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Auction for first US VW e-Golf raises $41,400 for Global Green charity

Would having Jay Leno on hand have changed the outcome? That's what executives at Volkswagen might be asking after the German automaker auctioned off the company's first electric car in the US for around $6,000 over MSRP. VW auctioned off the first Volkswagen e-Golf in the US to raise money for the environmental non-profit Global Green USA. Bruce Oberg, an EV enthusiast and previous VW owner, proudly cut a $41,400 check for the car, which has a 116 miles per gallon-equivalent rating and is said to be able to go about 80 miles on a single charge. At your local dealer (depending on where you live), the e-Golf starts at $35,445. Sales start later this month in 11 states: California, Massachusetts, New York, Vermont, Oregon, Maine, Maryland, New Jersey, Connecticut, Rhode Island and Washington, DC. The $6,000 premium for first-dib rights for the e-Golf is nice, but it doesn't compare to what BMW worked out this summer. In August, the first i8 plug-in hybrid in the US was auctioned off at California's Pebble Beach Concours d'Elegance for $825,000 (to an unidentified buyer). That's about six times the car's sticker price, but this special edition came with Louis Vuitton luggage and was presented by noted car buff Leno. VW's press release below. VOLKSWAGEN E-GOLF RAISES MONEY TO BENEFIT GLOBAL GREEN USA AFTER A SUCCESSFUL CHARITY AUCTION Nov 4, 2014 Winning bidder claims first VW electric vehicle as the car begins to ship to select U.S. dealerships Herndon, VA (November 4, 2014) – Volkswagen of America, Inc. today announced that the auction of the first 2015 all-electric Volkswagen e-Golf has raised $41,400, with proceeds benefitting the national environmental non-profit Global Green USA and its efforts to advance smart solutions to climate change. The winner of the auction, which ran from October 8–29 on CharityBuzz.com, became the first U.S. driver to own Volkswagen's all-new, fully-electric vehicle. "Volkswagen's commitment to e-mobility and sustainability runs deep. We could not be more proud that the e-Golf has helped raise money to benefit the efforts of Global Green USA, an organization that shares in our dedication to the environment," said Michael Horn, president and CEO, Volkswagen Group of America, Inc.

Rising aluminum costs cut into Ford's profit

When Ford reports fourth-quarter results on Wednesday afternoon, it is expected to fret that rising metals costs have cut into profits, even as rivals say they have the problem under control. Aluminum prices have risen 20 percent in the last year and nearly 11 percent since Dec. 11. Steel prices have risen just over 9 percent in the last year. Ford uses more aluminum in its vehicles than its rivals. Aluminum is lighter but far more expensive than steel, closing at $2,229 per tonne on Tuesday. U.S. steel futures closed at $677 per ton (0.91 metric tonnes). Republican U.S. President Donald Trump's administration is weighing whether to impose tariffs on imported steel and aluminum, which could push prices even higher. Ford gave a disappointing earnings estimate for 2017 and 2018 last week, saying the higher costs for steel, aluminum and other metals, as well as currency volatility, could cost the company $1.6 billion in 2018. Ford shares took a dive after the announcement. Ford Chief Financial Officer Bob Shanks told analysts at a conference in Detroit last week that while the company benefited from low commodity prices in 2016, rising steel prices were now the main cause of higher costs, followed by aluminum. Shanks said the automaker at times relies on foreign currencies as a "natural hedge" for some commodities but those are now going in the opposite direction, so they are not working. A Ford spokesman added that the automaker also uses a mix of contracts, hedges and indexed buying. Industry analysts point to the spike in aluminum versus steel prices as a plausible reason for Ford's problems, especially since it uses far more of the expensive metal than other major automakers. "When you look at Ford in the context of the other automakers, aluminum drives a lot of their volume and I think that is the cause" of their rising costs, said Jeff Schuster, senior vice president of forecasting at auto consultancy LMC Automotive. Other major automakers say rising commodity costs are not much of a problem. At last week's Detroit auto show, Fiat Chrysler Automobiles NV's Chief Executive Officer Sergio Marchionne reiterated its earnings guidance for 2018 and held forth on a number of topics, but did not mention metals prices. General Motors Co gave a well-received profit outlook last week and did not mention the subject. "We view changes in raw material costs as something that is manageable," a GM spokesman said in an email.

2015 VW Beetle GRC packs 553 rallycrossing horsepower

In case you couldn't tell from all the wings and vents, this is not your average Volkswagen Beetle. It's the rally machine Tanner Foust and Scott Speed will be driving in the Global Rallycross Championship this year. Don't let the retro form fool you – it is an absolute beast. Last year's Beetle GRC packed a 1.6-liter turbo four good for an astonishing 544 horsepower and 387 pound-feet of torque, but the new one does one better: it now features a 2.0-liter turbo four good for 553 hp and 465 lb-ft. That's right – in a Beetle. It's also got ZF dampers, 9.5 inches of suspension travel, 14-inch front brake discs with four-piston calipers packed into 17-inch wheels and, of course, all-wheel drive. The result? 0-60 in – wait for it – two seconds flat (or thereabouts). It's geared low so it'll only top out at around 125 miles per hour, but that's all it needs for the short tracks on which it's designed to compete. Foust and Speed will be driving this beast for Andretti Autosport in the 2015 championship that kicks off at the end of May in Ft. Lauderdale. Both have quite the act to follow as Foust won back-to-back titles in 2011 and 2012, and former F1 driver Speed won three rounds last season to finish third in the standings. Related Video: VOLKSWAGEN ANDRETTI RALLYCROSS TEAM UPDATES BEETLE GRC CARS FOR 2015 SEASON Tanner Foust and Scott Speed will contest the 2015 Red Bull Global Rallycross Championship with a pair of 2.0-liter Beetles Indianapolis, IN (April 29th, 2015) - After a strong performance in its inaugural season, the Volkswagen Andretti Rallycross team is ready to challenge for this year's driver and manufacturer titles in the Global Rallycross Championship. In 2015, the team will be on the attack with two Beetle GRC race cars, which debuted in the final races of 2014. This rallycross car is the ultimate expression of the third-generation Beetle. Designed and engineered from the outset as a GRC car, it features a sequential six-speed transmission, with a fixed-ratio all-wheel-drive system that features multiplate limited-slip differentials at the front and rear. For the 2015 season, the team has chosen to change the engine specification from the car that ran in selected rounds of the 2014 series. In place of that car's 1.6-liter turbocharged and intercooled TSI® four-cylinder engine, there is now a 2.0-liter TSI engine that produces 553 horsepower and 465 pound-feet of torque, compared to 544 hp and 387 lb-ft for the 2014 car.