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Wells Fargo & Co. will pay $3 billion to settle U.S. investigations into more than a decade of widespread consumer abuses under a deal that lets the scandal-ridden bank avoid criminal charges.

The deferred-prosecution agreement with the Department of Justice spares the company a potential conviction that can create serious complications for banks, if it cooperates with continuing probes and abides by other conditions for three years. The accord also resolves a complaint by the Securities and Exchange Commission.

Investigators found Wells Fargo’s overly aggressive sales targets led thousands of employees to open millions of bogus accounts for customers and foist other products on them from 2002 to 2016, often by creating false records or misappropriating their identities, the Justice Department said Friday. That generated millions of dollars in fees and interest and in some cases damaged customers’ credit ratings.

“Our settlement with Wells Fargo, an…

TORONTO — Canadian parts giant Magna International Inc. on Friday said fourth-quarter net income in 2019 dipped 3.5 percent to $440 million due in large part to last year’s 40-day strike at General Motors’ U.S. plants and higher costs related to advanced driver-assist systems.

Revenue for the quarter ending Dec. 31 fell 7.3 percent to $9.4 billion as the company reported revenue declines across all four of its major divisions. Magna is the world’s third-largest auto supplier by annual sales to automakers.

The company pinned some of its earnings decline to higher engineering costs in its advanced driver-assist systems (ADAS) business, driven by the launch of three programs that utilize "new technologies." The company anticipates costs on those programs declining in the coming years, Magna CEO Don Walker said.

“What we thought we had to do with the scope of the projects was more than we anticipated,” Walker said Friday on a call with analysts and investors…

BEIJING -- Geely is launching a service for customers to buy cars online and get them delivered directly to their homes, in a bid to drum up sales as the coronavirus outbreak prompts buyers to stay away from showrooms.

Other carmakers such as Tesla, BMW and Mercedes-Benz have also started to promote products heavily online in recent weeks as the health crisis escalated and authorities warned people to stay away from public places.

Consumers can order and customize their cars on Geely's website, it said in a statement. It will also offer test drives where potential consumers will be able to arrange a drive starting from their home address in coordination with local dealerships.

The coronavirus has killed 2,236 people and stricken more than 75,400 in mainland China, and strict public health measures to contain its spread have severely disrupted business and consumer activity.

Sales of passenger cars in China, the world's largest auto market, plunged…

SAN FRANCISCO -- U.S. car owners suing Volkswagen Group over its 2015 diesel-emissions scandal want the federal judge overseeing the case to step aside.

U.S. District Judge Charles Breyer's "words and actions display a deep-seated favoritism that would make fair judgment impossible," Lauren Ungs, an attorney for the plaintiffs said in a court filing Wednesday.

The plaintiffs opted out of a $10 billion settlement between 600,000 car owners and the German automaker and are pursuing their own lawsuit for compensatory and punitive damages. Breyer has scheduled a jury trial for Feb. 24.

Breyer's recent rulings included one that disqualified Louis Freeh, a former FBI director and the plaintiffs' expert witness. They show he's "predisposed" toward the prior settlement, Ungs said.

VW objected to the removal of the judge in a separate filing Thursday, calling the request a "frivolous tactic" to try to delay the trial.

"The opt-out plaintiffs and the…

TOKYO -- Nissan and Honda delayed on Friday the restart of plants in China near the epicenter of a coronavirus outbreak, complying with authorities' directives, but raising the risk of further supply disruptions that could hit global car production.

Nissan Motor Co. said it would keep its plants in Xianyang in the central province of Hubei, and Zhengzhou in the neighboring province of Henan, shuttered after Monday, when it had planned to resume operations, but did not set a new date.

Honda Motor Co. said operations at its plants in Wuhan, Hubei's provincial capital in which the outbreak began, would remain suspended until March 11.

Toyota said it would resume production on Monday at its plant in Chengdu in the southwestern province of Sichuan, returning all four of its China assembly plants to operation from next week, but output would be limited at some.

In an email, Nissan said its delay was due to a directive by government authorities in Hubei …

BERLIN -- Tesla received approval from a German court to continue to cut down forest near the capital Berlin to build its first European car and battery factory, in a defeat for local environmental activists.

The court said in a statement on Thursday it had rejected urgent applications to stop the land being cleared of trees from several environmental groups, adding its ruling was final. It had temporarily halted the tree felling earlier this month.

The U.S. electric car maker announced plans last November to build a factory in Gruenheide in the eastern state of Brandenburg that surrounds Berlin, a decision that was initially lauded as a vote of confidence in Germany.

However, local and national lawmakers were caught out by the strength of opposition to the factory, with hundreds of demonstrators protesting over what they say is the threat it poses to local wildlife and water supplies.

Lawmakers from Germany's pro-business Christian Democrat and F…

TrueCar Inc., in a move it described as "unexpected," said Thursday that its partnership with USAA Federal Savings Bank will end at the close of the third quarter.

