DRIVING VEHICLE AT APPROPRIATE HIGHWAY SPEED WHEN NOTICED WHAT APPEARED TO BE A DECREASE IN POWER AND SMELL OF SOMETHING BURNING. WAS RUNNING AIR CONDITIONER AT THE TIME THE EVENT TOOK PLACE. STOPPED VEHICLE, FOUND LARGE PLUMES OF WHITE/GRAY SMOKE COMING FROM FRONT OF ENGINE BAY. ALLOWED ENGINE TO VENTILATE AND COOL, RESTARTED VEHICLE, BUT WITH HVAC SYSTEM OFF TO PREVENT FUMES FROM ENTERING CABIN. DROVE SHORT DISTANCE HOME AND NOTIFIED LOCAL MECHANIC OF PROBLEM. WAS INFORMED BY MECHANIC THAT THIS VEHICLE WAS SUBJECT TO A/C COMPRESSOR ISSUES, AND WAS A KNOWN DEFECT OF THIS PARTICULAR VEHICLE. NEVER RECEIVED A RECALL NOTICE OR OFFER BY MANUFACTURER TO HAVE KNOWN DEFECT CORRECTED. COST TO REPAIR VEHICLE WAS OVER $1400. *JS