The U.S. Securities and Exchange Commission has filed securities fraud charges against subprime auto finance firm Inofin and three of its executives. The SEC claims that they diverted millions of investors' funds for their personal use and misled investors. The agency contends that Kevin Mann and Michael Cuomo used about one-third of the investors' money to start several real-estate property developments and open four used car dealerships.
The high cost of platinum has been the primary reason why the price of hydrogen fuel cell vehicles has remained high and won't even come down to about $50,000 per car until 2015. Researchers at Los Alamos National Laboratory have developed a platinum-free catalyst using carbon, iron, and cobalt instead of platinum, and the implications could be huge for vehicle manufacturers.
The Office of Odometer Fraud Investigations unit at NHTSA recently worked with local and federal agents to bust a crime ring involving 75 vehicles in the Seattle, WA, area. Experts have advice for consumers to help warn them if tampering has occurred on a vehicle.
European carmakers are at last gaining traction in their decades-long campaign to persuade American car buyers to switch from petrol to diesel. Volkswagen boosted sales of diesel models 46.2 percent last month compared with a year earlier, more than double the increase in its overall U.S. sales. Diesel-powered models make up only about 2 percent of cars and light trucks on U.S. roads, compared with more than 50 percent in Europe.