Lee Iacocca, the auto executive and master pitchman who put the Mustang in Ford's lineup in the 1960s and became a corporate folk hero when he resurrected Chrysler 20 years later, has died in Bel Air, California. He was 94.
Tesla CEO Elon Musk expects to start converting the company's electric cars into fully self-driving vehicles next year as part of an audacious plan to create a network of robotic taxis to compete against Uber and other ride-hailing services.
Tesla announced last month that it would shutter most of its stores to cut costs so it could sell its lower-priced Model 3 for $35,000. The company continues its shift to toward online-only sales, but now says it won't close as many stores as originally thought. The $35,000 base Model 3 will still be available, but the company is raising prices by 3 percent on all other models.
General Motors built the last Chevrolet Volt it will ever manufacture on Tuesday, in a factory slated to close early next year. The Volt's retirement marks the end of an era for the auto company, which unveiled the breakthrough concept car in 2007, not knowing yet whether they had the technology to pull off a major breakthrough in battery-powered vehicles.
General Motors is extending the life of its only Detroit factory until early next year. The plant on the border of Detroit and the hamlet of Hamtramck was to stop making vehicles as of June 1. But the company now says production of the Chevrolet Impala and Cadillac CT6 will continue into January of 2020. The factory is one of five that GM plans to shutter as part of a restructuring to cut costs and reduce underused plants.
The Trump administration on Thursday broke off talks on vehicle mileage standards with California, increasing the chances of a court battle that threatens to unsettle the auto industry. The White House, which has proposed freezing the standards, said it would now move unilaterally to finish its own mileage rule later this year "with the goal of promoting safer, cleaner, and more affordable vehicles." The administration's action challenges California's decades-old authority to set its own, tougher mileage standards. California has used a waiver that Congress granted it under the 1970s Clean Air Act to help deal with its punishing smog. About a dozen states follow California's mileage standards; that group accounts for about one-third of U.S. auto sales.
In 2013, "Fast N' Loud" reality television star Richard Rawlings and his business partner Dennis Collins bought what people told them was an unfixable, totaled 1991 Ferrari F40. The pair refurbished the car in about 40 days and documented it on the TV show. Last week, the same sleek F40, painted black, ended up parked in a cavernous warehouse in Chino Hills — the star of a different kind of show: a U.S. Marshals auction.