Regulatory – GreatOldTrucks.com – Muscle Car Aficionado

Nikola Paying $125M to Settle with SEC

Nikola Corp. agreed to pay $125 million to settle civil charges levied against the company by the Securities and Exchange Commission claiming it defrauded investors by making false claims about its vehicles.

Nikola CEO Trevor Milton t-shirt — Nikola’s settlement with the SEC still holds the company accountable for statements made by founder Trevor Milton.

The deal is separate from the civil and criminal charges against Trevor Milton, the company’s founder and now-former Chairman. In fact, the company’s agreed to cooperate with any current investigation and litigation, however, it didn’t admit or deny the SEC’s findings in the settlement.

The agency contends the company misled investors about the capabilities of its hydrogen fuel cell-powered vehicles, suggesting they were further along in development than they were. The focal point being a video of its Nikola One appearing to be driving under its own power, when it was actually rolling down a slight decline.

The video became the centerpiece of a report by short-selling research firm Hindenburg Research claiming Nikola was based on “intricate fraud built on dozen of lies” perpetrated by Milton. That quickly triggered an SEC probe and led to the decision by Milton to resign on Sept. 21.

Nikola agreed to pay the $125 million in five installments over two years. The first payment comes by the end of this year, with the remainder being paid in semi-annual installments in 2022 and 2023. The company previously disclosed Nov. 4, 2021 it took a $125 million reserve in its third quarter earnings to account for the expected settlement.

Nikola Motor Chairman Trevor Milton — Nikola Motor’s former Chairman Trevor Milton is facing civil and criminal charges in court.

Milton not off the hook

Nikola “is responsible both for Milton’s allegedly misleading statements and for other alleged deceptions, all of which falsely portrayed the true state of the company’s business and technology,” said Gurbir Grewal, the SEC’s enforcement director, in a statement.

Milton saw civil and criminal charges filed against in July, claiming he used social media to repeatedly mislead investors about the company’s technology, netting “tens of millions of dollars” in the process. Milton’s repeatedly denied wrongdoing and is in the midst of a court battle.

Audrey Strauss, the acting U.S. Attorney for the Southern District of New York, said during a press conference in late July, Milton deliberately set out to deceive what she described as “retail investors” by making claims he knew were false about Nikola products.

While Nikola’s settled up with the SEC, it’s now focused on its former leader.

Nikola Tre Class 8 semi — The company’s attempting to move on from the problems. In fact, it delivered its first battery-electric Tre Class 8 rigs last week.

“The company has taken action to seek reimbursement from its founder, Trevor Milton, for costs and damages in connection with the government and regulatory investigations,” the company said in a release.

Moving forward

“We are pleased to bring this chapter to a close as the company has now resolved all government investigations,” the company said in a statement.

“We will continue to execute on our strategy and vision to deliver on our business plan, including delivering trucks to customers, expanding our manufacturing facilities and our sales and service network, and building out our hydrogen infrastructure ecosystem including hydrogen production, distribution and dispensing stations.”

This is already happening as it delivered the first Nikola Tre battery-electric pilot trucks to Total Transportation Services Inc. (TTSI), a Southern California’s port trucking company, to expedite zero-emission transportation solutions at the ports of Los Angeles and Long Beach.

The company is engaged in a four-truck pilot program with the trucking company, involving two battery electric trucks with a range of 350 miles and two fuel cell-electric trucks with a range of 500 miles. If the vehicle trials go well and TTSI obtains government funding, the company will provide 30 BEVs in 2022, and 70 FCEVs are anticipated to start in 2023.

Munich Motor Show to Spotlight Dozens of New Concepts, Production Models

While the Frankfurt Motor Show is no more, Germany retains its role in the hierarchy of automotive events with the debut of the first Munich Motor Show next month — and the event will bring out a broad array of new concept and production models.

IAA Mobility Munich — No longer the massive event it was when it was in Frankfurt, the Munich show is still going to be impactful.

While a number of manufacturers won’t be on hand for the debut Munich Motor Show, a preliminary count suggests those marques that will participate plan to reveal about two dozen new vehicles. And the final number could be even higher as some are expected to roll out a few, last-minute surprises.

As one might expect in Europe, there’ll be a big emphasis placed on new green machines, everything from conventional hybrids to pure battery-electric vehicles — as well as at least one new hydrogen model from BMW.

Here’s a look at some of the most significant announcements that will be made at the Munich Show — also known as IAA Mobility 2021 — during its run from Sept. 7-12:

Audi

The German luxury brand doesn’t plan to produce any new models that will run solely on gas or diesel by 2026. And while it will soldier on with plug-in hybrids through the end of the decade, its longer-term plan is to shift entirely to battery-electric vehicles. We got a sense of what’s in store this month at the Pebble Beach Concours with the unveiling of the Skysphere, one of three cutting-edge concept models. The Grandsphere is next in the series and shows where Audi hopes to go with an all-electric and fully autonomous SUV. The automaker also has two other models set to make public debuts in Munich: the RS3 hatchback and sedan line taking aim at the likes of the Mercedes-AMG A 45, as well as the all-electric Q4 e-tron. It will slip into a space just below the current, gas-powered Audi Q5.

BMW

The Bavarian automaker has had a long-running interest in hydrogen power — though it early on explored the possibility of using the lightweight gas as an alternative to gasoline in its internal combustion engines. BMW abandoned that approach and, like other manufacturers, now sees hydrogen working best in a fuel-cell system. That’s what will power the new BMW iX5. This is not a concept but a production model due out in 2022, albeit at low volumes and targeted for markets where there’s an available hydrogen distribution system. The other green machine is the facelifted BMW iX3 city car. And BMW isn’t ready to give up on gas models. It also plans to show the uplifted X3 and X4 sport-activity vehicles in Munich.

Mercedes-Benz

The German luxury brand is also planning a big showing of all-electric models, starting with the debut of the Mercedes-Benz EQE. It will serve as the company’s all-electric E-Class model and share the same Electric Vehicle Architecture, or EVA, as the larger Mercedes EQS flagship. Speaking of the EQS, the German marque will offer the usual family of variants and they will be getting previewed in Munich. They include an even larger and more luxurious EQS-Maybach model, as well as a more powerful EQS-AMG rumored to make 800 horsepower — taking aim at the Tesla Model S Plaid. Like BMW and Audi, Mercedes isn’t ready to go 100% electric but is continuing to tinker with other green drivetrains. That will become apparent with the debut of the new Mercedes-AMG plug-in hybrid. We’ll also see the high-riding Mercedes-Benz C-Class All-Terrain, and the armored S-Class Guard. Is there a surprise in store? Some reports suggest Mercedes could debut the EQG, an all-electric version of the big G-Class SUV.

VW ID.5 GTX — Volkswagen will brin g a slew of new vehicles to Munich, including the new ID.5 GTX.

Porsche

The sports car company will have a relatively modest presence in Munich — but a significant one, nonetheless. It will reveal a facelifted version of its smaller SUV, the Macan. That will provide insight into the upcoming debut of an all-electric version of the Macan due out in 2023. While they’re expected to have similar exterior designs, the BEV version of the SUV will be based on the new Premium Platform Electric, or PPE, architecture jointly developed by Porsche and Audi. Also on tap: the all-out version of Porsche’s bigger SUV, the Cayenne Turbo GT.

Volkswagen

Cupra EV from Seat — Spanish maker Seat, owned by VW, will show off it’s new electric spinoff, Cupra.

The German giant is planning to invest $86 billion to electrify its line-up and that will be obvious when Munich showgoers see what’s on tap from all of its various marques. As for the VW brand itself, it has a mix of electric and gas offerings to reveal next month. That includes a new electric city car that could be named either the ID.1 or ID.2 if the automaker sticks with its current naming strategy. Then there will be sportier versions of two of its current battery-electric vehicles. The ID.4 GTX is already available in Europe, and while the ID.5 GTX is being described as a “prototype,” a production version of the coupe-like SUV is expected to reach showrooms before year-end. Munich also will bring the public debut of the new Volkswagen Polo and GTI models, the latter unveiled online earlier in August. Completing the list, we’ll get a first public look at the new VW Taigo, a small, coupe-like SUV based on the current T-Cross line.

