Category: Automotive News

Honda plunges into red amid pandemic pain

TOKYO — Honda Motor Co. tumbled to a $1 billion operating loss in the latest quarter amid slumping sales as the COVID-19 pandemic broadsided its key U.S. market.

The Japanese automaker swung to an operating loss of 113.6 billion yen ($1.06 billion) in the fiscal first quarter ended June 30, reversing an operating profit of 252.4 billion yen ($2.35 billion) the year before.

Honda also booked an 80.8 billion yen ($752.4 million) net loss in the three-month period. It had a net income of 172.3 billion yen ($1.60 billion) the year before.

In announcing the results in its Aug. 5

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Toyota Land Cruiser: Which Should You Buy, 2020 or 2021? | News

2021 Toyota Land Cruiser

Manufacturer image

Most significant changes: Heritage Edition adds available three-row model

Price change: Up $170 for two out of three trims; pricing on third trim TBD; destination charge up $70

On sale: August

Which should you buy, 2020 or 2021? 2020, unless you want a three-row Heritage Edition

Changes for the Toyota Land Cruiser, one of the automaker’s most off-road-capable — and expensive — SUVs, are minimal for 2021. They include two new colors and a Heritage Edition now available with three rows, a configuration heretofore unavailable for the

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CBT Automotive Newscast: July 15, 2020

Today’s Featured Interview:

automotive newscast

DealerPRO Training CEO Don Reed on Rebooting Your Fixed-Ops Department:
With a shortage of technicians, strained advertising budgets, and a national pandemic, it can be tricky for dealers to navigate fixed-ops management. Service drives were largely considered essential services at the height of the pandemic. There was a lot of pressure put on them to make up some of that lost revenue. Here to help us shed some light on these topics is Don Reed, CEO of DealerPRO Training. Watch the full-length interview here.

Top Headlines: 

Cheryl Miller has resigned from her position as CEO of AutoNation.

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GM posts $758M Q2 loss but shows ‘resiliency’ in N.A.

DETROIT — General Motors reported a $758 million second-quarter loss as the coronavirus pandemic sharply cut production and revenue by more than half.

GM said cost cutting and strong pricing allowed the automaker to nearly break even in North America despite its plants being closed for eight weeks.

GM lost $101 million in North America, compared with a gain of $3 billion in the second quarter of 2019.

“These results illustrate the resiliency and earnings power of the business as we make the critical investments necessary for our future,” CFO Dhivya Suryadevara said in a statement Wednesday.

Global revenue

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Volvo increases plug-in hybrid sales 80%, nears 2020 target

Globally Volvo sold 37,775 plug-in hybrids during the first six months, up from 21,015 during the same period last year.

Europe accounted for 79 percent of the global volume, or 29,918 units, led by strong demand for the plug-in hybrid versions of the V60 premium midsize station wagon and XC40 crossover.

In China, plug-in hybrids accounted for 3.2 percent of Volvo’s sales, about 2,100 unit, mainly driven by the electrified version of the S90 flagship sedan.

Samuelsson last year set a target of having plug-in hybrids account for 20 percent the automaker’s global volume in 2020, a goal that he

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