000 Archives | Page 2 of 10

Internal documents show Fisker lost $35,000 on each Karma

Filed under: EV/Plug-in, Hybrid, Fisker

Fisker Karma

Anyone looking for a chilling plug-in vehicle warning tale should check out this detailed Reuters article, which digs into the financial history of Fisker Automotive and reveals that the company lost around $35,000 per vehicle.

That number comes from “internal financial statements and interviews with former Fisker executives,” Reuters reports, quoting a former executive saying the luxury plug-in hybrid, “cost far more to produce than we could ever charge for it.” All told, between 2008 and 2012, Reuters estimates Fisker lost $1 billion.

The losses were due, in part, to those many production delays two to three years ago as well as a reduction in the number of cars it was going to make and sell. Remember when the company said it would sell 15,000 units a year? Eventually, the company sold around 2,000 vehicles, total.

There is a lot worth reading in the source article, including how the Karma’s forward-placed exhaust – which hurt the vehicle’s performance and was too loud – was fixed using a metal “pizza box” that cost millions extra. Throw in salaries of around $600,000-$700,000 for co-founders Henrik Fisker and Barny Koehler, even while Fisker was laying people off, and you have a recipe for not succeeding. Here’s a taste of what Reuters has to offer:

In May 2011, the company co-sponsored a pre-race grand prix party aboard a 146-foot yacht moored in the Monte Carlo harbor. Guests drank glasses of champagne served with flecks of gold. Clad in a dark pinstripe suit and open-neck white shirt, Henrik Fisker navigated a crowd that included Prince Albert of Monaco, whom he described as the inspiration for the Karma. … The Monaco weekend, according to several sources familiar with the event, cost Fisker between $80,000 and $100,000. That wasn’t lavish by auto-marketing standards, but by this point every penny mattered. Within weeks, the Energy Department stopped payments on its loan.

You can read the whole thing here.

Internal documents show Fisker lost $35,000 on each Karma originally appeared on Autoblog Green on Mon, 17 Jun 2013 10:44:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Continue reading “Internal documents show Fisker lost $35,000 on each Karma”

GM recalls over 230,000 more Trailblazer-family SUVs over door electronics

Filed under: SUV, Government/Legal, Recalls, Safety, Buick, Chevrolet, GM, GMC, Saab

Back in August, the National Highway Traffic Safety Administration announced a recall on the General Motors GMT360 SUVs (Buick Rainier, Chevrolet Trailblazer, GMC Envoy, Isuzu Ascender and Saab 9-7X) ranging from the 2005 to 2007 model years and the 2006 GMT370 SUVs (Chevrolet Trailblazer EXT and GMC Envoy XL) due to potential fires associated with the driver’s door module. Initially limited to 250,000 units sold or registered in 20 Snow Belt states (and the District of Columbia), the recall has now been expanded to include an additional 193,000 of these SUVs in the US and, according to The Detroit News, 40,000 more sold outside the US, including Canada and Mexico.

Like the original recall, the issue is still a faulty driver’s door module that can short out, which could lead to a fire. The Detroit News is reporting that, out of the 443,000 units being recalled, GM says that there were 58 fires that caused 11 minor injuries, and the expanded recall accounted for six fires and one injury. Despite the lower number of fires, the recall notice recommends that owners park their vehicles until the recall repairs has been performed.

On recalled units with functional modules, the repair consists of a protective coating being applied to the module, while vehicles with modules that are not working properly will have the driver’s door module replaced. The official recall notice is posted below, and it includes contact information for customers of all five brands.

Continue reading GM recalls over 230,000 more Trailblazer-family SUVs over door electronics

GM recalls over 230,000 more Trailblazer-family SUVs over door electronics originally appeared on Autoblog on Sun, 16 Jun 2013 11:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Continue reading “GM recalls over 230,000 more Trailblazer-family SUVs over door electronics”

Report: Honda Canada owner database hacked, 283,000 customers at risk

Filed under: Technology, Honda, Canada

Reuters is reporting that personal information from more than 283,000 Honda Canada customers has been stolen by cyber criminals. The data includes names, addresses, vehicle identification numbers and, most importantly, some financing account information.

