Autos

The old saying goes that you can’t teach an old dog new tricks. That must not also apply to old Rangers as this one obviously learned how to roll over. I guess it’s to the owner’s advantage that it also didn’t learn how to play dead.Image: ImgurTweet#call_to_action h4{padding:0px 5px;}

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Filed under: EV/Plug-in, Hybrid, Tesla Motors, Fisker, Videos When is $20 million not equal to $20 million? When, for some, it's an interest payment and, for others, it's all they're worth. Here's how that one number means two totally different things to two different green car companies. Speaking to Bloomberg Television about the early repayment of Tesla Motors' DOE loan, CEO Elon Musk said today that, "ultimately, the US taxpayer actually made a profit above $20 million on this loan. For this loan at least, people's tax bill actually went slightly down." Musk said that, now that the loan has been paid back, more people might take a look at Tesla. "We were attacked a lot in certain quarters for having some government debt," he said. "I think that actually matters to some consumers out there, whether or not a company actually does have government debt, and being able to say we fully repaid that debt with interest, I think it is helpful to some number of people out there in thinking about buying a car." So, for Tesla, which recently raised over a billion dollars, $20 million is an easy price to pay to potentially sell more EVs. Now, let's look at Fisker Automotive, which is still fending off bankruptcy. We learned this week that VL Automotive and Wanxiang made an offer to buy the troubled automaker for an undisclosed sum. Word out today is that the amount that the two companies are willing to pay for Fisker is, you guessed it, $20 million. That's about one percent of Fisker's $2 billion-plus value back when the Karma plug-in hybrid was launched, according to Reuters. It's unclear how a potential Fisker buyer will have to deal with the outstanding DOE loan amount of $171 million and other issues, but the $20-million offer a striking contrasts to Musk's statement on Bloomberg Television, which you can watch in the video below.Continue reading What $20 million means to both Tesla and FiskerWhat $20 million means to both Tesla and Fisker originally appeared on Autoblog Green on Thu, 23 May 2013 19:14:00 EST. Please see our terms for use of feeds.Permalink | Email this | Comments

The Viper will return to compete in this year’s 24 Hours of Le Mans race in its first factory-backed entry since 2000. Chrysler Group’s SRT (Street and Racing Technology) Motorsports Team is preparing two identical SRT Viper GTS-R racers to compete in the classic French endurance race for the first time since the American muscle car finished one-two in the GTS class consecutively from 1998 to 2000, after the team accepted an invitation in February from the Automobile Club de l’Ouest (ACO) to challenge the LM GTE Pro class at the Le Mans 24 Hour. SRT president and CEO Ralph Gilles said racing was a cornerstone of the Viper’s illustrious history. “The GTS-R has enjoyed great success at Le Mans in the past and we’re excited to start a new chapter of Viper racing at that historic venue.” Based on the 477kW/814Nm SRT Viper production car unveiled at the 2012 New York auto show, the 335-372kW SRT Viper GTS-R race cars made their official return to racing in August last year competing in the American Le Mans Series. Powered by an 8.4-litre V10 engine tied to a six-speed manual transmission, the 1521kg road-going SRT Viper claims performance figures of 0-100km/h in the low three-second range and a top speed of 331km/h. SRT has announced its Le Mans drivers as Marc Goossens, Dominik Farnbacher, Jonathan Bomarito, Kuno Wittmer, Tommy Kendall and Ryan Dalziel. The Viper’s racing history started in 1996 with the original GTS-R earning five international GT championships and the 1997 to 1999 FIA GT championships, in addition to the three successful Le Mans campaigns ending in 2000. The 81st Le Mans 24 Hour will be run at the Circuit de la Sarthe in France starting from June 22. The post Viper returning to Le Mans appeared first on CarAdvice.

