Monthly Archives: May 2012

Bankrupt Hawker Beechcraft Pensions Only 56% Funded

Posted on 8 May 2012 by Ken Zino

Collectively, Hawker Beechcraft’s three pension plans are only 56% funded, with $769 million in assets to cover $1.4 billion in benefits. If Hawker Beechcraft ended the plans under the bankruptcy, the Pension Benefit Guaranty Corporation of the U.S. Federal government would pay $533 million of the $611 million shortfall. PBGC is the company’s largest creditor. Continue reading →

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Ford Cuts Summer Shutdown in North America as Lack of Capacity is Hurting Sales and Share in Recovering Market

Posted on 8 May 2012 by Ken Zino

Ford Motor’s U.S. sales decreased 5% in April to 179,660 vehicles in a market that was up 2.3%, in part because its plants were running flat out. Ford is now facing a strong challenge from Number Three Toyota Motor Sales, which reported April sales of 178,044, up 12% y-o-y. Year-to-date, Toyota Motor trails Ford Motor by 52,000 cars and light trucks, a gap that decreases each month. Continue reading →

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Windsor, Canada to Buy Chinese BYD Electric Buses

Posted on 8 May 2012 by Ken Zino

The agreement also opens talks to bring manufacturing of BYD buses to the Ontario region in the near future. BYD has delivered over 300 all-electric buses worldwide and has orders for over 1300 more in 2012, making it apparently the largest electric bus manufacturer in the world. Continue reading →

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BMW Recalls New 3 Series. Chrysler Recalls 2012 Minivans

Posted on 8 May 2012 by Ken Zino

In the latest series of safety defect filings with the National Highway Traffic Safety Administration, BMW is recalling its best selling 3-Series compact that has been in production since last October and Chrysler is recalling 2012 model minivans. Continue reading →

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Toyota to Boost 4-Cylinder Engine Capacity in Kentucky

Posted on 8 May 2012 by Ken Zino

The additional capacity will result in only 80 new jobs since engine plants are highly automated, and require few skilled workers to monitor the computerized processes that do much of the work. Continue reading →

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Chrysler Recalls 300, Dodge Charger Sedans for Bad Brakes

Posted on 8 May 2012 by Ken Zino

The cars can lose the ABS/ESC system due to an overheated power distribution center, which could lead to loss of vehicle control, increasing the risk of a crash. The problem original arose in a Michigan State Police training vehicle, and Chrysler conducted a limited recall in February of 2012 until subsequent field reports revealed the Yazaki supplied module was failing in other vehicles. Continue reading →

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Ready For a 4-Point Seat Belt? Renault Thinks So

Posted on 7 May 2012 by Ken Zino

Geeks can debate whether this is a 4-point seat belt or 5-point solution. Simply put, there are two seat belt systems in play. This latest seat belt restraint design requires a first step – slipping an arm under a fixed 2-pointseat belt, then grabbing a seat belt the opposite side, the traditional “buckle up” action is needed from the driver or the tandem passenger of the two-seat car. Since Twizy is really an electric motorcycle on four wheels, whether this adds or detracts from the saleability of thus far market challenged EVs remains to be seen. Continue reading →

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Milestones: Ten Years of Porsche Leipzig SUV and Sedan Plant

Posted on 7 May 2012 by Ken Zino

Porsche has marked the tenth anniversary of what was at the time a controversial expansion into the truck market. However, the Porsche factory opened in Leipzig during 2002 to build the Cayenne SUV has proved to be a successful investment that has since grown to produce another controversial – but just as profitable vehicle, the Panamera sedan. Continue reading →

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U.S. Treasury to Sell $5 Billion of AIG Stock. Taxpayers Still Owed $39 Billion from Controversial Bailout of Company

Posted on 7 May 2012 by Ken Zino

Today’s announcement is part of Treasury’s ongoing efforts to wind down the Troubled Asset Relief Program (TARP). More than 81% ($338 billion) of the $415 billion funds disbursed for TARP have already been recovered to date through repayments and other income – before including any expected proceeds from today’s announcement.

Ideologues will never admit it, but TARP is looking like an effective government intervention in the failed capital markets. Little has been done to make sure that it does not happen again in the view of critics. Continue reading →

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BMW Group Posts Record Sales, Revenues, Earnings in Q1

Posted on 6 May 2012 by Ken Zino

The BMW Group recorded record sales, revenues and earning during Q1 2012, as the number of vehicles sold by the Group rose by 11.2% to 425,528 units from 382,758 during Q1 of 2011. The BMW, Mini and Rolls-Royce brands all recorded new sales records. This included BMW brand motorcycles at 24,373, +5.5%, which was also the best Q1 sales performance in the company’s history. Continue reading →

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EPA Regulates Diesel Fuel Injected Underground for Fracking

Posted on 5 May 2012 by Ken Zino

The law is controversial because in pay-to-play Washington, Congress exempted most fracking fluids from the regulation of fluids injected into the ground required under the Safe Drinking Water Act. In environmental circles, this became known as the Halliburton loophole. Then U.S. vice-president Richard Cheney ran Halliburton – the biggest fracking services company in the country – before he was elected, of course. Continue reading →

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April Marks Third Straight Month of Declining U.S. Job Growth as Unemployment Remains at an Official and Understated 8%

Posted on 4 May 2012 by Ken Zino

The struggling U.S. economy added a measly 115,000 jobs last month, the third straight month of declines in job growth. More than 15 million Americans are unemployed or underemployed. This poor performance comes years after Washington declared the recession caused by the reckless and unpunished practices of Wall Street officially over. Continue reading →

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Renault-Nissan Take Control of Russian Automaker Avtovaz

Posted on 4 May 2012 by Ken Zino

Total auto industry volume in Russia last year was 2.65 million vehicles, including light commercial vehicles. Volume in 2012 is expected to be 2.9 million units. The economy went through a bubble and subsequent collapse a few years back, and Lada has been steadily losing share all through the recession. Continue reading →

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Chevrolet Corvette Goes on Sale in Korea Tomorrow

Posted on 3 May 2012 by Ken Zino

Chevrolet Corvette, goes on sale for the first time on Friday 4 May in the heretofore government restricted auto market in South Korea. The Corvette Coupe is priced at KRW 86.4 million ($76,399) and a special leather interior package is available at KRW 3 million ($2,653) – a 50% premium over the U.S. price of $50,575. Corvette coupe models are powered by the 430-horsepower (321 kW) LS3 V8. Continue reading →

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Ford Thailand Opens New $450 Million Plant

Posted on 3 May 2012 by Ken Zino

FTM is Ford’s second plant in Thailand, and one of eight new Ford manufacturing facilities across the Asia Pacific and Africa region the company will open by 2015 as part of its global expansion. FTM has an initial production capacity of 150,000 vehicles – increasing the company’s annual capacity in Thailand to 445,000. Mazda, which runs the other plant in Thailand in a joint venture with Ford, is not part of the new entity, the latest example of the ongoing divergence of the two companies. Continue reading →

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