It’s billed as the affordable electric car of the future, but 12,200 reservations have dropped off the Tesla order list since the company’s Model 3 came on the scene.

The new tally was revealed when Tesla announced plans to raise $1.4 billion through a share offering to boost its financial standing, Bloomberg reports.

Since orders opened, 4,200 duplicate reservations have been erased by the company, and 8,000 customers have backed out of their purchase. That leaves 373,000 reservations on the books, each backed by a $1,000 check. Read More >

The strange case of General Motors’ incorrect fuel economy numbers is getting stranger, if it wasn’t odd enough already.

GM announced late last week that it would reprint EPA labels for its 2016 full-size crossovers after the wrong mileage made its way onto window stickers, but Consumer Reports now says there’s something fishy about that. Read More >

General Motors is in damage control mode following the discovery of incorrect fuel economy ratings on the window stickers of its 2016 full-size crossovers.

A “stop sale” order was issued to GM dealers on Wednesday after EPA labels on GMC Acadia, Chevrolet Traverse and Buick Enclave vehicles were shown to overstate mileage by one to two miles per gallon, Automotive News reports. Read More >

Maybe 2016 isn’t Takata’s year.

The airbag manufacturer at the heart of the largest automotive safety recall in history is poised to double the number of airbag inflators it needs to fix, Reuters reports.

A number of people close to the issue said the beleaguered company will soon announce a massive expansion in the scope of the recall, which has already seen 28.8 million airbag inflators recalled in vehicles from 14 automakers. Another 35 to 40 million units require fixing, the sources say. Read More >

TTAC commenter Piston Slap Yo Mamma has given us a great gift.

While perusing used cars on his local Craigslist site, he noticed a trend occurring in the vehicle images. Fingers. Lots of them. Obscuring license plates. Possibly, revealing more about the driver than the plate itself.

So numerous were these crooked appendages, often topped with purple or naturally yellow nails, that he felt the need to share them. So, this Tumblr page was born. Read More >

Rival automakers salivating at the thought of snapping up a castoff from Volkswagen’s brand portfolio will have to sit and wait.

Amid grim fourth-quarter financial data and ongoing expenses linked to the diesel emissions scandal, the company is standing by its assets, but admits they might have to jettison some if unexpected expenses crop up. Read More >

“Clean up the place when you’re done with it, and don’t even think of offering ‘hourly rates’ while you have it. This is a respectable car.”

Adds like this could start popping up from new Mini owners if the quirky automaker has its way, Automotive News Europe reports.

Mini plans to offer devices on its models that allow the owner to rent out their vehicle to other drivers, providing some cash for themselves and a Mini experience for non-owners.

Peter Schwarzenbauer, the BMW Group executive in charge of Mini, seems very excited about the technology, telling Automotive News that the system will be “kind of like Airbnb on wheels.” Read More >

Mitsubishi’s fuel economy scandal blew up yesterday after the automaker admitted it has issued misleading mileage data since C+C Music Factory was at the top of the charts.

The scandal that started with inflated mileage numbers on a single minicar one week ago now extends to all Japanese market Mitsubishi vehicles sold over the past quarter century. Reuters is reporting that the automaker compiled fuel economy data using U.S. standards, rather than the Japanese standards that factor in much more city driving. Read More >

Will Volkswagen TDI owners who opt for a buyback be soured on the brand, or can they be lured into a new model?

It’s a big question for dealers, who could stand to benefit from the dealership traffic they’ll see when Volkswagen’s buyback program gets up and running later this year. Read More >

Like an unoccupied Dodge Charger stuck in “Drive,” Fiat Chrysler Automobiles’ gear selector controversy was rapidly building momentum before yesterday’s announcement.

Responding to numerous instances of runaway vehicles and an expanding National Highway Traffic Safety Administration investigation, FCA voluntarily recalled 811,586 vehicles in the U.S. and 52,144 in Canada, and a further 265,473 in Mexico and overseas. Read More >

On the eve of a key U.S. deadline for a diesel emissions fix, Volkswagen has reportedly agreed to pay all American owners of afflicted TDI models $5,000 each.

The deal, reported by Germany’s Die Welt newspaper, would allow the automaker to avoid going to trial this summer, according to Automotive News.

Volkswagen was facing an April 21 deadline to outline a comprehensive fix for the 580,000 U.S. diesel models equipped with “defeat devices” designed to sidestep emissions regulations. The deadline was set in March by a U.S. District Court judge. Read More >

Mitsubishi Motors has some ‘splaining to do after fuel economy figures for its tiny overseas eK wagon were proven to be false.

The automaker overstated gas mileage by five to 10 percent over the last three model years, Bloomberg reports, allowing the minicars to be classified as greener than they actually were.

Powered by small-displacement three-cylinder engines, the vehicles are called “kei cars” in Japan (no, not K-cars). Read More >

If you’re looking to get the most money back when you drop your car onto the used market in five years, better get into something large and utilitarian.

Large and midsize trucks and SUVs grab the top five-year resale values in Edmund’s 2016 Retained Value Awards, with conventional and luxury midsize and large cars depreciating the most. Read More >

If there’s about $450,000 burning a hole in your pocket, Ford wants you to get in line for the new GT.

The application process for the 2017 and 2018 model years of the carbon fiber supercar kicked off today, and along with it, a very selective customer screening process.

Ford will sell a limited number of GTs each year, produced by Canadian firm Multimatic, so it could be a long wait if you don’t make the cut this time around. Ford anticipates first deliveries will begin late this year, with applications ending on May 12. Oh, and Russia? You can’t order a Ford GT, unless you have a friend buy it for you in an eligible country — like, say, China.

Read More >

Much to the delight of EV fanatics and sandal enthusiasts around the world, Tesla reported last week that 325,000 people had placed refundable $1,000 deposits on its Model 3 sedan. Even pessimistically projecting a defection rate of 25 percent, that’s still nearly a quarter of a million cars which need to be built and delivered starting late next year.

Industry analysts have nattered at length about the logistics of the mass order and Tesla’s ability to pull it off. However, there is a new obstacle on the horizon, this time involving the core reason many have given for reserving a Model 3: tax credits.

Read More >