Tesla Motors has paid off the remaining portion of the loan granted to it by the US Department of Energy in 2010. The California-based electric vehicle manufacturer transferred US$451.8 million ($464.0 million) this week to clear its debt plus interest with the government, following earlier payments in 2012 and the beginning of 2013. Tesla was awarded a loan of US$465 million ($478 million) under the government’s Advanced Technology Vehicle Manufacturing (ATVM) program three years ago, and in settling its debt this week has paid back the loan nine years earlier than originally required. Tesla CEO Elon Musk confirmed the final loan payment was made using a part of the circa-US$1 billion ($1.03 billion) in funds raised in last week’s offering of common stock and convertible senior bonds. “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,” Musk said. “I hope we did you proud.” Automotive News reports Tesla shares finished up 6.4 per cent at US$92.85 ($95.35) following the announcement. The price has boomed 168 per cent since March 1 – a reflection of the company’s first ever quarterly profit and positive reviews of its new Model S luxury sports model. US Energy secretary Ernest Moniz said Tesla’s loan repayment was proof the government’s ATVM program had helped stimulate the industry. “When you’re talking about cutting-edge clean energy technologies, not every investment will succeed – but today’s repayment is the latest indication that the Energy Department’s portfolio of more than 30 loans is delivering big results for the American economy while costing far less than anticipated,” Moniz said. “The Department first offered loans to Tesla and other auto manufacturers in June 2009, when car companies couldn’t get other financing and many people questioned whether the industry would survive. Today, Tesla employs more than 3000 American workers and is living proof of the power of American innovation. “This announcement is also good news for the future of America’s growing electric vehicle industry. While the market has taken longer than predicted to get going, sales of electric vehicles in the US tripled last year and are continuing to increase rapidly in 2013. Tesla and other US manufacturers are in a strong position to compete for this growing global market.” The post Tesla repays government loan nine years early appeared first on CarAdvice.

We don’t normally feature video like the one we've attached below, but the GTA Spano (formerly Spania) is such a mad creation that we can’t ignore it. Powered by a twin-turbo version of the new SRT Viper’s 8.4-liter V10 engine, it makes in excess of 900 hp and has an electronically limited torque figure of 1,000 Nm or 737 lb-ft. Read more »

Filed under: Sedan, Performance, Auctions, Cadillac, GM, Luxury General Motors will auction off the first Cadillac CTS V-Sport for charity. Mary Barra, head of global product development for GM, announced that the automaker will donate the first CTS V-Sport to the SAE Foundation to be auctioned in support for the organization's science, technology, engineering and mathematics educational programs (STEM). GM supports the STEM programs through its GM Foundation, both with financial grants and with 1,500 mentors and volunteers to help students with their studies. This year, Mary Barra became the first woman to win the SAE Foundation's Industry Leadership Award in the accolade's 25-year history. The CTS V-Sport auction will also include a performance driving school package for those with a mind to learn a thing or two about controlling the car on a road course. You can read the full press release below for more information.Continue reading Cadillac auctioning first CTS V-Sport for charityCadillac auctioning first CTS V-Sport for charity originally appeared on Autoblog on Thu, 23 May 2013 18:29:00 EST. Please see our terms for use of feeds.Permalink | Email this | Comments

BMW is reportedly developing a high-performance M2 coupe that would slot above the M235i.

Hyundai Motor is just months away from opening its new state-of-the-art vehicle test centre at Germany’s iconic Nürburgring. The $7.3 million facility is set for completion in August this year and will be used to lift Hyundai’s vehicle development and evaluation program to benchmark levels. Without a proper test facility on location at the Nürburgring, Hyundai was forced to rent less secure garage space – leaving the Korean maker’s new products exposed during testing to legions of spy photographers. Covering four floors and 3622-square metres, the facility will include several workshops, office space and a VIP hospitality area, all wrapped in a unique exterior glass and metallic finish. CarAdvice was afforded an exclusive tour of the building this week with Hyundai Motor Group Vehicle Test & Development Manager, Dr Farhad Yousefi-Hashtyani. He said the new centre would be distinctive among those manufacturers already running a permanent base at the Nürburgring. “Our test drivers will be able to access the drive-in, drive-out workshops by remote control using their smart phones, while the ramp leading to the bottom garaging will be heated to minimise moisture in the garages,” Dr Yousefi-Hashtyani said. The new test facility also means that Hyundai’s current R&D centre in Russelsheim, Germany – home to the company’s European powertrain, tuning and evaluation divisions – will all have easy access to the Nürburgring, enabling them to complete a greater number of vehicle assessments each year. Allan Rushforth, Senior Vice President and COO of Hyundai Motor Europe, believes the new test facility will lift testing capacity and overall vehicle quality across the group. “Quality is one of Hyundai’s core values and it’s key to achieving customer satisfaction,” he said. “The Nürburgring is the ultimate location to test vehicle durability, and we’re able to apply what we learn there to all of our vehicle development projects.” “Our new facility will increase our testing capacity, bringing direct benefits to our customers in terms of vehicle quality and performance”, added Rushforth. That additional capacity for testing will enable Hyundai during 2013 to complete ‘accelerated durability tests on 11 vehicles, as well as tuning steering, suspension, ride and handling characteristics. The post Hyundai test centre to open at Nürburgring appeared first on CarAdvice.

In the round-up: Pirelli could leave F1 without 2014 deal • Raikkonen says Lotus are improving • Ecclestone to meet Renault on engine costs