The widespread theft of vulnerable older Hyundai and Kia models not equipped with a crucial anti-theft device could end up costing the US insurance industry up to $600 million. Liberty Mutual, Nationwide, American Family and 65 other auto insurers, which comprise only a fraction of the country’s insurance companies, estimate that just their portion of…
Category: Automotive News
Canada’s Linamar will ‘immediately’ break ground on new plant
Canadian auto supplier Linamar Corp. plans to break ground “immediately” on a new plant in Welland, Ont., that will house three giga-casting presses capable of producing very large aluminum structural parts for electric vehicles. The Guelph, Ont.-based parts supplier announced the new site in the city south of Niagara Falls as it reported its first-quarter…
Elon Musk has found a new Twitter CEO
Elon Musk said on Thursday he has found a new chief executive for Twitter without naming the person and that he will transition to the role of chief technology officer of the social media platform within the next few weeks. “Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting…
France beats Germany, Netherlands to host the ProLogium battery plant
Macron, who personally met with ProLogium CEO Vincent Yang at the start of the vetting process, was due on Friday to officially announce in Dunkirk the 5.2-billion-euro ($5.7 billion) investment. Gilles Normand, ProLogium executive vice-president, said that after Macron, a former investment banker, pitched Yang more than a year ago Finance Minister Bruno Le Maire…
Cost of Windshield Replacement Is Going Up
Today, it seems as if the prices on just above everything (food, gas, rent) are going up–and glass is no exception. Unfortunately, maybe not all that surprisingly, the cost of automobile glass materials has been rising every month. . . and continues to do so. In fact, the Bureau of Labor Statistics’ Producer Price Index…
Shift Q1 earnings: Company reviewing ‘strategic alternatives’
Online used-vehicle retailer Shift Technologies Inc. said Thursday its board of directors is working with management and financial and legal advisers to assess a range of “strategic alternatives” for the company. in a statementShift said its board of directors was conducting a process to “explore and evaluate strategic alternatives, including exploring a potential sale of…
Braking defect prompts Tesla’s big recall in China
Tesla Inc. recalled virtually every car it’s sold in China due to a braking and acceleration defect that may increase crashes and safety risks. The automaker will deploy an over-the-air software fix to more than 1.1 million vehicles produced in Shanghai from January 2019 to April this year, plus some models imported into China, the…
45% of used-vehicle loan terms ‘frighteningly’ long at 84 months, up from 25% in 2021
With high vehicle values and high interest rates compromising affordability, buyers — particularly entry-level ones — have been forced to extend borrowing time frames, Ross said. “Consumers are looking to stay in a consistent monthly payment range to what they used to previously, so the only thing they have is to elongate that loan term,”…