Monthly Archives: January 2012

Midas Sued in Europe for Breach of Contract

Posted on 6 January 2012 by Ken Zino

The unwelcome development for Midas shareholders comes as the Midas board of directors is exploring the possible sale of the company during an ongoing strategic review. Share prices have ranged from a 52-week high of $9.50 to a 52-week low of $5.08. Currently Midas is trading at $8.46. Midas during the first nine months of 2011 had net earnings of $4.4 million ($0.32 per diluted share), an increase from $2.3 million or $0.17 per diluted share in 2010. Midas pays no dividend. Continue reading →

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NHTSA Keeps Chevrolet Volt Battery Fire Probe Open

Posted on 5 January 2012 by Ken Zino

GM said this morning that it was “optimistic” that no recall would be required, a politically sensitive issue since the federal government, which NHTSA is part of, still holds a large 27% stake in GM. For GM’s part, a safety recall is arguably more damaging to the reputation of the Volt than the proposed customer service action. Last year Chevrolet sold 7,671 Volt models , which cost more than $40,000 without taxpayer subsidies to its mostly rich buyers, another political controversy in itself. Continue reading →

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GM Changes Chevrolet Volt to Protect Battery to Stop Fires

Posted on 5 January 2012 by Ken Zino

It was not immediately clear whether NHTSA would require that Chevrolet Volt EVs be recalled or whether the modifications can be done as a customer satisfaction procedure. There remains at this moment an ongoing NHTSA engineering analysis, which could lead to a recall. GM said it was “optimistic” that no recall would be required, a politically sensitive issue since the federal government still holds a large stake in GM. Continue reading →

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Ford Motor December Sales Up 10% Tracking Market Growth

Posted on 4 January 2012 by Ken Zino

How Ford’s sales performance is interpreted depends on whether the Number 2 U.S. automaker in sales should have picked up more than the 3.7% increase in passenger car sales (industry +9%) with all the major Japanese automakers virtually out of the market for months – May to September or later – because of natural disasters. Ford car sales were actually down 16% in December. Lavishly publicized Fiesta sub-compact and Focus compact launches were not strong successes as sticker price resistance appeared to overcome their relatively good fuel efficiency in a year when U.S. gasoline prices stayed well above $3 a gallon. Continue reading →

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GM U.S. Sales Up 5% in December, +14% 2011. Share Increases

Posted on 4 January 2012 by Ken Zino

GM expects full-year 2012 light vehicle sales to be in a range of 13.5 million to 14.0 million units. In previous years, GM’s forecasts were based on total vehicle sales, which included medium- and heavy-duty vehicles, or about 300,000 additional units. Continue reading →

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Chrysler Group December 2011 U.S. Sales Up 37%; Year +26%

Posted on 4 January 2012 by Ken Zino

Nevertheless, the sales gains were not large enough to hold off resurging Toyota Motor Sales, which displaced Chrysler from the Number Three U.S. sales spot when Toyota inventories rebuilt this fall after the Japan earthquake and tsunami tragedy in March that removed Toyota and other Japanese automakers from the market. In October and November Toyota picked up 2 market share percentage points, with December results due later today. Continue reading →

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Milestones: First U.S. Diesel Powered Car – Cummins Packard

Posted on 3 January 2012 by Ken Zino

Fuel prices have risen since then, now ranging between $3 to $4 a gallon. The company Clessie Lyle Cummins founded in 1919 – Cummins Engine Company of Columbus, Indiana – to build engines based on Rudolf Diesel’s compression engine (patented 20 years before) has grown to be a Fortune 500 company with more than $18 billion in annual sales. Continue reading →

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Car Spy Jim Dunne Catches Revised Lincoln MKS or MKZ?

Posted on 3 January 2012 by Ken Zino

Following the Ford Jaguar debacle, success is also not a word that can be applied to Ford’s management of Lincoln, which is a poseur in the world of luxury cars dominated by the German Brands and Toyota’s Lexus, which even though it was out of the U.S. market for five months this year because of the Japan earthquake, still managed to outsell Lincoln by a better than 2:1. Continue reading →

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