Monthly Archives: August 2012

JMC and Ford to Buy Taiyuan Changan Heavy Truck in China

Ford Motor Company is reentering the heavy truck market through its partner Jiangling Motors Corporation in China. JMC will buy Taiyuan Changan Heavy Truck Company, its first entry into the heavy truck business. JMC currently builds Ford Transits under license from Ford, and Ford owns 30% of the light commercial vehicle maker. Continue reading

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Freight Shipments Down in June as U.S. Economy Languishes

Commercial freight fell 0.1% in June from May, following no change in the index from April to May, according to the U.S. Department of Transportation’s Bureau of Transportation Statistics’ (BTS) Freight Transportation Services Index (TSI) released today. The June 2012 index level (109.5) was 16.1% above the April 2009 low during the Great Recession, which might be poised for a sequel. Continue reading

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U.S. and Mexico Sign Agreement on Decreasing Border Pollution

The U.S. and Mexico today signed an agreement to reduce pollution, exposure to chemicals accidents or terrorism, and improve environmental stewardship. It is the latest environmental cleanup program implemented under the 1983 U.S.-Mexico La Paz Agreement covering public health problems in the 2,000-mile border region. The border is home to more than 14 million people and one of the busiest trade regions in the world. Continue reading

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DOT Releases Distracted Driving Video on Ohio Cop’s Death

John T. Gordon from Marion, Ohio is the subject of the latest story from U.S. Department of Transportation’s “Faces of Distracted Driving” series. Gordon was a law enforcement officer and father to an 11-year-old boy and a 7-year-old girl. On 18 May 2008, John was riding his motorcycle on Ohio State Route 4 when a young man driving a truck swerved into oncoming traffic. John was struck and died instantly. Records later showed that the driver was using his cell phone at the time of the crash. Continue reading

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GM Invests in NanoSteel, Claims New Class of Light Weight Materials

General Motors has invested an undisclosed amount in The NanoSteel Company because it claims the firm is a leader in light weight steel materials design. Through the development of patented alloys, NanoSteel has created a new class of steel that in theory allows automotive engineers and designers to reduce weight with thinner, higher strength gauges while maintaining the structural integrity needed for safety. Continue reading

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BMW Group Records Record Sales in July

BMW group today in Munich posted its best sales result for any July. With 135,537 (2011 – 129,102) BMW, Mini and Rolls-Royce brand vehicles delivered worldwide last month, the company increased its sales by 5.0% compared to the previous year.

It was also the first time in the company’s history that more one million vehicles had been delivered in the first seven months. From January to July deliveries rose 7.6% to 1,036,088 vehicles (962,493). Continue reading

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Ford C-Max Hybrid EPA Rated at 47 MPG in all Categories

The all-new Ford C-Max Hybrid that goes on sale this fall is now EPA-certified at 47 mpg city, 47 mpg highway and 47 mpg combined. This makes it the first hybrid without a window sticker decline in highway fuel economy ratings. Whether this is real or the product of carefully calibrating the C-Max to the test cycle awaits independent verification. Continue reading

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General Motors Sales in China Set All Time July and CYTD Record

General Motors and its joint ventures sold 199,503 vehicles in China, in July, a 15.1% increase from last year’s previous record high for the month. SAIC-GM-Wuling’s sales reached 98,694 units, an all-time high for July and an increase of 26.6% year on year. Continue reading

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BYD Electric Cab Fire and Three Fatalities not Battery’s Fault

An investigation by the Shenzhen government into an accident and fire between a BYD EV and a Nissan sports car that killed three people in May concludes that the battery pack was not at fault, according to a BYD filing with the Shenzhen stock exchange.

A Nissan GT-R traveling at 242km/h – 150 mph – hit a BYD e6 taxi traveling in the same direction at 81km/h. The first impact sent the cab careening out of control, which then resulted in a second impact into a roadside tree, whereupon the e6 completely burned. The cab driver and two passengers perished. Continue reading

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Spyker Sues GM For $3 Billion Over Blocking Saab Sale to Chinese

In what could be viewed as the legal equivalent of a Hail Mary pass, Dutch automaker Spyker filed suit against GM in Detroit yesterday, alleging that GM forced the Swedish brand Saab into bankruptcy and then blocked a sale of the company to Chinese investors, which would have ensured its survival. Continue reading

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Treasury To Sell More AIG Stock. Taxpayers Still Owed $24 Billion and Hold 53% from Controversial Bailout of Reckless Company

Today, the U.S. Department of the Treasury announced that it expects to receive an additional $750 million from its public offering of American International Group (AIG) common stock. The Wall Street underwriters have exercised their so-called over-allotment option to purchase another 24.6 million additional shares of AIG common stock at the public offering price of $30.50 per share. Continue reading

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Japanese Makes Take Top Three Spots in China Customer Satisfaction

The Japanese, led by Guangqi Honda, took the top three ratings in the 2012 China Customer Service Index. Honda – and its government-mandated local partner – was followed by Dongfeng Honda Automobile and GAC Toyota. Dongfeng took five out of the first ten spots in the latest quality survey. Continue reading

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Gibson Guitar Plea Avoids Prosecution for Importing Protected Woods

Gibson Guitar entered into an agreement with the United States today resolving a criminal investigation into allegations that the company violated the Lacey Act first passed in 1900 by illegally purchasing and importing ebony wood from Madagascar and rosewood and ebony from India. Continue reading

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Toyota Posts Strong Results in Q1 of the Japanese Fiscal Year

Toyota Motor Corporation today said that Q1 results for the Japanese fiscal year produced a profit of ¥90.3 billion yen ($3.71 billion). Toyota posted vehicle sales for the first quarter of 2.27 million cars and trucks, an increase of 1.04 million compared to the same period last fiscal year. The largest Japanese auto company also raised its full year sales forecast some 180,000 vehicles, to 9.76 million cars this year, a better than 20% increase from 7.95 million cars in 2011. If current trends hold, Toyota will become the world’s largest automaker with more than 10 million vehicles sold blowing by a slumping General Motors when the books are closed for the 2012 calendar year. Year to date Toyota is ahead of GM by more than 300,000 units. Continue reading

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GM Q2 Profits Drop to $1.5 Billion From $2.5 Billion as Its European Losses Grow. Revenue and Cash on Hand also Decreased.

General Motors Company (NYSE: GM) today said Q2 income was $1.5 billion, or $0.90 per share of common on revenue $37.6 billion. The disappointing results compared to Q2 2011 where GM’s net income attributable to common stockholders was $2.5 billion, or $1.54 per fully diluted share. GM said the decrease was due almost entirely to the strengthening of the U.S. dollar versus other major currencies. Earnings before interest and tax (EBIT) adjusted was $2.1 billion, compared with $3.0 billion in the second quarter of 2011.

“Despite the challenging environment, GM has now achieved 10 consecutive quarters of profitability, which is a milestone the company has not achieved in more than a decade,” said GM chairman and CEO Dan Akerson. The CEO also alluded to ongoing management changes and reorganizations, saying “we will not hesitate to act to make the business stronger” by replacing people who don’t deliver results, with no apparent awareness that U.S. taxpayers who still hold a large stake in the company could apply that dictum to him. Continue reading

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