The king of off-road goes electric, reaches upscale, thinks bigger

DARCARS Automotive Group of Bethesda Md., has purchased three luxury dealerships in New York and Connecticut, expanding its presence in the New York City metro area.

Fisker said it expects to reach a definitive agreement "in the next few months" to have Magna Steyr start production of the Fisker Ocean at its Graz, Austria, plant as early as the fourth quarter of 2022.

Delivery revenue, which was growing even before the pandemic, surged 103 percent during the quarter and is now central to Uber’s strategy.

Hudson Automotive Group, a growing dealership group in the South, plans to buy the four-store Beaman Automotive Group. The deal is expected to close in October or November.

Sherif Marakby joined Magna on July 6, about eight months after stepping back at Ford, where he was CEO of the automaker’s subsidiary Ford Autonomous Vehicles.

The diversified Canadian parts supplier is the latest of several major automakers to report losses this week as its customers shut production amid government-enforced lockdowns.

The decision comes more than a month after U.S. Trade Representative Robert Lighthizer expressed concern about recent struggles by American aluminum producers. Canada quickly responded with retaliatory tariffs worth $2.7 billion.

Mitsubishi Motors Chairman Osamu Masuko, one of Japan’s longest-serving auto chiefs, retires citing health reasons, after leading the automaker through more than a decade of turbulent times.

Subscription revenue to CarGurus' vehicle listings marketplace fell 38 percent in the second quarter. Dealership cancellations stabilized in May, the company said.

The sale comes as the vehicle-listings provider looks to strengthen its balance sheet in part because of the coronavirus pandemic.