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Monthly Archives: October 2012
Ford to Shut Genk as part of latest European Turnaround Plan
Ford Motor Company today announced it will close the Genk industrial complex as part of a trimming of its Europe manufacturing facilities under its latest European turnaround plan to return the cash hemorrhaging subsidiary to profitability. Continue reading
French Government Backs €7B in PSA Peugeot Citroën Debt
The French State will provide up to €7 billion in refinancing guarantees for new bond issues during the 2013-2015 period. It is the latest example of a taxpayer bailout of an ailing auto company facing increasingly limited credit options in the private capital markets, if they now exist at all. The subsidy is subject to EU approval by the Competition Commission in Brussels, and is vehemently opposed by the German state of Lower Saxony, the second largest owner of VW, the largest automaker in Europe by far. Continue reading
Honda Hybrid Sales Top 1 Million. 3M More to Catch Toyota
Honda Motor Company said today that worldwide sales of hybrid vehicles have now surpassed 1 million units. This milestone was reached at the end of September after the start of sales of the first generation Insight in Japan during November 1999. At the time, Insight fuel economy was rated at 35km/liter, then the world’s highest fuel efficiency among all mass-production gasoline-powered vehicles. Continue reading
NADA Chairman Says Automakers Use Unfair Business Practices
The new chairman of the National Automobile Dealers Association, Bill Underriner, said today that automakers need to stop intruding into dealerships. After noting the Tigers are back in the World Series at the Automotive Press Association in Detroit, he said there’s “good energy here. The auto industry is doing its part to lead the economic recovery. But we still have a long way to go – not just here but all around the country. Auto sales are up, but financial pressures are too…especially on dealerships.” Continue reading
Posted in auto news, marketing, news analysis, people, sales
Tagged apa, auto informed, autoinformed.com, automotive news, bill underriner, Ken Zino, nada, two-tier pricing
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Ally Financial Sells Its Canadian Auto Financing Business
Notably absent as buyers were Ford Credit and General Motors. Ally has other international operations in Europe and Latin America on the block, and GM has submitted a bid for the business. Ally expects to announce the buyer after the U.S. Presidential election next month. Continue reading
Ford Credit CEO Mike Bannister Retires. Bernard Silverstone Succeeds
Ford Motor Company today announced that Mike Bannister, executive vice president and chairman and CEO of Ford Motor Credit Company, has elected to retire effective 1 January 2013, after 39 years of service. Bannister, 62, will be succeeded by Bernard Silverstone, 56, who is being named group vice president and chairman and CEO of Ford Motor Credit Company. Continue reading
Posted in auto news, news, people
Tagged auto informed, autoinformed.com, automotive news, bernard silverstone, ford credit, Ken Zino, mike banister
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BMW to Build a Car Plant in Brazil Prompted by Tough Legislation
The BMW Group plans to build a new auto plant in Brazil, based on the government’s new industrial policy under the so-called “Inovar Auto” legislation just adapted. The hard-nosed legislation strictly limits the amount of money that can be counted toward local content, imposes tariffs and requires specific R&D and production investments as a percentage of sales that increase from now until 2017. It is the latest example of protecting a local auto industry against pillaging by global companies in the view of supporters. Critics counter that consumers will pay higher prices. Continue reading
Posted in auto news, economy, news, news analysis
Tagged auto informed, autoinformed.com, automotive news, BMW, bmw motorrad, brazil, industrial policy, inovar auto, Ken Zino
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VW Taigun, Nissan Extrem Mini SUVs Unveiled in São Paulo following the Intro of the Production Chevrolet Trax at the Paris Motor Show
Volkswagen has shown a Taigun concept that looks to be the final design for its new family of VW, Seat and Skoda mini SUVs or crossover vehicles ahead of the 2012 São Paulo International Motor Show in Brazil alter this week. Nissan, too, is showing a mini SUV, Extrem, in Brazil. Both introductions follow the debut of the Chevrolet Trax at the 2012 Paris Motor Show. Mini SUVs are predicted to be one of the fastest growing segments in the global market. Whether that applies to the U.S. will be explored next year by Buick with its tiny Encore crossover – 166 inches or 4216 mm in overall length – Buick’s second foray into crossover land. Continue reading
