Top Headlines
Mixed Results for General Motors’ Third Quarter Earnings
BUSINESS October 21, 2015 | 11:48 AM
- North America sets post-bankruptcy record
- Global profit increased 40%
- Losses seen in many international markets
It was a mixed bag for General Motors Co. in the third quarter as a post-bankruptcy record in North America offsets losses elsewhere.
In North America, results were the company’s best since emerging from bankruptcy in 2009. Profit was $3.29 billion, a 34% increase from 2014, while revenue was $27.8 billion. Sales grew 5.2%.
Read more »Electric Motorcycle Company Claims it was Ruined by Apple
BUSINESS October 20, 2015 | 12:19 PM
- Apple recruited top engineers
- Apple will not acknowledge it is developing a car
- Other companies making similar claims
Electric motorcycle startup Mission Motors claims Apple Inc.’s aggressive recruiting of its top engineers forced the company to cease operations in May and file for bankruptcy in September.
Mission had been struggling to secure funding and perfect its business model. The majority of the recruiting began last year while Mission was raising funding and caused one investor to back out.
Read more »Kia Recalls 377,000 Sorentos for Brake Issue
BUSINESS October 19, 2015 | 10:47 AM
- Transmission can slip out of park by itself
- Three injuries report
- Optima now more fuel efficient
Korean automaker Kia Motors America has recalled 377,062 Sorento crossovers model years 2011-2013 because of a problem with the brake mechanism, according to paperwork filed with the National Highway Traffic Safety Administration.
Excessive forces can cause the brake-shift interlock mechanism to crack or chip which may lead to the transmission shifting out of park without the brake being depressed. This can make the vehicle roll.
Read more »Volvo Adding Electric Vehicles to Its Lineup
BUSINESS October 15, 2015 | 10:50 AM
- Also will invest in hybrids
- Diesel market declining globally
- Volvo saw increased sales last month
Swedish automaker Volvo Car Group will be adding an all-electric car to its lineup and will expand its hybrid models as diesel autos decline in popularity, the company said in a statement.
"We believe that the time has come for electrified cars to cease being a niche technology and enter the mainstream," CEO Hakan Samuelsson said in the statement. "We are confident that in two years' time, 10% of Volvo's global sales will be electrified cars."
Read more »Toyota Plans to Sell Mostly Green Vehicles by 2050
BUSINESS October 14, 2015 | 10:38 AM
- Emissions will be reduced 90% from 2010
- Automakers compete for green technology
- Car sales part of company’s green technology plan
Toyota Motor Corp., the world’s top selling automaker, has established a plan to reduce emissions from its vehicles by 2050, compared to 2010 levels.
Toyota did not provide a breakdown, but the plan involves electric vehicles. fuel-cell cars, gas-electric hybrids, and plug-in hybrids.
Read more »Ferrari Is Prepared for Its IPO
BUSINESS October 13, 2015 | 10:46 AM
- 10% of company will be available
- IPO first step to separate Ferrari from Fiat
- Ferrari production to increase
Fiat Chrysler Automobiles NV, the world’s seventh largest automaker, is prepared for the initial public offering of its luxury brand Ferrari.
Nine percent of shares, 17.2 million, will be available publicly while 1%, 1.7 million shares, will be given to underwriters. The remaining 90% will be owned by Fiat and Piero Ferrari.
Read more »Volvo Says Regulations Need Written for Autonomous Vehicles
BUSINESS October 12, 2015 | 2:08 PM
- Volvo president calls for U.S. to lead the way
- Automaker has launched auto-pilot system
- Automakers to accept liability in case of accident
Volvo president and chief executive Hakan Samuelsson says the United States needs to develop a national set of regulations for the development and testing of autonomous vehicles or risk losing its position as a leader in the autonomous market.
More than a million miles of road have been covered in the U.S. during autonomous vehicle tests. Each state has different rules in place for autonomous testing.
Read more »General Motors Recalls 32,000 SUVs
BUSINESS October 8, 2015 | 11:59 AM
- Faulty windshield wiper switch can cause fire
- GM will arrange for pickup of vehicles
- GM looks to the future with new initiatives
General Motors is recalling 31,685 SUVs in North America because an electrical short in the windshield wiper motor could cause a fire.
Faulty wiper motor covers allow electrical terminals to come in contact with each other and could cause the motor cover to melt, smoke or catch fire.
Read more »Porsche to Use Apple CarPlay Instead of Android Auto
BUSINESS October 7, 2015 | 12:27 PM
- Infotainment system to be installed in 911 Carrera
- Analysts say Google asked for sensitive information
- Google denies it’s spying on customers
Porsche has opted to use Apple CarPlay instead of Android Auto as the infotainment system in its 2017 911 Carrera and 911 Carrera S.
Both devices work by allowing users to connect a smartphone to their car. They are intended to reduce distractions while driving by allowing the use of voice commands to control things like music and phone calls.
Read more »Volkswagen Cutting Costs to Pay for Cars Recalled in Scandal
BUSINESS October 6, 2015 | 11:35 AM
- All non-essential investments and spending will be cut
- Repairs to cost more than the estimated $7.3 billion
- Deadline for submitting suggested repair to regulators is this month
The world’s largest automaker, Volkswagen AG, will be cutting or delaying all non-essential investments and reviewing executives’ bonuses to pay for costs associated with its emissions- cheating software scandal, company CEO Matthias Mueller told a meeting of 20,000 employees at VW’s Wolfsburg, Germany, headquarters this week.
Jobs will be unaffected for the time being, but Mueller said it was impossible to know how high costs will total.
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