Latest news with #carmakers
Yahoo
4 days ago
- Automotive
- Yahoo
Honda Will Sell You Insurance, but Says It Won't Track Your Driving
Honda now offers insurance but says it will not track your driving. Many carmakers offer their own insurance or offer it through a partner. Many such policies include data gathered while you drive to gauge whether you're a safe driver. Some offer discounts for ADAS safety systems. Honda has joined Tesla, Ford, GM and other carmakers in offering its own insurance at the time it sells you a car. It used to be that after you picked the car you wanted, you'd be sent to the dealer's F&I department where they'd sell you financing and insurance, often through third parties. Now you can do the insurance directly with Honda, and other carmakers. Policies will be offered by Honda Insurance Solutions, which Honda says is a licensed insurance agency that provides 'competitive pricing and coverage options for autos, motorcycles, homes, and more.' Honda's new insurance agency will work with omnichannel insurance brokerage VIU by HUB 'to offer fast and easy quoting and advice, all found at While many carmakers use data on your driving to set insurance rates, Honda says it will not do that, saying, simply, 'We are not providing data to insurers to offer safe driver discounts.' Honda is not the first carmaker to offer its own insurance, of course. Premium Based on How You Drive Tesla created an insurance program tailored to take into account its autopilot and full self-driving (FSD) features. The Tesla program is priced based on how much a car owner is behind the wheel and on how safely they drive. 'We base your premium on how you drive,' Tesla says on its website. 'We use existing technology in our vehicles to track your real-time driving behavior, no additional hardware required.' This would drive King of the Hill character, the paranoid Dale Gribble, crazy. In 2018 a company called Swiss Re, the world's largest reinsurer, partnered with BMW to build the Swiss Re ADAS risk score, a vehicle-specific insurance rating that influences how primary insurance companies rate insurance premiums based on vehicle features and risks associated with each vehicle type. Discount for Safe Driving In 2020, Ford partnered with Nationwide to create Nationwide's SmartRide usage-based insurance program, according to Nationwide News, an in-house department of the insurer. With the program, drivers share their vehicle connectivity information with Nationwide and their connected vehicle will track and share distance driven, hard braking and accelerating, idle time, and night driving to establish a policy rate. The data are shared with Nationwide through the vehicle's embedded modem, eliminating the need for a special app or vehicle plug-in device. Customers are eligible for up to a 40% discount, Nationwide says, which will be applied when the policy is renewed. Rivian partnered with Nationwide and Cincinnati Insurance to offer their own user-based program. The program uses Rivian's Driver+ suite of ADAS features like adaptive cruise control, lane keeping assist and automatic emergency braking, as well as its hands-free driving on selected highways to track drivers' performance. The more a Rivian driver uses Driver+, the more they are discounted on their monthly premium, said. OnStar Doesn't Need an App General Motors OnStar Insurance is available in Chevrolet, Buick, GMC and Cadillac vehicles that are model year 2016 or newer, uses OnStar to track driving behavior, and bases your insurance rates on how safely you drive. 'Instead of plugging in a gadget or downloading an app to assess your driving, we can use the technology already working in your connected vehicle,' GM says. 'Now more than ever, you can influence your auto insurance premium by driving safely.' OnStar tracks things like seat belt usage, aggressive braking, hard cornering, high speed driving and, again, night driving to determine your insurance rates. Volvo, which markets its safety features heavily, partnered with Liberty Mutual in 2017 to create the insurer's new TechSafety program. The program builds on the success of the Volvo City Safety technology which includes pedestrian, cyclist, and large animal detection with automatic emergency braking, Liberty Mutual said. 'We believe vehicles equipped with these types of advanced safety features will not only reduce crashes but help our customers worry less on the road while providing them new ways to save on their auto insurance,' said Hamid Mirza, senior vice president of product strategy and solutions at Liberty Mutual Insurance. The company cited a report from The Insurance Institute for Highway Safety (IIHS) that showed cars outfitted with Volvo City Safety reduced rear end crashes by 41% and injuries by 47%. Mercedes-Benz also partnered with Liberty Mutual to offer their car owners customized insurance policies through Mercedes-Benz Financial Services, which are tailored to save Mercedes drivers money if they drive safely. Like the other automakers, they offer telematics-based insurance solutions such as Pay-How-You-Drive, which allows safe drivers to earn a discount for low mileage and safe driving behavior. So these programs are good if you're a safe driver, maybe even a boring driver, but bad if you drive like an idiot. Like lap times, they reward smoothness. Have you been able to save money on insurance by changing your driving habits? Please comment below.
