deal

On Chip Shortage Affecting Car Supply, 93% Think It’s a Big Deal

By Betty C. Morrow 3 weeks ago
Photo credit: VCG - Getty Images

Photo credit: VCG – Getty Images

  • A new survey conducted last month by Automotive News about the global chip shortage finds that almost everyone in the auto industry thinks it’s a big problem.

  • Today, according to the survey, 53 percent of respondents said they source their chips from outside the U.S., and 55 percent are looking for alternative chip sources outside the country.

  • Changes are happening, of course, from temporary production pauses and a shift to models that are either in high demand or require fewer chips.

The auto industry is fully aware just how bad the current chip shortage is. Anecdotally, this has been clear for a while. Ford CEO Jim Farley, for example, recently said that the chip shortage is “perhaps the greatest supply shock” he’s ever seen. Automotive News used that quote in a new survey of automakers and suppliers called Examining the Global Chip Shortage,

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Fisker Soars as EV Deal With Foxconn to Include U.S. Factory

By Betty C. Morrow 1 month ago

(Bloomberg) — Fisker Inc.’s existing agreement to develop an electric vehicle with Foxconn Technology Group will now include a factory in the U.S., the companies said in a statement Thursday.

The joint project — codenamed Project PEAR — is targeting a start of production in the U.S. by the fourth quarter of 2023. The companies said they’re considering multiple sites around the world to support eventual global manufacturing capacity of 250,000 units a year. The partners plan to unveil a prototype of their jointly developed car later this year.

Los Angeles-based Fisker’s shares rose as much as 22% to $12.13 in late trading in New York. The stock is down 32% this year through Thursday’s close. Hon Hai Precision Industry Co., the main listed arm of Foxconn, is up 12% for the year in Taipei.

Electric vehicles have risen in prominence in recent months, with everyone from established automakers like

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Tampa airport strikes car sharing deal, allowing for peer-to-peer rentals

By Betty C. Morrow 1 month ago

Car sharing just got a little easier at Tampa International Airport.

The Hillsborough County Aviation Authority on Thursday approved updated rules for peer-to-peer car sharing apps and services that connect car owners and renters, like an automotive version of Airbnb. It also approved an official concessions agreement with one such service, Turo, with which it has waged a long legal battle over licenses and fees.

The agreement follows the Florida legislature’s recent passage of a bill setting tax, surcharge and insurance rules for the peer-to-peer car sharing industry, and comes after a more than two-year court battle between the Aviation Authority and Turo.

“This is a major step forward in ensuring Turo and all other peer-to-peer car sharing companies do business here legally and responsibly, which is what we expect from all the businesses that operate out of TPA,” Michael Stephens, the airport’s general counsel, said in an emailed statement.

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Cox Automotive signs service deal with U.S. commercial EV maker

By Betty C. Morrow 1 month ago

By Ben Klayman

DETROIT (Reuters) – U.S. electric commercial vehicle maker Electric Last Mile Solutions (ELMS) said on Monday it has signed a letter of intent for Cox Automotive to supply service and repairs for the delivery van it will launch later this year.

Under the deal, Cox’s Pivet unit will provide warranty repairs, vehicle maintenance, roadside assistance, collision repairs and EV battery servicing to ELMS’ customers, the companies said. Cox boasts a network of more than 6,000 service centers, 3,000 partners and over 800 mobile technicians. Financial terms were not disclosed.

“The opportunity to collaborate with industry leader Cox Automotive helps put us on track to offer customers one of the most comprehensive service solutions that addresses their fleet needs in the most time and cost-efficient manner,” ELMS Chief Executive James Taylor said in a statement.

Cox, a subsidiary of privately owned Cox Enterprises, owns the Autotrader online automobile

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