Other brands

Cupra, the all-electric spinoff of Volkswagen’s Spanish brand Seat, will reveal a battery-powered hatchback based on the VW ID.3. It will share the Volkswagen MEB all-electric architecture but put more of an emphasis on performance than the ID.3.
Dacia will bring out a new 7-seat people-mover.
Hyundai is making an appearance in Munich and is set to give the European public debut of the all-electric Ioniq 5 — but it could have a surprise in store, as well.
Renault will weigh in with a small, all-electric SUV dubbed the Megane E-Tech Electric.

Smart is transitioning to an all-electric brand and is teasing plans to reveal a battery-powered micro SUV. It’s believed to be using a drivetrain developed as part of a joint venture between Smart parent Mercedes-Benz and China’s Geely.

GM Broadens Battery Replacement to Cover All Recalled Bolts

General Motors now plans to replace all battery modules on Chevrolet Bolt electric vehicles covered by recall the company announced back in July.

A recent Chevy Bolt fire in Ashburn, Virgina caused $235,000 in damage. (Photo credit: Bobby Busche via Facebook)

The module replacements, which could start this month, follows GM’s announcement this week it was recalling 2017-2019 Bolt battery-powered cars for the second time in less than a year, according to Reuters.

Two recent fires involving affected Bolts were reported after the initial recall, including one vehicle that had updated software, the agency said.

GM said in a statement Monday it would replace recalled vehicles’ lithium-ion battery modules with new modules, rather than replacing entire battery packs. “The battery pack case, wiring and the other pack components are not defective and do not need replacing,” the statement said.

Earlier recall plan fails to solve problem

charred Chevy Bolt in garage — One of the two recent Bolt fires included a vehicle that completed the software update.

GM said earlier the high-voltage batteries being recalled were produced in South Korean battery manufacturer LG Chem’s facility in Ochang, South Korea.

The company disclosed July 23, along with LG Chem, it identified the presence of two manufacturing defects in the same battery cell as the root cause of battery fires in certain Bolt EVs. GM described the defects as “rare” by GM.

LG Energy Solutions, a wholly owned LG Chem battery subsidiary, said in a statement to Reuters it “will actively cooperate to ensure that the recall measures are carried out smoothly.”

Last month, GM disclosed it was taking an $800 million charge to cover the cost of the recall of the battery electric vehicles.

2022 Chevrolet Bolt EV — The new Chevrolet Bolt is not affected by the battery pack issue.

The recall of Bolt EVs comes as GM is preparing to ramp up a multi-billion-dollar investment that will put 30 new electric vehicles on the road by 2025. One of the first new models, the GMC Hummer EV, is scheduled to appear this fall. In addition, GM is now committed to building four new battery plants in the United States through a partnership with LG Chem, according to GM chairman Mary Barra.

GM’s not alone

GM isn’t the only automaker facing lithium-ion battery fires. Hyundai Motor Co., Ford Motor Co. and BMW AG have faced similar recalls in recent months.

In February, Hyundai recalled 82,000 battery-electric vehicles worldwide for lithium ion batteries that could catch fire. Vehicles affected include approximately 76,000 battery-electric Hyundai Kona EVs built between 2018 and 2020, with the rest consisting of Hyundai Ioniqs and city buses. Hyundai replaced the batteries rather than resolving the issue through software updates. The recall, which cost Hyundai $900 million, comes after at least 15 Konas reportedly caught fire.

LG Chem, which produces the cells, claims the automaker incorrectly applied recommendations about fast battery charging management. Hyundai advised vehicle owners to limit charging to 90% of the battery capacity until the cells can be replaced. Nevertheless, the battery supplier assumed 70% of the recall cost.

Uber’s Stock Takes Hit After Mixed Q1 Results

The impact of Uber Inc.’s long legal battle about the classification of its drivers in the U.K. — which it ultimately lost — came to light: $600 million.

ADCU beats Uber in UK court 2021 — The union representing Uber drivers in the UK secured a legal victory over the ride-hailing giant in the UK.

The California-based ride-hailing company revealed in its Q1 earnings report Wednesday that complying with the court’s decision comes with a massive price tag. The U.K.’s highest court ruling made drivers employees rather than independent contractors and entitled to benefits like any other full-time worker.

Overall, the rest of the report was a mixed bag, resulting in a drop in the stock price of about 5.6% after the results were revealed, closing at $51.18. The decline continued Thursday, sliding another nearly 9% to $46.65.

Hits and misses

The company beat analysts estimates in some areas, such as posting just a 6 cent loss compared with the 54 cents expected. However, it fell short in revenue generated where it was expected to bring in $3.29 billion during the quarter but generated just $2.9 billion.

Aurora bought Uber’s Advanced Technology Group for $400 million.

Uber’s Q1 net loss was $108 million, which looks impressive when compared with the $968 million it lost last quarter. One might suggest that the 24% jump in gross bookings compared with the previous quarter — and an all-time high — carried the company.

Nope. It was the $1.6 billion gain it received from the sale of its autonomous vehicle technology unit to autonomous vehicle tech company Aurora. Not only did the sale generate some cash, it also meant Uber wasn’t throwing cash at the business, which wasn’t making much headway in.

By the numbers

Its adjusted EBITDA loss was $359 million, which improved by $95 million from the prior quarter. Another bright spot was the company’s food delivery service, which performed better than its “core” ride-hailing division.

Delivery revenue was $1.7 billion, compared with $853 million. This part of the company carried the ride-hailing portion of Uber during the pandemic. Uber said the Eats segment revenue was up 28% quarter over quarter.

Uber is struggling to find drivers in the wake of the pandemic.

“We’re finally seeing the light at the end of the tunnel,” CEO Dara Khosrowshahi said on a call with investors. “Uber is starting to fire on all cylinders, as more consumers are riding with us again while continuing to use our expanding delivery offerings.”

Uber officials confirmed again the company expects to be profitable by the end of 2021.

Still needs drivers

Officials confirmed once again it was struggling to find drivers in the wake of the pandemic.

Uber’s spending $250 million to increase drivers’ pay, including offering payment guarantees and other incentives to lure new drivers to the service and entice the existing ones to work more often.The effort comes as Uber and rival Lyft report their drivers are enjoying higher than average earnings due to a sharp jump in demand as states begin rolling back COVID-mandated restrictions. People are getting more and more freedom to return to “normal” and drivers are seeing a significant spike in rates due to the demand.

For GREAT deals on a new or used Cadillac check out Ghent Cadillac TODAY!

Tesla Crash Nudges Senators to Re-Introduce Auto Safety Bills

Sen. Ed Markey was joined Sen. Richard Blumenthal and others in re-introducing four bills aimed at improving automotive safety.

The recent crash involving a Tesla Model S appears to have spurred a legislative push to institute mandates for new vehicles making them safer, specifically technology ensuring drivers are paying attending while behind the wheel.

The Stay Aware for Everyone, or SAFE, Act is designed to mitigate issues surrounding distracted driving. The trio believes the increased use of advanced driver assistance systems encourage motorists to engage in risky behavior behind the wheel.

Although not specifically mentioning Tesla and its Autopilot technology, the timing of the reintroduction of the legislation is difficult to ignore. It should be noted that the investigation into the Houston-area crash is ongoing and it’s not been determined it Autopilot played role in the crash and subsequent fire that resulted in two fatalities.

New safety legislation

“Every year on average, over 36,000 people are killed and nearly three million more are injured in motor vehicle crashes,” said Sen. Ed Markey (D-Massachusetts) in a statement. “These numbers reveal a public health crisis that we must not accept as inevitable. We can prevent these unnecessary tragedies with proven strategies and technologies.

Tesla’s facing the fallout from another fatal crash where the driver was reportedly using Autopilot, but not as recommended by the automaker.

“That’s why I am proud to reintroduce a robust legislative package that will address several of the most dangerous safety issues on our roads. As Congress debates infrastructure and surface transportation reauthorization in the weeks ahead, I will fight for these bills and ensure that safety is at the forefront of everything we do. Upgrading our roads and highways also means upgrading safety.”

