Top Automotive Industry News for Week of August 3 - August 9, 2020

Here is the most important news associated with the automotive industry identified by the AEA for the week of August 3, 2020 - August 9, 2020.

We hope it helps you stay up to speed on the key developments in our industry:

-Automotive Manufacturing News-

BMW loses almost $800 million as sales slide during lockdowns (Reuters)

Electric Corvette rumors speed ahead with Biden campaign video (The Detroit News)

End of an Era at Ford as Last Fusion Rolls Off Production Line (The Detroit Bureau)

Ford CEO Jim Hackett to retire; Chief Operating Officer Jim Farley will take helm (USA Today)

Forget About Being a “Tesla-Killer,” Polestar Just Wants a Share of the Growing EV Market (The Detroit Bureau)

GM unveils all-electric Cadillac Lyriq as its new ‘technology spearhead’ (CNBC)

GM’s Flirtation With EV Spinoff Follows Internal Talks in 2018 (Bloomberg)

Honda sees 68% drop in annual profit as coronavirus slams car sales (Reuters)

Hyundai and Mazda Up, Toyota and Honda Down as U.S. Auto Sales Show Mixed Results (Car and Driver)

Nikola founder attempts to restore confidence and curb investor expectations as shares plunge (CNBC)

PSA’s Larry Dominique Blasts Auto Business Model, Confirms FCA Merger Timeframe, Defends Stellantis (Forbes)

Toyota ekes out weakest first-quarter profit in nine years as pandemic halves car sales (Reuters)

Wall Street not so sure about the resiliency of Detroit automakers during the pandemic (CNBC)

Why so many police cars are Fords (CNBC)

-Automotive Evolution News-

ChargePoint Snags $127 Million To Boost EV Stations For Battery-Powered Fleets (Forbes)

Uber ride-sharing revenue plummets, food delivery more than doubles (CNBC)

Yandex, Uber’s Russian Partner, Kicks Off Self-Driving Car Tests In Ann Arbor (Forbes)

-Automotive Retail News-

ALG Forecasts Average New Vehicle Transaction Price Up 3.3% for July 2020 (Newswire)

As dealers restart marketing, some are returning to listings sites (Automotive News)

Auto Sales Down 33.7% During Q2 Despite Improved Climate (The Detroit Bureau)

Auto sales may have turned a corner (Axios)

Black Book offers cost-benefit analysis of CPO vehicles (Auto Remarketing)

Economic Recovery Begins with Behavior (Auto Dealer Today)

Restoring Consumer Trust and Dealership Profitability Post-COVID (Auto Dealer Today)

Pandemic revs up race for U.S. online car sales (Reuters)

Used-car prices continue to rise (The Detroit News)

Used car prices spiking as COVID-19 pandemic shakes up the market for new cars (USA Today)

What-Ifs Cloud Auto-Sales Predictions (Wards Auto)

-Automotive Wholesale News-

Lane watch: Deep-pocket dealers dominate bidding & buying (Auto Remarketing)

-Automotive Servicing News-

CarMD releases latest ranking of U.S. car repair costs (Auto Service World)

Car recalls for July 30-Aug. 6 (USA Today)

-General Business & Executive News-

AutoWeb Reports Second Quarter 2020 Results (AutoWeb)

CarGurus Announces Second Quarter 2020 Results (CarGurus)

Carvana Announces Second Quarter 2020 Financial Results (CarVana)

Former Uber self-driving car exec sentenced to 18 months in prison (CNN)

Thoma Bravo Adds Two New Firms (ALG and Inventory Command Center) to the Growing J.D. Power Empire (The Banks Report)

TrueCar Agrees to Sell its ALG Subsidiary to J.D. Power for $135 Million (Yahoo)

TrueCar Reports Second Quarter 2020 Financial Results (TrueCar)

Top 20 Post-Covid Automotive Trends (Forbes)

-AEA Reminder-

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Have a great week,

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