NewsPaper: February 2022

Monday, February 28, 2022

ACV acquires vehicle damage-detecting AI company for $19M

Used-car online auction company ACV Auctions Inc. spent $19 million to buy Monk SAS, an artificial intelligence solutions company that automates vehicle damage detection.

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Lucid cuts 2022 production goal, misses delivery target

The California-based startup also said it shipped 125 cars to customers last year after targeting 500 deliveries.

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February U.S. auto sales expected to fall double digits as chip shortage lingers

Analysts are forecasting a SAAR of 14.1 million to 14.4 million, down from 15.2 million in January.

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GM's Cruise names interim CEO Kyle Vogt permanent chief

General Motors' Cruise LLC named founder Kyle Vogt the full-time chief executive officer.

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Sunday, February 27, 2022

Jose Valls creates EV charger company for dealers

Former Nissan North America chief Jose Valls' new startup will offer dealers and other commercial entities packages for ultra-fast EV charging.

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Tavares: Suppliers will need to eat cost to keep EVs affordable

Stellantis has laid out a bold vision for an electric future, but it doesn't plan on bearing the cost of this transition alone.

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Future Cadillac design to come from advanced concepts

Inspiration for Cadillac's future products will come from the brand's advanced concepts: a flying car, an electric, autonomous van and a two-passenger autonomous vehicle.

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As car carrier fire dies out, damage assessment begins

The vehicles aboard the charred hulk of the car carrier were weighted heavily toward the more expensive brands in Volkswagen Group, which could further boost the fire's costs when the full damages are assessed in port.

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Small Lincoln stores offer unique customer experience

A 4,200-square-foot boutique store at a high-end shopping district in Arizona is the first in the nation for Lincoln, and a chance to explore a new kind of dealership.

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Best Dealerships registration is open

For the 11th time, Automotive News is partnering with Best Companies Group to identify dealerships that have excelled in creating quality workplaces.

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Toyota touts bZ4X — but not in sales

Toyota is presenting its new bZ4X as superior to anything similar in Toyota's lineup in terms of torque, acceleration, rigidity, interior space, grip, safety and styling — but not sales potential.

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Israeli firm could give future Volvos a bigger head-up display

Volvo Cars has invested $1.5 million to get an early look into Spectralics' mixed-reality head-up display tech.

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Oakville crew sends Aldrin over the moon

In spite of production setbacks caused by the chip shortage, Oakville Assembly Plant employees, at the urging of former Ford CEO Jim Hackett, got Buzz Aldrin's order for a 2022 Lincoln Nautilus complete in time for his birthday.

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On-the-spot bots for campus deliveries

A new contract will send 1,200 of the little wheeled robots delivering food across 50 U.S. college campuses by year-end.

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Friday, February 25, 2022

Magna sees full systems, data as key in era of EVs

As the small but growing share of electric vehicles in the global new-vehicle marketplace continues to expand, much of what Magna is developing is now tied in one way or another to EVs.

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Connected-vehicle tech remains promising and elusive

Connected-car technology holds the potential to save lives, argue crash investigators who are once again calling for automakers to equip vehicles with the long-delayed ability to talk to each other.

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Volvo gives dealers its road map to EV future

Volvo showed dealers its plan to introduce 5 new and redesigned EVs and 2 plug-in hybrids over the next few years.

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Two contenders emerge in race to replace retiring Canadian union leader Jerry Dias

Dias has headed Canada’s largest private-sector union since it was formed in 2013 and has repeatedly said his third term as president will be his last.

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Dealerships sell in Florida, Texas and Massachusetts

Butler Automotive Group, Gilchrist Automotive and father-and-son duo Mark Rountree and Bob Rountree bought dealerships in transactions that closed in the fourth quarter and first quarter.

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Automotive News live talk March 1: PACE Awards and innovation

Join Automotive News at noon EST Tuesday, March 1 for a live discussion on our LinkedIn and Facebook pages about industry innovation and how to apply for our annual PACE and PACEpilot Awards.

For 28 years the Automotive News PACE program has honored superior innovation, technology and business performance among auto suppliers. Executive Editor Jamie Butters will talk with Kevin Chronicle from Bosch, a past PACE winner, and Douglas Ober, our interim director of judging.

They’ll give advice on what makes a good PACE and PACEpilot application and the state of innovation in the auto industry. Also joining them will be Leslie J. Allen, news editor for mobility coverage, and Lindsay Chappell, news editor overseeing auto suppliers.

Allen and Chappell bring decades of experience covering innovation and new technology emerging in the auto industry and personal transportation.

You may send questions in advance of the event to jbutters@crain.com.

The deadline to apply for PACE and PACEpilot is March 11.

