William Maley

In the U.S., we only get one body style of the Elantra GT. In Europe where the model is known as the i30, Hyundai offers the standard hatchback and a lift back variant called the i30 Fastback. It is quite a good looking compact and makes us somewhat jealous that Europe gets it. Now, Hyundai upped our jealousness with the introduction of the i30 Fastback N. The Fastback follows the same recipe as the standard i30 N, beginning with a turbocharged 2.0L four-cylinder engine producing either 246 or 271 horsepower - the latter for when you opt for the Performance Package. Torque stands at 260 pound-feet, but raises to 279 via a short overboost function. A six-speed manual transmission routes power to the front-wheels. The run to 60 mph takes 6.4 seconds for the standard model and 6.1 seconds for the Performance Pack. Hyundai doesn't provide any details on the suspension or brakes, but we expect them to be similar to the i30 N hatchback. We'll hopefully have more information when the i30 Fastback N debuts next week at Paris. And before anyone asks, the i30 Fastback N is not coming to the U.S. Source: Hyundai View full article

Late Thursday afternoon saw a massive bombshell dropped; the SEC sued Elon Musk over securities fraud over his August tweet that he was considering taking Tesla private and having the "Funding secured." But a new report from CNBC said there was a possible settlement between the two where Musk would not have to admit guilt. However, Musk pulled the plug on the deal at the last minute. According to sources, this is what the proposed deal looked like, Tesla and Musk would had to pay a fine Musk would not have to admit guilt or deny culpability Barred Musk as being the chairman for two years Require Tesla to find two new independent directors However, Musk refused this deal "because he felt that by settling he would not be truthful to himself, and he wouldn't have been able to live with the idea that he agreed to accept a settlement and any blemish associated with that, the sources said." This move puts Tesla and Musk in a very difficult spot. The company's stock fell 13.9 percent on Friday - the worst since November 2013. There are also questions as to whether or not Elon Musk will stay on as CEO or if this mess will force him to leave. Choosing to fight the SEC means it could take years for an outcome to be reached according to Toni Sacconaghi, an analyst with Bernstein Research. "In the absence of a settlement, the mere possibility that Musk could be removed as CEO (or entirely from Telsa) is likely to cast an overhang on the stock, and make it extremely difficult for the company to raise capital (either private or public)," Sacconaghi said. What will be Tesla's defense to the SEC's charge? The Wall Street Journal learned from a source that Musk believed "he had a verbal agreement in place with Saudi Arabia’s sovereign-wealth fund to help finance a plan to take the auto maker private." Musk believes that the SEC isn't "taking into account that Middle Eastern businesses routinely operate using verbal agreements in principle." Source: CNBC, Wall Street Journal (Subscription Required) View full article