IMPO Magazine News

Tesla Repays DOE Loan Nine Years Early

rimmel — Thu, 23 May 2013 16:16:14 +0000

DETROIT (AP) — Tesla Motors, which makes a highly acclaimed $70,000 electric car, has paid off a startup loan from the U.S. government nine years early.

The Palo Alto, Calif., company said it wired in a $451.8 million payment to the government on Wednesday. The money, coupled with two prior payments, paid off a $465 million loan Tesla got from the Department of Energy loan in 2010 to foster development of advanced-technology vehicles.

Tesla used money from a $968 million stock and note sale that closed Wednesday to repay the debt.

Tesla Repays DOE Loan Nine Years Early

rimmel — Thu, 23 May 2013 16:16:14 +0000

DETROIT (AP) — Tesla Motors, which makes a highly acclaimed $70,000 electric car, has paid off a startup loan from the U.S. government nine years early.

Tesla used money from a $968 million stock and note sale that closed Wednesday to repay the debt.

Ford To End Auto Production In Australia In 2016

rimmel — Thu, 23 May 2013 16:14:23 +0000

SYDNEY (AP) — Ford Motor Co. said Thursday it will close its two Australian auto plants, ending production in the country in 2016, amid soaring manufacturing costs and plummeting sales.

The closure of the U.S. automaker's plants in the state of Victoria will mean the loss of 1,200 jobs and will transform the company into an import-only brand in Australia. Ford began making cars in Australia in 1925 and is the third largest auto manufacturer in the country.

Chevy Spark To Be Among Lowest-Price Electric Cars

rimmel — Thu, 23 May 2013 16:12:42 +0000

DETROIT (AP) — General Motors Co. says the Spark EV subcompact will be among the lowest-priced electric cars in the U.S.

The electric Spark will have a starting price of $27,495 when it goes on sale next month in California and Oregon. GM also is offering a low-mileage lease for $199 per month, with $999 due when the lease is signed.

With a $7,500 federal tax credit, the car's price falls to $19,995. The 36-month lease includes 12,000 miles per year.

The Spark EV can go about 82 miles on a single charge and gets the gasoline equivalent of 119 miles per gallon.

GM Recalling Cadillac SUVs To Tighten Wheels

rimmel — Thu, 23 May 2013 16:11:38 +0000

DETROIT (AP) — General Motors Co. is recalling more than 27,000 Cadillac SUVs worldwide because the wheels can fall off.

The company says the recall affects the 2013 Cadillac SRX with 18-inch wheels. Canadian safety regulators say the wheel nuts may not have been tightened enough at the factory.

GM says the problem hasn't caused any crashes or injuries, and no wheels have fallen from vehicles.

Dealers will rotate tires and tighten the nuts at no cost to the owners.

Survey: China Manufacturing Contracting

rimmel — Thu, 23 May 2013 16:10:29 +0000

BEIJING (AP) — A survey shows China's manufacturing contracted this month, adding to signs a fragile recovery in the world's No. 2 economy is slowing.

HSBC Corp. said Thursday the preliminary version of its monthly purchasing managers index fell to a seven-month low of 49.6 from April's 50.4 on a 100-point scale. Numbers below 50 show a contraction.

"The cooling manufacturing activities in May reflected slower domestic demand and ongoing external headwinds," said HSBC economist Hongbin Qu in a statement.

Fire Marshal's Office: Panel Had Blast Site Access

rimmel — Thu, 23 May 2013 16:08:54 +0000

AUSTIN, Texas (AP) — The State Fire Marshal's Office says a federal safety panel's investigators had access to the site of a Texas fertilizer plant blast that killed 15 people and injured about 200 others.

The chairman of the U.S. Chemical Safety Board had asked for congressional help in obtaining evidence under the control of the state agency and the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives.

EU Leaders Discuss Fight Against Tax Evasion

rimmel — Wed, 22 May 2013 18:15:56 +0000

BRUSSELS (AP) — European Union leaders on Wednesday sought to advance their fight against tax fraud and close the loopholes for large corporations' tax avoidance schemes.

European officials say tax fraud costs the 27-nation bloc an estimated 1 trillion euros ($1.3 trillion) a year at a time when much of the region is in recession and governments are forced to tighten their budgets.

British Prime Minister David Cameron said the EU has to be sure "that companies pay taxes and that means international collaboration, sharing of tax information."

Italy Seizes 1.2B Euros From Steel Family

rimmel — Wed, 22 May 2013 18:13:21 +0000

MILAN (AP) — Milan prosecutors have ordered the seizure of 1.2 billion euros ($1.5 billion) in assets belonging to the family that runs a troubled steel plant in southern Italy.

Prosecutors allege in the order Wednesday that the real estate, stocks and other financial assets belonging to the Riva family were obtained through the misuse of funds belonging to the Ilva steel plant. Brothers Emilio and Adriano Riva, founders of the company that owns the plant, are currently under investigation for fraud.

Tesla Shows Model S To Influence NC Auto Bill

rimmel — Wed, 22 May 2013 18:11:03 +0000

RALEIGH, N.C. (AP) — North Carolina lawmakers and passersby stopped to take in a display of Tesla Motors' award-winning electric cars Wednesday as the company presses against a bill in the General Assembly that effectively outlaws Tesla's Internet-based sales model.

The California automaker drew sporadic crowds around its Model S electric car outside the legislative building. The company is lobbying against a bill backed by the state's auto dealers that prevents electronic transactions with auto manufacturers.