Originally published on Fri April 11, 2014 2:04 pm
General Motors Thursday revised up to $1.3 billion dollars its estimate of the cost of recalling millions of cars with faulty ignition switches.
The automaker will now replace the ignition lock cylinder as well as the switch itself on the defective vehicles. The $1.3 billion estimate includes the cost of repairs and of providing loaner vehicles to customers.
GM shares fell to a 10-month low today in the wake of the news. Ratings agency Standard & Poor's said Thursday that it might put off a planned upgrade of GM's debt to investment-grade status until next year.
There was an encouraging report last month from the University of Michigan's Transportation Research Institute about fuel economy.
We hit a record high in February in terms of gas mileage for new vehicles sold in the U.S.: 25.2 miles per gallon. It's the fifth-straight month gas mileage for new vehicles has topped 25 mpg.
That got us wondering how we're faring in the quest to squeeze out better mileage from our cars and trucks, and in the quest to create electric, hybrid, natural gas and fuel-cell vehicles and technologies.
Charles Griffith is the climate and energy program director at the Ecology Center in Ann Arbor, and he joined us today.
For the past 35 years, "Hockeytown" in Detroit has meant the on Detroit's Riverfront. But " The Joe's" days as the home of the Detroit Red Wings are numbered.
The Wings are headed north to the Cass Corridor area between downtown at Midtown.
A new $450-million, 18,000 seat arena is on the way for Wings owner Mike Ilitch, perhaps as early as the 2016-2017 season.
And what's drawing fire from critics like my next guest is the fact that the stadium deal has the public covering nearly 60% of the sticker price the Ilitches will get all the revenues from the new stadium, and the whole deal was unveiled publicly the week after Detroit declared bankruptcy.
Michigan will be only the second state in the country to run a statewide center meant to encourage investment from immigrants.
The center will provide visas for people who invest at least $1 million in the state and create at least ten jobs. The required investment goes down to $500,000 if it is made in a rural community or one with high unemployment.
This is one piece of Gov. Rick Snyder’s strategy to attract more immigrants to Michigan. His administration expects the center to bring in at least $30 million and create 600 new jobs every year.
The first farm crop to be harvested in Michigan is ready.
Michigan ranks number five in maple syrup production each year, and according to the Michigan Maple Syrup Association, that sweet syrup helps pump nearly $2.5 million into Michigan's economy each year.
But there are plenty of maple trees in Michigan that are not being tapped. So we wondered, if we have all these trees, why aren't more people making maple syrup?
Michael Farrell's book is called The Sugar Makers Companion: An Integrated Approach to Producing Syrup from Maple, Birch, and Walnut Trees.
President Obama was in Ann Arbor Wednesday to make the case for an increase in the minimum wage. The President told a crowd at the University of Michigan it’s a mistake to try to boost the economy with tax breaks for the wealthy.
Day Two of General Motors CEO Mary Barra's time testifying before Congress about safety problems with her company's cars has been highlighted by a top senator saying the company "repeatedly lied" about its problems and has fostered a "culture of cover-up."