Tesla Generates $13.8 Million through Emissions Credit Sale

To help keep the company wheels turning, Tesla has sold its banked vehicle emissions credits to other automakers and raised $13.8 million. Since setting up shop in 2003, Tesla has barely managed to turn a profit from selling its $130,000 Roadsters. About 1000 of the pure-electric Roadsters have been sold -- primarily to big-shot actors, musicians, and electric-car fans -- and Tesla is slowly inching towards its initial public offering that is expected to generate at least $100 million. Before its IPO, however, the Palo Alto, California-based company must keep the doors open and payroll up-to-date, and that is where the emissions credit sales...

Read more »

Hyundai Tiburon Replacement First Headed to U.K. in 2011

The long-rumored successor to the Hyundai Tiburon will be stopping in the United Kingdom before coming to the States. The compact Hyundai two-door, known as the Coupe in the U.K., is slated to go on sale in Britannia in early 2011 according to U.K. outlet Autocar. The British rag recently spotted the compact four-seater in the flesh on a trip to South Korea and noted the small Hyundai looks exceptionally similar to the oft-mentioned Veloster concept. The upcoming 2+2 Coupe will be equipped with Hyundai's direct-injected 1.6-liter inline-four developing around 140 horsepower. If the Coupe makes it to the United States under the resurrected...

Read more »

Panoz Unveils New Abruzzi ‘Spirit of Le Mans’ at Le Mans

Many manufacturers make a big deal of their latest models with spectacular unveilings at major auto shows in front of thousands of press and industry big wigs. Not Panoz Motor Sports Group -- the small Georgia-based automaker is appropriately talking up its latest sports car -- the Abruzzi Spirit of Le Mans -- at the Circuit de la Sarthe. “[The Abruzzi] is a culmination of equal parts time, effort, and dreams,” said Don Panoz. “The Panoz brand always has prided itself on hand-building and delivering an exotic automobile experience to our customers. Our new offering takes this to a completely new level.” If the Spirit of Le Mans suffix didn’t...

Read more »