J.D. Power Names Genesis Most Dependable Automotive Brand
Genesis took the top spot on the 2020 J.D. Power Vehicle Dependability Study ahead of Lexus, Buick, Porsche, and Toyota in its first year eligible for the list, reports Fox News. The Genesis nameplate first appeared on a Hyundai model in 2009 but was spun-off as a standalone brand in 2017. The study looks at problems experienced by owners over the first three years of ownership that includes a range of issues from malfunctioning parts to frustrating-to-use technologies, including infotainment systems. Genesis sold only two sedan models in 2017, but has added a third and will soon launch the GV80 SUV that was featured in a Super Bowl commercial starring Chrissy Teigen and John Legend. According to J.D. Power, the overall industry improved 1.5 percent this year with crossovers and SUVs seeing the largest gains. GMC, Volvo, Jaguar, Chrysler and Land Rover were at the bottom of the list. Tesla does not participate in the survey. Read more here.
Auto Imports Could Be in Play as Europe Braces for Trade Fight with Trump
An emboldened President Donald Trump has set his sights on restructuring the more than $1 trillion U.S. trade relationship with the European Union, raising the specter of another major trade war as the global economy slows and he seeks re-election. Reuters reports that Trump, who has long complained that the EU's position on trade is "worse than China," on Monday told U.S. governors that he was training his sights on Europe after signing a Phase 1 deal that cooled a bitter trade war with China. The Trump administration, which has pursued an "America First" agenda aimed at rebalancing global trade flows in favor of the United States, has threatened to levy 25 percent tariffs on foreign cars and parts from Europe. On Friday, top White House economic adviser Larry Kudlow said the administration had temporarily suspended its plans to tax European auto imports, "while we work through a good-faith effort with respect to the possibility of an EU trade deal." But Tomas Baert, head of trade and agriculture for the EU's delegation in Washington, believes the tariff threat will continue, because Trump "is a tariff man and that's the language that he speaks." Read more here.
What Sells a New Car These Days? Friends, Family, and Co-Workers, Study Says
When new car shoppers are looking for a new vehicle, more often than not, the endorsement of friends, family and co-workers will influence the choice, reports The Detroit Bureau. Despite a decline in new car sales during the past few years, plenty of Americans are still on the hunt for their latest ride. The question for automakers is how to get them to pick something from their line-up? Make sure their friends and family like their cars, according to a new study out by Autolist.com, which interviewed more than 1,100 current new vehicle shoppers for the study. The website polled new car shoppers to find out more about their buying process, more precisely, what impacts their decision the most. Word-of-mouth endorsements from friends and family were most often the influence cited – 52% – to impact them the most when it came to making a new vehicle selection. Read more here.
Nissan Sues Carlos Ghosn for $90 Million
Nissan Motors filed a lawsuit in Japan on Wednesday seeking $90 million from its former chairman, Carlos Ghosn, who fled the country before his trial on charges of financial wrongdoing. The New York Times reports that the automaker says 10 billion yen, or $90 million, would cover the monetary damages it says Mr. Ghosn inflicted on the company through misconduct and fraud. Nissan said that it expected that amount to increase as it seeks to recover the fines paid to the Japanese Financial Services Agency and other penalties linked to Mr. Ghosn’s alleged misconduct. Mr. Ghosn was arrested in Japan in 2018 and charged with underreporting his income and other financial wrongdoing. He fled to Lebanon in late December, an escape that surprised and embarrassed the Japanese authorities, which has issued a warrant for his arrest. Read more here.
House Lawmakaers Close to Draft Bill on Self-Driving Cars
House lawmakers on Tuesday touted progress toward bipartisan legislation on self-driving cars, with plans to release draft language soon. According to The Hill, the development comes as pressure grows on Congress to quickly provide a regulatory framework for the fast-developing industry. Rep. Jan Schakowsky (D-Ill.), the chairwoman of the House Energy and Commerce subcommittee on consumer protection, told reporters that draft sections would be released "very soon." A Schakowsky aide told reporters there will be a minimum of five new sections in addition to six earlier draft sections that were released last year. Those were seen as a breakthrough for Congress, coming years after lawmakers first began debating rules for self-driving cars. A spokesperson for Republicans on the committee confirmed to The Hill that the last sections are set to be released this week. Read more here.
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