Sens Richard Blumenthal, D-Connecticut and Amy Klobuchar, D-Minnesota joined Markey in introducing that measure. It’s part of a four-bill package of auto safety bills introduced Monday. The goal is to get them added to the massive $2.3 trillion infrastructure bill.

The Tesla crash highlights one of the issues with semi-autonomous driving technology. Tesla is either the poster child or whipping boy for the issue. The National Highway Traffic Safety Administration has opened 28 probes into Tesla crashes, with 24 pending, where Autopilot was suspected of being in use, according to Reuters.

Three other auto safety bills

Recent events likely helped to put the Promoting Auto Recalls Toward Safety (PARTS) Act on the list. American Honda revealed late last week faulty Takata airbag inflators are being blamed for a South Carolina driver’s death — the 19^th in the U.S.

Takata’s faulty airbag inflators have been linked to 19 deaths and hundreds of injuries in the U.S.

The PARTS Act aims to apply lessons learned from the ongoing Takata recall — the largest in history — to improve the repair rate of vehicles subject to a recall.

It specifically authorizes the U.S. Department of Transportation to provide grants to states for use in notifying registered motor vehicle owners about manufacturer-issued safety recalls, as well as require additional reporting and an annual scorecard on how effectively automakers are completing any recalls.

The Early Warning Reporting Systems Improvement Act is designed to “fill a safety gap created by the historically low number of defect investigations launched by NHTSA in recent years,” according to a statement. The legislation requires automakers to provide more information about incidents involving fatalities and serious injuries directly to the public. It also mandates NHTSA to deliver the information it receives publicly available in a user-friendly format, so users can better evaluate potential safety defects themselves.

The fourth bill — the Modernizing Seat Back Safety Act — requires NHTSA to update its standards for seat back integrity in new vehicles. The current standard has remained largely unchanged for decades, allowing for a slew of back seat passenger fatalities, mostly children.

