EV startup Fisker idles production, warns it may need to seek bankruptcy

<p>Company says it is halting production for six weeks after missing required interest payment of about $8.4 million last week.</p>

https://www.autonews.com/manufacturing/m...tup-fisker

UAW says workers at VW Tenn. plant file for union election

<p>The UAW said a supermajority of eligible workers at the VW plant have signed union cards in about three months.</p>

https://www.autonews.com/manufacturing/u...e-uaw-says

No limits: Small dealers go national with video streaming ad pilot

<p>Technology from marketing software company Constellation is helping smaller auto dealers place affordable national advertising through NBCUniversal streaming options.</p>

https://www.autonews.com/retail/nbcu-con...-streaming

Honda Canada to slash dealer margins by up to 44%, several dealers say

<p>Honda Canada would not confirm the details nor address questions about the changes to margin for its close to 250 dealers across the country. In a statement, the company said it does not “share the details of our business relationship with our dealers.”</p>

https://www.autonews.com/retail/honda-ca...ealers-say

Banks unlikely to loosen up on auto loans in 2024, Fed survey finds

<p>Banks overwhelmingly plan to maintain their standards for writing car loans throughout 2024, while a handful intend to tighten policies even further on credit applicants.</p>

https://www.autonews.com/finance-insuran...loans-2024

Franchised used-car dealer sentiment lowest since pandemic, Cox survey shows

<p>Franchised and independent dealers also reported year over year growth or stability in used-car inventory mix, Cox Automotive's latest Dealer Sentiment Index says.</p>

https://www.autonews.com/used-cars/cox-f...owest-2020

Chinese EV battery maker sues Michigan township over $2.4B factory plan

<p>Chinese <a href="https://www.autonews.com/topic/batteries" target="_blank">battery</a> manufacturer <a href="https://www.autonews.com/manufacturing/gotions-ev-battery-factory-plans-swell-michigan" target="_blank">Gotion</a> Inc. is suing the township where it plans to build a $2.4 billion <a href="https://www.autonews.com/topic/electric-vehicles" target="_blank">electric vehicle</a> battery factory, alleging breach of contract in relation to the project.</p>

<p>The company filed a lawsuit Friday against Green Township, which is just north of Big Rapids, three hours northwest of Detroit, in U.S. District Court Western District of Michigan, claiming that in November it “abruptly reneged” on contractual obligations established for the project in 2023.</p><p>"The (Green Township) Board gave no justifiable reason for its sudden refusal to honor its contractual obligations," the lawsuit said.</p>

<p>“The only thing that changed between October and November was the composition of the Township’s Board, most of whose members are now ardently opposed to Gotion’s project,” according to the complaint, written by Gotion attorney Ashley Chrysler with Warner Norcross + Judd LLP.</p>

<p>At immediate issue in the federal lawsuit is the construction of water infrastructure for the project, which is promised to bring 2,350 new jobs and dramatic change to the rural community.</p>

<p>Township board members aim to block an extension of a water line running from Big Rapids through its boundaries to serve the plant despite previously entering into a development agreement allowing it. Water is “critical” to the success of the factory, which will require up to 715,000 gallons per day to operate, according to the lawsuit.</p>

<p>The broader issue is general opposition to the plant by newly elected township board members who replaced pro-factory board members in a November recall election.</p>

<p>“To prevent the Township’s sudden recalcitrance from unraveling an endeavor already years and millions of dollars in the making, this Court should order the Township to comply with its obligations under the parties’ agreement by, among other things, reinstating the resolution to approve the connection of the City’s water systems to Gotion’s project,” the lawsuit said.</p>

<p>The Detroit News first reported that the lawsuit was filed Friday.</p>

<p>Green Township has 21 days after the filing to answer the complaint. <em>Crain’s Detroit Business</em> made multiple requests for comment to the township.</p>

<p>“It’s unfortunate that Gotion has had to resort to litigation to get the township to comply with their obligations under the agreement,” Chuck Thelen, vice president of Gotion's North American operations, said in a statement. “We’re unable to comment further since this is now an ongoing legal matter.”</p>

<p>Since the project was announced in October 2022, it has been wrought with controversy. Critics have said the factory will do more harm than good to the tight-knit community, while conspiracists have called it a Chinese Communist takeover plot.</p>

<p>Gov. Gretchen Whitmer and economic developers have heralded the project as a once-in-a-generation opportunity to grow wealth in a poor community. Other politicians, primarily Republicans, have raised national security concerns over doing business with a company tied to China.</p>

<p>A month ago, Gotion began cutting down trees at the factory site, which spans 270 acres of land purchased by the company for $24 million, marking the first physical progress on the project. A week later, it announced a new office in downtown Big Rapids, where it intends to have 200 employees.</p>

<p>Gotion Inc. is a subsidiary of China-based Gotion High-Tech Co. Ltd. that was established in California in 2014. <a href="https://www.autonews.com/topic/vw-news" target="_blank">Volkswagen</a> is the company's largest shareholder, with a 24.7 percent stake. Chinese national Li Zhen, who is the founder and president of the company, is the next largest shareholder at 13.6 percenet.</p>

<p>The plant near Big Rapids would produce up to 400,000 tons of cathode material annually for lithium-ion EV battery packs assembled in Illinois, where Gotion is planning a $2 billion factory.</p>

<p>Michigan officials approved $715 million in incentives for the factory, including $175 million of funding from the Strategic Outreach and Attraction Reserve and a 30-year Renaissance Zone property tax abatement valued at $540 million.</p>

https://www.autonews.com/manufacturing/g...ctory-plan

Audi pads EV lineup in U.S. with Q6 E-tron

<p>The midsize Q6 E-tron is the first Audi model on Volkswagen Group's Premium Platform Electric architecture, which is shared with Porsche.</p>

https://www.autonews.com/cars-concepts/a...-ev-lineup

New DEEP#GOSU Malware Campaign Targets Windows Users with Advanced Tactics

A new elaborate attack campaign has been observed employing PowerShell and VBScript malware to infect Windows systems and harvest sensitive information.
Cybersecurity company Securonix, which dubbed the campaign DEEP#GOSU, said it's likely associated with the North Korean state-sponsored group tracked as Kimsuky.
"The malware payloads used in the DEEP#GOSU represent a

https://thehackernews.com/2024/03/new-de...rgets.html

Fortra Patches Critical RCE Vulnerability in FileCatalyst Transfer Tool

Fortra has released details of a now-patched critical security flaw impacting its FileCatalyst file transfer solution that could allow unauthenticated attackers to gain remote code execution on susceptible servers.
Tracked as CVE-2024-25153, the shortcoming carries a CVSS score of 9.8 out of a maximum of 10.
"A directory traversal within the 'ftpservlet' of the FileCatalyst Workflow

https://thehackernews.com/2024/03/fortra...l-rce.html