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Newsby AE eMagazineAugust 1, 2014

Tesla Motors’ Loss Widens on Higher Spending

Tesla Motors Inc said its second-quarter loss increased to $62 million, or 50 cents a share, from a $31 million loss a year ago as the company ramped up spending to develop its second electric vehicle, added workers and expanded into China, reported The Wall Street Journal. Tesla said it delivered 7,579 Model S vehicles ... Read More »

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Newsby AE eMagazineAugust 1, 2014

Chrysler Recalls Fiat 500L on Knee Air Bag Issue

Chrysler Group LLC will recall about 29,500 Fiat 500L compact cars because knee air bags may not work properly if a driver is not wearing a seat belt, the company said on Wednesday, reported Reuters. Testing by Chrysler and the National Highway Traffic Safety Administration showed that the driver’s knee air bag may not deploy ... Read More »

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Newsby AE eMagazineAugust 1, 2014

GM Victims Fund Opens Door on Friday

General Motors Co. on Friday starts taking applications from victims of accidents connected to defective ignition switches in its small cars, promising the first payouts from the about $400 million fund by November, reported The Wall Street Journal. The nation’s largest auto maker has said it would pay from $20,000 to several million dollars per ... Read More »

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Newsby AE eMagazineAugust 1, 2014

Fiat, Chrysler Parent Company, Reports 55% Drop in Profits

Fiat SpA, the parent company of Chrysler Group LLC, reported a 55 percent decline in second-quarter profits due to weak performances in Europe and Latin America, reported Michigan Live. The Italian automaker said its net profit from April through June was 197 million euros ($264 million), down from 435 million euros ($583 million) for the ... Read More »

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Newsby AE eMagazineAugust 1, 2014

Hyundai Recalls 883,000 Sonatas to Fix Gear Shifters

Hyundai is recalling its popular Sonata midsize sedan to fix problems with the gear shift levers, reported Michigan Live. The recall covers 883,000 cars from the 2011 through 2014 model years. The Korean automaker says the automatic transmission shift cable can separate from the shift lever. If that happens, the lever may not show the ... Read More »

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Newsby AE eMagazineJuly 29, 2014

Culture Overhaul Is Up To GM Insiders

Six months after stepping aside as General Motors Co.’s fourth CEO in five years and leaving his successor with a searing recall crisis, Dan Akerson tells The Detroit News “we all … didn’t fully realize how deeply some of the problems ran,” reported The Detroit News. That’s not the half of it, as his hand-picked ... Read More »

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Newsby AE eMagazineJuly 29, 2014

F&I and Showroom Launches 2014 F&Idol Contest

TORRANCE, Calif. — F&I and Showroom is now accepting entries for the IAS-sponsored F&Idol video contest. The deadline to submit is Aug. 20. This year’s contest will be broken up into two parts, with the second phase launching at Industry Summit 2014, scheduled for Sept. 8-10 at the Paris Las Vegas. Categories and contest rules ... Read More »

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Newsby AE eMagazineJuly 29, 2014

US Gas Prices Take Big Dive Last Month

Despite the tension in the Middle East, gasoline prices have dropped more than 16 cents per gallon in the past month, according to records compiled by AAA, reported The Detroit Bureau. Gasoline prices vary by region but overall the average price for regular gasoline dropped more than 9 cents per gallon in the two weeks ... Read More »

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Newsby AE eMagazineJuly 29, 2014

BMW, Mercedes-Benz of Ann Arbor Dealerships Sold to Troy-based Suburban Collection

Michigan’s largest privately held automotive dealership group just got bigger, reported MichiganLive. The Suburban Collection – a Troy-based dealership group – just announced its acquisition of BMW of Ann Arbor and Mercedes-Benz of Ann Arbor from the Charlotte, North Carolina-based Sonic Automotive, Inc. Terms of the transaction were not disclosed. The company already has an ... Read More »

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Newsby AE eMagazineJuly 29, 2014

Consumer Reports Wants Toyota to Recall Older Camry Hybrids

An influential consumer magazine on Monday called on Toyota Motor Corp to recall about 177,500 older Camry hybrid sedans to address potential power brake defects, reported Reuters. Consumer Reports, which many consumers use when studying what vehicles to buy, said the Japanese automaker’s decision to call for a service campaign or a warranty extension on ... Read More »

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