Tag: latest news on automotive industry

Plante Moran study: Auto suppliers in dark on EV plans

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The study captures North American automaker-supplier relations as parts makers navigate financial pressures stemming from inflation, unstable automaker production schedules, the shortage of microchips and rising interest rates. Those pressures, which began in late 2019 with the onset of COVID-19 and the UAW’s strike at GM, have tested relations between suppliers and their customers. Suppliers said there needs to be greater and more timely communication and transparency on short-term supply chain disruptions and on any changes in forecasting, Plante Moran reported. And it was found that many parts companies are frustrated by what they see as a disconnect between what…
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Insurers sue Hyundai and Kia over costs of easily hot-wired vehicles

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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 the payout to owners who have been affected by the social media-driven crime wave could top $300 million . The insurers, who filed a lawsuit in US District Court in Orange County, Calif., in March, say they have already paid out $190 million. They are…
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Robotaxi companies like Cruise, Waymo, Baidu seek scale

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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 May Mobility. Unlike Uber and Lyft, which rely on independent drivers who own and maintain their own vehicles, robotaxi providers must account for vehicle ownership and maintenance costs, whether they absorb themselves or partner with fleet management companies. That business is inclined to conventional taxi…
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New Toyota CEO touts a three-step plan to EV profits and productivity

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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 a completely new EV platform along with its Arene software system for cars. That will allow Toyota to leverage a new vehicle software system to unlock new revenue streams, business models and hyper-efficient product development cycles. The new setup being developed will enable Toyota’s future…
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Bob Loquercio Auto buys Ford, Toyota and Lexus dealerships

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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 Illinois, were renamed Peoria Toyota, Lexus of Peoria and Ford of Peoria. Loquercio said his brother, Anthony Loquercio, also purchased an undisclosed stake in the Peoria Ford store. Bob Loquercio said the group’s first Lexus store will get updated, with construction expected to begin in…
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Spain could get Peugeot 208 EV production, reports say

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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 competitive for EV manufacturing investment because of favorable tax conditions and relatively low labor and energy costs. The French government is working with Stellantis and its peers to locate as many vehicles as possible in France, a finance ministry official said, declining to elaborate. A…
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Pass right-to-repair bills targeting vehicles, Congress told

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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 electronics. “Manufacturing of automobiles, digital devices and agricultural equipment is increasingly becoming more technologically advanced and built with more embedded electronics,” the attorneys general, which represent states including California, Indiana, Maine, Michigan, Pennsylvania and Tennessee as well as the District of Columbia and Guam, wrote…
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