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Toyota shrugs off pandemic and chip shortage as quarterly profit nearly doubles

The automaker's operating profit surged to $6.26 billion in the fiscal fourth quarter as it booked a 9 percent profit margin on rebounding sales, up from 5.2 percent a year earlier.

Toyota Canada resumes production after COVID outbreak at key supplier

Carlos Ghosn Scandal

Carlos Ghosn was ‘retention risk,’ Nissan’s Kelly says at trial

The former director testified he and other executives were concerned that Ghosn's compensation was too far below global norms.

Automakers & Suppliers

U.S. asks Mexico to probe GM labor rights in trade pact first

The automaker denies any wrongdoing and said it has retained a third-party firm to conduct an independent review.

U.S. trade rep vows to use new USMCA trade pact to address Mexican labor issues

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Dealers

Hendrick Automotive denies ex-employee's allegations of racism

Hendrick Automotive Group asked for the lawsuit by former employee Lance Blair to be dismissed and for the group to be compensated for costs and legal fees.

Automakers & Suppliers

Tesla to roll out improved self-driving technology in coming weeks, Musk says

The automaker's CEO said on Twitter that the significantly enhanced version would be released within the next two to three weeks.

NHTSA opens probe of Tesla fatal crash in California

Daily Drive Podcast

How the pandemic has shifted Toyota's marketing focus

Lisa Materazzo, group vice president of Toyota Division Marketing at Toyota Motor North America, talks about the automaker's marketing strategies as it prepares to launch a bevy of updated vehicles in the U.S. over the next 16 months.

Used Cars

Vroom Q1 sales grow, net loss widens

The company said current inventory is the right size for the unusual market. Company revenue surged 57 percent to $591.1 million in the first quarter.

Automakers & Suppliers

Volvo mulls initial public stock offering on Swedish exchange

The automaker says that the potential listing being considered for this year could be a "logical next step" on the company's "capital market journey."

Used Cars

Record rise in used-car prices is key culprit in inflation jump

The cost of previously owned sedans, pickups and SUVs soared 10 percent in April.

Hertz picks Knighthead plan, ending drawn-out battle, report says

Used-car pricing helps drive GM Financial Q1 profit boost

Mobility Report

VW plans to offer autonomous microbus ready for roads in 2025

VW is preparing an ID.Buzz with Level 4 autonomy -- meaning the vehicle can drive itself under certain conditions -- to be ready for commercial transport of people and goods for 2025.

PM NEWSCAST

Automakers' autonomous ambitions

• BMW's hydrogen fuel cell CUV

• Judge approves UAW monitor

• Hendrick denies allegations

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AM Newscast

Toyota's profit surges

• Ex-UAW boss sentenced

• VW's Tiguan gets fresh tech

• GM fast-tracks pickup plant

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Opinion

Make online retail interaction same as in-store

GM isn't making many amigos

Online retail better with human interaction

Top retailers by used-vehicle sales

Our annual ranking of the top retailers by used-vehicle sales

The list showed some top-five shuffling as online upstart Carvana passed two of the country's biggest dealership groups.

Access F&I

“Far-reaching structural reform to the automobile-financing and -sales markets is long overdue and urgently needed: First and foremost, the [Federal Trade] Commission can start by initiating a rulemaking, under the Dodd-Frank Act, to regulate dealer markup.” Federal Trade Commission Acting Chairwoman Rebecca Kelly Slaughter in a May 27, 2020, statement regarding the Bronx Honda case

Federal agencies plan increased oversight of F&I

Chip shortage shifts F&I product sales trends

Attention heats up on Cooling-Off Rule

Cars & Concepts

VW shifts Tiguan upscale to create room for Taos

Porsche says Macan EV due in 2023

Ford to reveal F-150 Lightning EV on May 19

Best Practices

Texting has proven to be useful for communicating with customers about service and after they purchase vehicles from Van Horn Automotive Group, which has 16 new- and used-vehicle stores.

Texting helps solicit customer reviews

Systematic problem-solving pays off for Ind. dealership group

Breaking up shares isn't hard to do

GM isn't making many amigos

IIHS finds no slackers in Volvo's lineup

Fixed Ops Journal

What the chip shortage means to the service drive

Service counter: Service forecast

Fixed in time: A GMC store in 1973 was a popular destination for driveway wrench turners

Shift Mobility Report

VW plans to offer autonomous microbus ready for roads in 2025

Waymo, GM's Cruise seek permits to charge for self-driving rides in San Francisco, report says

Toyota-backed self-driving tech firm Pony.ai partners with Luminar

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The Future Product Pipeline allows you to stay up to date on current and new brand products, along with changes and other features. Here is the latest update:

Genesis Electrified G80

Segment: Alternative Power
Powertrain(s): Electric
New in 2021
A battery-powered version of the Genesis G80 sedan is the brand's first full-electric model, promising sporty acceleration and a generous driving range.

Mercedes-Benz EQS

Segment: Alternative Power
Powertrain(s): Electric
New in 2021
The EQS will be available in rear-wheel and all-wheel drive, powered by a 107.8-kilowatt-hour battery that delivers 770 km (478 miles) of range.

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UAW Scandal

Judge approves lawyer Neil Barofsky as UAW monitor

Barofsky, a partner at law firm Jenner & Block, previously was appointed to oversee Credit Suisse Securities and Credit Suisse AG following billion-dollar settlements.

Used Cars

Hertz picks Knighthead plan, ending drawn-out battle, report says

The Knighthead-Certares group’s win brings the pandemic’s biggest Chapter 11 case nearer to a close.

Manufacturing

U.S. trade rep vows to use new USMCA trade pact to address Mexican labor issues

Katherine Tai said she will use the new factory-specific labor enforcement provisions of the U.S.-Mexico-Canada Agreement on trade to address longstanding labor issues in Mexico.

Automakers & Suppliers

BMW plans limited series hydrogen fuel cell vehicle in 2022

CEO Oliver Zipse said BMW plans a small production run of a hydrogen fuel cell powered X5 crossover next year.

Mobility Report

Waymo, GM's Cruise seek permits to charge for self-driving rides in San Francisco, report says

Permission to charge for rides and delivery would set the stage for the biggest tests yet of both companies' technology in a dense urban environment.

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UAW Scandal

Ex-UAW President Dennis Williams sentenced to 21 months

The UAW's president from 2014 to 2018, Williams is the highest-ranking UAW member to be sentenced in a yearslong corruption probe that has netted 15 convictions.