html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container { background: #fff; border: 3px solid #91a6bf; -webkit-border-radius: 5px; -moz-border-radius: 5px; border-radius: 5px; margin: 10px auto; text-align: center; width: 100%; padding: 20px 30px; color: #555; -webkit-box-sizing: border-box; -moz-box-sizing: border-box; box-sizing: border-box; } html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container div.columbine-miniText { font-size: 1em; line-height: 28px; text-transform: uppercase; color: #54C3A5; font-weight: bold; font-family: ‘Alfa Slab One’, Helvetica, Arial, sans-serif; display:none; } html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container div.columbine-heading { font-weight: bold; line-height: 1.5; } html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container div.columbine-caption { margin-top: 12px; font-style: italic; font-size: 18px; line-height: 28px; } html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container .columbine-form { overflow: hidden; margin-top: 20px; } html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container div.columbine-three-col1 { float: left; width: 33.333%; } html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container div.columbine-three-col2 { float: left; width: 33.333%; } html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container div.columbine-three-col3 { float: left; width: 33.333%; } html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container div.columbine-two-col1 { float: left; width: 66.333%; } html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container div.columbine-two-col2 { float: right; width: 33.333%; } html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container input.columbine-input, html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container input.mo-optin-form-custom-field.date-field, html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container input.mo-optin-form-custom-field.text-field, html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container input.mo-optin-form-custom-field.password-field, html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container select.mo-optin-form-custom-field, html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container textarea.mo-optin-form-custom-field { background-color: #ffffff; width: 100%; display: block; -webkit-box-sizing: border-box; -moz-box-sizing: border-box; box-sizing: border-box; -webkit-border-radius: 0; -moz-border-radius: 0; border-radius: 0; padding: 11px 17px; font-size: 16px; line-height: 16px; text-align: left; border: 1px solid #ccc; color: #555; outline: none; margin: 0; } html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container input.columbine-input, html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container input.mo-optin-form-custom-field.date-field, html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container input.mo-optin-form-custom-field.text-field, html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container input.mo-optin-form-custom-field.password-field, html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container textarea.mo-optin-form-custom-field.textarea-field { -webkit-appearance: none; } html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container input.columbine-submit, html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container input[type=”submit”].mo-optin-form-cta-button { display: block; -webkit-box-sizing: border-box; -moz-box-sizing: border-box; box-sizing: border-box; -webkit-appearance: none; border: 0; background: #54C3A5; padding: 13px 10px; font-size: 16px; line-height: 16px; text-align: center; color: #fff; outline: none; cursor: pointer; font-weight: 700; width: 100%; margin: 0; border-radius: 0; } html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container div.columbine-note { margin-top: 10px; line-height: normal; } html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container div.mo-optin-error { display: none; background: #FF0000; color: white; text-align: center; padding: .2em; margin: 0; width: 100%; font-size: 16px; -webkit-box-sizing: border-box; -moz-box-sizing: border-box; box-sizing: border-box; border: 1px solid #FF0000; } @media only screen and (max-width: 650px) { html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container div.mo-optin-error { margin-bottom: -10px; } html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container div.columbine-two-col1, html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container div.columbine-two-col2, html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container div.columbine-three-col1, html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container div.columbine-three-col2, html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.columbine-container div.columbine-three-col3 { float: none; width: 100%; margin-right: 0; margin-top: 10px; } } html div#JkaXGWBzgI.mo-optin-has-custom-field div#JkaXGWBzgI_inpost.columbine-container div.columbine-column, html div#JkaXGWBzgI.mo-optin-has-custom-field div#JkaXGWBzgI_inpost.columbine-container div.columbine-two-col1, html div#JkaXGWBzgI.mo-optin-has-custom-field div#JkaXGWBzgI_inpost.columbine-container div.columbine-two-col2, html div#JkaXGWBzgI.mo-optin-has-custom-field div#JkaXGWBzgI_inpost.columbine-container div.columbine-three-col1, html div#JkaXGWBzgI.mo-optin-has-custom-field div#JkaXGWBzgI_inpost.columbine-container div.columbine-three-col2, html div#JkaXGWBzgI.mo-optin-has-custom-field div#JkaXGWBzgI_inpost.columbine-container div.columbine-three-col3 { float: none; width: 100%; margin-right: 0; margin-top: 10px; } html div#JkaXGWBzgI.mo-optin-has-custom-field div#JkaXGWBzgI_inpost.columbine-container div.columbine-column textarea.mo-optin-form-custom-field.textarea-field { min-height: 80px; }div#JkaXGWBzgI *, div#JkaXGWBzgI *:before, div#JkaXGWBzgI *:after {box-sizing: border-box;-webkit-box-sizing: border-box;-moz-box-sizing: border-box;}div#JkaXGWBzgI_inpost_container div#JkaXGWBzgI_inpost .mo-optin-field:focus {outline:0}div#JkaXGWBzgI_inpost_container div#JkaXGWBzgI_inpost .mo-optin-form-submit-button:focus {outline:0}div#JkaXGWBzgI_inpost_container div.mo-optin-powered-by{margin:5px auto 2px;text-align:center;}div#JkaXGWBzgI_inpost_container div.mo-optin-powered-by a {font-size:16px !important; text-decoration: none !important;box-shadow:none !important;border-bottom-width:0px !important;cursor:pointer !important;}div#JkaXGWBzgI_inpost_container .mo-acceptance-checkbox {background-color: #fff;line-height: 0;border: 1px solid #bbb;width: 16px;min-width: 16px;height: 16px;margin: 0 5px 0 0 !important;outline: 0;text-align: center;vertical-align: middle;clear: none;cursor: pointer;}div#JkaXGWBzgI_inpost_container .mo-acceptance-label {cursor:pointer}div#JkaXGWBzgI_inpost_container div#JkaXGWBzgI_inpost p {padding:0px !important;margin:0px !important}div#JkaXGWBzgI .mo-optin-form-wrapper label {color:inherit;font-weight: normal;margin: 0;padding:0;}div#JkaXGWBzgI div#JkaXGWBzgI_inpost_container div#JkaXGWBzgI_inpost input[type=submit] {-webkit-appearance: none;}div#JkaXGWBzgI div#JkaXGWBzgI_inpost_container div#JkaXGWBzgI_inpost input {z-index: auto;}div#JkaXGWBzgI.mo-cta-button-flag .mo-optin-form-note .mo-acceptance-label {display:none;}div#JkaXGWBzgI .mailoptin-video-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; } div#JkaXGWBzgI .mailoptin-video-container iframe, div#JkaXGWBzgI .mailoptin-video-container object, div#JkaXGWBzgI .mailoptin-video-container embed, div#JkaXGWBzgI .mailoptin-video-container video { position: absolute; top: 0; left: 0; width: 100%; height: 100%; }html div#JkaXGWBzgI div#JkaXGWBzgI_inpost.mo-optin-form-wrapper {max-width:100% !important}#JkaXGWBzgI .mo-optin-form-container .mo-optin-spinner { border-radius: inherit; position: absolute; width: 100%; height: 100%; background: #fff url(https://www.thedetroitbureau.com/wp-content/plugins/mailoptin/src/core/src/assets/images/spinner.gif) 50% 50% no-repeat; left: 0; top: 0; opacity: 0.99; filter: alpha(opacity=80); } #JkaXGWBzgI .mo-optin-form-container .mo-optin-success-close { font-size: 32px !important; font-family: “HelveticaNeue – Light”, “Helvetica Neue Light”, “Helvetica Neue”, Helvetica, Arial, “Lucida Grande”, sans-serif !important; color: #282828 !important; font-weight: 300 !important; position: absolute !important; top: 0 !important; right: 10px !important; background: none !important; text-decoration: none !important; width: auto !important; height: auto !important; display: block !important; line-height: 32px !important; padding: 0 !important; -moz-box-shadow: none !important; -webkit-box-shadow: none !important; box-shadow: none !important; } #JkaXGWBzgI .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-success-msg { font-size: 21px; font-family: “HelveticaNeue – Light”, “Helvetica Neue Light”, “Helvetica Neue”, Helvetica, Arial, “Lucida Grande”, sans-serif; color: #282828 !important; font-weight: 300; text-align: center; margin: 0 auto; width: 100%; position: absolute !important; left: 50%; top: 50%; -webkit-transform: translate(-50%, -50%); -moz-transform: translate(-50%, -50%); -o-transform: translate(-50%, -50%); -ms-transform: translate(-50%, -50%); transform: translate(-50%, -50%); } #JkaXGWBzgI .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-success-msg a { color: #0000EE; text-decoration: underline; } html div#JkaXGWBzgI .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .list_subscription-field:not(select), html div#JkaXGWBzgI .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .checkbox-field, html div#JkaXGWBzgI .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .radio-field, html div#JkaXGWBzgI .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .select-field { margin-top: 6px; } html div#JkaXGWBzgI .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .checkbox-field, html div#JkaXGWBzgI .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .radio-field, html div#JkaXGWBzgI .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .select-field { text-align: left; padding: 6px; } html div#JkaXGWBzgI .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .checkbox-field label, html div#JkaXGWBzgI .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .radio-field label { display: block; text-align: left; margin-top: 6px; } html div#JkaXGWBzgI .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .checkbox-field label input, html div#JkaXGWBzgI .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .radio-field label input { margin-right: 5px; vertical-align: middle; } html div#JkaXGWBzgI .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .select-field select { width: 100%; } html div#JkaXGWBzgI div#JkaXGWBzgI_inpost .mo-optin-fields-wrapper .list_subscription-field:not(select), html div#JkaXGWBzgI div#JkaXGWBzgI_inpost .mo-optin-fields-wrapper .mo-optin-form-custom-field.checkbox-field, html div#JkaXGWBzgI div#JkaXGWBzgI_inpost .mo-optin-fields-wrapper .mo-optin-form-custom-field.radio-field { padding: 0 !important; border: 0 !important; background: transparent !important; } html div#JkaXGWBzgI .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .list_subscription-field label { display: block !important; margin: 5px 0 !important; } html div#JkaXGWBzgI .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .list_subscription-field label:last-child { margin: 0; } html div#JkaXGWBzgI .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .list_subscription-field input[type=checkbox] { cursor: pointer; } div#JkaXGWBzgI div#JkaXGWBzgI_inpost .mo-optin-form-headline, div#JkaXGWBzgI div.mo-optin-form-container h2, div#JkaXGWBzgI div.mo-optin-form-container h1 { font-size: 32px !important; }div#JkaXGWBzgI div#JkaXGWBzgI_inpost .mo-optin-form-description, div#JkaXGWBzgI div.mo-optin-form-container div#JkaXGWBzgI_inpost p { font-size: 18px !important; }div#JkaXGWBzgI div#JkaXGWBzgI_inpost .mo-optin-form-note { font-size: 14px !important; }@media screen and (max-width: 768px) { div#JkaXGWBzgI div#JkaXGWBzgI_inpost .mo-optin-form-headline, div#JkaXGWBzgI div.mo-optin-form-container div#JkaXGWBzgI_inpost h2, div#JkaXGWBzgI div.mo-optin-form-container div#JkaXGWBzgI_inpost h1 { font-size: 30px !important; } div#JkaXGWBzgI div#JkaXGWBzgI_inpost .mo-optin-form-description, div#JkaXGWBzgI div.mo-optin-form-container div#JkaXGWBzgI_inpost p { font-size: 18px !important; } div#JkaXGWBzgI div#JkaXGWBzgI_inpost .mo-optin-form-note { font-size: 14px !important; } }@media screen and (max-width: 480px) { div#JkaXGWBzgI div#JkaXGWBzgI_inpost .mo-optin-form-headline, div#JkaXGWBzgI div.mo-optin-form-container div#JkaXGWBzgI_inpost h2, div#JkaXGWBzgI div.mo-optin-form-container div#JkaXGWBzgI_inpost h1 { font-size: 25px !important; } div#JkaXGWBzgI div#JkaXGWBzgI_inpost .mo-optin-form-description, div#JkaXGWBzgI div.mo-optin-form-container div#JkaXGWBzgI_inpost p { font-size: 16px !important; } div#JkaXGWBzgI div#JkaXGWBzgI_inpost .mo-optin-form-note, div#JkaXGWBzgI div#JkaXGWBzgI_inpost .mo-optin-form-note * { font-size: 12px !important; } } #JkaXGWBzgI #JkaXGWBzgI_inpost .mo-optin-field.mo-optin-form-name-field::-webkit-input-placeholder { color: #555555 !important; } #JkaXGWBzgI #JkaXGWBzgI_inpost .mo-optin-field.mo-optin-form-name-field:-ms-input-placeholder { color: #555555 !important; } #JkaXGWBzgI #JkaXGWBzgI_inpost .mo-optin-field.mo-optin-form-name-field::placeholder { color: #555555 !important; } #JkaXGWBzgI #JkaXGWBzgI_inpost .mo-optin-field.mo-optin-form-email-field::-webkit-input-placeholder { color: #555555 !important; } #JkaXGWBzgI #JkaXGWBzgI_inpost .mo-optin-field.mo-optin-form-email-field:-ms-input-placeholder { color: #555555 !important; } #JkaXGWBzgI #JkaXGWBzgI_inpost .mo-optin-field.mo-optin-form-email-field::placeholder { color: #555555 !important; } div#JkaXGWBzgI .mo-mailchimp-interest-container { margin: 0 10px 2px; } div#JkaXGWBzgI .mo-mailchimp-interest-label { font-size: 16px; margin: 5px 0 2px; } div#JkaXGWBzgI input.mo-mailchimp-interest-choice { line-height: normal; border: 0; margin: 0 5px; } div#JkaXGWBzgI span.mo-mailchimp-choice-label { vertical-align: middle; font-size: 14px; } div#JkaXGWBzgI .mo-mailchimp-interest-choice-container { margin: 5px 0; }div#JkaXGWBzgI .mo-mailchimp-interest-label { display:inline-block!important; } div#JkaXGWBzgI span.mo-mailchimp-choice-label { vertical-align:baseline!important; } div#JkaXGWBzgI .mo-mailchimp-interest-container { padding:18px 0 6px 0; } div#JkaXGWBzgI .mo-mailchimp-choice-label { font-size:16px!important; }

For GREAT deals on a new or used Toyota check out Claremont Toyota TODAY!

