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Weekly Recap: Volvo buys Polestar, makes performance a priority

Volvo is taking its performance business in-house, and the Swedish carmaker announced Tuesday that it bought tuning company Polestar, which has long been known for producing sporty Volvos. The move allows Volvo to ramp up its performance business, and it plans to increase Polestar-branded vehicle sales to 1,000 to 1,500 annually, up from the 750 total projected for this year. The companies have been working together on motorsports projects since 1996. Financial terms of the sale were not released, and Polestar workers will move over to Volvo. Former Polestar owner Christian Dahl will keep control of the Polestar racing team and operate it under a new name. In addition to sales volume, Volvo has ambitious plans for other parts of Polestar, including its aftermarket business. Volvo also said it will use its twin-engine hybrid technology for Polestar models in the future, though specifics and timing were not revealed. Meanwhile, Volvo announced it will offer a run of 265 total Polestars in the United States for the 2016 model year, with S60 and V60s available. "Driving a Volvo Polestar is a special experience. We have decided to bring this experience to more Volvo drivers, placing the full resources of Volvo behind the development of Polestar as the model name for our high performance cars," Volvo CEO Hakan Samuelsson said in a statement. OTHER NEWS & NOTES 2016 Chevy Silverado, GMC Sierra, get nose jobs Automakers tend to refer to light updates as 'facelifts,' and that's exactly what Chevy gave the 2016 Silverado and GMC Sierra. Chevy slightly changed the front end of the truck. Using the one photo released of the new Z71 model as a guide, we can see that the headlights went from a stacked vertical design to single bulbs, and they are set on top of LED running lights. The grille has more body-colored elements instead of shiny metal, and the hood has a new line running down the middle (look really closely). The design theme will be similar across the portfolio, though materials and details will vary, a spokesman said. Some models, like the High Country and LTZ will have more chrome, and the LEDs are only for the upper trims. Chevy also said it will use the eight-speed automatic transmission on more versions of the Silverado, and it updated the MyLink feature to support Android Auto and Apple CarPlay.

2015 Ford Mustang already under recall, but just 53 units

Ford has issued a small - but significant - recall for one of its spotlight cars: the 2015 Mustang.
The recall affects just 53 cars, with 50 in the United States and three in Canada. Ford said the passenger side safety belt buckle tension sensor may not have been calibrated properly by the supplier. This could lead to "misclassification" of the passenger seat occupant, and could cause the airbag to deploy improperly.
A Ford spokesperson didn't immediately respond to a request for comment. In a statement, the automaker said it is not aware of any accidents or injuries, and dealers will replace the buckle assembly at no cost to customers. The cars affected were built at Flat Rock Assembly Plant in Michigan from Aug. 18 to Oct. 2.

Ford posts decade-best $2.1B profit in Q1 2013

As predicted, Ford has reported that its first quarter of 2013 was a resounding success overall, with a pretax profit of $2.1 billion ($0.41 per share), and a net income of $1.6 billion ($0.40 per share). In fact, Ford made a pretax profit of some $2.4 billion in its home North American market, with that total number being pulled down by losses in South America and Europe. That gaudy North American profit is the strongest result by the automaker since 2000.
Ford's companywide profit for Q1 was down $147 million from one year ago, while the net income number marked an increase of $215 million year over year. Overall, this is Ford's 15th-consecutive profitable quarter.
The bad news from the European market was even worst in Q1 2013 than it was last year. Pretax losses of $462 million - on revenue of $6.7 billion - represented a year-over-year change of -$313 million. In South American, the company reported a loss of $218 million, down from a slim profit of $54 million in Q1 2012. The news was better for Ford Asia Pacific Africa, where a $6 million pretax profit in 2013 showed a year-over-year gain of some $101 million when compared to losses in 2012. Scroll down to read Ford's full press release.