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GM says it favors fuel-efficiency rules based on historic rates

WASHINGTON — General Motors backs an annual increase in fuel-efficiency standards based on "historic rates" rather than tough Obama era rules or a Trump administration proposal that would freeze requirements, according to a federal filing made public on Monday. The largest U.S. automaker said the Obama rules that aimed to hike fleet fuel efficiency to more than 50 miles per gallon by 2025 are "not technologically feasible or economically practicable." The Detroit automaker said that since 1980, the motor vehicle fleet has improved fuel efficiency at an average rate of 1 percent a year. Fiat Chrysler Automobiles NV said in separate comments that the auto industry is complying with existing fuel efficiency requirements by using credits from prior model years. As a result, even if requirements are frozen at 2020 levels, "the industry would need to continue to improve fuel economy" as credits expire, it added, warning if the government hikes standards beyond 2020 requirements "the situation worsens ... without some significant form of offset or flexibility." Fiat Chrysler and Ford urged the government to reclassify two-wheel drive SUVs as light trucks, which face less stringent requirements than cars. A four-wheel drive version of the same SUV is considered a light truck. Ford backs fuel rules "that increase year-over-year with additional flexibility to help us provide more affordable options for our customers." GM's comments said it was "troubled" that President Donald Trump's administration wants to phase out incentives for electric vehicles. The Trump plan's preferred alternative freezes standards at 2020 levels through 2026 and hikes U.S. oil consumption by about 500,000 barrels per day in the 2030s but reduces automakers' collective regulatory costs by more than $300 billion. It would bar California from requiring automakers to sell a rising number of electric vehicles or setting state emissions rules. The administration of former President Obama had adopted rules, effective in 2021, calling for an annual increase of 4.4 percent in fuel-efficiency requirements from 2022 through 2025. GM has been lobbying Congress to lift the existing cap on electric vehicles eligible for a $7,500 tax credit. The credit phases out over a 12-month period after an individual automaker hits 200,000 electric vehicles sold, and GM is close to that point.

George W. Bush's 2009 Ford F-150 fizzles with $300,000 bid at Barrett-Jackson [UPDATE: w/video]

Despite some truly impassioned pleading from Jay Leno himself - including calling on Arizona's notoriously Republican-rich voters to beat the $600,000 level set the last time Leno sold a vehicle for this particular charity... in California - bidding for George Bush's 2009 Ford F-150 pickup truck stalled at $300,000.
All proceeds will be sent to the Fisher House Foundation, so at least it's $300K going to a good cause. Feel free to check out the live image gallery above, which includes shots showing Leno's skills helming the auction, and read through the official auction description below.
*UPDATE: Video of the auction and Leno's prods to the crowd for more money can now be seen below.

FCA close to paying off debt, outperforming Ford in earnings

FCA boosting output of SUVs, trucks in U.S. Marchionne says the company no longer needs a merger partner FCA expects to pay off all debt this year "There's a very strong likelihood that we will outperform Ford" MILAN/DETROIT — Fiat Chrysler's shift to sell more trucks and SUVs boosted margins yet again in its North American profit center, making Chief Executive Sergio Marchionne confident he can hit most of the final targets of his five-year turnaround plan. FCA has been retooling some U.S. factories to boost output of lucrative sport-utility vehicles and trucks while ending production of some unprofitable sedans. This put the world's seventh-largest carmaker on track to become debt-free by the end of the year, and allowed Marchionne to make good on his promise to close the gap on larger U.S. rivals General Motors (GM) and Ford. "There's a very strong likelihood that we will outperform Ford in terms of operating earnings in 2018," Marchionne told analysts on an earnings call Thursday. "That's something that if I told any of us in the room here that would've been doable five years ago, nobody would have believed it." As the 65-year-old executive prepares to hand over the reins to an internal successor next year, he said the improvements mean the company no longer needed a partner to survive. The carmaker has often been the subject of merger speculation, especially after its unsuccessful 2015 attempt to tie up with GM. "The necessity to find a partner, to try and guarantee our survival, going forward, is put to bed. I mean we're done," Marchionne told analysts on a post-results conference call. North America accounted for 71 percent of earnings last quarter, and profit margins in the region rose to 8 percent from 7.1 percent a year earlier, even as shipments fell 3 percent. Meanwhile Ford's automotive margin for North America slipped to 6.8 percent, down from 8.5 percent a year earlier.FCA trimmed its expectations for 2018 revenues and forecast adjusted operating profit of at least 8.7 billion euros, at the lower end of a previously given range. Analysts said FCA's margin improvement was impressive, and it could be on the cusp of a big boost from its new Jeep Wrangler and Jeep Cherokee models and its Ram 1500 truck. FCA ready to pay off its debt But the Italian-American carmaker expects to cancel all debt during 2018 — possibly by the end of June — and generate around 4 billion euros in net cash by the end of the year.