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Business News - part 8

Harmon International Purchasing Car-Audio Business for $156 Million

Harmon International Purchasing Car-Audio Business for $156 Million

BUSINESS

  • Purchase price includes licenses
  • Shares jump to highest level in 20 years
  • Sound systems available in luxury vehicles

American in-car multimedia systems manufacturer Harmon 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.

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New $500 Million U.S. Volvo Plant Intended to Increase Vehicle Sales

New $500 Million U.S. Volvo Plant Intended to Increase Vehicle Sales

BUSINESS

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.

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Toyota Plans For Future After 2014 Recalls

Toyota Plans For Future After 2014 Recalls

BUSINESS

  • 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.

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There Were 803 Vehicle Recalls Last Year

There Were 803 Vehicle Recalls Last Year

BUSINESS

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.

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Tesla Autopilot Feature Coming Soon to Model S

Tesla Autopilot Feature Coming Soon to Model S

BUSINESS

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.

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Volkswagen to Cut Factory Jobs, Halt Production in Russia

Volkswagen to Cut Factory Jobs, Halt Production in Russia

BUSINESS

  • 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.

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Study: Buick, Jaguar Top Dealership Rankings

Study:  Buick, Jaguar Top Dealership Rankings

BUSINESS

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.

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List of Most, Least Expensive Cars to Insure Released

List of Most, Least Expensive Cars to Insure Released

BUSINESS

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.

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FCA Temporarily Stops Orders of Dodge Hellcat

FCA Temporarily Stops Orders of Dodge Hellcat

BUSINESS

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.

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Tesla Model S Upgrade to Add Charge to Battery

Tesla Model S Upgrade to Add Charge to Battery

BUSINESS

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.

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