Hyundai Joins Growing Push for Usage-Based Insurance

Hyundai is offering more than just a new line-up of sport-utility vehicles now, introducing its new usage-based insurance program.

Hyundai is the latest automaker to let its buyers switch to insurance coverage based on both how much they use their vehicles and how well they drive.

So-called “usage-based” insurance is already offered by several other manufacturers, including Ford Motor Co., as well as some of the country’s largest insurance companies like Nationwide and Progressive. It has become easier to track vehicle usage thanks to onboard connected car technology and some experts believe that may lead to a switch in the way highway and fuel taxes are levied, as well.

“As demand for more transparent auto insurance pricing grows, usage-based insurance is a powerful way for Hyundai drivers to have greater control over their insurance costs,” said Manish Mehrotra, the executive director of Digital Business Planning and Connected Operations, Hyundai Motor North America. “Our owners expect this kind of technology and want to pay the right amount. No one wants to pay more than they actually should.”

Capturing a Snapshot of driver behavior

Hyundai is offering its insurance program through its Blue Link service.

The first pay-as-you-drive insurance program, Progressive’s Snapshot, was introduced in the mid-1990s. It focused on tracking driver behavior, rewarding motorists who accelerated and braked more cautiously with reduced rates. Aggressive drivers faced the prospect of being penalized.

Early on, insurers relied on data collected using a vehicle’s OBDII sensor, the data periodically uploaded to the company for analysis.

Hyundai’s approach relies on its Blue Link Connected car technology and, when a vehicle is equipped with a two-way telecommunications system, driving data can be directly uploaded in real time through the Verisk Data Exchange. The system allows driving data to be analyzed and rated. It allows an insurer to adjust rates to reflect how much of a risk the driver poses.

Numerous factors impact rates

The factors Verisk looks at include: “smooth driving, speed responsibility, driving time of day, consistent driving and time behind the wheel,” Hyundai noted in a press release.

The new insurance program uses a score-based system to establish the rates.

Hyundai owners who sign up for the program can keep an eye on how well they’re doing through the automaker’s Blue Link app. It provides an individual Driving Score ranging from 0 to 100, the higher the number the better. It also offers tips on how to improve their ranking.

“For example, a driver could improve their score by braking smoothly, less late night driving and accelerating gently,” said Hyundai.

More and more motorists opt in

Drivers must opt in to the program to allow their data to be tracked. Verisk claims to have already collected information on 240 billion miles of driving data.

“The Verisk Data Exchange was built to make usage-based insurance easier and more accessible,” said Karthik Balakrishnan, senior vice president and general manager of Verisk’s telematics business. “Hyundai shares this vision and together, we look forward to this new collaboration and its many benefits for consumers as well as auto insurers.”

Hyundai joins a growing list of manufacturers who offer usage-based insurance. Ford last December announced teaming up with insurers including Allstate, Liberty Mutual and State Farm on a similar program. As with Hyundai, the automaker uses built-in telematics technology to gather information on driving behavior and usage.

For owners enrolled in the program, they can get a history of their driving score.

Motorists can directly sign up with insurers like Progressive and Nationwide who tied into a vehicle’s OBDII sensor to collect data.

Privacy concerns

A survey released by Nationwide last December showed growing support for such programs, the company reporting that 35% of new auto business is usage-based. It said it expects that to reach 70% or more over the next five years.

But the Nationwide study also found a majority of those surveyed expressing at least some concerns about the potential impact on privacy.

There are studies suggesting that usage-based programs help reduce the likelihood of a crash by retail vehicle owners. A recent study by Willis Towers Watson found that using telematics to monitor the behavior of commercial vehicle drivers can reduce crash rate by as much as 80%.

An alternative to fuel taxes

With most vehicles expected to come equipped with two-way telematics in the years ahead, experts are studying other opportunities. The technology could provide an alternative to today’s federal and state highway fuel tax system which is based on per-gallon fees. California and several other states have explored the idea of charging a flat, per-mile fee, instead.

That approach could come into play in the years ahead as more and more electric vehicles take to the road since they currently do not directly contribute to highway funding.

For GREAT deals on a new or used Toyota check out South Bay Toyota TODAY!

Stellantis Enjoys Warm Welcome from European Investors

Stellantis Chairman John Elkann is meeting with the media tomorrow to talk about the company’s future.

Not every merger involving an automaker these days involves a blank-check company. The newly minted tie-up between Fiat Chrysler Automobiles N.V. and Peugeot S.A. was finalized over the weekend and the resulting company, Stellantis N.V., is enjoying a warm welcome.

At least on the stock market.

The new company’s stock trades on three exchanges and it finished the day on the Paris exchange up nearly 7%, closing at €13.14. It also jumped up 7.7% on the Milan exchange.

The New York Stock Exchange, the third exchange it’s traded on, was not open today due to the Martin Luther King Jr. holiday.

(Chrysler is no more as Stellantis comes to life.)

CEO Carlos Tavares has a lot on his corporate plate now that the merger is complete.

The $52 billion merger of near equals creates a massive enterprise with operations on six continents, employs about 400,000 people, sells – at least for the time being – 14 vehicle brands and sells 8.1 million vehicles annually, making it the fourth-largest automaker in the world behind Volkswagen, Toyota and the Renault-Nissan-Mitsubishi Alliance.

With all of those possibilities, it’s going to take a press conference Tuesday to start revealing what Stellantis will look like now that’s it’s a living, breathing entity. What brands will stay? How many workers will keep their jobs?

People are nervous because the CEO of the new enterprise, Carlos Tavares, has a history of being fearless when it comes to eliminating unprofitable operations and processes in the pursuit of corporate profit. One need only look at how what he did with former General Motors’ subsidiary Opel. A money-loser for a decade, he had it in the black in one year.

(FCA CEO Manley gets new assignment following Stellantis merger.)

“Stellantis faces a mixed outlook as U.S. stimulus plans may buoy Chrysler vs. a more uncertain outlook for Peugeot in Europe,” Michael Dean, BI automotive analyst told Bloomberg. “Former PSA CEO Carlos Tavares takes the helm and, similar to his handling of PSA’s takeover of Opel in 2017, we anticipate a new strategy in the first 100 days of his stewardship. All regions face a difficult 1H amid continued lockdowns.”

Quirky name aside, investors gave Stellantis a warm welcome when it began trading Monday.

The two companies have worked to allay fears of major cutbacks in France and Italy. While top managers have outlined plans to trim costs by $6 billion following the merger, they insist they will be able to do that without closing any plants. They have outlined 40% of those cost savings coming from purchasing, 40% from combining product development efforts, and 20% from marketing and other operations.

However, it’s unclear how Tavares plans to tackle other issues such as improving the company’s performance in China, the world’s largest automotive market, and bolstering its electrification efforts, especially in the aforementioned China as well as in the U.S. Just addressing those two issues are likely to require billions of dollars and euros. Some of plans for these things and more may get touched on Tuesday, Marco Santino, a partner at consulting firm Oliver Wyman, told Reuters.

(Fiat Chrysler and PSA not exactly a “merger of equals.”)

“He has proven to be the kind of person who prefers action to words, so I don’t think he will make loud statements or try to over-sell targets,” he said.

For GREAT deals on a new or used Toyota check out Right Toyota TODAY!

Chrysler is No More as Stellantis Comes to Life

Is this the last logo that will use the Chrysler name?

Chrysler is dead.

Perhaps a bit dramatic, but nevertheless, the merger between Fiat Chrysler Automobiles N.V. and Peugeot S.A. became effective today, resulting in Stellantis N.V. Shares of the newly formed Stellantis begin trading on exchanges in France, Italy and the U.S. starting Monday. All will use the ticker symbol STLA.

The deal has been going through extensive regulatory approvals, twin shareholder votes and the necessary dottings of i’s and crossings of t’s for more than a year.

As of today, that means that for the first time since June 6, 1925, when it was founded by Walter P. Chrysler, the Chrysler name will no longer exist as a corporate entity.

(FCA CEO Manley gets new assignment following Stellantis merger.)

Stellantis is alive! The company’s stock begins trading on three exchanges Monday.

