339 Articles
Car dealerships, including those owned by lawmakers, got billions in PPP money

Three-quarters of the nation's dealerships got coronavirus relief

Nissan has raised $7.8 billion from creditors since April

The automaker is struggling to recover profitability after posting its first annual loss in 11 years

Nissan Motor Co has raised $7.8 billion in financing from its creditors since April as it tries to shore up its cash position in the face of falling sales due to the coronavirus pandemic, its latest annual securities report shows. Japan's No. 2 automaker is struggling to recover profitability after posting its first annual loss in 11 years, suffering from falling sales, a tarnished image and a deteriorating cash position even before the virus outbreak sapped global demand for cars. Un

Vintage Citroen 2CV Paris tours struggle under coronavirus travel ban

'The Americans are our No. 1 tourists, for sure'

There's nothing Jean-Remi Galinon enjoys more than bouncing along cobbled streets and showing off Paris to foreign tourists, usually Americans, in his most iconic of French vintage cars. "They are in love with Paris ... (and) we're suffering the consequences (of the travel ban)." Tourism is part of the lifeblood of the city, one of the world's most visited, so for Galinon, Paris's springtime lockdown could hardly have been worse.

FCA: PSA deal terms still intact despite dividend cut report

FCA says it has no intention of altering the structure of the deal

Fiat Chrysler (FCA) said the terms of its merger with France's PSA had not changed after an Italian newspaper report that it was looking to spin off assets to reduce a planned 5.5 billion euro ($6.2 billion) cash pay-out to its shareholders. FCA said on Friday that it was sticking to the deal agreed with PSA in December before the coronavirus crisis hit demand for cars. FCA and PSA plan to finalise their merger by the first quarter of next year.

Formula One season starts Sunday, four months late and in a different world

'We actually don’t even know the amount of races we are going to do'

Four months after the opening race was called off at the last minute, the Formula One season finally gets underway this weekend on another continent and in a different-looking world. There will be no fans on hand at the remote Spielberg track in Austria, with the coronavirus still creating uncertainty over how many races can actually be held — and where. Defending F1 champion Lewis Hamilton has been an outspoken supporter of the movement and will be competing in an all-black Mercedes car — ins

Walmart partners with Tribeca to turn 160 store parking lots into drive-in theaters

Summer movies near you, but with coronavirus safe social distancing

Just ahead of the Fourth of July weekend, Walmart announced a partnership with Tribeca Enterprises (most notably the purveyors of the film festival of the same name) that’s set to convert 160 store locations into makeshift drive-in movie theaters. The move is an extension of the existing Tribeca-led Drive-In program that has already announced events for a handful of cities, including Los Angeles, New York, Miami, Seattle and Arlington, Texas, with help from IMAX and AT&T. The Hollywood Reporter

U.S. auto companies tout retail share gains as tanking fleet market holds back sales growth

Retail demand remains strong despite depressed sales figures

"This quarter demonstrated the resilience of the U.S. consumer," said Jeff Kommor, head of U.S. sales at Fiat Chrysler Automobiles NV (FCA) , as the automaker reported a 39% slump in sales for the second quarter. Scott Fink, CEO of Fink Automotive Group, which has two Hyundai stores and single Chevrolet, Volkswagen and Mazda dealerships in the Tampa, Florida area, said his sales in June were "pretty good," but he was concerned about "hot-bed states like where I am."

Automakers rev up discounts to bolster sales dinged by coronavirus

Hoping for a better June by way of price breaks, no-interest loans

U.S. automakers are scheduled to report June and second-quarter car and light truck sales on Wednesday. The second-quarter numbers reflect a peak for the U.S. auto industry's efforts to use consumer discounts, low interest loans and other incentives to prop up demand during the pandemic. Since March, U.S. automakers have rushed to prop up demand with rich incentives to keep sales moving.

2021 Geneva Motor Show already cancelled and the future beyond is cloudy

The show organizers have debts to pay, potentially by selling the show

2020 Woodward Dream Cruise is officially canceled due to coronavirus

Meanwhile, actual Woodward cruise activity shows few signs of ebbing

Bubbles within bubbles as F1 teams gear up for season start

No spectators, and little interaction among teammates

Formula One teams will operate in bubbles within bubbles when the season starts behind closed doors in Austria next week after being stalled since March due to the COVID-19 pandemic. There will be no spectators, no sponsors or VIP guests wandering the paddock and limited social interaction even between team mates. Ferrari sporting director Laurent Mekies reckons the biggest challenge, for his mechanics at least, could be having to wear face masks at all times in the heat and tight confines of

Italy reportedly guarantees $7.1 billion loan to Fiat Chrysler

American and soon to be French ties added some controversy

Italy has approved a decree offering state guarantees for a 6.3-billion euro (£5.7 billion) loan to Fiat Chrysler's (FCA) Italian unit, a source said, paving the way for the largest crisis loan to a European carmaker. The source said Italy's audit court had signed off on the decree, in a final step of what had been a lengthy and contested process to get the loan approved. FCA's Italian division has tapped Rome's COVID-19 emergency financing schemes to secure a state-backed, three-yea

Fiat Centro Stile sells design sketches to support kids in Italy

Downloads from Jeep, Alfa Romeo, Fiat and more will provide funds to Save the Children

Japan's long-dormant drivers get back on the road, and automakers see a market

Coronavirus puts former public-transit riders back behind the wheel

Ryota Kawamata hadn't driven for more than a decade, but as Japan's COVID-19 crisis worsened in May, his employer near Tokyo rented him a car so he wouldn't have to use public transport. "There are places where I can't go without a car," said Kawamata, who recently paid 30,000 yen ($280) for a five-hour refresher course to hone his driving skills. As Japan emerges from its coronavirus lockdown, restaurants and offices are practicing social distancing, but public transport doesn't require it.

Automakers boost production but worry about coronavirus safety off the clock

'Once people leave the plant and leave the gates, it becomes hit or miss'

FCA to skip summer shutdowns as automakers rev up U.S. assembly lines

Facilities building popular models will remain open to restock inventory

Automakers are speeding up U.S. assembly lines to meet recovering demand, increasingly confident coronavirus safety protocols are working to prevent outbreaks in their plants but wary of the challenges workers face outside. Screening workers for COVID-19 using temperature scans and questionnaires, the automakers have detected some people who reported for work despite being sick. The risk of an infection picked up outside a plant spreading along assembly lines remains a prime concern, however.

Goodwood Festival of Speed and Revival cancelled due to coronavirus

There will be no grand parties at the Goodwood estate this year

GM's Mary Barra optimistic on U.S. demand, China, EV profitability

'Cautiously optimistic,' at least

General Motors Co's top executive struck an optimistic note on Monday about U.S. new vehicle demand despite the coronavirus pandemic, and the ability to sell electric vehicles at a profit, especially in China. "We're cautiously optimistic" about U.S. new vehicle demand, Chief Executive Officer Mary Barra said at a virtual press event hosted by the Automotive Press Association.

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