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…
Tag: latest news on automotive industry
Robotaxi companies like Cruise, Waymo, Baidu seek scale
Robotaxis operate like ride-hailing services. Both incorporate data analytics to determine where rides will be needed, maximizing the utilization of their platforms. Customers hail them via apps. The similarities end there. “It is an entirely different business than ride-hailing,” said Alisyn Malek, CEO of consulting firm Middle Third and former COO of self-driving tech startup…
New Toyota CEO touts a three-step plan to EV profits and productivity
From now on, Toyota enters the second phase, when it will quickly incorporate learnings and improvements from those EVs into forthcoming model introductions. That stage will last until around 2026, when Toyota will have built up enough capacity to sell some 1.5 million EVs globally. The third phase kicks off in 2026, when Toyota introduces…
Bob Loquercio Auto buys Ford, Toyota and Lexus dealerships
Bob Loquercio Auto Group has expanded with the addition of three dealerships in Peoria, Ill. CEO Bob Loquercio and his namesake group on April 5 purchased O’Brien Lexus of Peoria, O’Brien Toyota of Peoria and O’Brien Ford of Peoria from Joe O’Brien of O’Brien Auto Team, Loquercio confirmed to Automotive News. The dealerships, in central…
Spain could get Peugeot 208 EV production, reports say
Governments across Europe are fighting for automaking jobs as the shift to battery power upends the industry. Securing production of a mass-market vehicle like the 208 would be a coup because it’s now Europe’s best-selling car, having ended the 14-year reign of the Volkswagen Golf in 2022. Spain is among countries that have become more…
Pass right-to-repair bills targeting vehicles, Congress told
WASHINGTON — A bipartisan coalition of state attorneys general are urging Congress to pass “expansive” right-to-repair legislation that, in part, targets the auto industry. In a letter sent last week to Democratic and Republican lawmakers, 28 attorneys general called on Congress to consider previously introduced legislation that focuses on repairing vehicles, agricultural equipment and consumer…
Carvana settles a long-running regulatory dispute with Illinois
An Illinois regulatory official said Tuesday the state has agreed to settle a long-running regulatory dispute with Carvana Co. Per the settlement agreement, Carvana can continue to operate in the state, Illinois Secretary of State Alexi Giannoulias said in a Tuesday video announcement. The retailer admitted to violating Illinois law and agreed to abide by…
Honda to create division to speed up EV development
In changes effective April 1, the new division would consolidate Honda’s electrification strategy and development of automobiles, motorcycles and power products such as generators, it said. The automaker also said it would combine six regional operations to three, composed of North America, China and associated regions including Japan, the rest of Asia and Europe. Integrating…