Lithia Motors, Penske Automotive, Group 1 Automotive and Asbury Automotive all saw same-store F&I gross profit per vehicle decline year over year in second-quarter earnings, while AutoNation and Sonic Automotive posted increases. Analysts from Stephens and Jefferies said consumer affordability and the return of leasing would reduce gross profit in the future.
Lucid CEO Peter Rawlinson, who ranked second on the list, made 11 times more than No. 3 Mary Barra of GM.
UAW President Shawn Fain said Ford’s offer of raises and improved benefits ‘fails to meet our needs,’ and the union filed charges of unfair labor practices against GM and Stellantis.
Hyundai Motor Group and battery partner LG Energy Solution’s joint venture is increasing the total investment into the electric vehicle and battery complex near Savannah, Ga., to $7.59 billion.
The last known charge of unfair labor practices filed by or against the Detroit 3 was in 1998. The UAW also made such a claim against GM during the 1937 Flint sit-down strike.
Gruner, the former CEO of Porsche Cars North America, resigned in July after less than three years on the job. His title at Rivian is chief commercial officer and president of business growth.
Logistics and transportation companies that rely on Detroit 3 supply chains could be forced to lay off workers or prioritize other industries, experts said.
Some dealerships lost power and took on water after Idalia surged up the Southeast coast.
A new recall affects another 169,000 vehicles in the U.S., including the 2020-23 Lincoln Aviator and 2021 Ford Bronco.
The bidding war for U.S. Steel could have implications for the small but rapidly growing domestic market for electrical steel, an ultrathin material vital for the auto industry as it makes more EVs.