BUSINESS March 31, 2015 | 12:34 PM
- Purchase price includes licenses
- Shares jump to highest level in 20 years
- Sound systems available in luxury vehicles
American in-car multimedia systems manufacturer Harman International Inc. has agreed to purchase the automotive side of Danish audio company Bang & Olufsen for $156 million.
The purchase price includes the licenses to use Bang & Olufsen’s brands as well as the business. Harmon will make an upfront payment and will pay $1.82 million annually for 20 years in licensing fees.Read more »
BUSINESS March 30, 2015 | 11:22 AM
- Plant part of company’s plan to reinvent itself
- Other automakers also investing in U.S. factories
- Volvo set goal of selling 100,000 vehicles in U.S.
Swedish automaker Volvo Auto Group plans to invest $500 million to build a factory in the U.S. in an effort to increase sales in the world’s second-largest auto market.
Locations in three states are being considered, and the final decision should be announced in late April.Read more »
BUSINESS March 26, 2015 | 12:26 PM
- Plan to increase efficiency, cut costs
- Automakers face challenges with growth
- Toyota to discuss clean vehicles at Atlanta auto show
Toyota Motor Corp., the world’s largest automaker, has a plan to put recalls behind the company and move forward.
The plan, called Toyota New Global Architecture (TNGA), will focus on manufacturing and product development, with the aim of decreasing future recalls.Read more »
BUSINESS March 25, 2015 | 12:59 PM
- Recall included the two largest in history
- 46 million recalled vehicles have yet to be fixed
- Ford issues three recalls for private and commercial vehicles
In 2014, there were 803 vehicle recalls in the U.S., including the two largest recalls in history, according to the National Highway Traffic Safety Administration.
The recalls affected 63.9 million vehicles, more than double the number of vehicles sold in 2014. The NHTSA collected $126 million in civil penalties last year, more than what the agency had collected in its entire history.Read more »
BUSINESS March 24, 2015 | 1:10 PM
- Software update to Model S will allow for some autonomous driving
- Tradition driving will be outlawed, CEO says
- Flying cars or car tunnels future of transportation
Tesla Motors will release basic autopilot features on its Model S in three or four months.
The software update is intended for highway driving and would allow for auto steering. The Model SD also features technology that allows it to stay in its lane.Read more »
BUSINESS March 23, 2015 | 12:23 PM
- Russian economic downturn has made sales plunge
- Other manufacturers making similar cuts
- Volkswagen Taiwan plant also suspended
German auto manufacturer Volkswagen plans to alter its production plans and slash jobs at its Russian factory.
"In the first months of 2015 the Russian auto market continued to feel the impact of a weak economy, significant price increases and high interest rates. We don't expect that to change in coming months," Volkswagen said in a statement.Read more »
BUSINESS March 19, 2015 | 1:28 PM
- Luxury brands have higher ratings than mainstream brands
- Recalls visits increased to 16%
- Study ranks satisfaction for service work
General Motor’s Buick and Jaguar top the 2015 J.D. Power Customer Service Index study of dealer service satisfaction.
Buick has ranked near the top for the past several years, while Jaguar is returns the top spot. It ranked sixth in 2014.Read more »
BUSINESS March 18, 2015 | 12:40 PM
- The most expensive car to insure is the Nissan GT-R
- Least expensive is the Jeep Wrangler Sport 4WD
- Insurance rates vary widely from state to state
Insurance comparison website Insure.com has released its annual list of the most and least expensive vehicles to insure in the U.S.
Not surprisingly, sports cars top the expensive list. The likelihood of a serious accident in a sports car is higher than in other vehicles.Read more »
BUSINESS March 17, 2015 | 12:06 PM
- Demand is outpacing production
- Vehicle being marketed as most powerful sports car
- Interest continues despite recall
FCA US, the parent company of Dodge, has temporarily stopped orders of the Challenger and Charger Hellcats as demand is outpacing production.
Orders began being received in September 2014 with deliveries beginning in November. During the first five days, 4,500 orders were received.Read more »
BUSINESS March 16, 2015 | 1:18 PM
- Update intended to increase mileage, ease owner anxiety
- Update electronic through vehicle’s system
- Mixed reports on Model S’s demand
Tesla Motors Inc. has scheduled a press conference for this week where the company plans to announce a software upgrade to the Tesla Model S that will dramatically increase mileage.
The announcement was made via tweet by Tesla CEO Elon Musk.Read more »