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Ford to halt some F-150 pickup production for a week due to semiconductor shortage

Ford said it will halt production at its Kansas city assembly plant that makes F-150 pickup vehicles for a week due to global semiconductor shortages.

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Thursday, February 24, 2022

Volkswagen, top shareholder strike framework deal for Porsche stock offering

If an IPO happens, Porsche would be divided into 50 percent preferred shares and 50 percent ordinary shares, while 25 percent of the preferred shares would be placed on the market.

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Tesla stock sales by Elon Musk and brother Kimbal probed by SEC

The investigation is focused on transactions late last year just before Elon Musk polled Twitter followers asking if he should sell 10 percent of his stake in Tesla.

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Growing Foundation Automotive buys dealerships in Texas

Foundation Automotive Corp. of Canada bought five franchised dealerships in Texas on Wednesday, including its first BMW store.

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Bosch to acquire German mapping company in bid to boost automated driving development

Bosch says it will buy Atlatec, which creates high-resolution 3D maps for use in vehicles equipped with Level 3 or Level 4 automated technology. The company employs 25 people in Germany, Japan and the U.S.

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Toyota to partner with EVgo, offer bZ4X buyers one year free charging

Toyota Motor North America said Thursday that it will partner with charging company EVgo to provide one year of complimentary charging for customers who purchase or lease a Toyota bZ4X EV crossover when it goes on sale this year.

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Aluminum jumps to record high as Russian attack boosts supply risks

The gains will heap fresh inflationary pressure on buyers, particularly in Europe, who use aluminum in a variety of products including cars.

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Electric and top-end models boost Mercedes earnings

Revenue from top-end vehicles lifted earnings, bringing in 30 percent more revenue than last year while full-eletric models provided a 64 percent boost.

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More vehicles earn IIHS' top safety award as headlights improve

Sixty-five models received the Top Safety Pick+ award this year, compared with 49 models at this point in 2021. Another 36 models earned the Top Safety Pick designation, compared with 41 a year earlier.

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Wednesday, February 23, 2022

Postal Service fleet replacement deal shuns Biden EV plea

Postmaster General Louis DeJoy defended the decision, stressing that the fleet replacement is urgent while reiterating the Postal Service will buy additional battery-electric vehicles as more funding becomes available.

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Rough seas delay salvage operation for burning ship

Rough waters forced authorities to postpone a salvage operation for the Felicity Ace, the ship packed with luxury cars that has been on fire for a week in the middle of the Atlantic Ocean.

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Stellantis net profits nearly triple to $15.2 billion in 2021; N.A. margins surge to 16.3%

Profit margins in North America climbed to a record 16.3 percent last year from 10.1 percent in 2020. Eligible UAW members will get an average payout of $14,670. Stellantis did not report quarterly results.

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Stellantis beats profit target in first year after merger

The automaker's margin on its adjusted operating profit rose to 11.8 percent last year as synergies generated about 3.2 billion euros ($3.6 billion) in net cash benefits. Margins in the North America region climbed to a record 16.3 percent last year.

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Polestar enlists ZF, Autoliv to help create climate-neutral car

ZF will work with Polestar on ways to eliminate carbon emissions and save resources in the drive system. Autoliv will look to provide safety equipment such as airbags and seatbelts with zero emissions.

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Tuesday, February 22, 2022

New lawsuit says Tesla covered up employee safety violations, ignored racial harassment

"Tesla’s commitments to unrealistic production goals and frantic efforts to ramp up its production, often to make good on rash promises, overrode any commitment to employee safety," the complaint says.

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Group 1 sells Honda, Toyota dealerships in Massachusetts

Houston-based Group 1 Automotive sold Ira Honda in West Roxbury and Ira Toyota of Tewksbury, both in Massachusetts, to Automotive Management Services.

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Truck engine maker Cummins to buy Meritor for $2.6 billion

U.S. truck engine maker Cummins said it is acquiring truck parts maker Meritor for $2.58 billion in cash in a deal that could impact other major truck parts suppliers.

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Renault, VW, Stellantis, others potentially exposed to sanctions on Russia

A number of European automakers with operations in Russia could face repercussions if the U.S. and allies impose broad sanctions on Moscow over its conduct in Ukraine.

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Estimated loss from cargo ship fire rises to $335 million, report says

VW has not disclosed its potential losses from the fire aboard the crippled Felicity Ace and it is unclear how much insurance will cover the costs for the lost vehicles.

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Ford names mobility veteran as CEO of Michigan Central

Ford Motor Co. has named a CEO of Michigan Central, the innovation district the Dearborn-based automaker is building in and around the old train station in Detroit.

