Ariel Rutenbeck, 32, was charged with grand theft for allegedly altering Dimmitt Chevrolet's payroll, giving herself $28,000 in unauthorized bonuses.
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Ariel Rutenbeck, 32, was charged with grand theft for allegedly altering Dimmitt Chevrolet's payroll, giving herself $28,000 in unauthorized bonuses.
Parks Automotive Group in September bought three luxury dealerships as it entered a new market.
Stellantis said it has offered voluntary buyouts to some of its 13,000 U.S. salaried employees.
Automotive mirror supplier Gentex said Friday that supply chain challenges led to lower third-quarter profits, but also touted a sales increase compared with 2021.
Mazda's updated mid-term plan comes as the automaker races to recoup lost production from earlier in the year and tilts output toward higher-margin crossovers for the key U.S. market.
Adam Robinson, CEO of Hireology, said job seekers are most looking for schedule flexibility, career growth opportunities and fulfilling work.
The Department of Energy grants are designed to help spur innovation in developing silicon-based battery technology for electric vehicles.
The automaker donated a Chevy Bolt to the country's embassy in Washington as its latest contribution to help since the country has been under attack by Russia.
The automaker donated a Chevy Bolt to the country's embassy in Washington as its latest contribution to help since the country has been under attack by Russia.
"Eyes Wide Open" is a multiyear, multiplatform campaign featuring retired New York Yankees shortstop Derek Jeter and his wife, Hannah, touting the attributes of the Jeep Grand Wagoneer large SUV. The first one-minute commercial will air tonight during Game 1 of the World Series.
GM said late Friday it had temporarily halted paid advertising on Twitter after Elon Musk completed his takeover.
Argo AI Inc. will lay off 173 employees in Michigan after its main backers Ford Motor Co. and Volkswagen decided to pull the plug on the autonomous vehicle technology startup.
The Pittsburgh-based company will make the job cuts in waves starting Tuesday, according to a notice to the state. Operations will cease by the end of the year.
An unspecified number of employees "may be offered employment with a new company," the WARN notice said.
Ford CEO Jim Farley said Wednesday during a call with investors that the automaker plans to hire "a couple hundred" employees from Argo AI. VW said previously it working with Argo AI to find opportunities for its employees.
Ford declined to provide more information Friday.
Employees expected to be transferred to a different company will have the option to remain on Argo's payroll until Dec. 31, the notice said. Another group will also assist in winding down operations.
"Many of the employees will receive an opportunity to continue work on automated driving technology with either Ford or Volkswagen, while employment for others will unfortunately come to an end," Argo said in a statement.
Argo AI, founded in 2016 by Michigan natives Bryan Salesky and Peter Rander, quickly became one of the most promising companies in the AV space. In 2017, Ford made a five-year, $1 billion investment in the company.
"We are incredibly grateful for the dedication of the Argo AI team, and so proud of our achievements together," Salesky and Rander said in a statement. "The team consistently delivered above and beyond, and we expect to see success for everyone in whatever comes next, including the opportunities presented by Ford and VW to continue their work on automated driving technology."
Ford and VW pulling their support, and Argo's inability to attract new investors, doomed the company and casts a shadow on the future of self-driving cars.
"Profitable, fully autonomous vehicles at scale are a long way off and we won't necessarily have to create that technology ourselves," Farley said in a statement.
Ford did something rather astounding last week. It stopped lighting money on fire in pursuit of a goal it had severely underestimated.
Tesla Inc is recalling 24,000 2017-2022 Model 3s in the U.S. over a seat belt issue.
Franchised dealers have the entrepreneurial skill and spirit to adapt their businesses to meet a changing industry, executives at two retail technology companies said at the Automotive News Retail Forum: Chicago event.
The Tesla Cyberquad for Kids, made by Radio Flyer, failed to comply with federal mandatory safety standards, the Consumer Product Safety Commission, says.
Jim Farley says more than half of the company's commercial customers should be able to claim credits created by the recently signed Inflation Reduction Act startingin 2023.
Sonic Automotive Inc. posted higher third-quarter net income and revenue despite sales declines at its EchoPark used-only stores and new-and used-vehicle sales on a same-store basis at its franchised dealerships.
Average industry turnover was 34 percent in 2021 — the lowest level in the 11-year history of the National Automobile Dealers Association's annual Dealership Workforce Study.
