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Defying Trump, major automakers finalize California emissions deal

WASHINGTON — The California Air Resources Board (CARB) and major automakers on Monday confirmed they had finalized binding agreements to cut vehicle emissions in the state, defying the Trump administration's push for weaker curbs on tailpipe pollution. The agreements with carmakers Ford Motor Co, Volkswagen AG, Honda Motor Co and BMW AG were first announced in July 2019 as voluntary measures prompting anger from U.S. President Donald Trump. A month later, the Justice Department opened an antitrust probe into the agreements. The government ended the investigation without action. The Trump administration in March finalized a rollback of U.S. vehicle emissions standards to require 1.5% annual increases in efficiency through 2026. That is far weaker than the 5% annual increases in the discarded rules adopted under President Barack Obama. The 50-page California agreements, which extend through 2026, are less onerous than the standards finalized by the Obama administration but tougher than the Trump administration standards. The automakers have also agreed to electric vehicle commitments. Volvo Cars, owned by China's Geely Holdings, said in March it planned to join the automakers agreeing to the California requirements. It has also finalized its agreement. The settlement agreements say California and automakers agreed to resolve "potential legal disputes concerning the authority of CARB" and other states that have adopted California's standards. In May, a group of 23 U.S. states led by California and some major cities, challenged the Trump vehicle emissions rule. Other major automakers like General Motors Co, Fiat Chrysler Automobiles NV and Toyota Motor Corp did not join the California agreement. Those companies also sided with the Trump administration in a separate lawsuit over whether the federal government can strip California of the right to set zero emission vehicle requirements. Ford said the "final agreement will reduce emissions in our vehicles at a more stringent rate, support and incentivize the production of electrified products, and create regulatory certainty." BMW said "by setting these long-term, predictable, and achievable standards, we have the regulatory certainty that is necessary for long-term planning that will not only reduce greenhouse gas emissions but ultimately benefit consumers as well." 

Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.

Polestar looking to tune Volvo CUVs

Volvo is getting serious about emerging from the fringes and into the mainstream of the luxury automobile market. But if it's going to challenge the Germans, it's going to need a performance line. And that's just what it's developing with Polestar.
Building on the motorsport partnership that has seen Polestar represent Volvo in the Scandinavian Touring Car Championship, World Touring Car Championship and V8 Supercars series, Polestar has been charged with developing road-going performance Volvos as well. It currently offers comprehensively tuned versions of the S60 and V60, as well as engine upgrades for other models, but the latest word has it that Polestar will turn its attention next to tuning Volvo crossovers like the XC60 and the new XC90, pictured above in top-spec R-Design trim.
Details on how Volvo would modify those models remain to be determined, but it wouldn't be much of a stretch to imagine the XC60 outfitted with similar enhancements to those offered on its sedan and wagon stablemates to mount a challenge to the Audi SQ5. As for the larger XC90, it seems Volvo is already squeezing as much out of its new 2.0-liter triple-charged inline-four as it can, but more aggressive handling, aero and brakes could stand to transform the flagship crossover in pursuit of performance utes like the Mercedes ML63 AMG and BMW X5 M, even if it couldn't quite match their impressive horsepower outputs.