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 come into play. Tesla disclosed it sold credits to Honda and at least one other unidentified automaker in an initial IPO filing.


The emissions credit program is managed by the California Air Resources Board and allows automakers to score points with the notoriously stringent state. Recent California emissions-control regulation from 2008 mandated the largest automakers -- Ford, General Motors, Honda, Nissan, and Toyota -- must combine to sell at least 60,000 plug-in hybrid or pure-electric vehicles in the state over a three-year period. The credits, which are measured in grams per mile of non-methane organic gas (g/mile NMOG), are earned with each certified clean- or zero-emissions vehicle sold and stored within a state database. Companies with more-polluting vehicles can use the credits to offset the extra emissions.

"Having these credits gives us some flexibility for the future," said Robert Bienenfeld, Honda's U.S. senior manager for environment and energy strategy. "Whether we'll need to purchase more, I can't say."

Without the credits, automakers are subject to state fines, fees, and potential sales restrictions in California, one of the largest auto markets in the United States.

To further strengthen its commitment to the Golden State, Tesla recently joined forces with Toyota to retool the former NUMMI plant in Fremont to build the entry-level Model S sedan.

Source: Automotive News (Subscription required)

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 Tiburon nameplate, it will provide a more affordable (and front-wheel drive) alternative to the Genesis Coupe. Expected to arrive in Fall 2011 for the U.S., Hyundai hopes to achieve 40 mpg without a hybrid powertrain and take on the Honda CR-Z. A high-performance model may also be in the works.

The new Hyundai coupe will make its European debut at the Paris motor show this October.

Source: Autocar,automobilemag

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 clue you in, the Abruzzi is very much inspired by Panoz’s past Le Mans race cars, especially the roadsters and coupes it fielded in LMP and GTR1 classes, respectively. The slinky body is designed to incorporate the company’s new three-stage cooling system, which incorporates a rear-mounted radiator and air intakes integrated into the rear and side quarter windows.

The sophisticated cooling system will likely be necessary for the Abruzzi’s monstrous engine. For now, Panoz hasn’t detailed the engine specs, but says it will produce 600 horsepower and 590 pound-feet of torque. That’s impressive, but coupled with the new composite material Panoz developed for the car, it’s likely to be blessed with an astonishingly low curb weight. The REAMS material is reportedly dent resistant, completely recyclable, and is both stronger and lighter than carbon fiber.

Corresponding to the car’s exotic nature, Panoz will only build 81 examples of the Abruzzi -- one for each 24 Hours of Le Mans race held from 1923 to 2013 (the year Abruzzi production will cease). The vehicle will be so intrinsically linked to the race that Panoz will incorporate the specific race date and initials of the winning driver in each chassis number.

Panoz will also deliver completed vehicles in a very Le Mans-centric way. Each car will be hand-built in Hoschton, Georgia, and then shipped to the Circuit de la Sarthe. There, the new owner will receive driving instruction on the Bugatti circuit of the track. New owners will be invited to attend the race as guests of the ACO -- a major sponsor of the Le Mans enduro -- but they’ll be invited to drive a parade lap around the track next year.

Pricing for the car has not yet been released, but unfortunately for those hoping to grab one in the U.S., it won’t be street legal in this country. Panoz says that the car will only be homologated for street-use in Europe.

Source: Panoz Motor Sports Group

Read more »