Ford Motor Co.’s Jim Farley will replace Jim Hackett as CEO on Oct. 1, capping a leadership transition that was telegraphed in February by Farley’s promotion to chief operating officer amid chronic dissatisfaction with performance of Ford shares. The 58-year-old Farley — an auto industry veteran with a background in marketing and an eye on the… Continue reading Ford’s Farley to replace Hackett as CEO, focusing on growth, acceleration
Category: US Motoring Press
Honda recalls 1.6M vans and SUVs in 4 different US recalls
Associated Press Published 9:19 a.m. ET Aug. 4, 2020 | Updated 10:04 a.m. ET Aug. 4, 2020 Detroit – Honda is recalling over 1.6 million minivans and SUVs in the U.S. to fix problems that include faulty backup camera displays, malfunctioning dashboard displays and sliding doors that don’t latch properly. The problems were revealed in… Continue reading Honda recalls 1.6M vans and SUVs in 4 different US recalls
GM: Millions of dollars in offshore bank accounts fueled Fiat Chrysler scheme
CLOSE General Motors is suggesting that former UAW Vice President and ex-GM board member Joe Ashton was acting as a paid mole inside the company’s boardroom during 2015 contract bargaining as it seeks to revive its racketeering lawsuit against Fiat Chrysler Automobiles. Adding potentially more intrigue in the long-running UAW corruption scandal, GM also claims in a court filing Monday… Continue reading GM: Millions of dollars in offshore bank accounts fueled Fiat Chrysler scheme
GM invests in Lordstown Motors merger that will make it publicly traded
CLOSE Electric-truck maker Lordstown Motors is becoming a publicly traded company in a deal that will add $675 million to its coffers and boost its valuation to $1.6 billion, the company announced Monday. This transaction includes a $500 million fully committed private investment in public equity (PIPE), which includes $75 million of investments by General… Continue reading GM invests in Lordstown Motors merger that will make it publicly traded
As Sales Rise, Automakers Ramp Up Production
Just two months ago, the auto industry was bracing for disaster. As the coronavirus spread, automakers shut down plants, and car sales plunged. But the industry is starting to breathe a little easier. Factories are churning out trucks and sport utility vehicles, with many of the plants nearly back to production levels that prevailed before… Continue reading As Sales Rise, Automakers Ramp Up Production
Honda Hackers May Have Used Tools Favored by Countries
A computer virus hit the Japanese automaker Honda this week, disrupting its internal computer networks, forcing it to shut factories across the globe and leaving employees cut off from email or internal servers. While Honda has declined to name the attackers or the tools they used, cybersecurity analysts said that the attack appears to have… Continue reading Honda Hackers May Have Used Tools Favored by Countries
Lordstown Motors to merge with acquisition company, go public
Detroit — Electric vehicle startup Lordstown Motors Corp. and DiamondPeak Holdings Corp. have entered into a $1.6 billion merger agreement that will result in Lordstown becoming publicly listed, the two companies said Monday. Lordstown’s merger with the special purpose acquisition company is viewed as a way to aid in the development of Lordstown’s all-electric pickup truck, the Endurance, which was unveiled… Continue reading Lordstown Motors to merge with acquisition company, go public
Ferrari expects at least 1 billion euros profit in 2020
Daniele Lepido, Bloomberg Published 9:53 a.m. ET Aug. 3, 2020 | Updated 10:02 a.m. ET Aug. 3, 2020 Ferrari NV narrowed the range of its full-year profit guidance toward the lower end after the supercar-maker was forced to shutter factories for seven weeks because of the coronavirus pandemic. Ferrari, controlled by the Agnelli family’s investment… Continue reading Ferrari expects at least 1 billion euros profit in 2020
Ford’s plan to defer government loan payments a ‘concerning sign’
CLOSE For Ford Bronco fans it has been a long wait to see a new Ford Bronco model. The wait is finally over as Ford reveals the 2021 Ford Bronco and Bronco Sport. Wochit Ford Motor Co. confirmed Friday that it sought and won permission from the U.S. Department of Energy to defer debt payments… Continue reading Ford’s plan to defer government loan payments a ‘concerning sign’
GM makes huge effort to increase fast-charging stations for electric vehicles
CLOSE General Motors wants people in battery electric vehicles and to make that more appealing, the automaker will start setting up thousands of fast-charging stations in the parking lots and public spaces across U.S. cities and suburbs. GM has partnered with EVgo, the largest public fast-charging network for electric vehicles, to triple the size of the U.S.’ public… Continue reading GM makes huge effort to increase fast-charging stations for electric vehicles