Tesla Motors moves quickly again, announces $100 million IPO

The public offering has been rumored for months. Headquartered in San Carlos, California, Tesla makes the $109,000 Roadster sports car. It has plans to start selling less expensive models including the model-S at around $60,000, $10,000 less with tax credits. The model-S will have three battery pack options for a range of up to 300 miles per charge. Tesla has taken more than 1,500 reservations for the Model S and expects to begin production in late 2011 for the 2012 model-year. Tesla said it lost money between 2006 and 2008, and in the first nine months of last year reported

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Honda recall: Melting window switches in Fit potential fire hazard in nearly 650,000 cars

Honda Motor Co., has announced a voluntary recall of 646,000 Fit models, its globally popular sub-compact, to examine window switches that can melt or catch fire when exposed to an extreme amount of liquid. The vehicles affected are Fit models from 2007-2008. Honda reported 141,140 units with the potential window switch issues were sold in the United States. The problem stems from a master power window switch on the driver’s side. It will need replacement or retrofitting with a waterproof skirt. Seven cases of the part melting have been reported n the U.S., two involving fire. No injuries have been

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Pirelli legacy: innovative tires to provocative yearly topless calendar

Pirelli was founded by Giovanni Battista Pirelli in 1872 in Milan, Italy, and throughout its more than 125-year history has evolved as among the world’s most well-known tire companies. In 1974, Pirelli debuted the “wide radial tire.” It was created after a request from the Lancia rally racing team for a tire strong enough to withstand the power of the new Lancia Stratos. The new tire attracted global attention. And Pirelli tires are now synonymous with the World Rally Championships, the British Rally Championship and the Superbike World Championships, among other prestigious races and motorsports events. Pirelli also received vast

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Toyota recall: Test your pedal mettle, read manufacturer's suggestions

The precautionary test the Q&A format of frequently asked concerns follow: Precautionary Test Drive to empty parking lot and practice how to put your car in “N” (neutral) position. Get the feeling of how the car responds to your actions, especially braking and turning, while the car’s gears are in “N” position. You must have learned this in your driver’s education class, but a refresher may be a good idea. If you are not sure what putting the car in “N” means, then you really should ask an experienced (and good) driver to teach you. The FAQs list: Which models

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Toyota recall: Faulty gas pedals to rental car worries

Here in capsule form are facts and figures of Toyota‘s current predicament: * Toyota is temporarily suspending sales of eight models involved in last week’s recall: 2009-2010 RAV4, 2009-2010 Corolla, 2009-2010 Matrix, 2005-2010 Avalon, 2007-2010 Camry, 2010 Highlander, 2007-2010 Tundra, 2008-2010 Sequoia. The Camry and Corolla sedans are the top two best-selling cars in the U.S. market. Combined, those eight models sold 1,008,611 units last year, representing 57 percent of Toyota‘s 2009 U.S. sales. * Toyota has expanded the recall by at least two million cars, to include cars and trucks in Europe and China with the same gas pedals

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Ferrari set to unveil new F1 car, team live via team's webcast

Alonso, the former two-time world titlist, is switching this season to Ferrari from Renault. The presentation is scheduled for 9:30 (GMT). Alonso will be joined by Felipe Massa, Luca Badoer and Giancarlo Fischella and other key personnel are part of the naming of the new vehicle. If weather is cooperative at the Ferrari Fiorano test track, the new team hopes to use the new car for a promotional video. Ferrari has launched its new car online every year since 1996. The webcast lauch will available in Italian, English and Japanese, according to web site information. To view the Ferrari launch,

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Toyota recall: CBS details Camry, Corolla and siblings production halt with dramatic video

The video features anchor desk and field correspondent reports and footage of two prominent accidents involving Toyota vehicles.

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Toyota recall: Safety research firm reports 275 crashes, 18 deaths in 11 years from faulty acceleration in suspended models

USA Today reported in its January 28 edition, that Safety Research and Strategies, a Massachusetts-based safety research firm, said it has found 2,274 incidents of sudden unintended acceleration in Toyota vehicles causing 275 crashes and at least 18 fatalities since 1999. Toyota‘s most recent problems became public last September. In a statement, Toyota disclosed it had investigated isolated reports of sticking accelerator pedal mechanisms in some models without the presence of floor mats. “There is a possibility that certain accelerator pedal mechanisms may, in rare instances, mechanically stick in a partly depressed position or return slowly to the idle position,”

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Toyota recall: Tips for owners of Camry, Corolla, Matrix, other suspended cars

