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Penske Automotive Group Inc.’s fourth-quarter revenue set a record for any quarter, as net income reached a fourth-quarter high aided by soaring gross profits for new and used vehicles, finance and insurance and service and parts operations. CEO Roger Penske said the performance stems from the auto retailer’s diversified business mix and execution. Pretax earnings […]

U.S. President Joe Biden publicly acknowledged Tesla’s role in U.S. electric vehicle manufacturing on Tuesday, after CEO Elon Musk repeatedly complained about being ignored. “From iconic companies like GM and Ford building out new electric vehicle production to Tesla, our nation’s largest electric vehicle manufacturer, to innovative younger companies,” Biden said, adding other start-ups and

TOKYO — Hyundai Motor Co. is a global success from Bangalore to Baltimore, but there is one market right next door where the company’s badge has long been missing: Japan. The South Korean automaker pulled out of the market in 2009, after a dismal run in Japan. But now, Hyundai will take a second crack

Wholesale used-vehicle prices in January were largely unchanged from December though far higher than year-earlier numbers in another signal that the surge in U.S. used-vehicle prices has begun to level out. Cox Automotive said Monday that its Manheim Used Vehicle Value Index, which tracks vehicles sold at Manheim’s U.S. auctions, rose just 0.04 percent in

TOKYO — Subaru profits plunged by two-thirds in the latest quarter as crimped production and falling sales hammered results, driving backorders higher and forcing the automaker to cut its earnings outlook with no clear signs of relief from the ongoing semiconductor crisis. Subaru Corp.’s operating profit dropped 66 percent to 22.7 billion yen ($197.2 million)

Toyota Motor North America is working to help its retailers become more competitive with aftermarket parts suppliers on collision repairs. In December, Toyota became the latest automaker to join CollisionLink, a tool offered by Richfield, Ohio-based vendor OEConnection. The tool gives participating dealerships electronic visibility into an entire body shop estimate — not just the

DETROIT — Michigan “desperately” needs more software developers to compete in a fast-changing auto industry racing to develop self-driving vehicles and new mobility innovations, Ford Motor Co. Executive Chairman Bill Ford Jr. said. “We need to lean into the software development as a state if we’re going to be the leader,” Ford said in an

How do you get people to think about their next car in a pandemic, when showrooms are closed and motor shows are canceled? Volvo’s agency in Belgium has come up with a plan. The Brussels Motor Show 2022 was due to take place in January but was postponed for a whole year due to COVID. So

Martin Chevrolet-Buick-GMC has become an open book. The Texas dealership posts a list of incoming vehicles online so it can turn that inventory faster. Customers can browse the frequently updated spreadsheet of what’s in transit and in production and then call, text or chat online with the sales team to reserve a vehicle with a

DETROIT — As Lincoln Motor Co. celebrates a century of ownership under Ford Motor Co., the luxury brand is preparing this year to show its first battery-electric vehicle. Lincoln last year announced plans to launch four new EVs by 2030. Automotive News has reported the first will be an electric Aviator crossover, although output has