Lear Corp. will open an $80 million plant and create hundreds of jobs in Michigan after winning a program with General Motors Co. that marks its largest electric vehicle deal and investment to date, the supplier said Thursday.
The Southfield-based company struck a deal with the automaker to exclusively supply the battery disconnect unit on all full-size SUVs and trucks built on GM's Ultium EV platform through 2030, according to a news release.
Lear said it is "working with state and local officials on a plan" to open the plant. The specific location was not disclosed, nor has the amount of potential incentives being sought for the project.
Crain's Detroit Business inquired with Lear for more details.
CEO and President Ray Scott alluded to the plan in an interview with Crain's earlier this month when he said that a push to localize supply chain created a need for an E-Systems plant in Michigan. Last month, it launched a just-in-time seating plant in Detroit on the former Cadillac Stamping site, which will supply GM's Factory Zero on the Detroit-Hamtramck border.
Lear makes the bulk of its $19 billion annual revenue from supplying seats.
"Lear is developing innovative technologies that are driving the widespread adoption of electric vehicles," Scott said in the release. "This additional new business with GM was made possible by Lear's recognized value proposition in electrification that combines flexible manufacturing operations and advanced Industry 4.0 automation technologies with our vertically integrated capabilities."
Battery disconnect units are the interface between an EV's battery pack and electrical system. Suppliers are locked in a fierce competition to win contracts for content in electric cars, which for now appear to be the future of the industry and contain a fraction of the parts in a gas-powered car.
"… It is important to make this investment in our backyard," Scott said. "This facility will provide hundreds of highly skilled jobs to the state and will be our largest investment in an electrification-focused production site to date."
Argo employees were told that some of them would receive offers from the two automakers, TechCrunch said, adding that it was not clear how many employees would go to Ford, Volkswagen, or lose their jobs.
U.S. deliveries of Polestar's anticipated Polestar 3 crossover are delayed until the fourth quarter of 2023, but the automaker isn't worried about the critical EV's late arrival.
Penske Automotive Group Inc. posted lower net income in the third quarter, as used-vehicle sales dipped.
NHTSA is requiring the EV maker to send a recall notice for an issue Tesla already started fixing.
Franchise Equity Partners is officially in the auto dealership business following a $70 million investment into Jonathan Sobel-led Georgica Auto Holdings.
Owners should park outside and away from structures or other vehicles until the recall is completed, according to Kia's filing with NHTSA.
Mercedes will withdraw from the Russian market and sell the shares in its industrial and financial services subsidiaries to Avtodom, a local investor.
The company, chaired by longtime GM executive Bob Lutz, is planning to open a 100,000-square-foot office and R&D tech center with the help of a $2.5 million performance-based grant from the state of Michigan.
GM's captive financing arm sees earnings, revenue drop in third quarter.
Bosch said it has secured "additional electromobility business" that requires an expansion at its South Carolina plant, which began producing electric motors for the Rivian R1T pickup this month.
U.S. lawmakers have been divided for years over how to amend current auto safety regulations to encompass self-driving cars, including the scope of consumer and legal protections.
Bosch said it has secured "additional electromobility business" that requires an expansion at its South Carolina plant, which began producing electric motors for the Rivian R1T pickup this month.
Net income soared to $3.3 billion as improved truck production and rising prices pushed the automaker's North American profit up 83 percent.
Toyota executives said they expect to sell 20,000 2023 Toyota Crown sedans in the U.S. as the brand brings back the nameplate after a 50 year absence. The fastback-shaped sedan goes on sale in November in U.S. dealerships.
The automaker would join VW, Toyota, Renault, Nissan, Hyundai and Mazda that have or are considering winding down their exposure in Russia after its invasion of Ukraine in late February.
A major blaze in South Korea that knocked out a wide range of key digital services for days snarled banking, ride-sharing and online deliveries — and is reigniting safety concerns in a nation that's a huge supplier of lithium-ion cells used in electric vehicles.
Mullen Automotive has tapped former GM exec John Schwegman to be the electric vehicle maker's chief commercial officer.
Photographers spotted Tesla CEO Elon Musk in northern Mexico meeting with economic officials. Local media suggested Musk could be looking for plant space or meeting with suppliers.
