BUSINESS May 4, 2015 | 2:39 PM
- Automaker accused of price fixing
- Other foreign companies being fined
- Company expects sale growth to slow
Chinese antitrust regulator, the National Development and Reform Commission, have fined German luxury automaker Mercedes-Benz $57 million for violation of antitrust laws.
The automaker is accused of price fixing between January 2013 to July 2014. The company allegedly issued instructions to dealerships in Jiangsu Province to cap the minimum prices for its E- and S-Class sedans as well as some auto parts. Dealerships were told if they didn’t comply they would risk reduced-policy support.Read more »
BUSINESS April 30, 2015 | 1:18 PM
- Honda debuting HR-V, a subcompact SUV
- Cadillac sets CTS-V at $84,990
- Ford has yet to determine number of limited run GT350
Automakers are set to debut new vehicles in the new few months.
Honda Motor Corp. will debut its smallest SUV, the subcompact HR-V in May.Read more »
BUSINESS April 29, 2015 | 12:11 PM
- Profit comes after years of losses
- North America also see sales increases
- Increases help offset losses in South America
Fiat Chrysler Automobiles NV, the world's seventh-largest automaker, saw a rise in profits during the first quarter, aided by sales in Europe and North America.
Adjusted earnings before interest and tax were $879 million, a 22% increase from 2014. A year ago, the company suffered a $190 million loss, mostly due to buying Chrysler shares from the UAW Retiree Medical Benefits Trust.Read more »
BUSINESS April 28, 2015 | 11:54 AM
- Profits fall 43% compared to a year ago
- Several factors to blame for losses
- Honda forecasts fiscal year ending 2016
Honda Motor Co., Japan’s third-largest auto maker by global sales volume, released disappointing fourth-quarter and annual results.
During the fourth quarter, ending in March, net profit fell 43% to $822 million. Globally 4.36 million vehicles were sold.Read more »
BUSINESS April 27, 2015 | 12:36 PM
- Michigan has rates more than double the national average
- North Carolina has lowest rates
- Michigan lawmakers propose change to law
Michigan has the highest auto insurance rates in the United States, according to InsuranceQuotes.com.
Michigan drivers pay an average 136% higher than the national average of $815 in annually premiums.Read more »
BUSINESS April 23, 2015 | 11:57 AM
- Vehicle aimed at owners with chauffeurs
- Other features added to cater to this specific market
- Volvo replaces CEO
Swedish automaker Volvo AB debuted a new version of its XC90 SUV Excellence, called the Lounge Console, at the Shanghai Auto Show in an attempt to rebrand itself and lure customers away from the German luxury brands.
The Excellence will only be available in China, where having a chauffeur is common and the luxury-car market is growing. It is aimed at what Volvo calls “high-profile lifestyle” customers.Read more »
BUSINESS April 22, 2015 | 1:50 PM
- 22% of drivers traded in green vehicles
- Sales of new green vehicles down
- Experts warn vehicle purchases shouldn’t be based on trends, gas prices
In the first three months of 2015, 22% of electric- and hybrid-car owners traded in their vehicles for gas-powered SUVs, according to auto research group Edmunds.com.
Three years ago, only 12% of drivers did the same while 18.8% did in 2014.Read more »
BUSINESS April 21, 2015 | 12:13 PM
- Base price starting at $25,000
- Preorders begin May 5
- Other vehicle options available
Mazda North American Operations has announced the pricing for its upcoming 2016 Miata.
There are three versions available: the MX-5, the Launch Edition and the Grand Touring. The versions are the fourth generation of the two-seat roadsters.Read more »
BUSINESS April 20, 2015 | 1:45 PM
- Book claims Tesla was nearly bankrupt
- Company was saved by sales of Model S
- Gas prices, meanwhile, aren’t stable
Elon Musk allegedly was prepared to sell electric car manufacturer Tesla to tech giant Google Inc. in 2013 to save the company from bankruptcy, according to a report by Bloomberg.
Bloomberg’s source is the upcoming book Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future by Ashlee Vance.Read more »
BUSINESS April 16, 2015 | 12:17 PM
- California challenges automakers to make zero-emission vehicles
- Hydrogen fuel cells have pros and cons
- Three automakers currently meet new requirements
There may soon be two environmentally friendly alternatives to gasoline-powered vehicles on the market.
California is leading the way in the U.S. to reduce carbon dioxide emissions and fossil fuel use. The California Air Resources Board has said the top six auto manufacturers must build more zero- emission cars. The goal is to have 80% of new vehicles be zero-emission models by 2050.Read more »