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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.

Lotus Esprit James Bond car up for auction

The Lotus Esprit Submarine (pictured) from the James Bond 007 film is up for auction James Bond and cars go together like bacon and eggs and, with the exception of the 007 Aston Martin DB5, the Lotus Esprit ‘Submarine’ car from the Spy Who Loved Me is probably the most iconic Bond car to have hit the big screen. Piloted in the film by Roger Moore – with Mrs Ringo Starr, Barbara Bach, at his side – the underwater version of the Esprit, one of six used in the film, was affectionately know to the crew as ‘Wet Nellie’ and actually piloted for the underwater scenes by former SEAL Don Griffin, who worked as a test pilot for the creators of the Esprit Submarine - Perry Oceanographic. After filming ended it was sent of to a storage unit in Long Island, ten years rent was paid upfront but, when the 10 year rent period ended, no one stepped forward to claim the contents at they were sold off for a song to a local couple.

McLaren P1 sales will double turnover and quadruple profit in 2014 for McLaren

The McLaren P1 (pictured) boosts McLaren’s profits We’re starting to see the McLaren P1 – McLaren’s modern replacement for the iconic McLaren P1 – rolling out to lucky owners, and that will continue apace during 2014. Which means McLaren will see a big rise in its turnover and an even bigger rise in profits – up four-fold – as the £866,000 P1 replenishes McLaren’s bank account. But, although it will take a while to build, deliver and get paid for all 375 P1s, the P1 won’t be a long-term cash cow for McLaren, just a nice little booster as it starts to plan to up production to 4,500 cars a year over the next few years.