A working group within Toyota has been charged with outlining plans by early next year for improvements to its existing EV platform or for a new architecture, four sources told Reuters.
The price cuts also follows Tesla CEO Elon Musk's comment last week that "a recession of sorts" was under way in China and Europe, and Tesla said it would miss its vehicle delivery target this year.
A federal judge in Phoenix has given the green light to Mark Enterprises to pursue a lawsuit against state attorney general agents after a raid in October 2019.
This has spelled disaster for Aurora Innovation, TuSimple Holdings and Embark Technology, whose shares have each plunged at least 80 percent this year.
Wall Street suspects both companies could fall short of their 2022 forecasts, or underperform next year, with consumer demand dented by rising interest rates, higher oil prices and global economic slowdowns.
Operating profit was down 3.4 percent from a year earlier, while net income dropped 5.1 percent.
Steven Cliff had been acting administrator of NHTSA since February 2021, confirmed by the U.S. Senate in May 2022 as its 16th administrator. In August — less than three months after the Senate confirmation — the California Air Resources Board announced Cliff's departure from NHTSA to run the state agency.
Ouster's REV7 sensors have a maximum range of more than 400 yards that allows the detection of objects up to a quarter-mile away.
The second generation of Kia's Niro EV goes on sale this month in all 50 states, and the top-end Wave trim will cost $45,745, $200 less than its predecessor.
The British startup says its data can make roads safer, travel more efficient and automakers less isolated.
Onion Creek Volkswagen boosted sales of alignments and tires by establishing a process that all service advisers follow and by holding competitions. Commissions, bonuses and other spiffs are up for grabs each month.
Automotive News has made some promotions and changes to its editorial team to better support the publication’s coverage areas — the making, selling and thinking that goes into the business of personal transportation.
Join us on LinkedIn at noon Eastern on Oct. 27 for a live talk with Mark LaNeve, chairman of the auto dealership vertical at Franchise Equity Partners and former top sales and marketing executive at both General Motors and Ford Motor Co.
Chinese battery giant CATL has slowed its planning for investment in battery plants in North America on concern that new U.S. rules on sourcing battery materials will drive costs higher, two people with knowledge of the matter said.
Biden administration officials are discussing whether the U.S. should subject some of Elon Musk's ventures to national security reviews, including the deal for Twitter.
Tesla's advanced driver assistant software will not gain regulatory approval in 2022, Chief Executive Elon Musk said, signaling the company is not yet able to satisfy authorities that its cars can be driven without someone behind the wheel.
The automaker said it expects to lower its global production schedule amid global supply chain upheaval.
The automaker said it expects to lower its global production schedule amid global supply chain upheaval.
The agency's data show 16 fatal crashes involving vehicles with Level 2 ADAS systems have been reported since it ordered vehicle, equipment and software manufacturers to report them in mid-2021.
Tesla's advanced driver assistant software will not gain regulatory approval in 2022, Chief Executive Elon Musk said, signaling the company is not yet able to satisfy authorities that its cars can be driven without someone behind the wheel.
Baxter Auto Group sold four Stellantis dealerships to Edwards Auto Group, which kept two of the stores. Edwards Auto sold two dealerships to two different auto retailers.
Brembo Ventures will invest in startups globally, focusing on artificial intelligence, big data, sensors, mechatronics, energy efficiency and sustainability.
Porsche is still in discussions about a partnership in Formula 1 racing after discussions with championship leaders Red Bull broke down.
GM is considering adding an electric midsized pickup to its Hummer lineup according to people familiar with the matter.
Tesla CEO Elon Musk told analysts the automakers will deliver every vehicle its factories can build.
Tesla reported lower than expected third quarter revenue, as the EV maker delivered fewer vehicles than expected.
Ally Financial Corporate Treasurer Bradley Brown will serve as interim chief financial officer.
GM is considering adding an electric midsized pickup to its Hummer lineup according to people familiar with the matter.
Ally Financial said it was lending to or receiving auto finance referrals from 2,570 more car dealerships during the third quarter compared with a year earlier.
Waymo, Alphabet Inc.'s driverless-vehicle unit, plans to expand its robo-taxi service to Los Angeles, the third region where it will be offered.
Lithia Motors Inc., which continued its dealership network expansion in the third quarter, posted vehicle sales increases and record revenue.