The Independent
6 days ago
- Automotive
- The Independent
No grants available yet on EVs – but these are the discounts on offer
A week after the government's surprise EV grant went live, there are still no cars listed on the official government website as being available with grant money applied to the list price. The Electric Car Grant was announced on Monday July 14 and went live on Wednesday July 16. Car makers must apply for the grants, which are available on EVs up to the price of £37,000 and where car makers have signed up to low-carbon Science-Based Targets around manufacturing. Grants of between £1,500 and £3,750 will be available for eligible cars. While the announcement of the EV grant has been broadly welcomed by car makers, it took many of them by surprise, with some learning about the government plan via the media. One car company executive, speaking anonymously to The Independent, also confirmed that dealers were reporting customers cancelling orders until it was clear which cars were, and which weren't, eligible for grants. Buyers of Chinese-made EVs were also left to reconsider their purchases with news that the government wasn't expecting those models to be eligible for the Electric Car Grant. Speaking on Radio Four, Minister for the Future of Roads, Lilian Greenwood, said, 'We don't expect any cars that are assembled in China to be eligible for this scheme. 'The grant is restricted to those manufacturers that reach minimum environmental standards. And, frankly, if you generate a lot of the electricity that powers your factory through coal power stations, then you are not going to be able to access this grant." The Department for Transport told The Independent: 'We expect dozens of models will be eligible but manufacturers will need to apply for the grant before we can confirm eligibility. We have held multiple calls with vehicle manufacturers to explain vehicle eligibility and how to apply for the grant. These discussions will continue to ensure manufacturers have all the information they need. 'All eligible models will be published on once the application has been approved. Applications will be processed on a first come, first served basis and as quickly as possible.' Chinese car brands have been quick to react by introducing their own 'EV grants' to stimulate demand among private buyers. Leapmotor was first out of the blocks with its Leap Grant, offering £1,500 off the Leapmotor T03, making it Britain's cheapest car at £14,495, while the Leapmotor C10 family SUV gets a £3,750 discount, taking the price down to £32,750. MG followed with its own EV grant, offering a discount of £1,500 off the MG4 and MGS5 EVs on top of existing offers, while another Chinese brand, GWM, has taken the full £3,750 off its GWM ORA 03 models with its Green Grant, bringing the starting price down to £21,245. It's not just Chinese brands applying discounts, though. Alfa Romeo is offering £1,500 off its Alfa Junior Elettrica range, on top of existing zero per cent finance offers and the promise of a free EV home charger with standard installation.
Bloomberg
6 days ago
- Automotive
- Bloomberg
Surprise Trade Deal for Japan Turns Stock Losers Into Winners
The unexpected US-Japan trade deal announced Wednesday may end up being a tipping point for the fortunes of many sectors in the stock market — with losers turning into winners, and vice versa. The list of biggest share gains following initial news of the deal was dominated by carmakers, which staged a relief rally after their US tariffs were lowered. Those same shares had been among the poorest performers earlier in the year. There were almost equivalent moves in the other direction, with recent high-flying defense and retail firms being sold.