In many ways, the Chrysler name was a survivor. The company’s been through a variety of mergers, potential mergers and bankruptcies. It escaped the “merger of equals,” DaimlerChrysler from the late 1990s.

It was essentially spared its life when the late Sergio Marchionne swooped in and offered to keep it going if the U.S. government would help it through bankruptcy in 2009. The final deal got done with Chrysler Group LLC becoming part of FCA US LLC to follow

the naming convention of Fiat Chrysler Automobiles N.V. on Dec. 16, 2014.

Chrysler Corp. fought its way through several near misses when it came to mergers as potential deals with Japanese automaker Mitsubishi, China’s GAC and most recently an effort to merge with Peugeot’s French rival, Renault S.A., a deal that was reportedly scuttled after demands by the French government, which holds an ownership stake in Renault, were too much for then FCA CEO Mike Manley to accept.

(Fiat, PSA set to get EU go-ahead to complete Stellantis merger.)

Then there was the effort by the aforementioned Marchionne to find a partner for FCA, seemingly almost any partner would do. He approached General Motors and was promptly rebuffed. He reportedly got the same treatment from Volkswagen. There was even a rumored dalliance with EV behemoth Tesla, which would have bolstered FCA’s basically non-existent electric vehicle program.

The arrival of Stellantis means for the first time in 95 years the Chrysler name won’t be on a corporate marquee.

It also survived a previous bankruptcy in the late 1970s, paying off the loans early with its charismatic CEO Lee Iacocca, who came over from Ford, helping to lead the company’s charge back to prosperity. Chrysler did enjoy one major merger success when it acquired American Motors in 1987, including – and especially – the Jeep brand.

In fact, no one seems certain what the future holds for the Chrysler name period. Early in the process, officials said that all brands would be retained, but time and economics often change the equation and currently, the Chrysler brand offers just two products: the Chrysler Pacifica minivan and 300 sedan. Neither are in segments that are seeing sales gains.

To be fair, there’s been some speculation about the survival of the Fiat name in the same vein. Fiat’s been around even longer, founded in Turin, Italy in 1899. In the U.S., it’s only offering the 500X in 2021.

(Fiat Chrysler and PSA not exactly a “merger of equals.”)

The Chrysler name isn’t the only vestige of FCA seemingly taking a step back as its CEO Mike Manley is no longer in charge, that duty going to PSA’s Carlos Tavares nor will he be on the board of directors as John Elkann, FCA’s chairman, will take that spot as the chairman of the new Stellantis. Manley, 56, is now Head of the Americas.

For GREAT deals on a new or used Mossy Nissan Chula Vista check out Mossy Nissan Chula Vista TODAY!

Former Michigan Governor in Line for Secretary of Energy Post

Former Michigan Governor Jennifer Granholm is President-elect Joe Biden’s choice for Secretary of Energy.

President-elect Joe Biden is apparently prepared to nominate former Michigan Governor Jennifer Granholm to lead the U.S. Department of Energy, giving the domestic auto industry an influential ally in the new administration’s inner circles.

Granholm’s selection, which hasn’t been announced formally, was kept well below the radar. However, Biden worked with Granholm on the critical effort to rescue General Motors and Chrysler Corp. during the early days of the Obama administration in 2009 when she was in her last term as Michigan’s governor.

As Michigan’s governor, Granholm was a forceful champion of the domestic auto industry and pushed hard to bailout Chrysler at a time when some of Obama’s Wall Street-oriented advisers and others were recommending the company be allowed to fail and its remnants absorbed by other automakers.

(As Biden’s new Transportation chief, “Mayor Pete” will face massive list of automotive challenges.)

Granholm’s advocacy earned her the thanks of the United Auto Workers and her proven track record with union should help bolster the Biden administration’s credibility with blue-collar workers, particularly in the Midwest.

General Motors Chairman and CEO Ed Whitacre (left to right), Michigan Governor Jennifer Granholm, U.S. Energy Secretary Steven Chu and Wayne County Executive Robert Ficano look on as the first Chevrolet Volt battery comes off the line at the GM Brownstown Battery plant in Brownstown Township, Michigan Thursday, January 7, 2010. The facility is the first lithium ion battery pack manufacturing plant in the U.S. operated by a major automaker. X10SN_SN013 (Photo by Steve Fecht for General Motors) (01/07/2010)

Then-GM Chairman and CEO Ed Whitacre, left, Granholm, and U.S. Energy Secretary Steven Chu at the GM battery plant in Michigan.

At the same time, she also prodded Detroit’s automakers to adopt new technology.

In addition, Granholm has long been a champion of alternative energy, pushing Michigan’s utilities to develop wind and solar power despite opposition from state Republicans, the Michigan Chamber of Commerce and other business leaders, who complained incessantly that the state’s cold, cloudy weather made it impossible to use wind or solar power.

Now Michigan’s two major electric utilities, Consumers Power and Detroit Edison, are in the process of phasing out coal-fired plants.

Granholm’s commitment to alternative energy dovetails neatly with Biden’s own commitment to develop new sources of energy that could gradually wean the U.S. from its dependence on the oil — a commitment Biden defended during his final debate with President Donald Trump before the election.

Under Trump, the DOE had been run by former Texas Governor Richard Perry, who was heavily influenced by oil and gas interests.

(Barra, Gamble meet with President-elect Biden.)

According to Politico, the lion’s share of DOE’s budget is revolving around nuclear power and nuclear weapons.

However, it also oversees a network of 17 national laboratories that act as a key resource for the development of new technology and have worked closely with automakers on batteries and electric propulsion and other inventions for use in manufacturing.

Granholm, left, with then-auto recovery czar Ed Mongomery. She lobbied to get assistance for Chrysler Corp. in 2009.

Carla Bailo, CEO for the Center for Automotive Transportation in Ann Arbor, Michigan, said during a webinar sponsored by the Alliance for Automotive Innovation it is important that the technology necessary for building and operating electric vehicles be developed in the United States and not drift offshore to China and Europe, which are making major investments in electric vehicles.

While the Trump administration has made a trade a central part of its China policy, the incoming Biden administration is very aware that the U.S. is in a race for new technology with the Peoples Republic of China, according to Chris Krueger, managing director of the Cowen Washington Research Group.

Getting more consumers to use battery electric vehicles will also require a substantial effort to educate consumers about the noted, Michelle Krebs, executive analyst with Autotrader. Up until now, consumers have been reluctant to let go of traditional vehicles, she noted.

Granholm was first elected Attorney General of Michigan in 1998 and served one term before capturing the Democratic nomination for governor in 2002. She was re-elected in 2006, defeating Richard DeVos, the husband of Trump’s Secretary of Education, Betsy DeVos.

(Unions helped Biden in 2020 election.)

Since then she has been a law professor at the University of California-Berkeley and a political commentator on CNN.

