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GM to invest $81 million to build Cadillac Celestiq EV at Global Technical Center

GM to invest $81 million to build Cadillac Celestiq EV at Global Technical Center

DETROIT— General Motors plans to invest more than $81 million to build the Celestiq, Cadillac’s flagship electric vehicle, at the automaker’s Global Technical Center. The Celestiq, expected to launch next year, will be the first vehicle built at the Warren, Mich., tech center, which has been GM’s engineering and design hub since the 1950s. The …

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Ford CFO: Auto loan delinquencies on the rise

Ford CFO: Auto loan delinquencies on the rise

Ford Motor Co. CFO John Lawler on Wednesday said auto loan delinquencies are beginning to rise in what he called a “dynamic” economic environment. U.S. light-vehicle demand remains strong, though tight inventories in the wake of supply chain disruptions have undermined sales in recent months, driving transaction prices higher as incentives fall. Rising prices and …

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Electric truck consumers are placing more pre-orders than what they intend to buy, study finds

Electric truck consumers are placing more pre-orders than what they intend to buy, study finds

Electric truck consumers are using refundable reservations to pre-order more than one EV and keep their options open, according to a new survey conducted by battery health analysis firm Recurrent. The study, released Monday, surveyed more than 200 consumers who had at least one pending EV reservation between April and May and found purchasers tended …

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Two former FCA salesmen indicted on wire fraud charges over use of employee discounts

Two former FCA salesmen indicted on wire fraud charges over use of employee discounts

Two former salesmen at a Stellantis dealership in suburban Detroit were indicted last month on charges of allegedly defrauding the automaker by giving employee discounts on vehicles to customers who weren’t eligible. Apollon Nimo and Farrah Bottris Bahoo, who worked at Parkway Chrysler-Dodge-Jeep-Ram, each pleaded not guilty on June 3 in Detroit to charges of …

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Stellantis prepares for layoffs at suburban Detroit stamping plant

Stellantis prepares for layoffs at suburban Detroit stamping plant

Stellantis said on Tuesday it will begin an indefinite layoff starting next week at its Sterling Heights stamping plant near Detroit. The world’s fourth largest carmaker did not specify the number of employees being laid off but said, in an emailed statement to Reuters, that the decision was made “in order to operate the plant …

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Electric Last Mile’s bankruptcy petition shows more than $50 million in liabilities

Electric Last Mile’s bankruptcy petition shows more than $50 million in liabilities

Electric Last Mile Solutions Inc. filed Tuesday a voluntary petition for Chapter 7 bankruptcy, disclosing that it has more than $50 million in liabilities to dozens of creditors. The EV delivery van startup’s bankruptcy petition, filed in the U.S. Bankruptcy Court for the District of Delaware, is the first step of a liquidation process the …

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Polly acquires Driven Data to deepen engagement with car shoppers

Polly acquires Driven Data to deepen engagement with car shoppers

BURLINGTON, VT (June 14th, 2022) – Polly (formerly known as DealerPolicy), the leading insurance marketplace for automotive retail, today announced it has closed on an acquisition of automotive marketing and analytics company, Driven Data Technology, Inc. “This acquisition represents a unique opportunity for us to provide dealers with the solutions they need to drive more …

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Capstreet-backed Credit Bureau Connection adds David Carner as CEO

FRESNO, Calif., June 8, 2022 /PRNewswire/ — Credit Bureau Connection (“CBC” or “the Company”), a provider of credit report and compliance solutions to automotive dealers, lenders, and other end markets, announced today that David Carner has joined the Company as CEO, effective immediately. CBC is backed by Capstreet, a Houston-based lower middle market private equity …

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VW increases production at main EV plant as parts shortages ease

VW increases production at main EV plant as parts shortages ease

BERLIN — Volkswagen Group resumed a three-shift operation at its EV factory in Zwickau, Germany, starting Monday, June 13. Output at the plant, which builds full-electric cars for the VW, Audi and Cupra brands, is expected to increase to up to 1,300 vehicles a day, Automotive News sister publication Automobilwoche reported. After Russia’s invasion of …

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