Daily Archives: May 25, 2013

Automakers, dealers oppose bill preventing rental firms from renting recalled vehicles

May 25, 2013   Guest Author

Major automakers and auto dealers told a Senate panel they remain opposed to legislation that would prohibit rental car companies from renting or selling vehicles subject to a federal safety recall.

Representatives from the National Automobile Dealers Association and the Alliance of Automobile Manufacturers told the U.S. Senate Subcommittee on Consumer Protection, Product Safety, and Insurance that they oppose the latest bill — which enjoys bipartisan support in the Senate — requiring rental car companies to restrict all recalled vehicles from being rented before they are repaired.

Read More

Nissan will recall 841,000 vehicles globally due to steering wheel glitch

May 25, 2013   Sean

Nissan Motor Co. will recall about 841,000 vehicles worldwide, including UK-built Micra subcompacts, as a result of a steering wheel glitch that could result in a loss of steering, the automaker said.

Nissan is recalling certain models of the Micra car produced in the UK and Japan between 2002 and 2006, as well as the Cube minicar that was  produced in Japan around the same period.

Read More

Tesla Motors fully repays $465 million federal loan nine years early

May 25, 2013   Guest Author

After making payments on its loan for more than a year, Tesla on Wednesday wired payment of $451.8 million to fully repay the loan with $26 million in interest and prepayment penalties. The payment was made using a portion of the $1 billion the company raised last week through offerings of common stock and convertible senior notes.

“I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the ATVM program, and particularly the American taxpayer from whom these funds originate,” Tesla CEO Elon Musk said in a statement.

Read More