Business

Internet giants drive into the electric vehicle space

2016 Cadillac ELR Has More Performance, More Range, Lower Price

The specifications of the updated 2016 Cadillac ELR range-extended electric car were released this morning, and one big question has been answered. The luxury coupe will not use the revised Voltec powertrain that propels the new second-generation 2016 Chevrolet Volt on sale later this year. But it boasts better performance, slightly higher electric range, more standard equipment, and a price cut of $10,000. Instead, the 2016 ELR will continue with its existing 17.1-kilowatt-hour battery pack and 1.4-liter four-cylinder engine. Nonetheless, it gets a notable boost in powertrain output, which has risen to 233 horsepower and 373 pound-feet of torque from the 207 hp and 295 lb-ft of the 2014 ELR.

GM Up 9% After Deal With Microsoft Revealed

General Motors gained as much as 8.9% to a record high on Tuesday. The gain comes on news that its autonomous vehicle subsidiary, Cruise, is receiving a large investment from Microsoft. Microsoft joins a number of companies in a $2 billion funding round for Cruise. Tuesday's price is a record-high for GM since it emerged from bankruptcy at the end of the Great Recession. The partnership will accelerate the commercialization of self-driving vehicles. It brings together the two companies' software and hardware engineering expertise, cloud computing capabilities, and manufacturing knowledge.

Tesla Offering Cheapest Model Y Yet

Early days for UK data in long Brexit game

The first official budget figures since Britain voted to leave the EU show a smaller-than-expected budget surplus. As post-referendum data continues to trickle in, attention is turning to what sort of access Britain will seek with its main trading partners in the EU. Kirsty Basset reports.