by Paul A. Eisenstein | Jun 11, 2020
Like its major competitors, Toyota has been hard hit by the coronavirus pandemic and the economic chaos it has triggered around the world, but the automaker’s Chief Executive Officer Akio Toyoda advised shareholders on Thursday that he expects to see the Japanese...
by Paul A. Eisenstein | Jun 10, 2020
(This story has been updated with additional details on the number of product delays, as well as new comments by analyst Jeff Schuster of LMC Automotive.) Hammered by the coronavirus pandemic – which has sent both sales and revenues tumbling and kept most designers...
by Michael Strong | Jun 10, 2020
This story has been updated with additional information. Ford Motor Co. and Volkswagen AG are moving forward on the next stage of their partnership, developing midsize pickups and commercial vans, targeting sales of 8 million units. The pair will work to develop two...
by Paul A. Eisenstein | Jun 9, 2020
It’s been a devastating year for the auto industry. The coronavirus pandemic is expected to result in a global sales decline of at least 20%, even as automakers wrack up record debt and fall into what one recent study described as a “profit desert.” Few companies have...
by Michael Strong | Jun 8, 2020
Each of the past few years, Americans have set new records for how many miles they’ve driven; however, the coronavirus pandemic has put a halt to that trend in recent months, including the 39.8% drop in April. The U.S. Department of Transportation revealed that...
by Michael Strong | Jun 5, 2020
New vehicle sales in May were better than expected, but overall were still down by about a third compared with last May. However, the real good news appears to be on the used-car side of the business appears to be on the rise. Used car sales were down 5% in May...
by Paul A. Eisenstein | Jun 4, 2020
After flattening out in May, U.S. auto sales ended the month with an unexpected burst of demand, but whether the sudden upturn – that saw many cities actually exceed pre-pandemic forecasts – will last is far from certain. As May came to an end, automakers began...
by Michael Strong | Jun 4, 2020
Automakers have been investing heavily in the development of autonomous vehicles; however, a new study suggests that effort may not produce the benefits expected, claiming self-driving cars will only reduce crashes by a third. The Insurance Institute for Highway...
by Michael Strong | Jun 4, 2020
Fuel cell technology leader Nikola Corp. completed its merger with VectoIQ Acquisition Corp. netting $700 million in cash, a new ticker symbol and some high-powered help in the form of a new board member. The deal, which was initially announced in March, just needed...
by Paul A. Eisenstein | Jun 4, 2020
Doctors are starting to discover that COVID-19 can have long-lingering effects. That’s no surprise to the auto industry which is expected to feel the impact for years to come, according to a new study which anticipates global vehicle sales will fall about 47 million...
by Joseph Szczesny | Jun 3, 2020
Former United Auto Workers President Gary Jones faces up to five years in prison after pleading guilty to embezzling more than $1 million dollars in union funds and tax evasion. Jones, 63, pleaded guilty to one count of conspiring to embezzle UAW dues money and...
by Joseph Szczesny | Jun 3, 2020
Mazda broke through the string of negative sales reports brought on the COVID-19 pandemic by reporting a 1% sales increase that countered the overall drop in vehicles sales during the month. Mazda benefitted from strong sales of the CX-9 crossover, which increased by...
