Weekly roundup: Toyota and BMW partner on hydrogen fuel cells, Biden blocks Nippon Steel bid, UAW secures wage gains

Earlier this week: Toyota and BMW announced a new partnership to accelerate hydrogen fuel cell development. Biden is set to block Nippon Steel’s $14.9 billion bid for U.S. steel. UAW won major wage gains at supplier plants, raising concerns among executives. Ford recalled 90,700 vehicles over engine valve defects. Hyundai and Kia achieved record August sales, driven by robust demand for crossovers and hybrids. UAW secures union recognition at GM-LG battery plant in Tennessee. Scout Motors to unveil first electric adventure vehicles.

Here’s a closer look at these top stories and more headlines to stay on top of this week’s automotive industry news.

1. Toyota and BMW accelerate hydrogen fuel cell development with new partnership
Toyota and BMW are renewing their collaboration on hydrogen fuel cell technology with a new memorandum of understanding aimed at fast-tracking the development of next-generation zero-emission vehicles. The partnership aims to address key challenges that have hindered the widespread adoption of hydrogen-powered cars, with BMW planning to launch its first hydrogen model by 2028. Read More

2. Biden set to block Nippon Steel’s $14.9 billion bid for U.S. steel
According to a Reuters report, President Joe Biden is preparing to block Nippon Steel’s proposed $14.9 billion acquisition of U.S. Steel. This decision would substantially impact Nippon’s bid and reflect ongoing concerns about the deal’s implications for the U.S. steel industry and labor market. Read More

3. UAW wins major wage gains at supplier plants, raising concerns among executives
The United Auto Workers (UAW) is securing unprecedented wage increases and benefits at automotive supplier factories, driven by the hardline negotiations inspired by UAW President Shawn Fain. This success marks a significant win for workers but raises concerns among suppliers about the long-term impact on their financial stability. Read More

4. Ford recalls 90,700 vehicles over engine valve defects
Ford has initiated a recall of approximately 90,700 Ford and Lincoln vehicles due to a significant engine defect. The Michigan-based automaker initially announced the recall on August 23. The recall involves 2021-2022 models of the Ford Bronco, Edge, Explorer, F-150, Aviator, and Nautilus, all of which are equipped with 2.7-liter or 3-liter Nano EcoBoost engines. Read More

5. Hyundai and Kia achieve record August sales driven by robust demand for crossovers and hybrids
Hyundai and Kia posted record sales in August, driven by robust demand for crossovers and hybrids, making it one of the industry’s strongest months of the year. Hyundai reported a 22% increase in deliveries, totaling 79,278 units, while Kia saw a 4.3% rise, with 75,217 units sold. Read More

6. UAW secures union recognition at GM-LG battery plant in Tennessee
The United Auto Workers (UAW) announced Wednesday that Ultium Cells, a joint venture between General Motors (GM) and LG Energy Solution, has agreed to recognize the union at its Spring Hill, Tennessee, battery manufacturing plant. This comes after a majority of the plant’s 1,000 workers signed union cards, following the success of a similar unionization effort at Ultium’s Ohio facility in 2022, which led to a new contract with significant wage increases. Read More

7. Scout Motors to unveil first electric adventure vehicles
Scout Motors, the electric adventure truck spinoff from Volkswagen (VW), is set to reveal its first vehicle on October 24, marking the brand’s return to the market after a 44-year hiatus. This highly anticipated event follows two years of development since VW announced the revival of the iconic International Harvester Scout brand as an electric vehicle (EV). Read More

8. Toyota’s strategic approach to electrification and digital retailing – David Christ | Toyota
In a rapidly evolving automotive landscape, Toyota continues to set the standard with its customer-centric approach to electrification and digital retailing. As the company gears up for its annual dealer meeting, David Christ, Group Vice President and General Manager of the Toyota Division at Toyota Motor North America, joins us on today’s episode of Inside Automotive to share exclusive insights into Toyota’s forward-thinking strategies. From its multi-pathway approach to powertrains to the success of its SmartPath digital retail platform, Toyota is not just keeping pace with industry changes but leading the way. Watch the full segment here. 

9. Willie Beck on M&A trends, OEM approvals, and market shifts within the industry
In this latest episode of Driving Solutions, we reconnect with Willie Beck, Co-Managing Partner at Bel Air Partners. Beck shares valuable insights on the current landscape of mergers and acquisitions (M&A) in the automotive industry, including OEM approval timelines, the impact of potential tax changes, and strategic portfolio management. Tune in to discover what’s driving the market and how dealers navigate these dynamic times. Watch the full segment here. 

10. How dealerships can master Google Business Profiles for maximum traffic and engagement
In today’s digital-first world, your dealership’s online presence is more important than ever. One critical tool often overlooked by dealerships is the Google Business Profile. In today’s episode of Marketing Matters, we explore how an optimized Google Business Profile can significantly boost your dealership’s traffic, enhance customer engagement, and ultimately increase sales and service department success. Join Colin Carrasquillo as he explains the essentials of setting up, managing, and maintaining this powerful digital tool. Watch the full segment here.