Joshua Sirefman, the co-founder and former president of Sidewalk Labs in New York, will take the helm of the district. Sirefman, 54, will be responsible for the real estate development, as well as collaboration across different sectors, Ford said in a news release Monday. He'll be in charge of the Innovation Services Business that oversees the agenda set by Ford, Google and other partners in the collaborative space.

Sirefman will also focus on recruitment and placemaking, as well as coordinating governance of the site to ensure there's sustainable innovation activity that takes place there.

His role will include oversight of Michigan Central Foundation, the new philanthropic arm that will provide training, programming and research for residents, students and businesses in the area.

Sirefman is the "perfect fit" to lead the development, Mary Culler, chief of staff to Ford Executive Chair Bill Ford and president of Ford's philanthropic arm, the Ford Fund, said in the release.

"His experience in mobility, developmental planning and community engagement — which was especially important to us — will be key to helping guide the district's team and partners along the path to meaningful innovation that truly helps in creating a more accessible future for all," Culler said.

"Like all things, the best ideas in mobility come from diverse perspectives and I firmly believe Michigan Central is uniquely positioned to both catalyze such ideas and support the long-term vitality of Detroit," Sirefman said in the release. "I see this incredible asset — Michigan Central — and the work developed and piloted here living at the nexus of physical, social and economic mobility. As an open platform welcoming all to break new boundaries in innovation across all three fronts, we have an exciting opportunity to be a world-leading place of impact — starting with Detroit communities and extending outward."

Sirefman is a New York native, but has ties to Detroit through the creation and operation of a program through the Islandview Village Development Corp., a nonprofit community redevelopment organization. The program transformed a declining industrial corridor into a model urban industrial area while encouraging job growth and economic development. Sirefman also co-designed a citywide grassroots industrial retention program as a member of Detroit Economic Growth Corp.

His experience includes urban planning, technology and government in the public, private, institutional and nonprofit sectors. Sirefman has a master's degree in urban planning from the University of Michigan and a bachelor's from Wesleyan University.

Sidewalk Labs was founded as an Alphabet company focused on urban innovation. Prior to its creation, Sirefman started Sirefman Ventures, a development services firm that leads transformative projects for corporate, nonprofit and government entities. It led Cornell University's bid in a New York City competition to attract a new applied sciences graduate program and helped lead the development of the Cornell Tech campus. Sirefman also was a member of New York Mayor Michael Bloomberg's economic development team and oversaw development in the United States for Brookfield Properties.

Michigan Central will operate as a wholly owned subsidiary of Ford Motor Co. The 30-acre district will focus on strategy and planning, business development, innovation services and mobility partnerships.

The district's goals include the future of mobility and through Michigan Central, a public-private partnership including Michigan and Detroit designated a Transportation Innovation Zone at Michigan Central, the first in the Midwest. It will allow companies to pilot technologies in a safe, real-world environment.

The former train station that anchors the district is set to open in 2023. Work is already being done through Michigan Central, including an app that helps visually impaired people navigate complicated urban landscapes, programs to support electrification of commercial fleets and work toward changing how goods move on the first and last 50 feet of their journey.

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Tesla plant opening hit by legal challenge over water

The region around Tesla's factory near Berlin is suffering from falling groundwater levels and prolonged droughts due to climate change. That has sparked a legal challenge that will go to court next week.

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Volkswagen in advanced talks on potential Porsche IPO

A separate Porsche listing could offer a new funding option for the group as VW's convoluted shareholder structure limits options to raise fresh equity capital such as rival Tesla has done. Bloomberg estimates the brand could be valued at up to $96 billion.

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Monday, February 21, 2022

Ford CEO: Ranger Raptor coming to U.S.

Ranger Raptor fans in the U.S. have had their prayers answered: The midsize performance pickup is scheduled to come here in 2023.

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Sunday, February 20, 2022

Qualcomm advances chips for a digital chassis

Qualcomm is bypassing Tier 1 suppliers to work directly with automakers on their next-gen digital platforms.

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EV battery recycling will be critical to more EVs

As the electric vehicle market expands, so is a new North American battery-recycling industry. Its aim: to clean up the battery business and help EVs live up to their promise of reducing global carbon emissions.

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California likely to get EPA waiver to set more stringent emissions rules

The EPA is expected soon to reissue a waiver under the Clean Air Act allowing California to set its own auto tailpipe standards and ZEV mandates that are more stringent than those set by the federal government, reversing a Trump-era rule that sought to block states from doing so.

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Waymo: Versatility key to autonomous vehicle strategy

Whether Waymo, still the only company that has deployed robotaxis without human backups open to the public in the U.S., has positioned itself as the self-driving leader or spread itself too thin is arguably the most important business-related question in the industry.

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