Month: August 2020

BERLIN — Daimler reached an agreement to settle U.S. proceedings relating to investigations into software to cheat diesel emissions tests that will result in costs of about $1.5 billion, the German carmaker said Thursday. The maker of Mercedes-Benz cars said it expects an impact on its free cash flow over the next three years as
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DETROIT — No auto show? No problem. The coronavirus pandemic is prohibiting consumers from getting an in-person look at Ford Motor Co.’s newest vehicles through elaborate show displays, so the automaker decided to take one product directly to their homes. Ford on Thursday announced an augmented reality feature called “driveway dealership.” It allows users to
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The 2021 Toyota Land Cruiser is a full-time four-wheel-drive icon with a handful of luxury touches. The Toyota Land Cruiser SUV is an icon. Its go-anywhere, haul-anything attitude is a direct link between utility vehicles from the past and modern luxury SUVs of today. It’s nostalgic and useful in all the right ways, but it’s
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Economic recessions usually cause businesses to pause expensive projects, downsize bullish ambitions and focus on shoring up their core operations. But the auto industry works differently sometimes. Especially now. Despite the chaos caused by this year’s pandemic crisis, several large-investment projects are pushing ahead this summer. Some began before the pandemic hit. Others are undertakings
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Electric commercial truck maker Nikola tried unsuccessfully to raise $1 billion in the private markets and only turned to a merger with a so-called blank-check company to go public as a way to raise the needed funds, its CFO said. Nikola quickly raised a $250 million commitment from lead investor CNH International last summer, but
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The revamped 2021 Hyundai Elantra didn’t wait long to out its wild side. On Wednesday, Hyundai let loose with its upcoming Honda Civic Si fighter. When it goes on sale in December, the 2021 Hyundai Elantra N Line will offer a 1.6-liter turbo-4 under the hood that makes 201 horsepower and 195.2 pound-feet of torque,
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If the DOT hadn’t invented double-yellow lines, the Honda CR-V would have been a great marker for the middle of the road. Honda fits the CR-V crossover with either a 1.5-liter turbo-4, a continuously variable automatic transmission, and front- or all-wheel drive—or a hybridized version, with electric motor and battery grafted on to a non-turbo-4.
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Automaker captives acted quickly in the early weeks of the coronavirus pandemic to assist their customers and dealership partners. Lenders granted payment deferrals and lease extensions on a mass scale for existing customers and fielded an influx of consumer calls and messages during a time of uncertainty. Most of this work was done from employees’
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LOS ANGELES — Hyundai giveth and Hyundai taketh away with the next-generation Elantra for the 2021 model year. Last week, it announced the discontinuation of the Elantra GT hatchback and its sporty N Line trim. This week, the Korean automaker confirmed that the new N Line version of the Elantra sedan will be equipped with
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Tesla Inc. says hedge fund Cable Car Capital LLC, which is shorting the company’s stock, is funding a former employee’s allegations that the company smeared him by accusing him of sabotage and stealing sensitive information. The automaker said in a filing Monday that Martin Tripp’s 2018 counterclaim against Tesla was being funded by Cable Car,
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The hills are calling and the 2021 Toyota 4Runner is ready to answer the call. This year, the 4Runner returns with a new special edition but not much else has changed from last year. The blocky, off-road SUV earns a 5.2 TCC Rating. Its capability and style give it some legs, but outdated safety scores
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DETROIT — Buick is positioning its newest vehicle, the 2020 Encore GX, to overtake its top-selling U.S. nameplate, the Encore. Over the past year, Buick has eliminated the upper trim levels of the Encore, which is now down to only the base model. Buick says reducing the number of trims helped increase sales last year,
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According to the latest reports from China, Made-in-China (MIC) Tesla Model 3 sales remained strong in July, although maybe not as high as one might hope. The total MIC sales* was about 11,041 according to China Passenger Car Association (CPCA), via Moneyball. * CPCA reports wholesale shipments, not registrations/deliveries. It’s also significantly less than near
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Tesla Inc. is splitting its elevated shares in a 5-for-1 exchange, a move timed to make the stock price less expensive for individual investors after becoming the world’s most valuable automaker. Its shares surged on the news in aftermarket trading. Each shareholder of record on Aug. 21 will receive a dividend of four additional shares
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