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Credit Acceptance Corp. has agreed, “in principle,” to pay $12 million to settle a lawsuit brought by shareholders. The subprime auto lender announced the proposed settlement in the federal securities case — brought by various pension funds — Thursday morning in a regulatory filing, writing that “the parties have agreed to negotiate in good faith …

Credit Acceptance agrees to $12 million settlement in shareholder lawsuit Read More »

The impact of the USMCA trade deal has been difficult to measure given the multiple economic disruptions that have occurred since it went into effect in 2020, but the deal remains a vital enforcement tool for the auto industry and beyond, according to a policy expert. Kellie Meiman Hock, managing partner at international trade consultancy …

USMCA trade deal important as a ‘functioning’ dispute mechanism, trade expert says Read More »

The U.S. auto industry needs a national emissions standard and consumer incentives for electric vehicles as automakers transition much of their lineups to EVs, said David Strickland, General Motors’ vice president of global regulatory affairs. The tax credit is “how you get the amount of vehicles at a price point where you’re really going to …

GM’s David Strickland: Industry needs EV tax credit for mass adoption Read More »

John Kuolt is certain of what he’s not doing as founder and CEO of the year-old UP.Labs. He’s not building a startup incubator, nor a studio, and definitely not an accelerator program. What exactly is he doing? “We’ve been trying to figure out how to best describe it,” he said, mulling his choice of words …

How a California ‘startup factory’ is sparking new ideas in automotive Read More »

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 …

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

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 …

Ford CFO: Auto loan delinquencies on the rise Read More »

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 …

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

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 …

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

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 …

Stellantis prepares for layoffs at suburban Detroit stamping plant Read More »

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 …

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