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Autoblog Minute: VW Q3 financial woes, 2015 Tokyo Motor Show

Consumer Reports pulls its Tesla recommendation, the U.S. Copyright Office offers a ruling affecting car owners, VW gets hit hard with third-quarter losses, and lots of exciting news from Tokyo. Autoblog senior editor Greg Migliore reports on this edition of Autoblog Minute Weekly Recap. Show full video transcript text [00:00:00] Consumer Reports pulls its Tesla recommendation, the U.S. copyright office offers a ruling that affects car owners and gear heads, VW gets hit hard with third-quarter losses, and lots of exciting news from Tokyo. I'm senior editor Greg Migliore and this is your Autoblog Minute Weekly Recap. After a week away testing vehicles for Autoblog's Tech of the Year award, we're back in the office to recap the week in automotive news. [00:00:30] One of the things you might have missed was Consumer Reports pulling its recommendation of Tesla's Model S sedan. The blemish for Tesla comes after a tally of reviews from customer surveys. The most common problem areas for the Model S as cited by survey takers included: the drivetrain, power equipment, charging equipment, body and sunroof squeaks, rattles, and leaks. So lots of stuff. Though they could not ignore a score of "worse-than-average", Consumer Reports still [00:01:00] highlighted the fact that the Model S was "the best performing car" they've ever tested. Telsa CEO Elon Musk took to social media to defend his sedans saying: "Consumer Reports reliability survey includes a lot of early production cars. Already addressed in new cars." And, "Tesla gets top rating of any company in service. Most important, CR says 97% of owners expect their next car to be a Tesla (the acid test)." In Financial news, Volkswagen took a hit and reported an operating loss of [00:01:30] $3.84 billion. This is the first such loss for VW in 15 years. Toyota reclaimed the crown as the world's largest automaker as well. It's important that it's not all doom and gloom for VW though in Q3. Sales revenues were up and the company's automotive division boasts $30 billion dollars in liquid assets. It's a sizable war chest that will no doubt come in handy, as the company has yet to feel the full brunt of the diesel emissions scandal. Good news for gear heads. The US copyright office [00:02:00] ruled in favor of mechanics and car owners by granting an exception to existing copyright law. The law was originally meant to prevent software pirating and bootlegging of Hollywood movies.

Toyota, Mazda drop Takata as Mitsubishi, Subaru weigh options

It's not a very good time to be Takata right now. Fresh on the heels of longtime partner Honda ditching them, Toyota and Mazda have both come out and said they will not use the company's airbag inflators if they continue to rely on ammonium nitrate. Bloomberg reports that Subaru and Mitsubishi are also contemplating a divorce. "The inflator using ammonium nitrate produced by Takata will not be adopted by Toyota," President Akio Toyoda said during a briefing today. "What's most important above anything else is the safety and peace of mind of customers." Mazda echoed that position, simply saying it "will not use Takata airbag inflators which contain ammonium nitrate in our new cars." When you lose three huge OEM accounts in as many days, it's certainly going to have a deleterious effect on your fortunes. In Takata's case, that's meant a staggering 39-percent drop in their share price over the last three days. Yesterday alone, the company saw a 6.2-percent fall, Bloomberg reports. As the business publication reports, though, Takata isn't going down without a fight. The company is "considering some plans to survive," including a fundraising plan that will see it potentially offer up additional shares for sale. Still, at least one analyst doesn't see whatever company survives staying involved in the airbag inflator business. "I really don't see how they're going to be able to survive as an inflator manufacturer," Valient Market Research founder Scott Upham told Bloomberg. "When your major clients publicly come out and say that they're not going to use your products anymore, it makes this very difficult to sustain your business." News Source: Automotive News - sub. req.Image Credit: Carlos Osorio / AP Honda Mazda Mitsubishi Subaru Toyota Safety supplier

Subaru to return to Isle of Man with 2015 WRX STI hoping to set new record [w/videos]

This is what it looked like when Mark Higgins set the lap record at the 37.75-mile TT Mountain Course on the Isle of Man in 2011 in a Subaru WRX STI. And it will probably look much the same when Higgins returns to the chunk of land in the Irish Sea to with the aim of breaking his record, set at an average speed of 115.36 miles per hour, but he'll do so in a 2015 WRX STI. As in 2011, he'll drive a mostly stock US sedan fitted with a roll cage, race harness, fire suppression system and upgraded springs and dampers. We're sure he'll be hoping to avoid a repeat of "The biggest moment of my life," though. There's a press release below with more information on the coming attempt, including dates, and we've included a video of that "moment" as well as one of the whole record run. Godspeed, Mr. Higgins. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. SUBARU TO DEBUT NEW 2015 WRX STI AT THE ISLE OF MAN TT COURSE AND ATTEMPT NEW FASTEST LAP Thursday 17th April 2014 -- Subaru of America, Inc. announced today that Subaru will return to the fabled Isle of Man TT Races and attempt to beat its own fastest car lap time. The current record of 115.36mph for the iconic 37 3/4 mile TT Mountain Course was set three years ago by Mark Higgins in a (2011) Subaru WRX STI. Higgins will return to drive the new 2015 Subaru WRX STI. The car Higgins will drive is a stock U.S.-spec 2015 WRX STI, with the exception of a roll-cage, race harness, fire suppression system and modified springs and dampers to handle the sustained high speeds of the course. Subaru will also return as a partner with the Isle of Man, renewing its sponsorship of the race. "We are very excited to return for another attempt of the TT course and to be the official car of the TT," said Dominick Infante, National Manager of Product Communications, Subaru of America, Inc. "The Isle of Man is paradise for anyone who appreciates motorsport and there is nothing like the TT road course anywhere else." In his previous attempt on the course, Higgins created one of the most memorable race videos when he had a self-described "moment" at the bottom of Bray Hill at 150 MPH. The video has received almost 10 million views via various media outlets.