A year ago, the Petersen Automotive Museum on the Miracle Mile released makeover plans showing a zippy new exterior wrapped in stainless steel ribbons; now they're finally getting around to showing us how the insides will look after the…
(Reuters) – Lear Corp, a maker of auto seats and electrical power systems, is nearing a deal to buy Eagle Ottawa LLC, a supplier of premium automotive leather, for more than $800 million, the Wall Street Journal reported, citing sources familiar with the matter. A deal for Eagle Ottawa, owned by Milwaukee-based investment firm Everett Smith Group Ltd, could be announced in the next couple of weeks, the report said. (http://on.wsj.com/VEcPlu) Both Lear and Eagle Ottawa were not immediately available for comment. …
A small plane crash in the sea off the island of Grand Bahama on Monday killed Ormond Beach lawyer R. Michael Kennedy, who worked for a travel services company, according to a Florida newspaper. Kennedy's brother told the Daytona Beach News-Journal that he was notified of the death by the Bahamian government late Monday afternoon. Mark Kennedy also told the newspaper that three other Daytona Beach-area business executives were on board, including one who worked in the time-share industry. Bahamian police said there were no survivors when the plane went down on its way to Grand Bahama International Airport near Freeport.
Two Japanese automotive bearings makers said on Tuesday a Chinese regulator has ordered them to pay fines for violating antitrust laws as Beijing intensifies its scrutiny of business practices in the auto sector. Earlier this month, the National Development and Reform Commission (NDRC) said the government had completed investigations into 12 Japanese auto parts makers and was preparing to hand out punishment according to the law. Sectors from autos to pharmaceuticals have come under the spotlight as China seeks to tighten compliance with anti-monopoly laws. NSK Ltd said the regulator issued a 174.9 million yuan ($28.5 million) fine over unspecified violations of the China's antitrust law.
By Paul Ingrassia MOUNTAIN VIEW Calif. (Reuters) – The car stopped at stop signs. It's actually high praise for the car in question: Google Inc.'s driverless car. Most automotive test drives (of which I've done dozens while covering the car industry for nearly 30 years) are altogether different. This test drive, in contrast, took place on the placid streets of Mountain View, the Silicon Valley town that houses Google's headquarters.
To achieve annual sales above pre-recession levels of about 17 million new vehicles, "the automakers are going to have to increase incentives more," said Larry Dominique, executive vice president of research firm TrueCar Inc. TrueCar estimates used-car prices will drop 5.2 percent by 2017, while new-car incentives, now at about $2,700 per vehicle, will rise about 11 percent over the next two years to nearly $3,000. The National Automobile Dealers Association forecasts a nearly 7 percent decline in the average used-car price to just under $15,000 in 2016 from $16,025 in 2014. Meanwhile, new-car prices are rising because of the popularity of pricey features and more-expensive vehicles. U.S. new-car sales averaged 16.7 million vehicles annually in the decade that ended in 2007, but they skidded to 10.4 million in 2009.