Automotive news

• Eminence Capital LP Cuts Stake in Group 1 Automotive, Inc. (NYSE ... - MarketBeat

  02-03-2023 20:52
  
  Eminence Capital LP Cuts Stake in Group 1 Automotive, Inc. (NYSE ...  MarketBeat
  
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• Hyundai Q3 earnings slump on lower demand

  24-10-2024 18:16 via autonews.com
  The earnings were hurt by warranty costs of 320 billion won ($231 million) for its Santa Fe crossover engines in the United States.
  
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• Newer AEB systems surpass older ones but still struggle at high speeds

  24-10-2024 17:24 via autonews.com
  Newer automatic emergency braking systems prevent about twice the number of crashes that older models do but still fail to stop crashes at high speeds, a challenge for automakers preparing to meet a strict new federal standard for the technology.Model-year 2024 vehicles with automatic emergency braking avoided 100 percentof forward collisions at 35 mph, a much better performance than 2017 and 2018vehicles, which avoided collisions 51percent of the time at that speed, according to resea
  
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• Penske expands service-scheduling AI pilot nationally

  24-10-2024 16:00 via autonews.com
  Penske Automotive Group's artificial intelligence platform to improve customer service and increase service and parts revenue is expanding across the auto retailer's dealerships nationwide.
  
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• Sonic Automotive Inc.’s Q3 net income rises on tax benefit

  24-10-2024 15:50 via autonews.com
  Sonic Automotive Inc.'s third-quarter net income rises with assist from tax benefit.
  
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• Used-vehicle power players Carvana, CarMax see AI uses in inspections, appraisals and more

  24-10-2024 12:00 via autonews.com
  Used-vehicle sales giants are among auto retailers assessing and expanding applications of artificial intelligence.
  
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• GM Canada delays St. Catharines EV motor output until 2027, affecting 1,000 workers

  24-10-2024 02:30 via autonews.com
  Unifor opened a labor action center in Niagara Region this month to help about 1,000 members find work following layoffs and retooling delays at General Motors Canada’s St. Catharines Propulsion Plant. 
  
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• GM sees China red ink grow in Q3 amid extended sales slump

  23-10-2024 23:50 via autonews.com
  GM is working to restructure its struggling business in China, where its market share has fallen amid heightened competition, particularly from domestic brands selling low-priced EVs.
  
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• Tesla posts Q3 net income of $2.2 billion, forecasts sharply higher 2025 deliveries

  23-10-2024 22:59 via autonews.com
  Tesla said it expects to launch lower-cost models next year. "Plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025."
  
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• Lithia saved $50 million more than planned through Q3, sees another $100 million soon

  23-10-2024 22:02 via autonews.com
  Lithia Motors Inc. by the end of the third quarter reduced expenses by $50 million more than the group's original target for a cost-cutting initiative launched this year, COO Adam Chamberlain said Oct. 23 on the company's Q3 earnings call.
  
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• Texas man, caught up in dealerships' feud, ticketed for missing license plate during test drive

  23-10-2024 21:41 via autonews.com
  Longo Toyota of Prosper said it was the first such incident, but police reportedly told the man they were having problems with area dealerships.
  
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• Ram's U.S. sales are rebounding after incentive drive, CEO says

  23-10-2024 00:24 via autonews.com
  Light-truck brand is trying to clear inventory ahead of two new launches by year-end: the all-electric Ram REV, and the Ramcharger, a battery-powered pickup with an on-board gas generator to boost range and towing capacity.
  
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• Rob Cochran in line to be NADA chairman in 2026

  22-10-2024 23:35 via autonews.com
  The National Automobile Dealers Association picked Florida car dealer Tom Castriota as chairman and Pennsylvania dealer Rob Cochran as vice chairman for 2025.
  
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• Dealership service departments gain ground on independent shops in latest CDK service study

  22-10-2024 23:21 via autonews.com
  Dealership service departments saw a 14-point jump in customer satisfaction scores in the latest CDK Service Shopper study.
  
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• VW China marketing chief Jochen Sengpiehl deported after drug test, reports say

  22-10-2024 22:06 via autonews.com
  Veteran marketing executive Jochen Sengpiehl's future at VW is uncertain. The automaker has launched an internal investigation after he was deported to Germany from China.
  
