NADA Headlines - 04/21/2016 (Plain Text Version)
Volkswagen plans to pay $1 billion to owners of its diesel cars that were rigged to cheat federal emission standards as the automaker tries to move past a scandal that has badly damaged its image in the United States.
Officials are investigating after Mitsubishi Motors Corp. after the company said it had found employees manipulated fuel efficiency data of more than 620,000 light vehicles it manufactured. On Wednesday, the company apologized for what it said was intentional falsification of mileage test data that falsely boosted fuel economy by about 5 percent to 10 percent.
General Motors Co.’s first-quarter net income of $1.95 billion more than doubled from a year ago and strongly exceeded analyst expectations, as the automaker Thursday reported it broke even in Europe and had improved results in all its regions. The automaker’s earnings of $1.24 per share in the quarter, or a first quarter record $1.26 a share when adjusted for special items related to ignition switch litigation expenses, eclipsed analyst predictions that GM would earn $1 a share on flat revenue in the January-March period.
The U.S. Senate voted Wednesday to reauthorize a $1.6 billion federal program that is intended bolster development of hybrid and electric vehicles. The approval came despite objections of conservative groups that have complained about past government loans to auto companies — including Fisker Automotive — that have gone bankrupt.
Following a global sales record in 2015, Volvo plans to sell 1 million electrified cars by 2025, the company said [Thursday]. "It is a deliberately ambitious target," Volvo CEO Hakan Samuelsson said in a statement. "It is going to be a challenge, but Volvo wants to be at the forefront of this shift to electrification." Last year, Volvo’s global sales gained 8 percent to 503,127 deliveries. The automaker said it plans to offer at least two hybrid versions of every model and release an all-electric car in 2019.
Honda Motor Co., seeking to reassert itself as a dominant player in the world of green cars, plans to broaden the Clarity nameplate to two more alternative-fuel vehicles. The Clarity hydrogen fuel-cell hatchback set to go on sale late this year will be followed by an all-electric Clarity next year. A third model -- a Clarity plug-in hybrid -- will be launched later in 2017, Honda said Thursday.