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Fisker Inc. said Thursday it completed a deal to go public by merging with a special-purpose acquisition company, with the proceeds funding operations and development of its first electric vehicle through the start of production in late 2022. Shares of the combined company are expected to trade on the New York Stock Exchange starting Friday
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The latest attraction at Yellowstone National Park will have nothing to do with majestic mountains or gushing geysers. Beep, a Florida-based mobility-services operator, says it will deploy two autonomous shuttles at the park starting in May 2021. The pilot program will be operated in conjunction with the National Park Service and help provide transit in
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WASHINGTON/SEOUL –The U.S. International Trade Commission on Monday delayed a decision in a trade secrets case involving South Korean battery makers LG Chem and SK Innovation to Dec. 10. LG Chem, an EV battery supplier for Tesla Inc. and General Motors, filed its trade complaints against SK Innovation in April 2019 in the United States
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Fiat Chrysler Automobiles and PSA Group are set to win European Union approval for their $38 billion merger to create the world’s No. 4 automaker, people close to the matter said. Following feedback from rivals and customers, the automakers only had to tweak the wording of their concessions to EU antitrust regulators, with no changes
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SHANGHAI — With the coronavirus outbreak largely contained since March in China, the local market for new passenger vehicles and light trucks has sustained growth for five straight months. But there has been little to celebrate for American brands here. Except for Tesla, demand for U.S.-brand vehicles remains subdued, leaving many of their dealers struggling
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Volvo Car USA’s newest crossover signals the next chapter of the Swedish automaker’s evolution. The 2021 Volvo XC40 Recharge P8, arriving in U.S. stores early next year, is the awkwardly named vanguard of a portfolio of emissions-free models. “Electrification by far is the highest priority in the company,” Volvo Car USA CEO Anders Gustafsson told
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Motional and Lyft said their self-driving ride-share service in Las Vegas is resuming after the coronavirus pandemic paused operations earlier this year. Motional, the joint venture between Hyundai Motor America and Aptiv, was rebranded in August and is relaunching in alignment with COVID-19 guidelines. According to a statement from Motional on Thursday, 70 percent of
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The streets of Miami and South Beach are filled with luxury and exotic vehicles. But few are Alfa Romeos.  Breaking into the chic market has been an uphill slog for dealers since the Italian brand’s U.S. return in 2014, and a group of Alfa Romeo dealers in the area have been working for more than
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Daimler is slowly pulling back the curtain on how its line of Mercedes-Benz sports cars will evolve as the leading luxury-vehicle maker goes electric. CEO Ola Kallenius has dropped hints this month that Mercedes plans to challenge brands including crosstown rival Porsche by introducing plug-in performance models. He told German monthly Manager Magazin in an
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Nissan North America is repositioning some senior leaders as the automaker works on a turnaround of the U.S. business. Two top executives will swap roles as part of the reorganization, Nissan told dealers Thursday in an email obtained by Automotive News. Nissan confirmed the moves, which take effect Nov. 1. Judy Wheeler, 58, will oversee
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Penske Automotive Group Inc. reported Thursday that its third quarter was the most profitable quarter in company history, driven by big per-vehicle profit gains, higher finance-and-insurance income and lower costs. Penske, the second-largest new-vehicle retailer in the U.S., said third-quarter net income more than doubled to $247.6 million. Revenue fell 0.1 percent to $5.97 billion.
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Tesla Inc. on Wednesday reported third-quarter net income of $331 million, extending its record streak of profitability to a fifth quarter as it aims to deliver half a million vehicles in 2020. The electric vehicle maker reported a 39 percent jump in revenue to $8.8 billion. It was aided by $397 million in regulatory credits
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The National Automobile Dealers Association elected Michael Alford as its next vice chairman, indicating he is likely to be the group’s chairman in 2022. Alford, 56, president of Marine Chevrolet-Cadillac in Jacksonville, N.C., was elected to the 2021 post during the association’s board meeting Tuesday — held virtually this year because of the coronavirus pandemic.
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DETROIT — General Motors is expected to announce on Tuesday significant investments to expand production of electric vehicles at a factory in Spring Hill, Tenn., and potentially other sites. GM said in a statement Monday that it planned to make a “major U.S. manufacturing investment announcement” on Tuesday. The Detroit News reported that the automaker
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SEOUL — Hyundai Motor and affiliate Kia Motors said on Monday that their third-quarter earnings would reflect quality-related costs amounting to a combined 3.36 trillion won ($2.94 billion). The costs would include additional provision expenses related to the South Korean automakers’ “Theta” engines, the companies said in separate regulatory filings. Hyundai Motor said a cost
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TOKYO — In the criminal trial of former Nissan director Greg Kelly here, testimony has painted a picture of Nissan officials going to extremes to avoid public scrutiny of Carlos Ghosn’s handsome executive compensation. According to testimony in the government’s case against the former human resources executive, a group of top brass — including a
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The full-size Ford pickup, traditionally the top-selling U.S. pickup, also became the most stolen vehicle of 2019, according to a National Insurance Crime Bureau report. NICB’s “Hot Wheels: America’s Top Ten Most Stolen Vehicle Makes” measures theft data submitted by law enforcement to the National Crime Information Center. The Ford pickup moved to the top
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TOKYO — Just as critics were wondering about the viability of General Motors’ fuel cell truck partnership with electric heavy-truck startup Nikola, two Asian competitors jumped headlong into the segment. This month, Hyundai and Toyota each unveiled plans to ramp up development and commercialization of hydrogen-fueled commercial vehicles to be launched from North America to
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Billionaire Robert F. Smith has been hailed as a brilliant investor who built Vista Equity Partners into a private equity powerhouse and a generous philanthropist lauded for paying off the student debt of Morehouse College’s entire graduating class last year. But federal prosecutors undercut that image on Thursday, saying Smith concealed income and evaded taxes
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