News

Uber Technologies Inc. drew more customers to its ride-hailing and food delivery businesses in a boost to its fourth-quarter revenue, but high costs at Uber Eats meant Uber continues to lose money as it tries to outspend competitors.

Total revenue rose 37 percent to $4.07 billion on a yearly basis, compared with analysts' average estimate of $4.06 billion, according to IBES data from Refinitiv.

However, net loss attributable to Uber widened to $1.1 billion from a loss of $887 million a year earlier.

Uber moved forward by a year its target to achieve profitability on an adjusted basis to the fourth quarter of 2020.

CEO Dara Khosrowshahi said the company would cut costs, aim to generate more repeat-customer business and try to increase use of premium ride services. He revealed the new profitability target on a conference call with investors after the company reported results.

Shares of Uber were up nearly 5 percent to $38.…

CHICAGO — The size of the global auto industry could triple over the next 30 years as proven electrification and mobility technologies mature, which is driving current investments in those areas, Audi of America's head of electrification says.

Speaking at the Chicago Auto Show, Cody Thacker, who's been with Audi of America for the last seven years, said the pace of electrification is increasing and barriers to adoption of electric vehicles are falling at a quickening rate.

"Why are auto businesses making huge investments in this technology? Because today, the auto industry is a $2 trillion industry. By 2050, with these changes, it is estimated to be a $7 trillion industry, and we're all fighting for a piece of that," Thacker told the Economic Club of Chicago on Thursday.

Thacker oversees development of infrastructure to sell and service electric vehicles for the German premium brand and its dealers. He is also responsible for partnerships that help Audi …

Toyota Motor North America is recalling about 52,000 vehicles over possible coolant leaks. The recall covers 2020 Toyota Avalon Hybrid, Camry, Camry Hybrid and Lexus ES 300h vehicles as well as 2019-20 Toyota RAV4 and RAV4 Hybrid vehicles.

The recall includes about 44,000 vehicles in the U.S., Toyota said in a statement Thursday.

Affected vehicles may be equipped with an engine block that was manufactured incorrectly, the release said, and can cause an internal and/or external coolant leak "during normal engine operation."

"This can lead to engine noise, engine smoke, warning lights/malfunction indicator illumination, an audible chime sounding, and/or, in some cases, engine overheating and possible internal mechanical engine damage," Toyota said in the release.

If the leak occurs in a conventional gasoline vehicle, it said, "the vehicle could stall while driving at higher speeds" without warning, increasing the risk of a crash. In both hybrid and …

Auto supplier Continental said it plans to start construction this year on a new plant in New Braunfels, Texas, that will manufacture products for advanced driver-assistance systems.

The German company said on Thursday it will invest $110 million in the new 215,000-square-foot facility over the next three years.

The plant will produce radar systems and will add more than 130 new jobs to the region, according to a press release.

"Advanced driver-assistance systems save lives," Frank Jourdan, Continental's board member for autonomous mobility and safety, said in a statement. "Continental is one of the world's market leaders in this area. We are benefiting from steadily increasing fitment rates in new vehicles."

"Over the next five years, we are planning further investments in the high-triple-digit million euro range in the areas of assisted and automated driving," Jourdan said. "The capacity expansion in New Braunfels i…

STOCKHOLM -- Volvo reported an 18 percent rise in fourth-quarter operating profit as cost cuts and growing sales more than offset the impact of subdued global auto markets.

The automaker, which China's Geely acquired from Ford in 2010, said its operating earnings were 5.29 billion Swedish crowns ($551.7 million) as revenues rose 8.4 percent to 79.2 billion crowns ($8.3 billion).

Sales of Volvos rose nearly 10 percent in 2019 - with growth of 23 percent in the fourth quarter alone - as increases in China and the United States and strong demand for a line of crossovers, its best-selling models, gave a boost.

"During the second half of the year, and specifically during the fourth quarter, both profit and profit margin outperformed the comparative period in 2018," CEO Hakan Samuelsson said.

"This is a result of continued strong growth in volume, especially in SUVs, as well as cost-efficiency measurements initiated early in 2019."

Automakers hav…

TOKYO -- Honda Motor Co. is considering keeping operations suspended for longer than planned at its three plants in the Chinese city at the center of the new coronavirus outbreak, the Nikkei newspaper reported on Thursday.

Honda said that the Nikkei report was not based on information provided by the company.

The Japanese automaker has suspended production at its plants in Wuhan, Hubei Province, through Feb. 13, but the Nikkei said that it was reconsidering its plans to restart operations from Feb. 14, without citing sources.

Output at most of Honda's other plants in China has been stopped through Feb. 9.

Automakers have suspended output at many factories in China in line with government guidelines to prevent the spread of the virus that has led to some 560 deaths in the country. 