html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container { background: #fff; border: 3px solid #91a6bf; -webkit-border-radius: 5px; -moz-border-radius: 5px; border-radius: 5px; margin: 10px auto; text-align: center; width: 100%; padding: 20px 30px; color: #555; -webkit-box-sizing: border-box; -moz-box-sizing: border-box; box-sizing: border-box; } html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container div.columbine-miniText { font-size: 1em; line-height: 28px; text-transform: uppercase; color: #54C3A5; font-weight: bold; font-family: ‘Alfa Slab One’, Helvetica, Arial, sans-serif; display:none; } html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container div.columbine-heading { font-weight: bold; line-height: 1.5; } html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container div.columbine-caption { margin-top: 12px; font-style: italic; font-size: 18px; line-height: 28px; } html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container .columbine-form { overflow: hidden; margin-top: 20px; } html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container div.columbine-three-col1 { float: left; width: 33.333%; } html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container div.columbine-three-col2 { float: left; width: 33.333%; } html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container div.columbine-three-col3 { float: left; width: 33.333%; } html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container div.columbine-two-col1 { float: left; width: 66.333%; } html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container div.columbine-two-col2 { float: right; width: 33.333%; } html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container input.columbine-input, html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container input.mo-optin-form-custom-field.date-field, html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container input.mo-optin-form-custom-field.text-field, html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container input.mo-optin-form-custom-field.password-field, html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container select.mo-optin-form-custom-field, html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container textarea.mo-optin-form-custom-field { background-color: #ffffff; width: 100%; display: block; -webkit-box-sizing: border-box; -moz-box-sizing: border-box; box-sizing: border-box; -webkit-border-radius: 0; -moz-border-radius: 0; border-radius: 0; padding: 11px 17px; font-size: 16px; line-height: 16px; text-align: left; border: 1px solid #ccc; color: #555; outline: none; margin: 0; } html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container input.columbine-input, html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container input.mo-optin-form-custom-field.date-field, html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container input.mo-optin-form-custom-field.text-field, html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container input.mo-optin-form-custom-field.password-field, html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container textarea.mo-optin-form-custom-field.textarea-field { -webkit-appearance: none; } html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container input.columbine-submit, html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container input[type=”submit”].mo-optin-form-cta-button { display: block; -webkit-box-sizing: border-box; -moz-box-sizing: border-box; box-sizing: border-box; -webkit-appearance: none; border: 0; background: #54C3A5; padding: 13px 10px; font-size: 16px; line-height: 16px; text-align: center; color: #fff; outline: none; cursor: pointer; font-weight: 700; width: 100%; margin: 0; border-radius: 0; } html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container div.columbine-note { margin-top: 10px; line-height: normal; } html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container div.mo-optin-error { display: none; background: #FF0000; color: white; text-align: center; padding: .2em; margin: 0; width: 100%; font-size: 16px; -webkit-box-sizing: border-box; -moz-box-sizing: border-box; box-sizing: border-box; border: 1px solid #FF0000; } @media only screen and (max-width: 650px) { html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container div.mo-optin-error { margin-bottom: -10px; } html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container div.columbine-two-col1, html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container div.columbine-two-col2, html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container div.columbine-three-col1, html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container div.columbine-three-col2, html div#gJSomKNtPm div#gJSomKNtPm_inpost.columbine-container div.columbine-three-col3 { float: none; width: 100%; margin-right: 0; margin-top: 10px; } } html div#gJSomKNtPm.mo-optin-has-custom-field div#gJSomKNtPm_inpost.columbine-container div.columbine-column, html div#gJSomKNtPm.mo-optin-has-custom-field div#gJSomKNtPm_inpost.columbine-container div.columbine-two-col1, html div#gJSomKNtPm.mo-optin-has-custom-field div#gJSomKNtPm_inpost.columbine-container div.columbine-two-col2, html div#gJSomKNtPm.mo-optin-has-custom-field div#gJSomKNtPm_inpost.columbine-container div.columbine-three-col1, html div#gJSomKNtPm.mo-optin-has-custom-field div#gJSomKNtPm_inpost.columbine-container div.columbine-three-col2, html div#gJSomKNtPm.mo-optin-has-custom-field div#gJSomKNtPm_inpost.columbine-container div.columbine-three-col3 { float: none; width: 100%; margin-right: 0; margin-top: 10px; } html div#gJSomKNtPm.mo-optin-has-custom-field div#gJSomKNtPm_inpost.columbine-container div.columbine-column textarea.mo-optin-form-custom-field.textarea-field { min-height: 80px; }div#gJSomKNtPm *, div#gJSomKNtPm *:before, div#gJSomKNtPm *:after {box-sizing: border-box;-webkit-box-sizing: border-box;-moz-box-sizing: border-box;}div#gJSomKNtPm_inpost_container div#gJSomKNtPm_inpost .mo-optin-field:focus {outline:0}div#gJSomKNtPm_inpost_container div#gJSomKNtPm_inpost .mo-optin-form-submit-button:focus {outline:0}div#gJSomKNtPm_inpost_container div.mo-optin-powered-by{margin:5px auto 2px;text-align:center;}div#gJSomKNtPm_inpost_container div.mo-optin-powered-by a {font-size:16px !important; text-decoration: none !important;box-shadow:none !important;border-bottom-width:0px !important;cursor:pointer !important;}div#gJSomKNtPm_inpost_container .mo-acceptance-checkbox {background-color: #fff;line-height: 0;border: 1px solid #bbb;width: 16px;min-width: 16px;height: 16px;margin: 0 5px 0 0 !important;outline: 0;text-align: center;vertical-align: middle;clear: none;cursor: pointer;}div#gJSomKNtPm_inpost_container .mo-acceptance-label {cursor:pointer}div#gJSomKNtPm_inpost_container div#gJSomKNtPm_inpost p {padding:0px !important;margin:0px !important}div#gJSomKNtPm .mo-optin-form-wrapper label {color:inherit;font-weight: normal;margin: 0;padding:0;}div#gJSomKNtPm div#gJSomKNtPm_inpost_container div#gJSomKNtPm_inpost input[type=submit] {-webkit-appearance: none;}div#gJSomKNtPm div#gJSomKNtPm_inpost_container div#gJSomKNtPm_inpost input {z-index: auto;}div#gJSomKNtPm.mo-cta-button-flag .mo-optin-form-note .mo-acceptance-label {display:none;}div#gJSomKNtPm .mailoptin-video-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; } div#gJSomKNtPm .mailoptin-video-container iframe, div#gJSomKNtPm .mailoptin-video-container object, div#gJSomKNtPm .mailoptin-video-container embed, div#gJSomKNtPm .mailoptin-video-container video { position: absolute; top: 0; left: 0; width: 100%; height: 100%; }html div#gJSomKNtPm div#gJSomKNtPm_inpost.mo-optin-form-wrapper {max-width:100% !important}#gJSomKNtPm .mo-optin-form-container .mo-optin-spinner { border-radius: inherit; position: absolute; width: 100%; height: 100%; background: #fff url(https://www.thedetroitbureau.com/wp-content/plugins/mailoptin/src/core/src/assets/images/spinner.gif) 50% 50% no-repeat; left: 0; top: 0; opacity: 0.99; filter: alpha(opacity=80); } #gJSomKNtPm .mo-optin-form-container .mo-optin-success-close { font-size: 32px !important; font-family: “HelveticaNeue – Light”, “Helvetica Neue Light”, “Helvetica Neue”, Helvetica, Arial, “Lucida Grande”, sans-serif !important; color: #282828 !important; font-weight: 300 !important; position: absolute !important; top: 0 !important; right: 10px !important; background: none !important; text-decoration: none !important; width: auto !important; height: auto !important; display: block !important; line-height: 32px !important; padding: 0 !important; -moz-box-shadow: none !important; -webkit-box-shadow: none !important; box-shadow: none !important; } #gJSomKNtPm .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-success-msg { font-size: 21px; font-family: “HelveticaNeue – Light”, “Helvetica Neue Light”, “Helvetica Neue”, Helvetica, Arial, “Lucida Grande”, sans-serif; color: #282828 !important; font-weight: 300; text-align: center; margin: 0 auto; width: 100%; position: absolute !important; left: 50%; top: 50%; -webkit-transform: translate(-50%, -50%); -moz-transform: translate(-50%, -50%); -o-transform: translate(-50%, -50%); -ms-transform: translate(-50%, -50%); transform: translate(-50%, -50%); } #gJSomKNtPm .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-success-msg a { color: #0000EE; text-decoration: underline; } html div#gJSomKNtPm .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .list_subscription-field:not(select), html div#gJSomKNtPm .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .checkbox-field, html div#gJSomKNtPm .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .radio-field, html div#gJSomKNtPm .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .select-field { margin-top: 6px; } html div#gJSomKNtPm .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .checkbox-field, html div#gJSomKNtPm .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .radio-field, html div#gJSomKNtPm .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .select-field { text-align: left; padding: 6px; } html div#gJSomKNtPm .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .checkbox-field label, html div#gJSomKNtPm .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .radio-field label { display: block; text-align: left; margin-top: 6px; } html div#gJSomKNtPm .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .checkbox-field label input, html div#gJSomKNtPm .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .radio-field label input { margin-right: 5px; vertical-align: middle; } html div#gJSomKNtPm .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .select-field select { width: 100%; } html div#gJSomKNtPm div#gJSomKNtPm_inpost .mo-optin-fields-wrapper .list_subscription-field:not(select), html div#gJSomKNtPm div#gJSomKNtPm_inpost .mo-optin-fields-wrapper .mo-optin-form-custom-field.checkbox-field, html div#gJSomKNtPm div#gJSomKNtPm_inpost .mo-optin-fields-wrapper .mo-optin-form-custom-field.radio-field { padding: 0 !important; border: 0 !important; background: transparent !important; } html div#gJSomKNtPm .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .list_subscription-field label { display: block !important; margin: 5px 0 !important; } html div#gJSomKNtPm .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .list_subscription-field label:last-child { margin: 0; } html div#gJSomKNtPm .mo-optin-form-container .mo-optin-form-wrapper .mo-optin-fields-wrapper .list_subscription-field input[type=checkbox] { cursor: pointer; } div#gJSomKNtPm div#gJSomKNtPm_inpost .mo-optin-form-headline, div#gJSomKNtPm div.mo-optin-form-container h2, div#gJSomKNtPm div.mo-optin-form-container h1 { font-size: 32px !important; }div#gJSomKNtPm div#gJSomKNtPm_inpost .mo-optin-form-description, div#gJSomKNtPm div.mo-optin-form-container div#gJSomKNtPm_inpost p { font-size: 18px !important; }div#gJSomKNtPm div#gJSomKNtPm_inpost .mo-optin-form-note { font-size: 14px !important; }@media screen and (max-width: 768px) { div#gJSomKNtPm div#gJSomKNtPm_inpost .mo-optin-form-headline, div#gJSomKNtPm div.mo-optin-form-container div#gJSomKNtPm_inpost h2, div#gJSomKNtPm div.mo-optin-form-container div#gJSomKNtPm_inpost h1 { font-size: 30px !important; } div#gJSomKNtPm div#gJSomKNtPm_inpost .mo-optin-form-description, div#gJSomKNtPm div.mo-optin-form-container div#gJSomKNtPm_inpost p { font-size: 18px !important; } div#gJSomKNtPm div#gJSomKNtPm_inpost .mo-optin-form-note { font-size: 14px !important; } }@media screen and (max-width: 480px) { div#gJSomKNtPm div#gJSomKNtPm_inpost .mo-optin-form-headline, div#gJSomKNtPm div.mo-optin-form-container div#gJSomKNtPm_inpost h2, div#gJSomKNtPm div.mo-optin-form-container div#gJSomKNtPm_inpost h1 { font-size: 25px !important; } div#gJSomKNtPm div#gJSomKNtPm_inpost .mo-optin-form-description, div#gJSomKNtPm div.mo-optin-form-container div#gJSomKNtPm_inpost p { font-size: 16px !important; } div#gJSomKNtPm div#gJSomKNtPm_inpost .mo-optin-form-note, div#gJSomKNtPm div#gJSomKNtPm_inpost .mo-optin-form-note * { font-size: 12px !important; } } #gJSomKNtPm #gJSomKNtPm_inpost .mo-optin-field.mo-optin-form-name-field::-webkit-input-placeholder { color: #555555 !important; } #gJSomKNtPm #gJSomKNtPm_inpost .mo-optin-field.mo-optin-form-name-field:-ms-input-placeholder { color: #555555 !important; } #gJSomKNtPm #gJSomKNtPm_inpost .mo-optin-field.mo-optin-form-name-field::placeholder { color: #555555 !important; } #gJSomKNtPm #gJSomKNtPm_inpost .mo-optin-field.mo-optin-form-email-field::-webkit-input-placeholder { color: #555555 !important; } #gJSomKNtPm #gJSomKNtPm_inpost .mo-optin-field.mo-optin-form-email-field:-ms-input-placeholder { color: #555555 !important; } #gJSomKNtPm #gJSomKNtPm_inpost .mo-optin-field.mo-optin-form-email-field::placeholder { color: #555555 !important; } div#gJSomKNtPm .mo-mailchimp-interest-container { margin: 0 10px 2px; } div#gJSomKNtPm .mo-mailchimp-interest-label { font-size: 16px; margin: 5px 0 2px; } div#gJSomKNtPm input.mo-mailchimp-interest-choice { line-height: normal; border: 0; margin: 0 5px; } div#gJSomKNtPm span.mo-mailchimp-choice-label { vertical-align: middle; font-size: 14px; } div#gJSomKNtPm .mo-mailchimp-interest-choice-container { margin: 5px 0; }div#gJSomKNtPm .mo-mailchimp-interest-label { display:inline-block!important; } div#gJSomKNtPm span.mo-mailchimp-choice-label { vertical-align:baseline!important; } div#gJSomKNtPm .mo-mailchimp-interest-container { padding:18px 0 6px 0; } div#gJSomKNtPm .mo-mailchimp-choice-label { font-size:16px!important; }