Times
22-07-2025
- Automotive
- Times
EV grant brings ‘chaos and confusion' for makers and drivers
The launch of the electric vehicle grant scheme has led to 'chaos and confusion' for carmakers and motorists, industry experts have said. Manufacturers face 'extraordinary' amount of paperwork to learn if their vehicles are eligible for grants while buyers have been left in limbo, despite being told the scheme was under way. Ministers announced last week that motorists would be given up to £3,750 to switch to EVs, in an effort to drive up demand to meet net zero targets. It would be available on cars with a list price up to £37,000 with the level of grant tiered, so the most 'environmentally sustainable' models attract the biggest discount. Registration for the scheme opened on Wednesday last week, the day after it was announced. Car dealers said they were left fielding calls from potential buyers but had no information. Others said buyers with existing orders were asking to cancel so they could take advantage of the scheme.
Al Jazeera
22-07-2025
- Automotive
- Al Jazeera
General Motors reports a 35% profit drop as tariffs weigh on car industry
Auto giant General Motors has reported a 35 percent drop in second-quarter profits, including a $1.1bn hit from United States-imposed tariffs but confirmed its full-year forecast. GM's results released on Tuesday still topped analyst estimates, but the US carmaker cautioned that profits in the second half of 2025 would be lower than in the first. list of 4 items list 1 of 4 list 2 of 4 list 3 of 4 list 4 of 4 end of list The company pointed to sales growth in North America, where new and revamped trucks and sport utility vehicles sold briskly with solid pricing. GM was among the carmakers that benefitted from a surge in demand this spring from consumers who wanted to beat the US tariffs and their higher prices. Profits overall fell 35.4 percent to $1.9bn year-on-year while revenues dipped 1.8 percent to $47.1bn. The US imposed 25 percent tariffs on imported finished cars in early April, a move that affected major GM manufacturing operations in Mexico, Canada and South Korea. Car companies have also faced tariffs on imported steel, aluminium and auto parts. The tariff hit in the second quarter reflected that there were 'minimal mitigation offsets', GM said in a slide presentation. The Detroit, Michigan-based company's outlook for a weaker second half of 2025 reflects 'seasonally lower' volumes, increased spending on vehicle launches and the presence of two quarters with a tariff hit compared with just one in the first half of the year. GM expected annual operating income of $10bn to $12.5bn after notching $6.5bn in the first half of the year. Chief Financial Officer Paul Jacobson described the hit to profitability in the first quarter as 'the peak of the tariff impact for us', telling CNBC in an interview that mitigation efforts should enable a partial recovery in profit margins later in the year. Shifting manufacturing GM expected to mitigate 'at least' 30 percent of the tariff hit through 'manufacturing adjustments, targeted cost initiatives and consistent pricing', according to a slide. Jacobson said it would take 18 to 24 months to implement capital projects to adjust GM's manufacturing footprint. In June, GM announced spending of $4bn over two years to expand production at plants in Michigan, Kansas and Tennessee, making use of unused capacity in its home market as President Donald Trump's tariffs penalise imports of finished vehicles. The June announcement included steps to produce the Chevrolet Equinox and Chevrolet Blazer in the US. The two vehicles are currently assembled in Mexico. GM has so far not shifted manufacturing from South Korea, home to production for the Chevrolet Trax, a popular compact SUV that is priced affordably. Jacobson told CNBC the Trax has stayed profitable even with the hit from the tariff on imported autos. 'We haven't made any long-term decisions about Korea yet, mainly because there is a lot of uncertainty about that,' Jacobson said. Trump has set an August 1 deadline to reach broad trade deals with numerous countries, including South Korea, which faces a 25 percent tariff if there is no deal. 'We're optimistic that the US and Korea can find common ground,' Jacobson said. 'We know the auto industry is important to both sides in those conversations.' GM's stock tumbled on the lacklustre earnings report. It is down 6.6 percent for the day as of 11:30am in New York (15:30 GMT). GM's newly reported hit comes a day after carmaker Stellantis announced it expected a $2.7bn loss in the first six months of the year because of Trump's imposed tariffs. Stellantis, the owner of brands including Fiat and Jeep, will disclose its final results for the first half of the year on July 29. Stellantis stock is down 0.3 percent since the market opened on Tuesday and had increased more than 2.4 percent over the past five days. Source: News Agencies
