A Toyota Prius Recall, The U.S. Won't Get Its Money Back, And A New Mustang SVO
1st Gear: Toyota Motor Sales, USA today announced it will conduct a voluntary safety recall of approximately 52,000 2001 through 2003 Prius vehicles sold in the U.S. to replace the electric power steering pinion shaft attachment nuts. The announcement for U.S. vehicles is included in Toyota Motor Corporation's global recall of 106,000 vehicles. Turns out that if the steering wheel is repeatedly and strongly turned to the full-lock position, there is a possibility the nuts securing the pinion shaft in the steering gear box assembly may become loose. If the vehicle is continuously operated in this condition, over time, the customer will gradually notice significant increased steering effort when making a left turn. This could, of course, lead to fiery death.
2nd Gear: Bloomberg reports this morning that U.S. Treasury Secretary Timothy Geithner said the government won't get back all of its investments in the automotive industry, even as it will recover "much more than most predicted, and far sooner." The car companies are leading a comeback in the country's manufacturing industry, he said in an article to be published in the June 1st edition of the Washington Post and distributed by the Treasury Department.
3rd Gear: Although everybody already knows a 2.0-liter EcoBoost turbocharged four-cylinder will be going into the upcoming 2013 Ford Taurus and other models. Now MotorAuthority says they're hearing a 2.3-liter version of that same engine — with a different cylinder head configuration — will be going into the Mustang (as well as Lincolns) around 2015. And yes, it will apparently be called an "SVO." We'll believe it when we see it.
4th Gear: The Chinese auto market will likely grow from 12 to 15% through 2016, according to research from AlixPartners. Electric vehicles and hybrids will account for 13% of the total in China by the end of the period, according to a statement from the consulting firm distributed ahead of a press conference today in Shanghai. Japanese auto brands will likely lose market share as Chinese brands gain, the statement said.
5th Gear: Now, not only does Carlos Tavares get a new gig at Renault as Carlos Ghosn's number two, but now he's also been tipped to be the potential successor to Carlos Ghosn in the top job as CEO of the auto maker. From Carlos to Carlos, apparently.
6th Gear: The national average for a gallon of regular gas peaked at $3.98 in the first week of May before sliding 20.5 cents per gallon by the end of the month. Prices were down for the 19th day in a row yesterday, to $3.78 per gallon, according to AAA, Wright Express and Oil Price Information Service. Gas prices almost always level off in summer as refineries crank up production and replenish supplies around the country. Pump prices were already falling by then because of lower oil prices. In addition people were driving less and demand was down with the price of gas around $4 a gallon in most of the country.
Reverse:
⏎ Ford CEO Alan Mulally urges one fuel standard to rule them all. [Detroit News]
⏎ How many more victory laps will the White House take? [CNBC]
⏎ Mullin Museum to display "Most Expensive Car." [Wall Street Journal]
⏎ How important is the next Jeep Liberty? Very. [Automotive News]
⏎ Mopar Ram Runner Kit: A visual guide. [PickupTrucks.com]
⏎ How to make a truck jump 332 feet. [Popular Science]
⏎ Beijing set to go electric. [GoAuto]
⏎ GM's Lansing plant will get an $88 million upgrade. [Detroit News]
Today in Automotive History:
On this day in 1934, the Tokyo-based Jidosha-Seizo Kabushiki-Kaisha (Automobile Manufacturing Co., Ltd. in English) takes on a new name: Nissan Motor Company. [History]
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