Daily Car News Bulletin for May 19, 2016
General Motors Compensation Plan
General Motors plans to compensate 170,00 owners of large SUV and crossovers with stickers that overstated their fuel economy report, a statement came right after the class action lawsuit was filed in federal court, with a potential settlement over $200 million. GM representatives say it was an inadvertent error, 2016 Chevrolet Traverse, GMC Acadia, and Buick Enclave are overstating their fuel economy by 1-2 miles per gallon.
Tesla CEO Elon Musk surprised investors with his decision to accelerate the introduction of the Model 3, with plans to sell 2 billion dollars in stock to help finance a launch of its new Model 3 Electric sedan. The company says it plans to make 500,000 Model 3 a year by 2018, and with a very high demand, with more than 300 thousand reservations, it will no be difficult.
Fuel Cell Vehicles
Honda, Toyota, and Hyundai are planning to launch a hydrogen vehicle in the future. They believe that hydrogen, and not batteries, are the future of green transportation, but with poor adaptation in current market plug-in hybrids is necessary stepping stones. Of the three automakers, Toyota potentially has the biggest head start, due to a four regular hybrids that it could adapt as PHEVs. Honda’s next-generation CR-V, which is due next year, is a likely candidate to have a plug-in hybrid variant.