Still, Honda maintains that the profiles don’t contain the goods necessary for identity theft. Crooks typically need bank account numbers, email addresses and birth dates to pull off a successful cyber heist. Honda Canada had collected the consumer information back in 2009 when it urged its customers to register for on MyAcura and MyHonda sites.

The automaker first became aware that something was awry when traffic to both sites shot through the roof. Shortly thereafter, an inordinate number of unauthorized attempts to access member accounts hit the radar as well. On May 13th, a letter was sent out to owners who potentially had their personal data compromised.

This isn’t the first time that Honda has been the victim of an online attack. Just last year, 2.2 million vehicle owners had their personal information stolen from the Japanese automaker’s databases.

Honda Canada owner database hacked, 283,000 customers at risk originally appeared on Autoblog on Tue, 31 May 2011 18:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Continue reading “Report: Honda Canada owner database hacked, 283,000 customers at risk”

Report: UPS testing plastic trucks that cut weight by 1,000 pounds [w/video]

Filed under: Etc., Videos

plastic UPS truck

UPS tests composite delivery truck – Click above to watch the video after the jump

UPS is known for its amazing level of efficiency, and that reputation could soon extend to fuel savings thanks to a prototype dubbed CV-23. The delivery company has ordered five of these prototypes to be tested through the end of 2011, but this is no ordinary next-generation package hauler.

The CV-23 weighs about a thousand pounds less than the typical UPS truck, thanks to the fact that it is made with composite materials instead of metal. The lightweight materials could help UPS deliver up to 40 percent better fuel economy than the current UPS fleet truck. Those kinds of fuel economy gains can pay huge dividends in rural areas where trucks are required to drive large distances. And since the body panels are plastic, bumpers, panels and other parts can be replaced easily.

Hit the jump to watch video of the CV-23 as it is tested by UPS management. If the company is sufficiently impressed, the guys and gals in brown could order more trucks, potentially saving 84 million gallons of fuel per year. We’re guessing drivers will want to see some crash test data before seeing what brown plastic can do for them, but otherwise, this seems like a pretty good idea.

Continue reading UPS testing plastic trucks that cut weight by 1,000 pounds [w/video]

UPS testing plastic trucks that cut weight by 1,000 pounds [w/video] originally appeared on Autoblog on Tue, 31 May 2011 16:58:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Continue reading “Report: UPS testing plastic trucks that cut weight by 1,000 pounds [w/video]”

Computer glitch causes gas station to sell 8,000 gallons at $1.10

When residents of Wilmington – a neighborhood of Los Angeles, California – got word that a local Valero fueling station was selling gas for the bargain price of $1.10 per gallon, almost immediately, vehicles lined up ’round the corner. This wasn’t one of those promo deals on fuel, though. It was a computer glitch that lead to the station dispensing some 8,000 gallons of gas at just $1.10 each.

According to KCAL 9, it took hours for the on-duty gas station attendant to notice the glitch (didn’t the line-up of cars give it away?). In the meantime, police arrived on the scene to direct traffic around the overcrowded station.

When station owner Kenny Nguyen got wind of his unintended act of kindness, he immediately shut down all of the pumps. All told, Nguyen estimates that he lost nearly $21,000 due to the glitch. Ouch.

Computer glitch causes gas station to sell 8,000 gallons at $1.10 originally appeared on Autoblog on Tue, 17 May 2011 13:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

Continue reading “Computer glitch causes gas station to sell 8,000 gallons at $1.10”

Muller says Saab could sell $10,000 Chinese autos in States

Filed under: China, Safety, Saab

spyker ceo victor muller

Saab has been in the news quite a bit lately, and mostly for the wrong reasons. But now that the Swedish automaker appears to have secured loans and buy-in from Hawtai Motors in China, Victor Muller and company are looking to go on the offensive.

Automotive News reports that the Spyker CEO is still talking China, but now he’s entertaining the possibility of partnering with a Chinese company to distribute low-cost autos in the U.S. Muller reportedly says that Saab could utilize its dealer networks in the U.S. and Europe to sell $10,000 Chinese vehicles in two or three years. And just because Saab struck a deal with Hawtai doesn’t mean that the Swedish automaker is restricting its plans to its newest strategic partner. Muller pointed out during an interview in Washington, D.C. that there are 120 companies in China, and that Saab is interested in “the one with a strategy.”

