Kurt Nagl Crain's Detroit Business reporter covering auto suppliers and manufacturing. See All Staff Page Recent Stories Stellantis reverses controversial changes in contract terms for suppliers The reversal is a victory for suppliers, which have watched their top and bottom lines bleed amid supply chain volatility while automakers haul in profits. The move comes less than a week after Stellantis named a new purchasing chief. Suppliers continuing to feel pressure from inflation, supply chain kinks Inflation and production volatility are squeezing the revenue, income and margins of major automotive suppliers that had been hoping for some relief by now from the financial headwinds of the past two years. In Detroit, Magna and Lear see ‘a golden opportunity' Two of the largest automotive seating suppliers are building out new plants here and looking to joint ventures to capture more business from automakers increasingly conscious of their spending with minority-owned companies. American Axle's Q1 net income plunges American Axle & Manufacturing Holdings Inc.'s first-quarter net income plummet while it tries to manage supply chain volatility and the longer-term challenge of electrification. Stellantis supplier considers doubling plant footprint in Detroit Stellantis executive says Michigan ‘absolutely' in contention for EV plant "We are in the final stages of going through the analysis, and so I would hope within the next month, two months maximum, we should be able to be at a position to (announce)," COO Mark Stewart said. Lear Q1 earnings: Adjusted net income plunges to $108M as inflation, industry headwinds slam suppliers The supplier posted adjusted net income of $108.1 million, down more than half from last year, on sales of $5.2 billion, a 3 percent year-over-year revenue decrease, according to its earnings report released Tuesday. Detroit auto show sponsorships are pacing up Detroit auto show organizers say sponsor interest for the return has been "exceptionally high." Plans detailed for 2022 Detroit auto show in September The Detroit show has been shelved since January 2019 due to the COVID-19 pandemic and a reimagining of the event by organizers. Rivian supplier BOS Automotive Products to invest $1.1 million Auto industry's transition to EVs threatens to wipe out smaller parts suppliers Smaller auto suppliers can keep their business running until it sputters out, overtaken by EVs, or they can totally rebuild their business around electric motors or new industries with no promise of success. Startup EV maker Electric Last Mile notified of listing noncompliance by Nasdaq The EV startup indicated at the start of the month that it would be unable to submit its 10-K, or annual financial report, for 2021 on time. American Axle bolsters electrification strategy with acquisition of Tekfor Magna, Lear look to new Detroit plants, minority JVs for growth The suppliers are looking to capture more business from automakers increasingly conscious of their spending with minority-owned companies. Stellantis hit with another odor violation at Detroit plant It is the latest in a growing list of air quality violations for the automaker, which said Monday it is addressing the concerns "with urgency." Load More
Kurt Nagl Crain's Detroit Business reporter covering auto suppliers and manufacturing. See All Staff Page