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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.

Mitsubishi tease three new concepts for the 2013 Tokyo Motor Show

The three Mitsubishi Concepts heading for the Tokyo Motor Show The European Motor Shows may be over for 2013, but the Tokyo Motor Show is still to come (first public day 23rd November), and Mitsubishi are already teasing new concepts for their home show (above). All three concepts preview the future of Mitsubishi’s design language, and all three are SUVs/Crossovers of one kind or another. The biggest of the trio of concepts is the Mitsubishi Concept GC-PHEV, a proper full-size plug-in hybrid SUV, which Mitsubishi says offer dynamic driving and features MMC’s S-AWC (Super All Wheel Control) to deliver better handling and stability on-road and still be properly capable off-road.

GM pays back government loans

General Motors Co. said it has repaid the U.S. and Canadian governments $5.8 billion for loans that helped fund the U.S.