There are many hurdles for Chinese automakers to overcome to finally breach the U.S. market, not the least of which is passing federal safety standards. Muller acknowledges that a five-star-rated Chinese vehicle likely won’t happen any time soon, but he says that made-in-China SUVs can be had with tons of features for about $10,000, adding “Do you really worry about a five-star rating? They Look good.”

Hmmm. We’re guessing there will be plenty of buyers who don’t want to drive a vehicle with compromised safety capabilities, but a low price tag could cure those fears. Of course, we also can’t help but wonder how many luxury car shoppers will want to pay premium prices for Saab automobiles if they share showroom space with discount Chinese offerings – the Swedish automaker’s residual values have been problematic enough as-is.

Muller says Saab could sell $10,000 Chinese autos in States originally appeared on Autoblog on Wed, 11 May 2011 14:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Continue reading “Muller says Saab could sell $10,000 Chinese autos in States”

2,000-hp “Lamborghini” Indomable Concept to find its way into production

Filed under: Concept Cars, Coupe, Performance, Etc., Videos, Lamborghini

mostro di-potenza sf22

Mostro Di-Potenza SF22 promises serious power and performance – Click above for high-res image gallery

The Lamborghini Indomable was born from the minds of Daniel Chinchilla Ochoa and Alberto Fernandez Albilares. A concept, it was created as part of a design program sponsored by Lamborghini. Now, however, this conceptual vision is going to become a reality – only it won’t be built in Sant’Agata Bolognese.

A company called 215 Racing has acquired the rights to the Indomable design, and it plans to turn out a production version of the design team’s rendering. Based in Abington, PA, 215 Racing will produce the car, which will be called the SF22, through its sub-company Mostro Di-Potenza. That name means “Monster Power” in Italian, and the moniker doesn’t lie.

According to the company, power for the SF22 will be provided a mid-mounted twin-turbocharged 9.4-liter(!) V8 engine. The mill is a General Motors 572, which will be paired with a six-speed sequential gearbox. 215 Racing expects this beast to produce 2,000-horsepower and 2,000 pound-feet of torque. Just a quick recap for you, this isn’t a train we’re talking about but a road-going two-door that is propelled via its rear wheels.

Of course, any company can claim such dramatic power numbers. So, we can only wait to see just how capable the finished Mostro Di-Potenza SF22 turns out – if indeed salable examples are produced at all. The company plans to build 50 examples total, at a rate of two per month over the course of two years, and says it’s now taking orders for mid-2012 deliveries. The initial deposit will only cost you $1,000, but the fully built vehicle will run you close to $950,000. Click past the jump for the full press release and a video that shows off the Indomable concept from all angles.

Continue reading 2,000-hp “Lamborghini” Indomable Concept to find its way into production

2,000-hp “Lamborghini” Indomable Concept to find its way into production originally appeared on Autoblog on Wed, 11 May 2011 13:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Continue reading “2,000-hp “Lamborghini” Indomable Concept to find its way into production”

Petersen Museum secures $100,000,000 donation

Filed under: Etc.

petersen automotive musuem

Petersen Automotive Museum – Click above for high-res image gallery

Every year, more than 150,000 folks stroll through the halls of the Petersen Automotive Museum. The crowds have been coming to the Los Angles auto-institution since 1994, when the doors were first opened. And it looks like those doors will remain open for many years to come thanks to a very large donation by Margie Petersen and the Margie and Robert E. Petersen Foundation. When we say “large” we mean it, because Mrs. Petersen just handed over $100,000,000 to the Petersen Museum Foundation.

Now, before you jump out of your seat because of all those zeros, we have to explain a bit more about that figure. This $100,000,000 donation is comprised of the 300,000 square foot building, cars that were part of Robert E. Petersen’s personal collection, an undisclosed influx of cash (described as a “substantial unrestricted financial gift”) and a “matching challenge.”

