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Auto News Updates: Tesla Motors Inc (TSLA) Finance Plan, General Motors Company (GM)’s Deal, Ford Motor Company (F)’s Investment

Editor’s Note: Tesla Motors Inc (NASDAQ:TSLA), General Motors Company (NYSE:GM), Ford Motor Company (NYSE:F)

Tesla Finance Plan Spurs Probe Request by Dealer Group (Bloomberg)
Tesla Motors Inc.’s promotion of a lease-style finance program for Model S electric sedans spurred the California New Car Dealers Association to seek a state investigation of what it says are deceptive advertising claims. Tesla Motors Inc (NASDAQ:TSLA) told customers they “can take advantage of multiple incentives, gas savings, and tax savings resulting in low monthly vehicle payments, when it is unlikely that customers will actually realize such savings,” the dealer group said in an e-mail. The association made its request for an investigation of “unsubstantiated and illegal savings claims” with the California Department of Motor Vehicles.

Tesla Motors Inc (TSLA) Gets Five-Star Rating: Should Ford Motor Company (F), Other Competitors Worry?

General Motors reaches deal with Ontario CAMI workers (
General Motors Company (NYSE:GM) has reached a four-year agreement with workers at its CAMI Automotive Plant in Ingersoll, Ont. The 2,700 workers,members of Unifor, the new union created by the merger of the Canadian Auto Workers with the Communications, Energy and Paperworkers union, voted 90 per cent in favour of the agreement on Sunday. Unifor says the agreement includes a $3,000 signing bonus and annual lump sum payments of $2,000 in each of 2014, 2015 and 2016. It also provides full-time jobs to about 300 temporary workers.

Ford plans to invest $700 million in Canada plant, report says (Automotive News)
Ford Motor Company (NYSE:F) is preparing to announce plans Thursday that it will spend about $700 million to retool its assembly plant in Oakville, Ontario, according to the Globe and Mail newspaper in Toronto. Ford, which assembles the Ford Edge, Ford Flex and Lincoln MKT in Oakville, will spend $675 million to $725 million at its only Canadian assembly plant. The federal and Ontario governments also will contribute about $135 million, the paper said. The paper said Ford Motor Company (NYSE:F) has been negotiating with the two governments for more than two years on the future of the factory.

Tesla hunts for driverless-vehicle expert (VentureBeat)
Tesla Motors Inc (NASDAQ:TSLA)’s in the market for an autonomous driving engineer, someone who will likely bring some of those great hands-free features to its electric cars in the future. The company put out a call for applicants on its careers page today for an “Advanced Driver Assistance Systems Control Engineer,” or ADAS. The applicant will perform a research role, looking at how to add autonomous features and working with the “firmware team” to actually put this research into action. These kinds of features include “automotive engine, braking, and steering controls interfaces.” We’ve already seen this in a number of luxury cars, as Wired notes.

GM aims at Tesla with new, long-range electric car (USA TODAY)
As automakers race to make cheaper electric cars with greater battery range, General Motors Company (NYSE:GM) is working on one that can go 200 miles per charge at a cost of about $30,000, a top company executive said. Vice President of Global Product Development Doug Parks wouldn’t say when or if such a car will be built, however. Currently General Motors Company (NYSE:GM) sells the $35,000 Chevrolet Volt plug-in hybrid, which can go 38 miles on electricity before a gas-powered generator kicks in. It also offers the all-electric Chevy Spark subcompact that can go 82 miles on a charge. It starts at $26,685. Electric cars are eligible for a $7,500 federal tax credit.

Ford builds two-millionth EcoBoost engine (Autoblog)
Ford Motor Company (NYSE:F)’s EcoBoost engine lineup is only four years old, but it is growing into an important and popular global engine. As proof of its popularity, Ford just produced its 2 millionth EcoBoost engine – a 2.0-liter inline four-cylinder – which rolled off the assembly line in Louisville, Kentucky under the hood of an Escape. Ford Motor Company (NYSE:F) now offers five EcoBoost engines around the world ranging from the 1.0-liter inline-three to the twin-turbo 3.5-liter V6, and the automaker is expanding production of two of its engine lines to keep up with demand.

Tesla, GM Battle to Offer Cheaper Electric Cars (Bloomberg)

Recommended Reading:

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