How to Get the Most Out of Your 'Clunker'

(NEWSER) - The final numbers for the Cash for Clunkers are in, and they’re pretty rosy, the Los Angeles Times reports. Dealers had until yesterday to file for rebates, and the total was 690,114 new cars sold—and 690,114 clunkers traded in—for a total of $2.9 billion, just shy of the congressional allotment of $3 billion. “This is one of the best economic news stories we've seen,” says Transportation Secretary Ray LaHood. More»

Electronics maker to do more than just provide batteries

(NEWSER) - Hot on the heels of news of the Ford-Toyota deal , we’ve got word of a far stranger electric car pact: General Motors has agreed to a deal to co-develop cars with LG Group, the Wall Street Journal reports. The consumer electronics company already makes the battery for the Chevy Volt, but now it’ll apparently be expanding its role beyond that. The companies didn’t elaborate on any specific plans, or indicate when their first jointly produced cars might hit showrooms. More»

Obama hails new goal with automakers

(NEWSER) - Announcing new fuel-efficiency standards, President Obama hailed his administration’s deal with automakers as “the single most important step we’ve ever taken as a nation to reduce our dependence on foreign oil.” With mileage standards almost doubling, Americans will save some $8,000 per vehicle on fuel, the president said. The new requirements call for an average of 54.5 mpg for cars, light trucks, and SUVs by 2025, the Detroit Free Press reports. CEOs of the Big Three and some Asian automaker executives joined Obama for the ceremony. More»

Biggest quarterly profit in more than a decade

(NEWSER) - General Motors has reported a $2 billion third-quarter profit, its biggest quarterly report in 11 years. The figure shows that GM doesn’t need to sell big to earn big anymore, writes Nick Bunkley in the New York Times . A week before its initial public offering—which will reduce the government's stake from 61% to 43%—the automaker is on course for its first full-year profit since 2004, notes the Los Angeles Times . More»

Automaker nabs car, truck of the year

(NEWSER) - Ford vehicles won both car and truck of the year at the North American International Auto Show in Detroit, cementing the carmaker's dominance over its domestic competition. The Fusion Hybrid snagged car of the year, and the company copped truck of the year for the second consecutive year with the Transit Connect. Ford was the only American auto firm to gain market share in 2009, CNNMoney reports. More»