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Auto investor Kirk Kerkorian dead at 98

Kirk Kerkorian, among the most talked-about investors in the American auto industry in recent memory, died at the age of 98 in Los Angeles on Monday, June 15. The billionaire ran the investment company Tracinda Corp. and was the largest shareholder in MGM Resorts International. Kerkorian attempted to use his power as a well-financed investor to push the auto industry in some fascinating ways. In 2006, he used his nearly 10-percent stake in General Motors to push a merger with the Renault-Nissan Alliance. The deal made it as far as discussions, but eventually fell through. Kerkorian also attempted to purchase Chrysler - twice. According to Automotive News, the first effort came in 1995 with a $22.8-billion offer for the automaker, and soon after it failed the company merged with Daimler. Then in 2007, Kerkorian was back with a bid for $4.5 billion, but things eventually fell to Cerberus. The billionaire finished the trifecta by buying up $1 billion in Ford stock in 2008 to make Kerkorian the single largest investor in the company. However, the situation didn't last long, and by the end of that year, he had unloaded the shares. According to Automotive News, Kerkorian was ranked by Forbes as the world's 41st richest man in 2008 with a net worth of $16 billion. News Source: Automotive News - sub. req.Image Credit: Joe Cavaretta / AP Photo Celebrities Earnings/Financials Chrysler Ford GM obituary

2014 Ford Fiesta 1.0L EcoBoost to hit 45 mpg for $16,445*

When Ford first announced its plan to put the 1.0-liter EcoBoost three-cylinder engine under the hood of the 2014 Fiesta, it promised hybrid-like fuel economy without a hybrid-like premium. We're still waiting for official specs on this engine, but thanks to the EPA's fueleconomy.gov website and Ford's retail site, we now know what customers can expect in terms of both fuel economy and price.
All along, Ford has said that it expects the 1.0-liter EcoBoost to get more than 40 miles per gallon on the highway, and now the EPA backs this up with official ratings of 32 mpg in the city and 45 mpg on the highway. These numbers are an increase of two mpg city and four mpg hwy compared to the current fuel-sipping Fiesta (the 1.6 SFE), and it also beats other three-cylinder cars for highway mileage like the 2014 Mitsubishi Mirage (44 mpg highway) and 2014 Smart Fortwo (38 mpg highway); the Fiesta 1.0 EcoBoost is lower than both three-pot rivals, though, in city fuel economy with the Mitsubishi getting 37 mpg city and the Smart rated at 34 mpg city. This model handily beats high-volume small cars like the Honda Fit, Toyota Yaris and Chevy Spark in both city and highway numbers.
As for pricing, the 1.0-liter EcoBoost is offered on both the sedan and hatchback as a $995 option called the SE Manual EcoBoost package, which is aptly named since it's only offered on SE trim-level Fiestas equipped with a manual transmission. Along with the engine, the package also comes with 15-inch steel wheels, regenerative brakes and a decklid spoiler on the sedan. This means the four-door Fiesta 1.0 EcoBoost will start at $16,445*, or $17,045* for the hatchback (*not including $795 for destination).

Ford recalling 2015 Mustang for fuel line leak, 20K Transit Connects for plastic panel

Ford is recalling 738 examples of the 2015 2015 Mustang with the 2.3-liter EcoBoost engine – 712 in the US, 16 in Canada. A fuel pressure sensor might have been installed incorrectly on the affected cars, and that could result in a fuel leak. At the time of writing the company hasn't heard any reports of any incidents related to the issue, and parties with affected vehicles can take them to the dealer to have the fuel tube assembly replaced free of charge. The 2014 Transit Connect Cargo Van is also the subject of a safety recall, due to a possible problem with adhesive used on the exterior plastic panel on the sliding doors. There are 19,825 units covered by that recall, which dealers will also repair free of charge. You can find more information on both bulletins in the press releases below. Ford Issues Safety Recall for Certain 2015 Mustang Vehicles in North America for Fuel Pressure Sensor Issue Dec 4, 2014 | DEARBORN, Mich. - Ford is issuing a safety recall for approximately 730 2015 Ford Mustang vehicles in North America (actual 728) for a potential fuel line leak. A fuel pressure sensor, which is part of the fuel supply tube assembly, may have been installed incorrectly, potentially resulting in a pressurized fuel leak. A fuel leak in the presence of an ignition source may result in a fire. Ford is not aware of any fires, accidents or injuries related to this condition. Affected vehicles include certain 2015 Ford Mustangs equipped with 2.3-liter engines built at Flat Rock Assembly Plant, Sept. 25, 2014 to Oct. 9, 2014. Ford is aware of 712 vehicles in the United States and federalized territories and 16 in Canada. These totals are as of Dec. 3, 2014. Dealers will replace the fuel supply tube assembly at no cost to the customer. *** Ford Issues Safety Recall for Certain 2014 Transit Connect Cargo Van Vehicles in North America for Issue with the Plastic Panel on the Sliding Doors Dec 4, 2014 | DEARBORN, Mich. - Ford is issuing a safety recall for approximately 20,000 2014 Transit Connect cargo van vehicles in North America (actual 19,825) for an issue with adhesion of an exterior plastic panel to the sliding doors. This issue may result in noise, a water leak, a loose panel, or separation of the plastic panel from the vehicle while driving, potentially increasing the risk of an accident or injury. Ford is not aware of any accidents or injuries related to this condition.