Uber's new ad format is the first release under its unified ads division.
Porsche is adding a touring variant to the 911 lineup. The 2023 911 Carrera T, where the T stands for "touring," will slot between the 911 Carrera and 911 Carrera S.
It adopts the twin-turbo six-cylinder engine from the 911 Carrera that generates 379 hp and 331 pound-feet of torque.
The 911 Carrera T comes standard as a two-seater with a seven-speed manual transmission. Rear seats and an eight-speed dual-clutch automatic transmission (PDK) are available as no-cost options.
The 911 T has a top track speed of 181 mph and can sprint from 0 to 60 mph in 4.3 seconds.
With the PDK, that time dips to 3.8 seconds.
The 2023 911 Carrera T will reach dealerships by spring, priced from $118,050, including destination.
Passport Automotive agreed to pay $3.38 million to settle a Federal Trade Commission lawsuit filed against the dealership group for charging illegal fees and discriminating against Black and Latino customers. The dealer group denies it discriminated.
The Changwon plant, which will build GM’s so-called next-generation vehicles including an all-new Chevrolet crossover, is currently being remodeled and expanded as part of a plan that kicked off last year.
Depending on how the Biden administration chooses to interpret the law, the rule could leave Hyundai and some other foreign automakers at a disadvantage against EV makers eligible for the credit.
Gary Gilchrist, president of Gilchrist Chevrolet-Buick-GMC in Tacoma, Wash., was elected 2023 vice chairman during the association's board meeting Tuesday. This puts him in line to be chairman in 2024.
The self-driving unit of Intel said in a regulatory filing it is offering 41 million shares of common stock priced between $18 and $20 per share.
Tesla Inc. CEO Elon Musk continues to spar on Twitter over Ukraine and nuclear war while analysts and investors seek guidance on vehicle demand and future product
Henrik Fisker: “I am looking at bringing Ocean (SUV) production over to the U.S., and we are looking at some opportunities to produce as early as 2024."
The automakers said the provisions were needed because of engine recalls and more recent changes, such as longer lifecycles for used vehicles and lower scrap rates caused by a chip shortage, and an underestimate of engine improvements.
The Cadillac Celestiq EV, with a big price tag and an ultra-exclusive customer experience to match, represents the future direction of the brand.
Some question whether a city of about 8,000 has the ready-made automotive workforce to support a plant expected to employ up to 2,350 people.
The production version of the Jeep Avenger 4x4 Concept will mark the first time engineers have applied electric motors to create all-wheel-drive capability.
BMW will build Mini electric hatchbacks and a small SUV in China through its partnership with Great Wall Motor.
VinFast will recall 730 of its model VF e34 EVs, which are available only on the domestic market, to make checks and replace their side crash sensors.
The Avenger is the brand's first full-electric model, although it will be sold with combustion engines in some European markets.
The Vietnamese automaker is rapidly transforming into an electric-only brand with four EVs on display at the Paris auto show.
Hyundai's EV registrations more than doubled and Kia's more than quadrupled. Ford's also more than doubled, but it still slipped to third place.
The EQE crossover will be the second made-in-America Mercedes electric crossover. Output begins this year at Mercedes' plant in Vance, Ala. — one of seven EV production sites on three continents.
Inventory and days supply levels continued to recover in September from their record lows earlier this year as a slower selling rate allowed automakers to regrow some dealer stocks.
Point Predictive said auto dealerships have reported more fraudulent borrowers — and being forced by lenders to buy back the ensuing loans.
Mackey Auto Group, which formed in 2019, turned part of a former FedEx warehouse into a commercial vehicle service center. The ability to work on commercial fleets and large vehicles has quickly become an important part of the group's business.
Nikola founder Trevor Milton was convicted by a U.S. jury of fraud in a case alleging he lied to investors about the EV company's technology.
A new joint venture formed by Sony Group and Honda plans to introduce a premium EV and the automaker's U.S. dealers are anxious to be part of the sales process.
No BS: Akio Toyoda on his brother Bob, 200 countries of customers and carbon reduction.
Lincoln stores that want to sell EVs will need to invest more than four times as much as Cadillac is asking its retailers to spend, mainly to cover the cost of installing chargers for public use and service needs.
For Ultrafabrics, supplying seating material to the likes of Tesla, United Airlines and furniture makers isn't just good for the environment, it's a potentially lucrative, though challenging, business.
