Top Headlines
Volkswagen Expected to Name CFO as Board Chairman
BUSINESS September 3, 2015 | 1:02 PM
- CFO was nominated to take over chairman position
- Some have concerns over lack of transition
- Former chairman ousted in power struggle
Volkswagen’s supervisory board is prepared to nominate chief finance officer Hans Dieter Poetsch to take over the role of board chairman, the company said in a statement.
The recommendation was made by Porsche Automobil Holding SE, which owns the majority of Volkswagen’s common stock and is controlled by the Porsche-Piech family.
Read more »Tesla Model X Customers Can Customize Their $132,000 Vehicle
BUSINESS September 2, 2015 | 2:08 PM
- First deliveries expected this month
- Includes many safety and autonomous-driving features
- Model S sales have yet to peak
Customers on the waiting list for Tesla Motors’ crossover Model X can now begin to customize their vehicles.
Customers on the reserve list for the Signature Model X can select options, colors and whether they want to purchase the $10,000 Ludicrous Speed upgrade which would decrease the time it takes to go from 0-60 miles were hour.
Read more »August U.S. Auto Sales Slow But Beat Expectations
BUSINESS September 1, 2015 | 1:16 PM
- Analysts had forecasted drops for all automakers
- August sales affected by calendar, stock prices
- Fiat Chrysler Canada sees overall increase despite 19% car sale drop
U.S. auto sales were slow in August but still beat analysts' estimates that all automakers would experience a drop.
TrueCar.com had predicted the industry would fall 3%, the first decline since January 2014.
Read more »Fiat Says Merger with General Motors Can’t Be Refused
BUSINESS August 31, 2015 | 12:41 PM
- Merger would be worth $30 billion
- Fiat CEO believes there is waste in the auto industry
- Fiat will survive even without GM merger
Fiat Chrysler Automobiles NV CEO Sergio Marchionne says an offer to merge with rival General Motor Co. cannot be refused, according to an interview in Automobile News.
The new company would be worth $30 billion annually before interest, taxes, depreciation and amortization, Marchionne says. His figures are based on an annualized rate of 17 million new cars and trucks in the U.S. He analyzed product by product, plant by plant, area by area for both companies, he said.
Read more »Civil Lawsuit Claims Keyless Ignitions are Deadly
BUSINESS August 27, 2015 | 1:11 PM
- Filing says ten automakers knew of the danger
- 13 drivers have died from carbon monoxide
- Carbon monoxide kills Americans each year
Ten automakers know of a deadly defect in keyless ignitions systems yet continue to sell the systems despite the danger, a class action lawsuit filed in Los Angeles federal court alleges.
Keyless ignition systems work by allowing drivers to press a button to start the ignition while their key fob remains in their pockets or purses. The fob must be in the car in order for the engine to start.
Read more »U.S. Army Awards Oshkosh Military Vehicle Contract
BUSINESS August 26, 2015 | 12:46 PM
- Oshkosh beat out several other contractors
- Vehicles designs needed to meet government requirements
- Contract provides Oshkosh with much needed stability
The U.S. Army has awarded a $6.75 billion contract to Oshkosh Corp. for the construction of military vehicles, according to the Wall Street Journal.
Oshkosh beat out AM General LLC and Lockheed Martin Corp. In January, each company’s prototype was tested by the army. Several other companies including Ford Motor Co., General Dynamics Corp.and Navistar International Corp.were eliminated in an earlier round of bidding.
Read more »Lexus, Fiat: The Best and Least Loved Cars in the U.S.
BUSINESS August 25, 2015 | 12:28 PM
- Luxury brands scored higher than mainstream ones
- Three Fiat brands near the bottom
- Customer satisfaction with industry down
U.S. car buyers love Lexus, but are dissatisfied with Fiat, according to the American Customer Satisfaction Index.
The ACSI studies U.S. consumer experiences with products and services. In a survey, 4,300 customers were asked to rate experiences with cars they purchased between six months and three years ago. Twenty-seven brands were included.
Read more »Cooper Tire Developing Tire Using Domestic Rubber
BUSINESS August 24, 2015 | 1:40 PM
- Tire uses Southwestern desert shrub
- Usable tire should be completed in 2017
- Tire market is growing as auto market increases
Cooper Tire and Rubber Co. is developing a tire that uses 100% domestic rubber.
The company demonstrated a tire made of a Southwestern desert shrub, the guayule plant. A usable tire will be completed in 2017, the company said.
Read more »Ford Taurus May Be Nearing End of North American Run
BUSINESS August 20, 2015 | 11:21 AM
- Taurus supply to dealerships is small
- Fusion more popular with buyers
- Ford files patent for autonomous car seating
Ford Motor Co. may be getting ready to discontinue the Taurus for the third time in North America, analysts speculate.
Dealerships are receiving a very small volume of the model.
Read more »Audi Electric SUV to Begin Production in 2018
BUSINESS August 19, 2015 | 1:45 PM
- SUV will compete with Tesla
- Range expected to be more than 300 miles
- Audi has released product specifications
German luxury automaker Audi AG, a division of Volkswagen, plans to begin production of an electric sports utility vehicle in 2018.
The SUV, the Audi e-tron Quattro, will appear as a concept car at the Frankfort Auto Show Sept. 15.
Read more »