Top Automotive Industry News for Week of July 27 - August 2, 2020

Here is the most important news associated with the automotive industry identified by the AEA for the week of July 27, 2020 - August 2, 2020.

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

-Automotive Manufacturing News-

Chinese Tesla rival Xpeng Motors in talks over $300 million in funding ahead of U.S. IPO, sources say (CNBC)

Demand for Tesla vehicles remained strong during pandemic, Musk says (Reuters)

Detroit Three signal cautious optimism for second half of 2020 (The Detroit News)

Electric pickups a possibility, FCA CEO says, as it updates product plans (The Detroit News)

Elon Musk Is A Government Subsidy Critic, But Tesla’s Q2 Results Were Helped By Covid-19 Aid (Forbes)

Fiat Chrysler reports $1.2 billion loss in second quarter (CNBC)

Fiat Chrysler salaried workers back at full pay (Detroit Free Press)

Fisker plans lineup of four electric vehicles by 2025 (autoblog)

Ford's plan to defer government loan payments a 'concerning sign' (Detroit Free Press)

Ford beats Wall Street earnings expectations after coronavirus shuttered factories (CNBC)

Ford Bronco reservations far exceed expectations, say executives (CNBC)

GM loses $800 million in 2nd quarter, but beats Wall Street projections (USA Today)

GM makes huge effort to increase fast-charging stations for electric vehicles (Detroit Free Press)

GM Moves Ahead With Battery Plant (The Detroit Bureau)

Honda asks office workers to help build cars as it struggles with COVID-19 (autoblog)

Jaguar Land Rover’s cost-cutting target swells to $3.3 billion (The Detroit News)

Volkswagen posts $940 million first-half loss and cuts dividend as pandemic hammers sales (CNBC)

-Automotive Evolution News-

Exploring The Three Elephants In The Autonomous Vehicle Room (Forbes)

How the Waymo Driver is revolutionizing shipping (Fast Company)

-Automotive Retail News-

Asbury reports 10% gain in used gross profits, record online share of used sales (Auto Remarketing)

AUTO1 (UK) raises $300 million to develop used-car retail platform (Reuters)

Auto Industry Can Expect Digital Sales Trends to Carry On (The Detroit Bureau)

Challenging quarter for Penske's used-car stores, but June shows rebound (Auto Remarketing)

Dealership Re-Opening: Best Practices for Engaging the COVID-19 Shopper (Auto Dealer Today)

Group 1 Automotive (GPI) Q2 Earnings and Revenues Beat Estimates (Yahoo)

How used-car operations fared for Group 1 in Q2 (Auto Remarketing)

In pre-owned, sales down for AutoNation, but gross profits climb (Auto Remarketing)

Sonic Automotive (SAH) Q2 Earnings Top Estimates (Yahoo)

Sonic Automotive Vastly Increases Plans For EchoPark Used-Car Stores (Forbes)

Used Vehicle Demand in the US is Shaking Up Inventories (CBT News)

-Automotive Wholesale News-

Digital integration now connects ADESA & TradeRev marketplaces (Auto Remarketing)

-Automotive Ownership News-

25% of cars in the U.S. are at least sixteen years old as vehicle age hits record high (CNBC)

-Automotive Servicing News-

Automakers Hype Hacking Threat To Sink Pro-Repair Measure (Forbes)

-General Business & Executive News-

Cars.com (CARS) Surpasses Q2 Earnings and Revenue Estimates (Yahoo)

CES 2021 Moves to an All-Digital Experience (CES)

Cox Automotive cuts approximately 1,600 positions in the US & Canada (Auto Remarketing)

Rowley to take Schwartz’s place at top of Cox Automotive (Auto Remarketing)

The Auto Industry Has Borrowed An Absurd Amount Of Money To Get Through COVID (Jalopnik)

The Hertz 185K Bankruptcy Selloff Is Peanuts (AutoWeek)

U.S. consumer spending rises for second straight month, income drops further (CNBC)

-AEA Reminder-

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