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Tesla pays off its government loans

Tesla paid off the last of its $465 million government loans May 22, nine years ahead of schedule, thus outperforming most U.S. college graduates and the vast majority of American homeowners. Tesla used funds from a stock offering to finish the loan with a whopping bank transfer of $451.8 million Wednesday, pointing out that it was “…the only American car company to have fully repaid the government.” Apparently no one at Tesla was even born when Lee Iacocca paid off Chrysler's $1.2-billion government bailout ahead of schedule back in 1983.

Toyota recalls up to 17,000 Lexus HS 250h models for fuel-leak risk

Toyota Motor Corp. plans to recall 17,000 Lexus HS 250h vehicles from model year 2010 after discovering excess fuel leakage during government rear-impact crash tests. It is the latest safety setback for the world's largest automaker.

Ferrari celebrates 30 years in Hong Kong

ICONIC sporting brand Ferrari turned on the style to celebrate 30 years of presence in Hong Kong. Ferrari's president Luca di Montezemolo was in attendance alongside a spectacular display of over 600 Ferraris - the largest gathering ever in Greater China - arranged to form the traditional five-petal flower. The gathering also was used to show the firm's latest offering the 458 Speciale which was unveiled by Marc Gene, the Scuderia F1 team's chief test driver.