GM’s net income and operating profit fell sharply in the first quarter because of planned downtime of full-size pickup output, a restructuring in Korea and other costs. GM’s earnings before interest and taxes declined 27 percent.
Magna says the contract with the BMW Group ‘is one of the first in the auto industry to include solid-state lidar for serial production.’ The Canadian supplier developed the lidar with Innoviz.
China is mulling proposals to cut import duties on passenger cars by about half, Bloomberg reported, citing people with direct knowledge of the matter, a move that’s set to give a lift to luxury brands such as BMW and Lexus.
Tesla’s Autopilot chief, Jim Keller, has left the company, the latest in a rash of executive departures at the electric-car maker, which is in a fierce war for the engineering talent.
Hyundai’s first-quarter net profit halved as bleak U.S. and China sales, a strong South Korean currency and labor union strikes dragged on the automaker’s earnings.