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A Costly Road to 62 MPG (12/16/10)

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  1. General Motors0:57
  2. tax credit0:41
  3. GM's1:05
  4. BMW3:26, 3:39
  5. 20/202:07
  6. Automotive News0:11
  7. Center for Automotive Research2:22
  8. New Jersey1:46
  9. US government1:02
  10. US senate0:25

Thu, 16 Dec 2010|


Automatically Generated Transcript (may not be 100% accurate)

Good morning welcome to first shift for this Thursday December 16. I'm Automotive News editor Jason Stein sitting in this week for Jennifer wrong. Straight ahead we'll tell you which brands and models are tops when it comes to resell value. But we'll start off with a morning headlines. This is paper sickle in the newsroom. The US senate has approved -- 850 billion dollar tax bill house vote is expected today. The bill caps the estate tax at 35%. With an exemption five million dollars for individuals. But as the Detroit news reports it does not extend the government's five year old tax credit of up to 4000 dollars for certain hybrid. Clean diesel and natural gas vehicles. And this also from the Detroit news the US house may consider a slimmed down version of the auto safety bill this week that bill grew out of the Toyota recall crisis. General Motors has completed its two point one billion dollar buyback of preferred stock issued to the US government. The Treasury Department says the repurchase brings GM's total repayments to US taxpayers to 23 point one billion dollars. That includes thirteen point five billion from the auto maker's initial public offering the US stake in GM is now about 33%. -- -- has launched an electric vehicle demo program California. The city of Torrance Stanford university and Google will each test and electric fit beginning next year. The vehicles estimated ranges 100 miles on a full charge. The city also will test the plugin hybrid in 2012. Here you see in a court plugin. The gasoline powered -- also in the news -- is recalling more than a million globally because of defective wiring in the headlights. In New Jersey Wednesday retired airline pilot Jeffrey -- became the first retail customer in the nation to take delivery of -- Chevy -- The volt is in the running for North American car of the year honors. More of that we'll have the three car truck finalists on our afternoon show. -- -- If the US requires auto maker fleets to average 62 miles per gallon by 20/20 five it could -- 9000 dollars to the price of the average new vehicle. And that's sticker shock could cost the US auto industry 220000. Jobs and millions of units of lost sales and production. That's the conclusion of a new study by the Center for Automotive Research. On Wednesday cart chief economist Sean Michael -- call for federal agencies to back off the preliminary proposal. I think he does so with a higher pill -- that been discussed. But EPA admits -- such a 62 miles per gallon. Or even anything close to fifteen miles per gallon are far too much. For us to maintain an auto industry. Back to -- argues that the added cost of highly fuel efficient vehicles could backfire. Especially if consumer stick to older thirsty your models. Doing so would thwart the government's push for a greener fleet. There's been a -- gets. Better fuel economy because the fleet will turn over faster. At lower fuel economy and its and they weren't higher fuel economy mandates where people just walk by -- The car study estimates a lower standard of 42 miles per gallon would increase vehicle prices far less. Meanwhile Kelley blue book is out it's when he eleven best resale value awards Subaru came out on top for best resale value brand. And BMW took top honors in the luxury brand category now -- awards recognize current and forthcoming vehicles for their projected retained value. Five years from now in the top ten models category vehicles from Audi BMW. Honda -- Lexus. Subaru and Toyota were represented. -- we thank you for watching remember breaking news is available all day long -- auto Take care and we'll see you tomorrow.

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