Chevrolet will launch a freshened 2021 Equinox — with an RS trim option, restyled grille and redesigned front and rear fascias — this year.

Chevy gave reporters a preview of the updates at the Chicago Auto Show on Thursday. It will hit showrooms in the fall.

The latest changes are "really about the front and rear fascia upgrades, new headlamps, new taillamps, three new grille designs and new wheels, which we think really freshen it up and gives it that updated look that I think consumers are craving," said Brad Franz, Chevrolet's senior marketing manager for small to midsize utility vehicles.

Chevy sold 346,048 Equinox crossovers in the U.S. last year, up 4 percent from 2018, according to the Automotive News Data Center.

The Equinox makes up nearly a third of GM's small to midsize crossover and SUV sales, and it's GM's second-bestselling vehicle overall, behind the Chevy Silverado pickup.

It was one of th…

TOKYO -- Toyota's operating profit slipped 3.2 percent in the latest quarter as unfavorable foreign exchange rates and falling sales offset massive cost-cutting efforts. Operating profit declined to 654.4 billion yen ($6 billion) in the automaker's fiscal third quarter ended Dec. 31, Japan's biggest automaker said on Thursday in its earnings report. Net income more than quadrupled to 738 billion yen ($6.77 billion) in the period, but only because of the effects of unrealized gains from equity securities. Net income advanced only 1.4 percent to 584.6 billion yen ($5.36 billion) after stripping out the one-off factor. Revenue declined 3.3 percent to 7.54 trillion yen ($69.14 billion). Global retail sales dipped 0.8 percent to 2.69 million vehicles in the October-December period, including results from Toyota's Daihatsu small-car subsidiary and truck-making affiliate Hino. Worldwide wholesale volume retreated 3.8 percent to 2.2 million vehicles. In…

CHICAGO — Toyota will give its redesigned Highlander crossover a sporty new XSE trim level for 2021 — with an improved suspension and exterior and interior styling treatments — leading a parade of special-edition light trucks that the Japanese automaker showed at this week's Chicago auto show.

The 2021 Highlander XSE trim will slot between the redesigned three-row crossover's XLE and Limited trims when it arrives in the fall. Like other Highlanders, it will be powered by a 295-hp, 3.5-liter V-6 paired with an eight-speed automatic transmission and will be available in front-wheel or all-wheel drive.

Riding on 20-inch wheels, the XSE will feature higher-performance springs and a rear stabilizer bar, with retuned shock absorbers and electric steering for sportier performance, Toyota says.

On the outside, the front fascia, grille and lower spoiler are unique to the trim level and are buttressed by black-accented headlamps and light-s…

Jeep added to its mystique around 15 years ago with the Trail Rated moniker, a set of criteria that ensures its vehicles are ready for whatever consumers throw at it.

With the Gladiator Mojave trim, Jeep is ready to place a new stamp on its capability with the Desert Rated badge. The Gladiator Mojave, which comes with suspension upgrades and other enhancements, is the first Jeep model to get the label. The 2020 Gladiator Mojave makes its debut Thursday at the Chicago Auto Show.

The desert rating is based on several pillars: ride control and stability, traction, ground clearance, maneuverability and desert prowess.

FCA said the Mojave was put to the test on "harsh sand and desert terrain."

"The Gladiator Mojave was part of the Gladiator's inception. This is actually something that we were working on since the beginning, but we wanted to take our time, we wanted to make sure that it was right," Pete Milosavlevski, chie…

DETROIT -- General Motors issued a second recall Jan. 28 to fix issues caused by software intended to resolve a Dec. 12 callback for brake safety issues in some 2019 Chevrolet Silverado, GMC Sierra and Cadillac CT6 vehicles.

The original recall included about 550,000 vehicles globally, out of which about 162,000 were repaired with the flawed software, GM spokesman Dan Flores told Automotive News on Wednesday.

The first software error could disable the vehicle's electronic stability control or the antilock braking system, and no error indicators would illuminate, according to NHTSA documents. No accidents or injuries were reported in relation to the original recall.

The new recall, originally reported by the Detroit Free Press on Jan. 29, will include 128,519 vehicles in the U.S., Flores said.

"We have a group of people who look for trends to find problems early," he said. "Soon after we started realizing there were a bunch of warranty cl…

Uber Technologies Inc has been allowed to restart testing its self-driving vehicles with a backup driver in California, almost two years after its autonomous car killed a pedestrian in Arizona.

The California Department of Motor Vehicles issued a permit on Wednesday to the company's self-driving unit, Uber Advanced Technologies.

The company said it does not have immediate plans to engage in autonomous driving in the state, adding it would notify regulatory stakeholders before doing so.

The ride-hailing firm has taken a more cautious approach to testing its self-driving vehicles after the Arizona accident in March 2018, which led to the first death involving an autonomous vehicle.