Sonic Automotive Inc. posted higher third-quarter net income and revenue despite sales declines at its EchoPark used-only stores and new-and used-vehicle sales on a same-store basis at its franchised dealerships.
AutoNation Inc. said its third-quarter net income fell slightly as it had higher expenses for technology and new business ventures. The auto retailer also plans to buy four dealerships in Colorado in the fourth quarter.
Lear Corp. will open an $80 million plant and create hundreds of jobs in Michigan after winning a program with General Motors Co. that marks its largest electric vehicle deal and investment to date, the supplier said Thursday.
The Southfield-based company struck a deal with the automaker to exclusively supply the battery disconnect unit on all full-size SUVs and trucks built on GM’s Ultium EV platform through 2030, according to a news release.
Lear said it is “working with state and local officials on a plan” to open the plant. The specific location was not disclosed, nor has the amount of potential incentives being sought for the project.
Crain’s Detroit Business inquired with Lear for more details.
CEO and President Ray Scott alluded to the plan in an interview with Crain’s earlier this month when he said that a push to localize supply chain created a need for an E-Systems plant in Michigan. Last month, it launched a just-in-time seating plant in Detroit on the former Cadillac Stamping site, which will supply GM’s Factory Zero on the Detroit-Hamtramck border.
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