Renault and Nissan need one another to remain relevant in the electric age -- but first they must fixed a power imbalance that Nissan believes is unfair.
The unit will pay a $2.8 million civil penalty and $2.8 million to bring more electric school buses to schools in the South Coast Air Basin.
Amazon Web Services Inc. will collaborate with the BMW Group to create cloud software to deliver and manage data generated by connected vehicles.
Called Neue Klasse, the software is designed to aggregate vehicle data from multiple sources to expedite development of features and enhance software life cycle management. The software will also provide after-sale vehicle and driver-personalization features via over-the-air updates, Amazon said.
Neue Klasse, which serves as a foundation for BMW's future cloud-based vehicle data platform, collects data from individual vehicles and from fleets before processing it in the AWS cloud.
Most automakers have for years understood the value of data to their business, said Alex Oyler, director automotive technology research and consulting firm at SBD Automotive.
"But practical challenges in the collection and distribution of this data in a safe, secure and compliant manner presented economic and logistical challenges that have been difficult to overcome," Oyler said.
The availability of automotive-specific cloud services and the advent of in-vehicle data processing technologies make it possible for automakers like BMW to capitalize on vehicle data assets, he said.
The software automatically collects vehicle data in real time, examines the health of the source and manages access to the data to meet governance policies, AWS said. It uses AWS security protocols and process the data according to privacy requirements and individual client preferences.
AWS processing capabilities such as analytics, machine learning, and computing allow BMW Group to use the data to develop new vehicle features and applications. Only specialists in BMW Group divisions such as data science, artificial intelligence, business intelligence and vehicle application development will have access to the data, AWS said.
Neue Klasse will process around three times the vehicle data compared to the current generation of connected BMW vehicles, said Nicolai Krämer, vice president of Vehicle Connectivity Platforms for BMW Group.
"Rapid, data-fueled innovation is critical to unlocking next-generation vehicle capabilities for automotive organizations," said Sarah Cooper, general manager of AWS Industry Products in a statement.
BMW will be the first to deploy the software. It will be offered to other automakers to add features such as electric vehicle range enhancements and machine learning for autonomous operation throughout the vehicle life cycle, AWS said.
The partnership, announced earlier this week, aims to make games playable directly through the legacy automaker's infotainment displays.
Pohanka Automotive Group, led by NADA Vice Chairman Geoffrey Pohanka, acquired Ford, Kia and Stellantis dealerships in August.
The companies plan to invest $3.5 billion and create 2,200 jobs in central Ohio, but said the overall investment is projected to reach $4.4 billion.
Carvana launched a petition asking for support from Michigan consumers after the company's license to operate in the state was suspended last week.
The rollout plan prioritizes North America in 2026, with deliveries to Japan following and a European launch still under consideration.
With hopes of achieving better contract terms, more automotive suppliers are resorting to bankruptcy — or at least threatening it — in what has become in some cases a high-stakes game of chicken with customers.
West Coast charging network operator EVCS is looking to simplify powering electric vehicles by offering a choice of monthly subscription plans.
The move marks a departure from the way such networks typically operate. Most require a low monthly fee and charge an additional amount per kWh used.
"It really is a minefield across the various networks, be it time of day rates, location-based variances and hidden fees," Kirk Johnson, chief growth officer at EVCS, said Monday. "We're trying to cut through all that with a very simplified, predictable monthly fee."
The Los Angeles company now offers three subscription tiers for its West Coast network of close to 700 Level 2 or Level 3 public chargers. A Level 2 charger can top off an EV battery from empty in 4-10 hours. A Level 3 charger can fill a battery to 80 percent in 20 minutes to an hour depending on the charger and the network.
While clear-cut pricing is important, charging speed, availability and charger maintenance are also critical factors, said Mike Ramsey, a Gartner automotive and smart mobility analyst.
That has become a pain point for EV drivers who often encounter a shortage of public chargers or find them inoperable. Additionally, about a third of new-vehicle shoppers lack access to home charging.
"Pricing is one thing," he said. "But if [charger operators] can't guarantee availability and speed it won't matter what they charge."
EVCS' base Standard Anytime plan costs $49.99 a month and provides up to 200 kWh of charging, after which users pay $0.29 per kWh. EVCS said this plan is geared toward those who drive fewer than 1,150 miles per month and charge about seven times during the period.