When the sale and production of the Toyota Corolla, the biggest selling car in history, and the Toyota Camry, the top-selling passenger in the United Sates the past seven years, comes to a sudden halt, something is obviously wrong Toyota Motor Co., confronted the problem with a sudden and unprecedented announcement. Sales of several years of the Corolla and Camry models as well as six other Toyota models have ceased. Likewise, a temporary production halt of the same eight models from numerous North American production plants has been announced. The models which will no longer be sold and which will

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Toyota recall: Camry, Corolla, Matrix among eight models suspended

Toyota Motor Corp., has announced it will suspend the sale and production of eight models, including the top-selling Camry, at production plants throughout the United States and Canada. The halt, which will begin in the first week of February, comes in the aftermath last week of the second recall of various Toyota models with potentially faulty accelerator pedals. The Camry has been Toyota‘s top-selling vehicle every year since 2007.  The Toyota Corolla is the best-selling car in automotive history. The suspension and production halt also includes: RAV4, Corolla and Matrix (2009-2010); Sequoia (2008-2010); Tundra (2007-2010); Avalon (2005-2010); Highlander (2010). Production

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Spyker buys Saab in last-minute deal from GM for a reported $400 million

Saab owner General Motors announced the deal without financial details. Several Internet reports, without quoting sources, said the purchase price for Spyker was $400 million, with $74 million in cash. The remainder of the purchase is reportedly in deferred stock shares. Saab is seeking to borrow $564 million from the European Investment Bank, a loan that Sweden announced it will guarantee. Sweden said the EIB and European Commission were still reviewing the loan. Despite a loyal following appreciative of its distinctive style reminiscent of the Jets the manufacturer original made more than 50 years ago, the Swedish carmaker has failed

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2011 Ford Explorer: Revamped SUV plans helps manufacturer create 1,200 jobs in Chicago

Providing another key example of the rebounding automotive industry, Ford Motor Company will create 1,200 jobs in its Chicago, Ill., plant to help facilitate the production later this year of the revamped 2011 Ford Explorer. “Tomorrow, in one day, we’re going to get 1,200 new jobs for Illinois,” Illinois Governor Pat Quinn told the Associated Press. According to several news reports, Ford wants the new Explorer to become “greener.” The fuel economy of the Explorer will increase and CO2 emissions should be reduced by as much as 25 percent. The Explorer is an integral part of Ford’s lineup. But it’s

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Maybach mistake: Sean P. Diddy Combs buys son $360,000 car, Haiti charity gets $10,000

It’s hard to understand what motivates a father to buy his son a $360,000 Maybach for his 16th birthday. But rapper Sean ‘Diddy’ Combs has few equals when it comes to extravagance and bad taste Combs gave his son Justin Dior a new Maybach during a lavish celebration last weekend. The occasion was filmed by MTV for the reality series My Super Sweet 16. The show is about teenagers’ over-the-top birthday celebrations. The birthday party also featured performances by the rapper’s friends Fabolous, Lil Kim and Juelz Santana. In addition to the Maybach, Combs gave his son a check for

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Mattel will debut a Hot Wheels first — pocket-sized Stealth Riders

“Containing a fully functioning vehicle . . . kids can play anywhere, anytime,” said Geoff Walker, senior vice president with Mattel Brands, in an interview on www.CNNMoney.com  “The vehicles provide a unique and cool level of play experience that was not previously possible.” According to the report, the new Hot Wheels model is the size of a credit card and has about the thickness of a cell phone. But it’s also 3D operates, and the features works with the push of a button. When the button is engaged, the flat car expands into a remote-controlled vehicle. The Stealth Riders model

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Tesla Motors receives $465 million DOE government loan

The Palo Alto facility will assemble electric vehicle battery packs, electric motors, and related electric vehicle control equipment, both for Tesla’s own electric vehicles and for sale to other automobile manufacturers. The agreement was negotiated and signed by the Department’s Loan Programs Office, which supports the development of innovative, advanced vehicle technologies to create thousands of clean energy jobs while helping reduce the nation’s dependence on foreign oil. Tesla’s planned Model S will consume no gasoline and will not produce any tailpipe emissions. It is being designed to offer a variety of range options depending on the battery pack used,

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Chevrolet showcasing Cruze, Aveo, Spark at Washington Auto Show

Here are the cars’ details: Chevrolet Spark: The five-door Chevrolet Spark is the manufacturer’s smallest car. It combines style, roominess and versatility to a segment of extremely fuel-efficient small cars. Spark will provide great fuel economy, and its trim size makes it agile. The U.S. production version of the Spark will debut in early 2012. Chevrolet Aveo RS show car: The Aveo RS show car provides a glimpse of what designers have in mind for the production car. Its electric Boracay Blue finish, motorcycle-inspired exposed headlamps and taillamps, low roofline, fender flares, large wheels and tires, and dual-cockpit interior hint

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