There is no immediate plan to replace the Camaro, though Chevy hinted at a future possibility.

The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two U.S. banks.

Volkswagen AG's financial-services division forecast a substantial drop-off in annual profit as better access to semiconductors and other components leads to normalization in the used-car market.

Earnings in 2023 are expected to be significantly below last year's level, Volkswagen Financial Services said in a statement Tuesday. Operating profit slipped to €5.6 billion ($6 billion) last year from a record result in 2021.Shortages of chips and other disruptions to supply chains and logistics have constrained auto manufacturers' pandemic recovery efforts, driving up prices of both new and used vehicles. Elevated residual values have been a boon to the in-house lending units that carmakers and their dealers tap to help consumers finance car purchases and leases, though their earnings have widely been expected to fall off this year.

"2022 was once again an exceptional financial year strongly affected by special factors," Frank Fiedler, chief financial officer of Volkswagen Financial Services, said in the statement. "It can be anticipated that a repeat of such a result will not be possible in the short term."

The decision by U.S. District Judge David Lawson covers several Chevrolet and GMC trucks and SUVs, several Cadillac models, and the Chevrolet Corvette and Camaro, equipped with 8L45 or 8L90 eight-speed automatic transmissions.

Snow or ice buildup might cause the windshield wiper motor to fail or operate intermittently on 2021-23 Hyundai Palisades.

A bit more than one-third of Americans would consider buying an electric vehicle for their next model, a new Reuters/Ipsos poll found.

Carvana Co. said on Wednesday it expects a smaller core loss in the current quarter due to a raft of cost-cut measures it implemented amid falling used-car sales, sending its shares up nearly 16 percent in early morning trading Wednesday.

Carvana expects first-quarter core loss between $50 million and $100 million, down from a core loss of $348 million a year earlier.

The used-car retailer, known for its automated car vending machines, allows users to buy cars online and offers home deliveries, which made it popular during the COVID-19 pandemic when people were confined to their homes.

However, demand for used cars has cooled in recent months, as people cut back on discretionary expenses amid recession worries, heaping pain on the industry already struggling with inventory purchased at higher prices.

In a regulatory filing, Carvana estimated vehicles sold in the first quarter will land between 76,000 and 79,000. Carvana sold 105,185 vehicles in the year-earlier period and it sold 86,977 in the fourth quarter of 2022.

Carvana attributed the reduction to higher interest rates, lower inventory size, lower advertising expenses and focus on its profitability initiatives.

Separately, Carvana announced it was offering creditors an option to exchange unsecured notes for those backed by collateral, in a move that will see repayment on some obligations pushed to 2028 from as early as 2025.

The offer would be for a principal amount of up to $1 billion in notes, with a condition that at least $500 million existing notes be validly tendered.

C.J. Moore contributed to this report.

Two dealership groups entered new states, a dealer and his group expanded in Chicago and an entrepreneur purchased his first franchised dealership — all in transactions that closed in the fourth quarter.

The pace of supplier mergers and acquisitions could soon pick up as companies look to reposition themselves for the EV era and as private equity firms seek to put hundreds of billions of dollars in outstanding capital to work.

Mexico has lofty ambitions to boost EV ownership as Tesla gears up to develop its factory in the northern border state of Nuevo Leon.

Italian luxury sports car maker Ferrari was hit with a ransomware attack that exposed customers' personal information.

It's not clear when Ferrari's Italian subsidiary was contacted by a hacker or group with a ransom demand related to the exposure of customer information nor did Ferrari disclose the ransom amount.

Ferrari said it is investigating the breach with an unnamed "leading global third-party cybersecurity firm" and has informed law enforcement authorities.

Ferrari's policy is not to pay ransom demands to hackers because the company thinks it will perpetuate cyberattacks.

While many companies will pay white hat hackers to find vulnerabilities, the auto industry pays among the least for discovering potential breaches, according to research by San Francisco's HackerOne. It operates bug bounty programs for BMW, Ford, Rivian and Toyota.

"Instead, we believed the best course of action was to inform our clients and thus we have notified our customers of the potential data exposure and the nature of the incident," Ferrari said in a statement. "We can also confirm the breach has had no impact on the operational functions of our company."

Ferrari said it is working with third parties to reinforce the company's information technology systems.

It's not clear if Ferrari encrypted their customers' data.

"While most organizations view customer data as an asset when it's stored in an unencrypted fashion, it's actually a liability," said Dror Liwer, co-founder of Israeli cybersecurity company Coro.

Organizations facing extortion-related data leaks possibly face direct financial damages from lawsuits, fines, and loss of revenue from lawsuits and regulatory actions, Liwer said.

The number of publicly reported automotive cyberattacks is on the rise. In 2022, Israeli cybersecurity firm Upstream counted 268 publicly reported automotive cyberattacks, up from 245 incidents publicly reported in 2021.

Ferrari plans to make 80 percent of its cars battery electric powered by 2030. These EV offerings are likely to become even more software dependent and Internet connected in the coming years, possibly providing more avenues for cyberattacks.

Companies have a few avenues to deter ransomware attacks, said Javvad Malik, an executive at KnowBe4, a Clearwater, Fla., cybersecurity consultancy and training company.

"When it comes to ransomware, most attacks are successful through phishing, taking advantage of poor credentials or by exploiting unpatched vulnerabilities," Malik said. "So at a bare minimum, organizations should focus on these avenues of attack."

Moody’s Investors Service on Monday became the second credit ratings firm to endow Tesla with investment-grade status, upgrading the Austin-based firm’s credit score by one notch to Baa3. 

What makes a 40 Under 40 honoree? Hard work, innovation, imagination? And what would such an honor mean for your auto retail career? Find out in this LinkedIn Live chat.

The company is beta testing the new technology and hopes it will help auto retailers speed their hiring process.

In addition to the Ram heavy-duty trucks, the safety probe now covers Bosch's C4 fuel pumps and certain vehicles from Jeep and BMW.

Last year, sales of certified vehicles fell 9.4 percent to 2.49 million, according to figures from the Automotive News Research & Data Center. It was the lowest annual volume since 2014, when 2.34 million certified sales were recorded.

The company has added former ESAB Corp. executive John Dion to its leadership team as it looks to cut costs, overcome quality woes and improve its operational execution.

LaFontaine Automotive Group has purchased a Chevrolet store in metro Detroit, marking its second dealership acquisition of the year.

The $1 trillion November 2021 infrastructure law dedicates $500 million over five years for "Smart" mobility projects.

A cellphone used as a dash cam paired with a driver safety app is helping users implement safer driving behavior, data from Driver Technologies Inc. shows.