The Unlimited Off-Peak Pro tier costs $99.99 a month and includes unlimited charging from 10 p.m. to 6 a.m. Outside those hours, subscribers are charged $0.29 per kWh. The company said this plan is best for those who drive more than 1,150 miles a month.
The top Unlimited Anytime Pro Plan is $199.99 per month. It's designed for long-distance commuters and gig workers who drive for ride-hailing or delivery companies and need 24/7 access to fast charging.
"These prices are quite low and very attractive – if the chargers are fast and work as advertised," Ramsey said.
Prices vary by location
While other networks don't offer flat-rate charging, they do provide discounts with memberships. Prices vary by location.
EVGo has three monthly subscriptions. In the Los Angeles area, the Basic plan costs $0.99 a month for a $0.34 per kWh rate. This is the same as the company's pay-as-you-go rate but avoids a $0.99 session fee charged each time an EV is connected.
EVGo Plus costs $6.99 a month and has a $0.25 per kWH rate, while the Plus Max plan is $12.99 a month for $0.22 per kWh, both without a session fee. In Michigan, the monthly subscriptions are the same, but the per-kWh rates are $0.32 for Basic, $0.28 for Plus and $0.32 for Plus Max.
Electrify America charges $0.43 per kWh to guest users and Pass members who sign up to use the company's app. A $4-a-month Pass+ membership drops the rate to $0.31 per kWh.
Electrify America, a Volkswagen Group of America subsidiary established in 2016 to offset emissions in the wake of Volkswagen Group's diesel-emissions scandal, occasionally offers free charging. Several automakers also provide free charging for a certain period as part an EV purchase. Tesla has its own DC Supercharger network and has offered incentive to owners.
The EVCS network
EVCS has 149 locations and 672 chargers in California, Oregon and Washington. Its network includes 431 Level 2 chargers and 241 Level 3 DC fast chargers. It plans to have more than 700 DC fast chargers operating by the end of 2023 across 88 cities.
EVCS focuses on the West Coast because it accounts for more than 50 percent of U.S. EV ownership. California alone comprises almost 40 percent of EV ownership nationwide, according to the U.S. Department of Energy.
With its subscription model, EVCS hopes to solve a pain point for EV owners over public charging pricing, particularly for high-mileage EV drivers, Johnson said. That includes those using EVs for ride-hailing and delivery gig work.
"That's one of the main customer segments we want to address with our new Pro plans," Johnson said.
The 2023 Kia Niro goes on sale this fall with a hybrid, plug-in hybrid or battery-electric powertrain.
Tesla says it is going to start delivering Semi trucks Dec. 1, five years five years after Elon Musk started taking orders for them. The first ones are going to PepsiCo but from there details are fuzzy.
Mercedes will use Microsoft Cloud for a data platform to improve production efficiency at its passenger car plants globally.
Hyundai Motor Group joins Volkswagen, Toyota and GM in creating new operating systems to run the software-centered cars of tomorrow.
The rear-wheel-drive M2, one of the most celebrated and revered nameplates in BMW's lineup, is getting a bigger footprint and power boost to enhance its driving dynamics.
Overall premium-brand sales rose 7.1 percent while the broader industry's sales flatlined.
The automaker is expanding its circular economy business unit as part of an effort to reach carbon net-zero status by 2038.
Honda’s new EV battery plant with joint venture partner LG in central Ohio will create a hub with its three existing plants for electric vehicles and their components.
The bankruptcy filing is the result of a half-dozen years of financial issues for the company, which supplies plastic parts, such as interior door handles, for automakers such as GM and Ford.
The exit mirrors a move by its alliance partner Renault, which sold its majority stake in Russian automaker AvtoVAZ to a Russian investor in May.
Contemporary Amperex Technology Co Ltd. expects its net income to surge to as much as $1.4 billion in the third quarter as the biggest maker of EV batteries benefits from strong sales.
The startup EV maker is recalling 13,000 vehicles for a minor repair. The recall includes nearly all of the vehicles it has delivered.
For a company already in "show-me" territory when it comes to production, the uphill climb of a startup automaker just got steeper.
