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Fisker, Energy Department face tough Congressional hearing on federal loans

Struggling Fisker Automotive took a bludgeoning Wednesday on Capitol Hill from top congressional Republicans who compared Fisker to failed automotive startups of the past and lambasted the Department of Energy for allowing the electric-car producer to draw down nearly $200 million in taxpayer-funded loans. House Oversight Chairman Darrell Issa, R-Calif., told Fisker founder Henrik Fisker that he will be remembered fondly for his design work for BMW and Aston Martin. But he compared Fisker to Malcolm Bricklin, John DeLorean and Preston Tucker -- three entrepreneurs known for their failed startup car companies.

Hyundai Veloster Turbo arrives early

Hyundai Veloster Turbo - first photos The Hyundai Veloster Turbo will arrive officially later today at the Detroit Motor Show, but we already have the first photos of Hyundai’s hot hatch. Apart from the daft looking Hyundai Hexa Space that turned up at Delhi last week, all Hyundai’s latest offerings have been pretty much on the money, none more so than the very convincing Veloster. But there was just one thing we didn’t like about the new Veloster – it’s lack of oomph.

May sales slide 4 percent on rising fuel prices, tight vehicle supplies

U.S. light vehicle sales dropped 4 percent in May--the first decline since August--as rising gas prices, inventory shortages, higher stickers and economic jitters curbed demand. The pace of sales last month--11.78 million units on an annualized basis--was the year's lowest and marked the first seasonally adjusted total below 12 million units in seven months.