Daily News Briefs: May 14, 2012

Tesla_Model_S
Tesla
plans to take the last $104.5 million of its federal loans and start repaying them by the end of this year, Bloomberg News reports. It's some much-needed good news for the Obama administration's problematic Advanced Technology Vehicle Manufacturing Loans program, which authorized up to $465 million for the California automaker in June 2009. Last week Tesla announced the Model S sedan, a follow-up to the Roadster, will hit dealerships a month ahead of its original launch date. Tesla will build the Model S at a former Toyota/GM factory in Fremont, Calif., and employ 1,200 to 1,500 employees by year's end, company officials said. The loans, whose rates range from 0.9% to 3.4%, will need to be repaid in the next 10 years, Tesla's chief financial officer told Bloomberg.

In other news:

  • A government study shows 5% of vehicles in a crash had tire problems — and cars with low tire pressure were more than three times as likely to experience a crash linked to those problems, according to The Detroit News.
  • The National Highway Traffic Safety Administration opened an investigation last Thursday on the 2012 Hyundai Elantra after the agency received a complaint of an injury associated with the deployment of a side curtain airbag, Automotive News reports.
  • President Barack Obama may be touting the resurgence of Detroit automakers in his re-election bid, but GM CEO Dan Akerson told graduates at Columbia University that the U.S. political system "is broken," The Detroit News says.
  • With combined U.S. sales up 15% in the first four months of the year, German luxury brands are on the rise, The Detroit News notes — and Detroit luxury brands are losing ground.

Related
More Automotive Industry News
Research the Model S
More Automotive News on Cars.com

Comments 

Post a Comment 

Please remember a few rules before posting comments:

  • If you don't want people to see your email address, simply type in the URL of your favorite website or leave the field empty.
  • Do not mention specific car dealers by name. Feel free to mention your city, state and brand.
  • Try to be civil to your fellow blog readers. This blog is not a fan or enthusiast forum, it is meant to help people during the car-buying process and during the time between purchases, so shoppers can keep a pulse on the market.
  • Stay on topic. We want to hear your opinions and thoughts, but please only comment about the specified topic in the blog post.
view posting rules

If you have a TypeKey or TypePad account, please Sign In

Search Results

KickingTires Search Results for

Search Kicking Tires

KickingTires iPhone App
Ask.cars.com