Tag: auto news now

Where Ford will slash jobs in Europe

By Didi on August 1, 2024

Workers were told to expect concrete numbers of job losses from the automaker in mid-February, according to Cologne’s daily paper, the Kölner Stadt-Anzeiger. Industrial action threats Ford’s plans triggered a union threat of Europe-wide disruption. “If negotiations between the works council and management in coming weeks do not ensure the future of workers, we will join the process. We will not hold back from measures that could seriously impact the company not just in Germany but Europe-wide,” IG Metal said. Ford of Europe produces, sells and services Ford brand vehicles in 50 markets, employing around 45,000 people at its own…

Magna, Linamar, Martinrea on 2023 Automotive News Top 100 Global Suppliers List

By on July 7, 2023

Just three Canada-based auto parts makers find themselves in 2023 Automotive News Top 100 Global Suppliers List. That’s two fewer than a year ago. The list, released Monday by sibling publication Automotive News in Detroit, tracks sales to automakers from the previous year. Magna International Inc., Linamar Corp. and Martinrea International Inc., landed on the list. Magna, based in Aurora, Ont., remained fourth on the list. It’s the only Canadian company in the top five. Magna had sales of $37.8 billion (all figures in USD) to automakers worldwide, up 4.4 per cent over the previous year. The company was also…

Buick Electra E4 goes on sale in China

By on June 25, 2023

Buick launched sales of its second Ultium platform-based electric vehicle, the Electra E4, this week in China, as General Motors continues to expand its lineup of EVs in a key market. The electric coupe, available in two- and all-wheel-drive versions, is priced from 189,900 yuan ($26,448) to 259,900 yuan, GM’s China unit said. It is 4,818 mm long, 1,912 mm wide and 1,581 mm tall, with a 2,954 mm wheelbase. The two-wheel variant, installed with a 65 kWh battery pack, can drive up to 530 kilometers on one charge. A permanent magnet synchronous motor in the front generates a maximum…

45% of used-vehicle loan terms ‘frighteningly’ long at 84 months, up from 25% in 2021

By on May 13, 2023

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,” he said. Ross, Karwel and Abraham saw little relief in sight for buyers as both new- and used-vehicle inventories remained tight. UPSIDE: MORE F&I SALES For dealers, however, the longer loan timelines are creating opportunities. Finance and insurance products, once pitched when selling new-vehicle sales,…

Study reveals drop in customer satisfaction for independents

By on May 8, 2023

Recent numbers from research firm Ducker Carlisle showed growing dissatisfaction with franchised dealership service departments. This week, JD Power released its 2023 US Aftermarket Service Index Study that showed an overall decline in satisfaction with independent repair facilities as well. The data firm revealed independent shops dropped in all three categories that make up the study — quick oil change, full-service maintenance and repair and tire replacement. Shops were scored on seven measures within each of the three segments. These include ease of scheduling, fairness of charges, service adviser courtesy and quality of work. This is the fourth year of…

Aston Martin to renew DB11, Vantage, DBS sports cars in 2023

By on May 4, 2023

LONDON — Aston Martin will reveal the first of its overhauled sports-car range at the end of this month, Chief Financial Officer Doug Lafferty said. The automaker has promised to reveal new versions of its three core sports-car models – the DB11, Vantage and DBS – over the next 12 months. The company has not said which will be first, but the DB11 is the oldest model in its lineup. Aston Martin will increase prices on all three cars as it looks to return to profitability with a target margin of 40 percent. “All the next-generation sports cars carry that…

Tesla will shoot for volume over profit: Elon Musk

By on May 1, 2023

Tesla missed market estimates for first-quarter total gross margin after cutting prices in the US and globally. The electric vehicle maker reported a total gross margin of 19 percent, compared with an expectation of 22 percent from analysts polled by Refinitiv, Reuters reported. Net income during the most recent period dropped 24 percent to $2.5 billion. Tesla reported global deliveries of 422,875 in the first quarter, a 4.3 percent increase compared with the previous quarter. That small growth suggests price cuts were necessary to maintain momentum amid rising EV competition and higher interest rates. The EV maker likely sold 161,630…

LUXURY: Tesla Q1 sales more than double those of BMW

By on April 17, 2023

The entire US luxury sector sales rose 23 percent to 616,970 cars and light trucks in the first quarter, outperforming the broader industry’s 8.4 percent bump. In the first quarter, BMW sales rose 12 percent, and the automaker secured a more than 14,000 vehicle advantage over No. 3 Lexuses. The Toyota luxury brand delivered 68,251 vehicles, up 6 percent from a year earlier. BMW, which commanded a 13 percent share of the luxury segment, extended its lead over German rival Mercedes-Benz with a more than 20,000-vehicle advantage. Mercedes’ sales of 61,531 were down 1.2 percent from the prior year as…