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• Qualcomm unveils powerful automotive chips that enable greater AI, ADAS capabilities

  22-10-2024 21:00 via autonews.com
  Qualcomm unveiled more powerful versions of its automated driving and digital cockpit platforms, delivering computing and AI performance several times greater than before.
  
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• Daily 5 report for Oct. 22: GM's bullish forecast suggests it handled higher UAW labor costs

  22-10-2024 21:00 via autonews.com
  UAW President Shawn Fain can either tell GM "I told you so," or he can say "I should have asked for more."
  
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• Service departments leverage the latest AI-based technology to help grow revenue, increase customer satisfaction

  22-10-2024 20:58 via autonews.com
  The number of dealership service departments applying artificial intelligence is multiplying, with the technology performing everything from booking appointments to suggesting conversational language for business development center workers. The result is increased service department revenue and, hopefully, happier customers.
  
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• Faulty fuel pump triggers Honda recall of over 700,000 vehicles in U.S.

  22-10-2024 20:12 via autonews.com
  A cracked core component in the fuel pump can lead to fuel leaks, increasing the risk of fire if an ignition source is present nearby.
  
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• GM Financial net income down 11% in Q3

  22-10-2024 19:22 via autonews.com
  General Motors Financial saw net income fall by more than 10 percent year over year in Q3 2024 earnings as the GM captive finance company grew its financing income but spent more on interest.
  
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• F&I tip: Look at buyers with lower credit scores as an opportunity

  22-10-2024 18:44 via autonews.com
  Auto lenders and dealerships should not ignore car buyers with lower credit scores, Armando Hidalgo, director of servicing at SameDay Auto Finance, said in a panel discussion at the Auto Finance Summit this month in Las Vegas.With many of those consumers "now needing credit, it is a good opportunity for us to capture some of that market," Hidalgo said. It is "also a good opportunity for borrowers to reestablish themselves."Auto lenders can manage the risks of customers with lower credit scores b
  
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• Toyota axle plant hiring drive focuses on San Antonio's military veterans

  21-10-2024 17:00 via autonews.com
  Toyota intends to promote its history of job stability and focus recruiting efforts on local veterans when it begins hiring for its new $541 million axle plant outside its truck plant in San Antonio.
  
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• In Brazil, BYD bets on agribusiness to spur hybrid pickup sales

  21-10-2024 14:59 via autonews.com
  Launching a hybrid pickup at a price premium to its rivals, and significantly more than the $53,400 the same vehicle costs in Mexico, represents something of a gamble.
  
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• For dealership AI adopters, success is mixed

  21-10-2024 13:45 via autonews.com
  Artificial intelligence has helped dealerships improve their back-office functions and service operations. Chatbots have been a mixed bag.
  
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• GM, Ford brace for investor scrutiny over Q3 pricing power, EV losses

  21-10-2024 13:30 via autonews.com
  GM is set to release its results for the July to September period on Oct. 22, while crosstown rival Ford will report on Oct. 28.
  
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• When affiliated axle supplier Hino bailed, Toyota Texas jumped in

  21-10-2024 11:00 via autonews.com
  Toyota Motor Manufacturing Texas is quickly building a 500,000-square-foot axle plant near its front gate that will begin production in late 2026 after its axle supplier announced it was exiting the market.
  
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• Teslas don't work as green squad cars, California police say

  21-10-2024 11:00 via autonews.com
  As an increasing number of cities in California require departments to buy zero-emission vehicles, police say the Teslas they're being put in make their jobs harder.
  
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• Forvia posts slightly lower Q3 sales, but wins new business from Chinese automakers

  21-10-2024 10:50 via autonews.com
  Forvia said it underperformed the local automotive production in China due to “customer mix evolution and start of productions delayed from 2024 to 2025.”
  
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• Column: A deep dive into how AI is changing the auto industry

  20-10-2024 19:00 via drupal.prod.autonews.com
  We've all learned a lot about generative artificial intelligence, its predecessors and machine learning in the last year and a half. It continues to pervade the automotive industry.
  
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• Longtime Ford supplier Dana explores sale of off-highway unit, report says

  20-10-2024 14:33 via autonews.com
  Any sale would leave Dana focused on passenger cars and trucks, making it potentially attractive for other automotive suppliers. 
  
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