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Auto investor Kirk Kerkorian dead at 98

Kirk Kerkorian, among the most talked-about investors in the American auto industry in recent memory, died at the age of 98 in Los Angeles on Monday, June 15. The billionaire ran the investment company Tracinda Corp. and was the largest shareholder in MGM Resorts International. Kerkorian attempted to use his power as a well-financed investor to push the auto industry in some fascinating ways. In 2006, he used his nearly 10-percent stake in General Motors to push a merger with the Renault-Nissan Alliance. The deal made it as far as discussions, but eventually fell through. Kerkorian also attempted to purchase Chrysler - twice. According to Automotive News, the first effort came in 1995 with a $22.8-billion offer for the automaker, and soon after it failed the company merged with Daimler. Then in 2007, Kerkorian was back with a bid for $4.5 billion, but things eventually fell to Cerberus. The billionaire finished the trifecta by buying up $1 billion in Ford stock in 2008 to make Kerkorian the single largest investor in the company. However, the situation didn't last long, and by the end of that year, he had unloaded the shares. According to Automotive News, Kerkorian was ranked by Forbes as the world's 41st richest man in 2008 with a net worth of $16 billion. News Source: Automotive News - sub. req.Image Credit: Joe Cavaretta / AP Photo Celebrities Earnings/Financials Chrysler Ford GM obituary

After Years Of Delays, Rear Visibility Requirements Move Closer To Reality

Regulations that would require automakers to improve rear-view visibility on all new cars and light trucks are nearing completion after six years of delays. The U.S. Department of Transportation sent its proposed rear-visibility rules to the Obama administration for review on Christmas Day. The White House Office of Management and Budget now must finalize the regulations. The rule are intended to minimize the risk of pedestrian deaths from vehicles in reverse, a type of accident that disproportionately affects children. Already in 2014, two children have died from cars backing over them, driven in each case by the children's father. Specifics of the Transportation Department's proposal are not available during the review, but the rules are expected to compel automakers to install rear-view cameras as mandatory equipment on all new vehicles. That's what safety advocates have wanted all along. Thought they were pleased the proposed ruling had finally been issued, there was some worry Friday the final rules would omit the rear-view camera mandate. "We're encouraged, but we're also a little concerned about speculation the rear-view camera may not be in there," said Janette Fennell, the president and founder of Kids and Cars, a nonprofit organization dedicated to protecting children in and around vehicles. "I'm wondering where that might be coming from." On Thursday, The Automotive News had reported the possibility the new standards could offer an alternative to rear-view cameras, such as redesigned mirrors, that improved visibility. The Office of Management and Budget typically completes its reviews of new rules in 90 days, although that can be extended. OMB officials said Friday they do not comment on pending rules. The intent of the rules is to enhance rear visibility for drivers and prevent pedestrian deaths. Approximately 200 pedestrians are backed over in the United States each year, according to estimates from the National Highway Traffic Safety Administration. Accidents Mostly Affect Children Roughly half the victims are children younger than age five. A government analysis concluded approximately half the victims -– 95 to 112 -– could be saved with new regulations. Yet the rules have arrived at a glacial pace. President George W. Bush signed legislation that had been passed with bipartisan Congressional support in 2008. But automakers have fought the idea of adding rear-view cameras, saying it is too expensive.

Ford lowers MPG ratings on six vehicles

Ford has announced that it will be lowering the fuel economy ratings on a number of its 2013 and 2014 model year vehicles after an error was discovered in the company's internal testing data. The EPA has been notified.
Worryingly for Ford, the vast majority of the vehicles affected are hybrids, including the C-Max, Fusion and MKZ in both hybrid and plug-in varieties (where applicable). Also covered as part of the rerating is the entire lineup of 2014 Fiesta engines, with the exception of the ST, including the turbocharged, three-cylinder EcoBoost.
The C-Max was originally rated at 47/47/47 mpg, but dropped to 43/45/40 last year and now to 40/42/37.