Battle Between Nikola, Hindenburg Heats Up with SEC Probe

Nikola’s Trevor Milton continues to deny many parts of the recent report from Hindenburg Research accusing the company of fraud.

The battle between Nikola Corp. and Hindenburg Research is heating up as the U.S. Securities and Exchange Commission is now investigating the EV startup based on some of the allegations laid out in a recent report by the short-selling research firm.

Nikola, which recently finalized a $2 billion deal with General Motors, angrily denied the charges in the report, fraud being the most damning, and suggested it may file suit against the research firm about the allegations. Since then, the company has started working with SEC investigators. The SEC has not commented on the probe.

“On September 11, Nikola’s legal counsel proactively contacted and briefed the U.S. Securities and Exchange Commission (SEC) regarding Nikola’s concerns pertaining to the Hindenburg report. Nikola welcomes the SEC’s involvement in this matter,” the company said in a statement.

(Nikola CEO Angrily refutes claims of short-selling research firm.)

In the wake of the report, the Phoenix-based company revealed it engaged law firm Kirkland and Ellis to evaluate its options. The research report, which was released Sept. 10, is titled “How to Parlay an Ocean of Lies into a Partnership with the Largest Auto OEM in America.”

Hindenburg Research’s report claims that Nikola committed fraud to get a deal with GM.

While clearly a reference to the new deal with GM, the firm claimed on its website, “Today, we reveal why we believe Nikola is an intricate fraud built on dozens of lies over the course of its Founder and Executive Chairman Trevor Milton’s career.”

The ongoing news temporarily put GM Chairman and CEO Mary Barra on the hot seat during a question-and-answer session during her online appearance at the RBC Capital Markets Global Industrials Virtual Conference. Barra touted the new deal with the EV upstarts, saying that it was a great strategic fit for the automaker and its own electric vehicle development program.

“It allows us to have more people using the technology, which gives us the advantage of scale, which will help us drive costs down,” Barra said.

(GM forges $2B deal with Nikola to build trucks, develop new electric and fuel-cell technology.)

“And then from a fuel cell perspective, using the Hydrotec fuel cell technology, and entering a new segment for us, a growth segment, again validating our fuel cell technology, I think it starts to unlock an all-new growth area for us as it relates to fuel cells.”

GM Chairman and CEO Mary Barra said earlier that the company had done due diligence on Nikola.

However, when pressed about the allegations in the Hindenburg report, including that Nikola engaged in “lies and deception” in showcasing its electric vehicle technology, including staging a video that showed one of its trucks cruising down a hill, Barra said the company had conducted its due diligence before closing the deal. She then referred further questions about Nikola to representatives of the Phoenix-based company.

Nikola was on the offensive earlier Monday, noting there were “dozens” of inaccurate statements in Hindenburg’s report, and it outlined several examples. It also made the same claims last week when the report was initially released.

Aside from denying many charges, the company is also explaining some of the them in the report, such as towing one of its truck prototypes to the top of a hill and allowing it to roll down, appearing to be operating under its own power.

(Nikola Motors begins taking reservations for Badger hydrogen/electric pickup.)

“Nikola never stated its truck was driving under its own propulsion in the video, although the truck was designed to do just that (as described in previous point),” the company states. “The truck was showcased and filmed by a third party for a commercial. Nikola described this third-party video on the Company’s social media as ‘In Motion.’ It was never described as ‘under its own propulsion’ or ‘powertrain driven.’”