Latest News Updates From Richard Clough

Motown Acquisition, an entity jointly owned by Penske and Mitsui & Co., will acquire the dealer group for $212 a share, an 8.8% premium over the stock’s prior closing price.

The preliminary probe covers an estimated 1,000 vehicles from the 2026 model year, NHTSA said. The agency has not yet decided whether to conduct a full investigation.

Tesla’s driver-assistance branding has long been a point of contention with regulators, safety advocates and some Tesla customers, who say the name gives the impression of full autonomy.

The preliminary evaluation involves an estimated 1.2 million vehicles, including Model 3 sedans from the 2018 to 2020 model years and Model Y SUVs from 2021 to 2023.

The comments follow NHTSA’s move last month to update federal safety standards to remove the mandate for manual brake pedals in autonomous vehicles.

The issue stems from potential overheating in wiring for the electric hydraulic power steering pump in certain Jeep Wrangler and Gladiator vehicles, according to NHTSA.

Shares of Union Pacific and Norfolk Southern slumped the most in more than a year after the STB paused its review of their planned $72 billion merger.

NHTSA said it received two complaints from Rivian owners describing separation of a suspension rod that connects the wheel hub to the vehicle chassis.

Recreational vehicle suppliers LCI Industries and Patrick Industries terminated discussions over a potential merger.

The decision comes at a volatile time for the automotive business, which is grappling with high costs, economic uncertainty and affordability challenges for consumers.