Welcome to the Daily 5 report for Tuesday, April 15.
Stellantis has reduced its short list of CEO candidates to five, two people familiar with the matter told Reuters, as it nears a decision on who will lead the company through the industry's tumultuous times. At the automaker's annual meeting in Amsterdam earlier today, investors sought updates on the hiring process as well as more information on how Stellantis will manage President Donald Trump's 25 percent tariffs on auto imports. Shareholders also approved a €23.1 million ($26.2 million) pay package for former CEO Carlos Tavares, who left the automaker in December. Stellantis has short-listed two internal candidates to replace him: the head of its North America business, Antonio Filosa, and the head of procurement, Maxime Picat.
Speaking of tariffs, the Mazda CX-50 is an early victim. Mazda plans to temporarily stop building CX-50s for the Canadian market at its joint-venture assembly plant in Huntsville, Ala., as the company works through the impact of U.S. tariffs and Canadian countertariffs. CX-50 output destined for Canada will be "paused" starting May 12, a Mazda Canada spokesperson said in an email. She did not comment on how long the halt would last. The company's 163 franchised Canadian dealers will continue selling down compact crossover inventory, but barring further developments, no new shipments will be incoming.
Sign up for Automotive News' quick rundown every business afternoon of the top five stories of the day, along with the day's market gainers and losers.
A Maryland dealership is suing American Honda Motor to recoup its losses from a defective vehicle it acquired from the automaker. The lawsuit filed by Criswell Acura, in Annapolis, says the electric 2024 ZDX it received experienced "detrimental manufacturing issues, rendering it completely undriveable and unable to be repaired." As a result, Criswell was forced to take a total loss on the vehicle, which it bought wholesale for $69,207 in May 2024, the complaint said. It also said the store lost the profit on its sale to a retail customer, incurred "extensive repair costs" and paid licensing and registration fees it can't recoup. The store's reputation "as a trustworthy dealership" has been damaged, the complaint said.
You won't want to miss our coverage of the 2025 Automotive News PACE Awards. Each year, an independent panel of judges reviews specific innovations in products or processes, submitted by suppliers around the world, that have made it to the commercial market. Here is a list of the 2025 finalists. Winners will be announced tonight, so check back with us!
Finally, make sure you check out our tariff live blog for all the latest updates.
That's it for now. Have a great rest of your day.
If you want to view this story in your browser, click here.
— Wes Raynal, assistant web editor
No comments:
Post a Comment