The Nasdaq stock exchange told online used-vehicle retailer Shift Technologies Inc. it could be removed from the exchange if the company's stock price continues to remain below $1 per share.
Shift received the delisting warning from the Nasdaq's listing qualifications department on Oct. 4. The department informed Shift its stock price had stayed below $1 for 30 consecutive days, a violation of the exchange's listing rules, according to a document Shift filed last week with the U.S. Securities and Exchange Commission.
Shift has 180 days from the date of the Oct. 4 notice — or until April 3, 2023 — to raise its share price. It could face the delisting process if it doesn't, according to the filing.
Automotive News has reached out to Shift for comment.
Shift shares fell 6 percent to 60 cents in midday trading. That is down more than 95 percent from its all-time high closing price of $13.98 on Sept. 1, 2020.
The San Francisco-based company recorded a $109.2 million loss through the first half of 2022 as consumer confidence waned and used-market pressures flared up. In its second-quarter earnings statement, Shift said it would revise its business plan to focus on its West Coast presence and position itself as a retailer of budget-friendly used vehicles. That will put the company on track for long-term profitability, Shift President Jeff Clementz told Automotive News in late August.
Shift also announced in August its plan to combine with CarLotz, a used-vehicle consignment company, in a stock-for-stock merger it estimates will give the combined entity a better cash position. The two companies said they expect that transaction to close in the fourth quarter, pending shareholder and regulatory approvals.
Nissan sees Renault's reorganization to change an ownership imbalance that has been a source of friction between the automakers for years.
The startup EV maker is recalling 13,000 vehicles for a minor repair. The recall includes nearly all of the vehicles it has delivered.
Tesla delivered 83,135 China-made electric vehicles in September, smashing its monthly record.
Renault's plan to split its electric-car and combustion-engine assets, potentially involving China's Geely, has led to tensions in the French-Japanese alliance.
Renault's plan to split its electric-car and combustion-engine assets, potentially involving China's Geely, has led to tensions in the French-Japanese alliance.
Bespoke luxury automaker Bentley had an unusually high number of vehicles aboard the doomed car carrier when it caught fire in February. It finally delivered the last replacements to waiting customers last month, brand officials said.
New estimates show that 94,000 more vehicles were removed from automakers’ production schedules at assembly plants worldwide.
Renault's plan to split its electric-car and combustion-engine assets, potentially involving China's Geely, has led to tensions in the French-Japanese alliance.
Kettering University's Learning Commons is a four-story, 105,000-square-foot multiuse building designed for collaboration across its disciplines, which include manufacturing, engineering and more.
Demand is accelerating, Volvo says. However, infrastructure and brand loyalty are roadblocks.
In another setback for the used-vehicle retailer, already under probabtion, a Michigan investigation cited Carvana for repeated violations covering titles, registrations and odometers.
Cox Automotive reported prices were 0.1 percent lower in September than the same time last year when the index stood at 204.8. It's the first time since May 2020 wholesale values declined year-over-year.
Stellantis has been hit with another odor violation at its Detroit Assembly Complex on Mack Avenue, marking the sixth time in a year that state regulators have flagged the Jeep plant for air pollution.
The assembly and paint complex on the city's east side was cited Tuesday for "nuisance odors" recorded by inspectors Sept. 30, according to the violation notice from the Michigan Department of Environment, Great Lakes and Energy.
"During the investigation … (Air Quality Division) staff observed persistent and objectionable paint/solvent and chemical odors of moderate intensity (Level 3) impacting residential areas downwind of the facility," the notice said.
According to investigators, the odors were of "sufficient intensity, duration, and frequency" to constitute an "unreasonable interference with the comfortable enjoyment of life and property."
Stellantis said it is investigating the incident.
"Stellantis has been implementing corrective actions related to our Mack Assembly Plant as submitted to EGLE earlier this year," spokeswoman Jodi Tinson told Crain's in an email. "We are investigating this recent incident and will work with EGLE to address this issue in a timely manner."
The violation is the sixth issued to the automaker since September 2021. The plant launched production of the Jeep Grand Cherokee L in March of that year after investing $1.6 billion to convert two old plants comprising the Mack Avenue Engine Complex.
The latest violation comes close on the heels of the automaker and state reaching a tentative agreement on penalties for the air pollution, which calls for a $62,863 fine and a pair of community enhancements. More importantly, the agreement would allow Stellantis to install a regenerative thermal oxidizer, which it has said will eliminate the odor problem.
