Car & Automotive

Apple hires 31-year Ford veteran to ramp up electric-car work | Auto Features

Apple has recruited a longtime Ford executive who helped lead safety efforts and vehicle engineering, a sign the iPhone maker is again ramping up development of an electric car.

The tech giant hired Desi Ujkashevic for the car project, according to people with knowledge of the matter. Ujkashevic had worked at Ford since 1991, most recently serving as its global director of automotive safety engineering. Before that, she helped oversee engineering of interiors, exteriors, chassis and electrical components for many Ford models.

The executive worked on Ford’s Escape, Explorer, Fiesta and Focus models, as well as the Lincoln MKC and Aviator, according to her LinkedIn profile. She also helped develop new electric vehicles for the Dearborn, Mich.-based automaker. And Ujkashevic has experience dealing with regulatory issues, something that will be key to Apple getting a car on the road.

Enlisting Ujkashevic suggests that Apple is continuing to push toward a

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Best Motorcycles 2020

Lots of the modifications occurring within the automotive market right now, together with tightened credit markets in a capital-intensive trade and elevated authorities involvement are the most recent global challenges. The interval from 1919 to 1939 also brought significant progress in vehicle manufacturing in Europe, though on a considerably smaller scale than in the United States. The European trade was moving in the same instructions as the American trade, toward a mass market for motor automobiles, however it made slower progress for a wide range of causes: lower dwelling standards with less purchasing power, smaller nationwide markets, and extra restrictions in tax and tariff insurance policies. Still, the same pattern towards concentration was discernible. British automotive manufacturing rose from seventy three,000 in 1922 (each private and commercial autos) to 239,000 in 1929, whereas the variety of producers declined from 90 to 41. Three corporations— Austin , Morris, and Singer—managed 75 … Read More

Car Dealer Penske Automotive Accelerates Buybacks as Profits Soar

Penske Automotive

Group Inc. is accelerating share buybacks after the car-dealership chain reported steeply higher profits as the industrywide vehicle shortage continues to bolster prices.

Bloomfield Hills, Mich.-based Penske has repurchased 1.9 million shares this year through April 26, 1.2 million of them in the first quarter. That amount was up from 800,000 shares bought in the fourth quarter. Last year, the company purchased 3.3 million shares total.

Altogether, the company spent $294 million on buybacks in 2021, followed by $184 million so far this year through April 26. Penske’s share price on Friday closed at $104.82, about flat from the beginning of the year.

Shelley Hulgrave, chief financial officer of Penske Automotive Group



Photo:

Jill Scapelliti

The company expects to continue using buybacks to allocate cash, assuming market conditions hold steady and it receives approval from the board, said

Shelley Hulgrave,

Penske’s chief financial officer. U.S. car dealership acquisitions—one

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Europe Car Forecasts Turn Negative, While Electric Sales Growth To Stall

Sales prospects for cars and SUVs in Western Europe are fading fast with forecasts dropping into negative territory as economic prospects weaken, and even the rock-solid electric car revolution is likely to take a breather over the next couple of years.

High-profile forecaster LMC Automotive now expects sales in Western Europe to drop 6% in 2022 to just under 10 million, citing supply chain bottlenecks, the war in Ukraine and lockdowns in China because of the re-emergence of the coronavirus.

Western Europe’s battery-electric vehicle (BEV) sales more than doubled in 2020 to just under 750,000 and jumped again in 2021 with sales of 1,143,000 or 10.3% of the market. Schmidt Automotive Research expects this to slow through the next couple of years.

“The consensus view prior to the Russian invasion was a growth rate of between 10 to 15%

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