TrueCar's online car-buying service has been driven by a revenue-sharing partnership with USAA for 13 years and TrueCar expected to sign another long-term agreement with the lender, a company spokeswoman said in an email. USAA represents about 29 percent of the vehicles sold by dealers to buyers who connect through the TrueCar marketplace, TrueCar's spokeswoman said.

In an earnings call Thursday, TrueCar interim CEO Mike Darrow said the company was given "very little notice" of USAA's decision.

"To be clear, this announcement does not reflect on the service TrueCar has provided to USAA members over the course of a long and successful 13-year partnership," Darrow said. He added that USAA has decided to stop providing the car-buying service on Oct. 1 in an effort to simplify its business mo…

Spy photographers have captured the best look yet at the redesigned Ford F-150.

The next-generation pickup, due out later this year as a 2021 model, was spotted this week in light camouflage near the automaker's Dearborn, Mich., headquarters.

The crew cab caught undergoing road testing features what appears to be more stacked headlights, more horizontal fog lamps and a grille that closely mimics the midsize Ranger pickup. The F-150 also appears to have a more raised hood than the current model.

The interior of the vehicle is expected to undergo a more radical overhaul with at least a 12-inch touch screen, following the success of a similar-sized screen in Fiat Chrysler Automobiles' recently redesigned Ram pickup.

Ford is planning a hybrid model that's expected to debut this year, as well as a battery-electric version expected out in 2021.

A smooth launch is critical for Ford. The F-Series line of pickups, of which F-150 is a part, has been…

Porsche and Genesis took the top two spots of Consumer Reports' annual ranking of the most reliable automotive brands.

Subaru, which won the top spot in 2019, fell to third place.

Fiat came in last in the brand rankings for the fourth straight year. The lowest spots on Consumer Reports' rankings stayed relatively the same from last year, including Mitsubishi, Jeep, Land Rover, Cadillac, Jaguar and Alfa Romeo.

"CR only recommends one of the 36 total vehicles it has tested from that group — the Jeep Grand Cherokee," a press release Thursday said.

Acura fell eight spots to 24th place in 2020 due to its MDX and RDX crossovers, Consumer Reports said.

Tesla, which fell below the brand rankings last year, rose eight spots to 11th place due to improved reliability of the brand's Model 3 and Model S sedans. It ranked higher than any other U.S.-owned brand. Ford Motor Co.'s Lincoln line was the second-best America…

Editor's note: A previous version of this story misstated the timing of Visteon's estimated sales impact from the coronavirus outbreak.

Auto supplier Visteon Corp. on Thursday reported a 19 percent drop in fourth-quarter net income and a 1.8 percent bump in sales as the company battled lower industry production, vehicle launch delays at Ford and a strike at GM while new business rolled in.

Net income for the supplier of cockpit and instrument systems fell to $35 million in the fourth quarter, compared with $43 million in the fourth quarter of 2018, on sales of $744 million. Adjusted earnings before interest, taxes, depreciation and amortization increased 15 percent to $85 million. The company said product launches and updates helped offset lower overall industry volume.

For the full year, net income fell 57 percent to $70 million while sales slipped 1.3 percent to $2.95 billion due to lower vehicle production, negative currency exchange and customer…

French automotive supplier Valeo said on Thursday that even given auto sector uncertainty, it expects to outperform the market in 2020, which it sees down 2 percent, in terms of revenue generation.

Valeo, which specializes in the design, production and sale of components and services for the automotive sector, said its plants located outside Hubei province, which account for 90 percent of nominal sales in China, had resumed production with supply chains progressively getting back in order.

However, it added it was too early to evaluate the impact of the coronavirus outbreak in China on the company's 2020 results and the wider auto industry. "We respect all the rules implemented by the Chinese authorities", Jacques Aschenbroich, Valeo’s Chairman and Chief Executive Officer, said on a call organised for journalists.

He pointed out that the coronavirus situation seemed to be improving both in and outside Hubei, with increasing number of people recovering fr…

The number of U.S. new-vehicle dealerships fell from 18,294 in 2018 to 18,195 at the start of 2020, marking the first decline since 2013, according to the annual Automotive Franchise Activity Report.

U.S. dealership throughput, the average number of new-vehicles sales per dealership, also fell, to 940 in 2019, a decrease of eight units from 2018, according to the report produced by research firm Urban Science.

That 0.5 percent decrease "is small and still indicates continued stability overall," the report said.

California posted the biggest decrease in dealerships in 2019, down 28 to 1,478, followed by Illinois with nine fewer, and Ohio and Missouri with seven fewer each.

Texas saw the most growth, with 11 new dealerships in 2019, followed by North Carolina with four, and Pennsylvania and Tennessee with three new dealerships each.

The report found that 96 percent of the U.S. dealership networks showed virtually no net change.

"Califo…