When assembly of the C-Max Hybrid crossover begins at the Michigan Assembly Plant outside Detroit next year, Ford expects that the cost of the vehicle's hybrid system will be 30 percent lower than that of the previous-generation hybrid system, introduced on the 2010 Ford Fusion Hybrid. Ford's goal is to cut the cost of the next-generation Ford hybrid system another 30 percent but hasn't said when the next-generation hybrid system will be launched.
Automakers know consumers want technology applications that are infotaining, safe, and usable while driving. Electric vehicle makers have a high hurdle to pass over with range anxiety, connectivity, and driver-friendly applications. Third party applications are being considered, but automakers are most concerned with driver safety and not overwhelming consumers.
Lithia Motors recorded first-quarter earnings that nearly quadrupled the year-ago sum, enjoyed a 45-percent spike in new-vehicle revenue and also notched double-digit increases in used, F&I and service/body/parts revenues. Lithia's first-quarter net income from continuing operations came in at $9.1 million, up from $2.3 million in the year-ago period.
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.