We wanted to find out a little more with regards to just how this $100 million donation breaks down. A quick call to Buddy Pepp, Executive Director of the Petersen Automotive Musuem, helped shed some light on the matter. While Mr. Pepp could not disclose the exact amount of the cash gift they’re receiving, he did say that value is “enormous.” He went on to state that it’s “breathtaking” and will “enable us to do all the things we’ve wanted or need to do. It will catapult us to a world-renowned status. This donation will allow us to fulfill Bob Petersen’s vision.” Not only that, the “matching challenge” will make sure that the directing board keeps pushing to help the museum continue to grow.

We were hoping to get to the juicy details, and hear an exact figure, but it’s good to know that the Petersen Museum is going to allow people of all ages to get a glimpse of automobiles from all eras. In fact, the total number of vehicles being donated from Petersen’s private stock is 135, and that includes a handful of motorcycles as well. It’s an incredibly generous gift from a couple that already give to many other groups and charities.

Gallery: Petersen Automotive Museum

Musclecars Driven to Collect 1925 Rolls Royce Round Door Petersen Automotive Exterior

[Source: Petersen Automotive Museum]

Continue reading Petersen Museum secures $100,000,000 donation

Petersen Museum secures $100,000,000 donation originally appeared on Autoblog on Tue, 26 Apr 2011 17:21:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Continue reading “Petersen Museum secures $100,000,000 donation”

Mercedes-Benz officially prices CLS from $71,000*

Filed under: Sedan, Performance, Mercedes-Benz, Luxury

2012 Mercedes-Benz CLS550

2012 Mercedes-Benz CLS – Click above for high-res image gallery

With such a broad (and ever-expanding) range of products, Mercedes-Benz is always bound to be introducing something new at any given moment. And in this case, the German automaker has officially confirmed pricing for its new CLS.

Joining the Three-Pointed Star is the swoopy new 2012 CLS. Mercedes will offer the second-generation four-door coupe as both the CLS550 (with 4.6-liter twin-turbo V8) and CLS63 AMG (with 5.5-liter twin-turbo V8) guise at $71,300 and $94,900, respectively (*plus $875 in destination charges). Follow the jump for the official announcement that also details how much cash you’ll need to secure your own 2012 SLK roadster, whose pricing we revealed last week at the New York Auto Show.

Gallery: 2012 Mercedes-Benz CLS-Class

2012 Mercedes-Benz CLS-Class

[Source: Mercedes-Benz]

Continue reading Mercedes-Benz officially prices CLS from $71,000*

Mercedes-Benz officially prices CLS from $71,000* originally appeared on Autoblog on Tue, 26 Apr 2011 15:58:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Continue reading “Mercedes-Benz officially prices CLS from $71,000*”

Toyota recalls 51,000 Tundra pickups over possible driveshaft fault

Filed under: Truck, Etc., Recalls, Safety, Toyota

2011 Toyota Tundra

2011 Toyota Tundra – Click above for high-res image gallery

Toyota has announced that it is voluntarily recalling 51,000 2011 Tundra pickup trucks. The automaker says that .05 percent of the vehicles may have been built with a faulty slip yoke on the driveshaft. Due to improper manufacturing during the foundry process, the yoke could break. So far, the incident has only occurred in one customer-owned vehicle and no accidents or injuries have been reported as a result of the defect. Toyota says that owners will begin receiving recall notices next month and that dealers will inspect the vehicles’ driveshafts to determine if they are part of the defective production lot.

Though the inspection is expected to take no more than 10 minutes, if needed, actual replacement will take longer, but both inspection and replacement of the faulty parts will come at no cost to owners. No other Toyota or Lexus vehicles have been impacted by the problem. Hit the jump for Toyota’s official press release.

Gallery: 2011 Toyota Tundra

[Source: Toyota]

Continue reading Toyota recalls 51,000 Tundra pickups over possible driveshaft fault

Toyota recalls 51,000 Tundra pickups over possible driveshaft fault originally appeared on Autoblog on Tue, 26 Apr 2011 13:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Continue reading “Toyota recalls 51,000 Tundra pickups over possible driveshaft fault”