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U.S. new vehicle sales are going to decline in 2018, but economists say used vehicle volume will grow 2 to 5% next year. The added used volume should help franchised dealers offset lower new vehicle sales, but independent dealers face greater competition for inventory, a panel of economists told the combined Used Car Week conference and National Auto Auction Association convention here. The used vehicle industry can expect a strong general economic climate but will face continued challenges of shrinking margins, lower vehicle prices, disruptive technologies and political and regulat...
With the launch of GM’s next-generation EV platform in 2021 the company is pretty convinced its electrified vehicle business will get more profitable. Automakers have been losing money for years on all-electric vehicles such as the Chevrolet Bolt in exchange for meeting tighter environmental regulations while positioning themselves for an expected increase in demand for alternative powertrains. General Motors plans to sell 1 million EVs annually by 2026, driven by ongoing cost reductions and the debut of at least 20 new all-electric and hydrogen fuel cell vehicles globally by ...
Tesla faces a lawsuit for racial discrimination at its California production plant. It’s at least the third filed this year by black workers who say they were addressed using racial slurs and that the company ignored their complaints. But Monday's lawsuit, filed by former Tesla employee Marcus Vaughn, is the first to bring those claims on behalf of a large class of black workers at the automaker's Fremont, Calif., factory. Tesla did not respond to a request for comment. The company is also facing lawsuits accusing it of discrimination against gay and older workers. It ...
As long as the brainpower of cars can keep up, they aren’t going to disappear from the market, Ford Motor Co’s top executive says. He thinks Ford’s future isn’t in giving up on cars, it’s in giving up on the dumb ones. Hackett, who became Ford's CEO when his predecessor was ousted in May, is pushing to accelerate the automaker's moves into connected, electric and self-driving cars around the globe. Ford announced on Wednesday a joint venture to manufacture and sell a new line of battery-powered cars in China after making a similar move in India ...
The range of the average battery-electric family crossover has increased to nearly 400 miles on a single charge, after years of continued incremental improvements in lithium-based batteries, combined with extreme weight savings from lightweight materials, a new generation of superefficient electric motors, and advances in automated driving that reduce energy waste. The new generation of fast chargers enables vehicles with depleted battery packs to be 80 percent recharged in the time it takes to down a cup of Tim Horton's coffee and doughnut, about five minutes. Even exotic sport...
