Jim Hackett to retire as CEO of Ford; Jim Farley named successor

After being elevated to COO in February, Farley convinced his bosses, Jim Hackett and Bill Ford, that it was time for him to take over the company with the leadership he demonstrated amid the coronavirus pandemic.

Ron Gettlefinger, who has avoided virtually all media interview requests since retiring in 2010, blasted the automaker in an open letter published through the UAW.

GM is aiming for at least 50 percent of the materials in its vehicles to be sustainable by 2030, but that goal will only be achieved with the help of suppliers, said Dane Parker, GM's chief sustainability officer.

Sonic Automotive named Keri Kaiser a director, making her the only woman on the retailer's board.

The recalls cover 1.6 million total recall repairs. No injuries or fatalities related to the recalls have been reported, the automaker said.

EVs are at an inflection point as mass-market consumers gain reassurance that charging is widely available and designs look more traditional.

The auto industry is sorting out USMCA compliance, looming tariff threats and disruption from the coronavirus pandemic, industry experts said Tuesday during a virtual version of the annual CAR Management Briefing Seminars.

The company reported $1.8 billion of cash and cash equivalents and $2.5 billion of total liquidity. Lear is "aggressively managing costs ... and we are confident in our liquidity position," Lear said.

Lithia Motors is continuing its acquisition spree, this time buying four import brand stores in Dallas and Austin, Texas.

Hackett will step down Oct. 1 after leading the company for more than three years. Ford said Hackett would work with Farley over the next two months to ensure a smooth transition.