee to assess additional information and its implications for monetary policy," the rate-setting Federal Open Market Committee said in a unanimous policy statement issued at the end of its latest two-day meeting.

Further rate increases would "take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments," it said.

The Federal Reserve’s rate …

Shareholders give Toyota Chairman Akio Toyoda and other leaders multiple wins. The UAW and Clarios reach a new tentative deal in Ohio. Plus, the head of research for Autoliv, the world’s biggest maker of airbags and seatbelts, talks about how the company is evolving for a new era.

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American Honda Motor Co.'s future evolution is not only electric, it's digital.

As the introduction of the automaker's first new-era electric crossovers draws near with the Honda Prologue and the Acura ZDX, the company is just as focused on digitizing the user experience as it is on launching its first two competitive zero-emission vehicles.

The Acura ZDX will offer the brand's first iteration of Google Built In when it goes on sale early next year. The Honda Prologue, also scheduled for an early 2024 on sale date, will likely offer the same type of in-car digital experience.

The digital platform tethers the user to the vehicle through their Google profile and immediately enables a smartphone-less connected in-car experience.

Both 2024 model year EVs are being co-developed with General Motors on Ultium battery-electric platforms and represent the first major step toward American Honda's goal of selling 500,000 EVs in North America by 2030.

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DETROIT/AUSTIN, Texas - Automaker Stellantis said on Tuesday that it continues to evaluate Tesla's charging standard after Ford Motor Co and General Motors said they were adopting it.

"At this time, we continue to evaluate the NACS standard and look forward to discussing more in the future," Stellantis said in a statement to Reuters, referring to Tesla's charging design, the North American Charging Standard (NACS).

"Our focus is to provide the customer the best charging experience possible. Our Free2Move Charge brand will offer seamless, simple solutions whether at home or on-the-go through partnerships with charging providers," it said.

GM said last week it would join Ford in adopting Tesla's previously proprietary North American Charging Standard (NACS), set to dominate about 60 percent of the U.S. EV market with the partnerships.

A flurry of EV charging equipment makers subsequently said they would offer chargers with Tesla's connector, addin…

Lithia Motors Inc. confirmed it bought a majority of Virginia's Priority Auto Group —14 dealerships — from Dennis Ellmer on Monday, but the transaction did not include the group's two Lexus dealerships.

Ellmer is staying on with Lithia and will remain CEO of Priority Auto, Tom Dobry, Lithia's vice president of strategic operations, confirmed to Automotive News in an email.

Ellmer separately retained the two Lexus stores, Dobry said.

The transaction marks Lithia's first U.S. dealership deal of 2023 and even without the Lexus stores, marks this year's biggest deal in terms of the number of dealerships acquired, as tracked by Automotive News.

The acquisition builds off Lithia's small footprint in the Mid-Atlantic state and gives the auto retailer a sizable presence throughout Virginia.

The acquired dealerships in the Chesapeake, Hampton and Newport News, Va., markets include Priority Toyota Chesapeake, Priority Infiniti of Greenbrier, Priori…

WASHINGTON — U.S auto safety regulators told nearly two dozen major automakers on Tuesday not to comply with a Massachusetts vehicle telematics law, saying it poses significant safety concerns.

The National Highway Traffic Safety Administration said in a letter to major automakers they must comply with a federal vehicle safety law and not with a state law that requires open remote access to vehicle telematics and vehicle-generated data.

Because federal conflicts with and therefore preempts the state law, "NHTSA expects vehicle manufacturers to fully comply with their Federal safety obligations."  

The 2020 measure seeks to allow independent repair shops to access diagnostic data that newer cars can send directly to dealers and manufacturers to allow consumers to seek repairs outside dealerships.

The NHTSA said a malicious actor "could utilize such open access to remotely command vehicles to operate dangerously, including attacking multiple …

Join Automotive News at noon Eastern on Wednesday for a LinkedIn Live discussion on the future of AM radio in EVs.

Mike Ramsey, vice president and analyst at Gartner, will join Automotive News Executive Editor Jamie Butters and Staff Reporter Molly Boigon as they discuss the factors driving the exclusion of broadcast AM radio in vehicles, why some in Congress are pushing for it to stay and the larger EV landscape impacting the debate.

We will hear from AN readers who submitted their voice notes about AM radio and engage with commenters. We welcome questions and comments in advance

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Toyota thinks its future EVs will travel 900 miles or more on a single charge. GM picks Indiana for its newest battery plant. Plus, the Inflation Reduction Act's advanced manufacturing production tax credit is a game-changer for battery makers, but pushback is growing in Congress.

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Chinese battery maker Gotion Inc. plans to move forward with a $2.4 billion battery parts plant near Big Rapids after receiving results from a federal review looking into potential national security risks.

The company said the Committee on Foreign Investment in the United States determined in its review of the project that its proposed purchase of land in Green Township in Mecosta County "is not a covered real estate transaction and is not a covered transaction under the Defense Production Act of 1950," according to a Gotion news release.

A covered transaction is a deal subject to CFIUS jurisdiction. Covered transactions can include foreign investment in the United States and certain real estate transactions by foreign people that are reviewed to determine the effect of such deals on U.S. national security.

"We voluntarily submitted all the needed documents to the U.S. Department of Treasury Committee on Foreign Investment in the U.S. to be transparent…

Consumer Reports tests show brake lights on some electric vehicles from Hyundai, Kia and Genesis do not illuminate when the vehicle is brought to a stop while using aggressive regenerative-braking settings.

This potential safety concern means drivers following these EVs could have no warning that the vehicle is quickly slowing down. The lack of visual aid could lead to potentially hazardous situations.

When particular cars are set in the most aggressive "one-pedal-driving" regenerative-braking mode, the brake light won't illuminate unless the driver's foot is completely off the accelerator, even as the vehicle slows to near stop, said Alex Knizek, Consumer Reports' manager of auto testing and insights.

"Hyundai is aware of the customer concerns regarding EV brake light illumination. Hyundai engineering teams are investigating and reviewing our EV braking strategies. All Hyundai Motor Group electric vehicles meet the FMVSS No. 108 standard that regulates…