Before the enforcement action is finalized, a public hearing will take place Oct. 19, and a comment period will continue through Nov. 2. Residents near the plant have said the proposed penalties are not enough.
Four dealership groups expanded through five transactions involving Toyota, Buick-GMC, Volkswagen, Hyundai and Ford dealerships across California, Texas, Indiana and Michigan.
Booming demand for batteries powering the world’s shift into EVs is rekindling US cobalt production after at least a 30-year hiatus.
From electric vehicles to digital retail and over-the-air updates, auto dealers are facing a lot of change. Here’s how NADA would like to see brands work with their retail partners.
The carmaker will hand over Semis to PepsiCo on Dec. 1, Musk tweeted Thursday. The food and beverage giant has reserved 100 of the trucks and expects to deploy an initial 15 by the end of the year.
Johan de Nysschen, who previously worked for Audi, Infiniti and Cadillac, framed his departure from VW as a retirement from the auto industry and a chance to "truly relax."
GM said in a statement that it did not believe the verdict was supported by the evidence and planned to appeal.
Honda's first EV, the Prologue crossover, won't arrive until 2024. But in preparation, the automaker will use the new CR-V hybrid to hold onto EV-minded customers until the brand has one to offer.
GM's truck brand aims to solidify its position as the top seller of pickups priced at $75,000 and up.
The engine change will not impact Highlander's fuel efficiency but will result in an estimated 50 percent reduction in nitrogen oxides emissions and improved carbon dioxide emissions.
Two lines at Honda's Suzuka plant in western Japan will cut production by about 20 percent in October, while its assembly plant in Saitama prefecture, north of Tokyo, will lower production plans by about 40 percent for the month.
Toyota started recalling the bZ4X in June, just two months after the EV went on sale. The callback also affected the Subaru Solterra, a rebadged version sold by Toyota’s partner.
Our Next Energy plans to spend $1.6 billion to turn a building in Van Buren Township, Mich., into a battery cell plant by 2024.
Gotion is partially owned by Volkswagen Group. The automaker destined to get the batteries has not yet been disclosed.
If decades-old U.S. road weight limits are not increased, it could slow EV deliveries and increase costs, putting at risk this historic bet on zero-emission vehicles, advocates say. Highway safety experts disagree.
Former U.S. Senate candidate-hopeful Bernie Moreno sold his last dealership in August in Florida. But he's looking to acquire again.
Dennis & Co. Auto Group in August bought a dealership that had been slated to be purchased by LMP Automotive Holdings Inc. and another store from Bernie Moreno.
Bundling non-electric assets would help to improve hybrid-combustion technology and add scale to save costs, said Michael Fleiss, CEO of the Swedish branch of Aurobay, a joint venture of Volvo Cars and Zhejiang Geely Holding.
President Joe Biden says restoring manufacturing in the U.S. is key to beating China in the EV arms race. Michigan over the last few weeks still approved tens of millions of dollars in incentives for Chinese-owned auto suppliers.
Musk’s latest proposal to match the original deal terms means Twitter is facing a future under the leadership of a mercurial billionaire who has spent months publicly criticizing its management and questioning its value.
The deal is a boost for BYD, which seeking to establish a foothold selling electric vehicles in European markets including Germany.
Analysts see early signs of caution for the world's most valuable car maker, including for its increasingly premium pricing, at a time when the global economy is slowing.
In a Twitter poll posted on Monday, the Tesla boss proposed Ukraine permanently cede Crimea to Russia, that new referendums be held under U.N. auspices to determine the fate of Russian-controlled territory.
Jon McNeill, 55, was Tesla's president of global sales, delivery and service from 2015 to 2018.
The EV maker said "it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost," but some analysts were also concerned about demand for high-ticket items due to the weakening global economy.
The partnership on CPO incentives is a first for the Costco Auto Program.
Monthly U.S. auto sales have been stuck at around 1.1 million deliveries since August 2021 as automakers and dealers grapple with tight inventories and supply chain problems, notably a shortage of microchips.
The eagerly awaited reveal of Tesla's prototype robots was part of what Musk has described as an effort to have the company seen as a leader in fields like artificial intelligence, not just a company that makes "cool cars."