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CAFE standards set to rise to 54.5 mpg for 2025

President Barack Obama on Friday revealed ambitious plans to raise the corporate average fuel economy standard for cars and light trucks to 54.5 mpg by the 2025 model year, a landmark move that will dramatically remake carmakers' product portfolios and consumers' buying habits. Unlike the first CAFE standards passed by Congress in 1975, the Detroit automakers now publicly support the high requirements and have begun retooling their fleets to adapt the changes. “[This] represents the single most important step we've ever taken as a nation to reduce our dependence on foreign oil,” Obama said in a morning press conference.

Ferrari F12 Berlinetta design story uncovered [w/video]

Ferrari has revealed the secrets behind the design and development of its new F12 Berlinetta in a short video. The renowned Italian supercar manufacturer released the video, which focuses purely on the design process behind the F12 Berlinetta, the successor to the 599 GTO. The video, released as one part of a series, charts the development of the Berlinetta, the fastest that Ferrari has ever created, from the original sketches through the digital and clay modeling phases to finally deliver the finished product. The Ferrari F12 Berlinetta, one of the most hotly-anticipated cars of 2012, was officially unveiled at last week's Geneva motor show to crowds of fellow designers and members of the press as it appeared on both Ferrari and Pininfarina stands.

One-fourth of U.S. drivers have trouble paying for auto repairs, AAA says

Americans have difficulty paying for costly vehicle repairs and are driving older cars longer, according to a survey released by AAA. One quarter of American drivers said they would be unable to pay for repairs to their vehicle of more than $2,000, and one in eight said they would be unable to pay for repairs of more than $1,000, the survey said. More than half of drivers said they are still driving an older vehicle “because they do not want the financial burden of a new one,” the survey said.