Month: May 2020

Even before the COVID-19 pandemic, the auto industry strained under the weight of billions of dollars in planned spending on new technology. The array of development projects, some with distant paydays, are often labeled as ACES — Automated, Connected, Electric and Shared vehicle technology. It now appears the global health crisis could prove fatal to
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The motor trade is calling for the UK to introduce a car scrappage scheme to help jump-start the economy and replace older, more polluting models. It came as Scottish car dealers urged the Scottish government to follow England’s lead and let showrooms reopen in the first phase of easing lockdown. A £400m incentive was offered
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FRANKFURT — German auto supplier ZF Friedrichshafen plans to cut up to 15,000 jobs, or around 10 percent of its work force, by 2025 as a result of a slump in demand, according to a company memo. ZF, which helps automakers develop gearboxes and hybrid drivetrains, said in an email to employees that half of the
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Nissan’s UK factory in Sunderland will stay open as the Japanese carmaker carries out a global restructuring amid the coronavirus pandemic. It will close its factory in Barcelona with the loss of about 2,800 jobs after the firm plunged to a $6.2bn (£5bn) net loss in the last financial year. Nissan is cutting production and
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Billionaire investor Carl Icahn sold out of Hertz Global Holdings Inc., the rental-car company that filed for bankruptcy last week, calling off a roughly six-year bet that lost him almost $1.6 billion. Icahn, 84, sold his entire 55.3 million shares on Tuesday for 72 cents a share, according to a regulatory filing. His holding represented
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Automakers criticized Europe’s 750 billion-euro ($827 billion) fiscal stimulus package for not outlining how the region’s auto industry will be helped to recover from the coronavirus pandemic, which has caused vehicles sales to collapse to historic lows. The plan, which is called “Next Generation EU,” aims to distribute grants to the EU’s 27 member states
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The organizers of the Geneva auto show have said the event may not be held next year amid a dispute with the local authorities over a bailout and a reluctance by some automakers to attend. The Swiss show was canceled this year due to the coronavirus pandemic. The Geneva International Motor Show (GIMS) Foundation, which
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With the 2021 5-Series luxury mid-size sedan, BMW proves that less is more—except when more is more.  The new sedan arrives this July with more power in some versions, more electrified options, and more screens. Its grille takes up comparably less space on its snout than some other BMWs (7-Series, we’re looking at you) and
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It usually takes Beep about a month to launch its self-driving shuttles on a new route. Following a late-night phone call at the onset of the pandemic, the mobility operator implemented a new route in roughly a week to assist in the fight against COVID-19. Planning, mapping, testing and training were fast-tracked so Beep could
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After unveiling the refreshed E-Class sedan and wagon earlier this year, Mercedes is now showing off its equally stylish and updated E-Class coupe and convertible. The two-door 2021 Mercedes-Benz E-Class models go on sale in the United States later this year with fresh exterior designs, updated interior technologies, and new, electrified powertrains. Like the sedan,
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Struggling luxury UK carmaker Aston Martin has announced that chief executive Andy Palmer has stepped down. Tobias Moers is taking over from 1 August, with Keith Stanton filling the gap as interim chief operating officer. Mr Moers joins from Mercedes’ high-performance subsidiary AMG, where he is currently chief executive. Aston Martin was struggling before the
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Iconic UK supercar maker and Formula 1 team McLaren plans to cut more than a quarter of its workforce after the coronavirus crisis hit demand. The firm employs around 4,000 people but 1,200 of those are to be made redundant, the vast majority in the UK. Motorsport events have been cancelled around the world by
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The love affair between California and Elon Musk has started to sour. Musk’s electric-car company, Tesla Inc., is California’s dream of a greener economy made real, growing from scrappy Silicon Valley startup to the world’s second-most-valuable automaker. Politicians point to his Los Angeles rocket company, SpaceX — poised to carry astronauts to the International Space
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MILAN — Marelli said on Wednesday it had secured additional capital and loans worth 130 billion yen ($1.2 billion) from top shareholder U.S. investment firm KKR and Japanese banks. The COVID-19 epidemic has forced most manufacturers to temporarily halt production and almost erased car demand in March and April, leaving automakers and suppliers in need
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At a brand not known for executive longevity, Saad Chehab’s tenure as head of marketing for Volkswagen of America was shorter than most — nine months. Chehab, 53, was replaced last week by the VW brand’s U.S. sales and marketing executive vice president, Duncan Movassaghi, 45. He will assume Chehab’s duties on an interim basis
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The Audi A4 sedan is historically the most familiar car in the automaker’s lineup and somehow the most overlooked. Say what? Next to manic coupe crossovers and all-electric wagons, it takes more than just a good value to stand out, apparently.  We give the A4 a 6.7 TCC Rating thanks to its stellar safety scorecard
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It looked for a while as if Rivian might power through the pandemic crisis unfazed, with interest in the startup’s electric pickups and SUVs gaining momentum following the completion of a $1.3 billion investment round in December. After Ford Motor Co. said it was investing $500 million in Rivian last year, Ford kicked off 2020
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