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The court-approved monitor overseeing Prime Automotive Group majority owner GPB Capital Holdings Inc. for the U.S. Securities and Exchange Commission is recommending that he remain in place for six months. Joseph Gardemal, managing director at consulting firm Alvarez & Marsal Holdings, said that after meeting with the U.S. regulator and GPB management, he suggests “continuation
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U.S. auto safety regulators have opened an investigation into certain airbag assemblies manufactured by parts supplier Joyson Safety Systems over a defect that could prevent the airbags from properly deploying during a crash. NHTSA said 256,181 passenger-side airbag assemblies produced by Joyson could be affected. It opened the investigation on Wednesday, April 7, according to
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TOKYO — Toyota’s advanced new automated-driving system has finally reached the market in Japan, packed with lidar, full over-the-air update ability and machine learning technologies — all firsts for the automaker. The Level 2 driving setup, marketed under the name Advanced Drive, went on sale here last week in a special grade of the flagship
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Daimler’s new flagship electric sedan will generate “reasonable” returns right from the start as the vehicle features top-line technology, CEO Ola Kallenius said. The Mercedes EQS, which debuts this week, will produce attractive profits while still lagging the returns of its combustion engine-powered sibling, the S-Class, due to the higher cost of electric-car components, Kallenius
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Jason Trevisan took over the top role at vehicle-listings company CarGurus shortly after the year began. The former finance chief, who succeeds company founder Langley Steinert as CEO, will steer CarGurus through the continuing pandemic while also expanding beyond its core listings business with new retail and wholesale tools — most recently, with the acquisition
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Genesis is making headlines recently. From the unfortunate crash that Tiger Woods suffered in a GV80 to the new GV70 compact crossover and X coupe concept, the Korean luxury brand seemingly can’t avoid the spotlight. And there’s more coming, too. Rumor has it that an electric GV70 is right around the corner (likely dubbed eGV70). There’s also
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New-vehicle sales in China spiked 75 percent in March to approach 2.53 million deliveries despite the ongoing microchip shortage, the China Association of Automobile Manufacturers said Friday. The stronger-than-expected rebound was due to abnormally low volume a year earlier when the coronavirus outbreak severely affected Chinese business activities including auto sales, the industry group said. Last month,
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The Center for Automotive Research plans to go forward with the annual Management Briefing Seminars as a hybrid event in early August, forgoing the virtual format it used last year because of the COVID-19 pandemic. The Ann Arbor, Mich.-based nonprofit research group has seminars scheduled Wednesday, Aug. 4, and Thursday, Aug. 5, 2021. As always,
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WASHINGTON — The Biden administration’s $174 billion proposal to boost electric vehicles calls for $100 billion in new consumer rebates and $15 billion to build 500,000 new electric vehicle charging stations, according to a U.S. Transportation Department email sent to congressional staff and seen by Reuters. The EV rebates, part of a $2.3 trillion infrastructure
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In a tightening horse race, Mercedes-Benz returned to the front in luxury segment sales for the first quarter, powered by strong demand for its luxury crossovers. But its lead has narrowed from a year earlier. In the first quarter of 2020, Mercedes was in first place with a comfortable 11,400-vehicle distance from the segment’s third-place
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Two of the world’s largest electric-vehicle battery makers have hired top Washington insiders to hold near-daily meetings with the Biden administration in a battle that could affect the electrification plans of Ford Motor Co. and Volkswagen AG. SK Innovation Co., Ford’s battery supplier for its upcoming electric F-150 pickup truck, faces a 10-year U.S. import
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Ford Mustang Full Overview Rest in thunder, 2016 to 2020 Shelby GT350. Your ethereal 5.2-liter Voodoo V-8 was too good for this low-redline world; not even the recently introduced, supercar-baiting GT500’s 7,500-rpm cutoff can match your 8,250-rpm supernova scream. Your loss is so profoundly felt, we’ve been casting about for some car—any car—to fill the
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Nissan Kicks Full Overview Consumer hunger for crossovers of all shapes and sizes has led automakers to respond to the demand by filling every niche imaginable with vehicles aimed to serve specific purposes. The Nissan Kicks is one such vehicle that does battle in the subcompact crossover segment, which contains nearly 20 vehicles. We spent
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Dealership owner Bernie Moreno is entering the race for one of Ohio’s seats in the U.S. Senate, the Cleveland-area businessman said Tuesday. Moreno, 54, is vying for the GOP nomination to succeed Sen. Rob Portman, a Republican who announced in January that he will not seek reelection. Portman’s term expires in 2022. “For me, it’s
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Intel Corp. CEO Pat Gelsinger will virtually attend a meeting being put together by President Joe Biden’s administration for April 12 to discuss the semiconductor supply chain issues disrupting U.S. automotive factories, according to a person familiar with the matter. Reuters previously reported the meeting will include Biden’s national security adviser, Jake Sullivan, and a
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