When TrueCar president and CEO Chip Perry announced a revamp of the car-shopping site, he failed to mention one big change: layoffs.
According to a source and confirmed by TrueCar, an undisclosed number of the company’s employees — mostly located at its headquarters in Santa Monica — received layoff notices yesterday.
Tesla founder Elon Musk wants to build a new European factory to satisfy growing demand on the continent, and France knows just the place he should do it.
French Energy Minister Segolene Royal reportedly pitched the idea of using the site of a soon-to-be-mothballed reactor to Musk, according to Reuters (via Automotive News Europe).
“He didn’t say no,” said Royal, who plans to follow-up the pitch by meeting with Tesla management.
At Fiat Chrysler Automobiles, this much we know: 72 consecutive months of year-over-year U.S. growth, a market share increase in the United States from 9.4 percent to 12.8 percent between 2010 and 2015, routine record-setting U.S. sales performances at Jeep, and an overarching “light truck” division that now produces more than four out of every five U.S. sales for the automaker.
Chapter 11 reorganization was undoubtedly a painful process — bankruptcy isn’t supposed to tickle. And because of reliability woes, frequent Alfa Romeo delays, and poor passenger car demand, there are serious doubts about the automaker’s long-term plans.
Yet only a few quick glances at an FCA U.S. monthly sales report are necessary for observers to replace concerns with applause, at least in the here and now. The rate of growth is staggering. The U.S. auto industry grew its volume by 37 percent between 2011 and 2015, a period during which FCA — and formerly the Chrysler Group — grew 64 percent. Read More >
Forget all about PSA Peugeot Citroen. It’s dead. Well, the name, anyway.
As part of its five-year corporate strategy, dubbed “Push to Pass,” the French automaker is rebranding itself as Groupe PSA and dropping hints of a tentative return to the U.S. market.
PSA’s sales and profitability are growing again thanks to a new product strategy and a bailout by the French government, but CEO Carlos Tavares wants to see more gains by branching out into new markets.
Tesla Motors is cranking out EVs at its fastest clip yet, but buyers who put money down on the Model 3 should still have serious questions about the timeliness of their delivery date.
In the first quarter of this year, Tesla delivered 12,420 Model S sedans and 2,400 Model X SUVs — nearly 50 percent more volume than the same period last year. The electric automaker said a parts shortage in January and February hampered Model X production, but with the issue resolved, deliveries of 80,000 to 90,000 Teslas can be expected this year.
Consumers, businesses, and government agencies registered nearly 4.1 million new vehicles during the first quarter of 2016. That’s an additional 130,000 new vehicles sales compared to the pace set one year ago, and equals a 3.3-percent year-over-year improvement over a record-setting 2015. But while there’s meaningful sales growth within the industry, passenger car sales continue to tumble and the premium market continues to stumble.
Many aspects of the U.S. auto market are changing, but some corners of the market refuse to reflect any change in the attitudes of consumers. The three best-selling vehicle lines in America in 2015’s first-quarter are the three best-selling vehicle lines in 2016’s first-quarter. All three are pickup trucks. Read More >
Volkswagen dealers in the U.S. will get more vehicles to sell this year and next, but there’s still no word on possible reparations or when to expect a diesel emissions fix.
At a meeting with dealers at the National Auto Dealers Association convention on Saturday, Volkswagen brand chief Herbert Diess promised to “redefine” the brand and boost shipments of popular models, Automotive News has reported.
The meeting aimed to calm the fears of increasingly frustrated dealers while providing some certainty about product strategy. Despite promising to carry on with the strategy favored by departed Volkswagen of America CEO Michael Horn, Diess’ reassurances didn’t win over everyone.
Volkswagen dealers in the U.S. have formed a go-to team tasked with drawing compensation out of the automaker while avoiding a looming barrage of dealer lawsuits.
The five-member committee was formed at a dealers-only meeting held yesterday at the National Automobile Dealers Association convention in Las Vegas, one day before U.S. dealers were expected to meet with top Volkswagen brass, Automotive News has reported.
The move is designed to head off a potential slew of lawsuits from U.S. dealers seeking reparations for sunk costs and lost revenue stemming from the automaker’s expansion push and subsequent diesel emissions scandal.
Against expectations that auto sales would rise by at least 7 percent, March 2016 volume in the United States increased just 3 percent. Modest growth at General Motors and noteworthy drops at Toyota, Volkswagen, BMW, and Mercedes-Benz didn’t stop auto sales from increasing by more than 50,000 units, year-over-year. But the possibility that auto sales in March would climb to one of the highest levels ever failed to materialize despite an additional two selling days compared with March 2015.
Indeed, the daily selling rate achieved by the auto industry decreased even as March 2016 hosted 27 official selling days on the auto sales calendar, up from 25 one year ago. Read More >
Light vehicle sales haven’t peaked in the U.S., but the way they’re being sold is putting automakers in some financial peril.
That warning was delivered by Thomas King, vice-president of the Power Information Network, ahead of this weekend’s National Automobile Dealers Association, Wards Auto reports.
Speaking at the J.D. Power Automotive Summit, King said retail sales of cars and light trucks will rise this year and next, even after a very healthy 2015. Last year saw 14.2 million units reach customers, with volume projected to hit 14.7 million in 2017.
Despite moving more vehicles and rising MRSPs, automakers risk forgoing the financial benefits due to incentives and a growing trend towards leasing.
The lowly Cimarron might be be a distant, nightmare-fuel memory, but Cadillac’s current sales strategy is still being impacted by a history of not measuring up to European rivals.
The luxury automaker’s newest offerings — the CT6 sedan and XT5 crossover — have been saddled with so-so resale values by residual forecaster ALG, according to Automotive News, making it more difficult for Cadillac to offer competitive lease rates.
TrueCar, the prolific third-party car shopping site, is changing the way it does business in the hopes of mending dealer relations and reversing the company’s flagging fortunes.
When TrueCar president and CEO Chip Perry took the helm of the site last December, his stated goal was to make amends with ornery partners and bring the company out of a period of turmoil.
Nissan’s product pipeline has all the flow of a crusted-over faucet, and that’s not good for business.
That, automation is insidiously infiltrating cars all around you, Mercedes-Benz goes all in on AMG, Jaguar teases China with something special, and foreigners flee the Russian automotive landscape … after the break!
“Hybrids? Those things that can’t make up their mind on what they want to be in life? Come on!” – Mazda.
That, Volkswagen floors the accelerator past a deadline, March looks like a boffo month for vehicle sales, Audi dials it back a bit, and getting a Tesla Model 3 depends on whether or not you’re in the club … after the break!
When an automaker posts its sales figures at the end of the month, how many vehicles actually left the dealer lot?
Not all of them, according to a top BMW executive, who admitted that his company and others “punch” up sales numbers to boost their standing, according to Automotive News.
Punching cars is “not an ideal practice,” but it’s a reality in the industry, BMW of North America CEO Ludwig Willisch said on March 22.
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