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July 19, 2017 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
June Auto Default Rate Sets 10-Year Low
Mahindra & Mahindra Heads to US; Manufacturing Unit to Start Operations Soon
Daimler Recalls 3 Million Mercedes Cars in Latest Blow to Diesel
GM Joins Other Carmakers Investing in Self-Driving Startup Nauto
Amazon, eBay Step Up Their Game Plan For Automotive
Microsoft Is Teaming Up with a Chinese Rival to Power Self-Driving Cars
Carvana Brings Online Used-Car Sales to Detroit
Top Stories
June Auto Default Rate Sets 10-Year Low

Perhaps the auto loan component of the S&P/Experian Consumer Credit Default Indices is becoming a game of “how low can you go?” A month after the rate tied a 10-year low, S&P Dow Jones Indices and Experian released data through June on Tuesday and determined auto loan defaults decreased 3 basis points from the previous month to settle at 0.82 percent.
Source: SubPrime Auto Finance News

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Mahindra & Mahindra Heads to US; Manufacturing Unit to Start Operations Soon

Mahindra and Mahindra is set to open its maiden greenfield auto manufacturing plant in Detroit this fiscal year--the first Indian car company that will have one in the country--to make off-road utility vehicles as the $19 billion conglomerate looks to double its bets in one of the world’s most important markets, said group chairman Anand Mahindra.
Source: Economic Times

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Daimler Recalls 3 Million Mercedes Cars in Latest Blow to Diesel

Daimler AG moved to head off a growing crisis over emissions concerns by voluntarily recalling more than 3 million Mercedes-Benz diesel vehicles in Europe, marking the latest blow to the technology since Volkswagen AG’s cheating scandal erupted nearly two years ago. The automaker will extend an ongoing upgrade of about 250,000 compact cars and vans to nearly every modern Mercedes diesel on the road. The plan, which involves a software patch and avoids complex component fixes, will cost about $255 million, the Stuttgart, Germany-based company said in a statement on Tuesday. If accepted by officials, it could help Daimler avoid the massive penalties that beset VW.
Source: Bloomberg

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GM Joins Other Carmakers Investing in Self-Driving Startup Nauto

General Motors Co. and Japan's Softbank Group Corp. are among the latest investors in Nauto, a Silicon Valley startup developing software for self-driving vehicles. Nauto, based in Palo Alto, said on Tuesday it closed a $159 million Series B funding round, led by Softbank and venture capital firm Greylock Partners. "Any (vehicle) manufacturer is better than any startup at building cars," said Stefan Heck, founder and chief executive officer of two-year-old Nauto. "Our aim is to provide the data, intelligence and a cloud platform" to automakers that plan to begin putting self-driving cars on the road from 2020.
Source: Reuters

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Amazon, eBay Step Up Their Game Plan For Automotive

Lately, the pace of disruption from Amazon and eBay has expanded beyond car parts sales to new fields within the auto industry’s ecosystem. Amazon recently piloted online car sales with European units of Fiat, Opel and Hyundai, and there are clear signs according to recent news reports that the company will expand its digital car business – most likely in the UK market for starters. eBay, an early pioneer but clearly now seems threatened, is also upping its game. The San Jose, California-based company is boosting its vehicle marketplace through collaborations with vehicle comparison website TrueCar.
Source: Forbes

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Microsoft Is Teaming Up with a Chinese Rival to Power Self-Driving Cars

Microsoft is throwing the weight of its Azure cloud infrastructure behind Baidu's open source autonomous driving project, Apollo, the companies announced Tuesday. Baidu first revealed details about the initiative, named after the historic lunar landing program, in April: It is an open platform that provides cloud infrastructure, open software stack and other services that are able to support major features and functions of an autonomous car.
Source: CNBC

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Carvana Brings Online Used-Car Sales to Detroit

Online used-vehicle retailer Carvana Co. is opening up shop in the Motor City. Carvana said today that it would begin selling its inventory of more than 7,000 vehicles in the Detroit area effective immediately. The Phoenix company, which delivers vehicles directly to customers who purchase through its website, now operates in 32 U.S. markets, most of them in the East and South.
Source: Automotive News

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Quotable
"The public debate about diesel engines is creating uncertainty. We have therefore decided on additional measures to reassure drivers of diesel cars and to strengthen confidence in diesel technology."

    -- Daimler AG CEO Dieter Zetsche, commenting on its voluntary recall of more than 3 million Mercedes-Benz diesel vehicles in Europe, Bloomberg, July 19

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