Business News - part 10
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 »
BUSINESS April 15, 2015 | 1:43 PM
- Corolla to be manufactured at the new plant
- Automakers picking Mexico over U.S., Canadian locations
- New plant part of company plan
Toyota Motor Corp., Japan’s top auto manufacturer, announced plans to invest $1 billion in a Guanajuato, Mexico factory.
The investment, Toyota’s largest in Mexico, is its 15th North American factory and its first since 2011. In 2013, the company stopped making investments and focused on production. It is now back to 90% its pre-recession capacity.Read more »
BUSINESS April 14, 2015 | 12:19 PM
- Battery power measured in cost per kilowatt hour
- Market wasn’t expected to reach parity with gas models until 2020
- New production to make batteries cost effective
The cost of electric-car batteries is declining faster than analysts had predicted, a study published in Nature Climate Change reveals.
Battery power is measured in kilowatts per hour. The higher the kWh the farther the battery can go on one charge. The higher the range of a battery, the less expensive it is to build electric vehicles.Read more »
BUSINESS April 13, 2015 | 12:15 PM
- Many factors determine why some vehicles take so long to sell
- Cadillac has three models on list
- Number of cars exported from U.S. rises to more than 1 million
Demand for new vehicles in the U.S. has risen sharply since the end of the recession, but not all models sell well. The average vehicles was on the dealer’s lot for 71 days in 2014, according to Kelley Blue Book data, with some models selling as quickly as 15 days and some taking as long as four months.
24/7 Wall St. took this data and used it to determine the longest turnover time. Other factors such as manufacturers' suggested retail prices, car reviews and turnover times from previous years also were taken into consideration.Read more »