Next Generation Chevrolet Silverado Pickup to Debut in December
Chevrolet will unveil what is calling the all-new Silverado 1500 full-size pickup on 13 December at a special event in the Detroit area. In a release, Chevy claimed, “bold exterior design of the new Silverado reflects the enhanced capabilities of the truck while features such as jewel-like, projector beam headlamps showcase the careful attention given to every detail.” Presumably, this also means a “bold new grille.” Continue reading
Posted in auto news, design and styling, new vehicle, sales
Tagged auto informed, autoinformed.com, automotive news, chevrolet silverado, Ken Zino, naias
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Toyota to Buy Cascade Corporation, a Leader in Materials Handling
Toyota Industries Corporation (Tokyo Stock Exchange: 6201) (“TICO”) and Cascade Corporation (NYSE: CASC) (“Cascade”) today announced that they have entered into an agreement under which TICO will acquire 100% of the shares of Cascade for $65 per share in cash. The transaction is valued at $759 million in the tender offer. The purchase price is a 23% percent premium over Cascade’s volume-weighted average share price for the last 60 days. No wonder, the buyout has been unanimously approved by the Boards of Directors of both TICO and Cascade. Continue reading
Magna International Loses Bid for New Infiniti Compact Car
Magna International said today that Nissan Motor will make a new premium compact Infiniti car itself rather than use a Magna Steyr plant in Graz, Austria in 2014. The Infiniti deal, first announced last May, would have represented the first Japanese car ever assembled by the giant Canadian-based auto components company whose largest operations are in Europe. Continue reading
Posted in auto news, manufacturing, new vehicle, news analysis
Tagged auto informed, autoinformed.com, automotive news, infiniti, Ken Zino, magna, magna steyr, nissan
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Stefan Jacoby Out at Volvo Car. Håkan Samuelsson new CEO
The Board of Directors of Volvo Car Group has appointed Håkan Samuelsson as its new President & CEO effective immediately, the Chinese owned company said today. Stefan Jacoby will leave Volvo Car Group and the board. Continue reading
Posted in auto news, financial results, news analysis, people
Tagged auto informed, autoinformed.com, automotive news, china, eu, Ken Zino, Volvo car
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Next Generation 2014 Corvette to Debut at NAIAS in Detroit
Chevrolet today said that the seventh-generation Corvette will debut on Sunday evening, 13 January 2013, in Detroit. A new “Crossed Flags” logo was unveiled at Road Atlanta, where Corvette Racing celebrated a sweep of the 2012 production-based American Le Mans Series GT championships. Taxpayers who currently hold 32% of a reorganized General Motors might be interested to know that more than 100 variations were considered before the final design for the C7 Corvette was selected. Continue reading
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Ally Financial to Sell Mexican Insurance Business
Ally Financial today announced that it has reached an agreement to sell its Mexican insurance business, ABA Seguros, to the ACE Group, one of the world’s largest multi-line property and casualty insurers. ABA Seguros is the fourth largest insurer in the Mexican auto insurance market, and the transaction has a purchase price of $865 million in cash.
The latest move to fix the balance sheet of the former finance arm of General Motors comes a week after the announcement that Ally will make a payment of approximately $134 million, or $1.125 per share, to the U.S. Treasury next month. U.S. taxpayers have invested $17.2 billion in keeping Ally in business as a bank holding company after improvident home mortgages made it bankrupt under the Bush market crash. Continue reading
Milestones: 25 years of Volvo Airbags
The airbag has been a standard feature in all cars for several years now, but in the early days both the technology and its reliability created intense debate with safety advocates and government regulators ignoring the very real problems earlier designs had. The problem in the U.S. was largely caused by Joan Claybrook and other advocates and legislators who sold the idea of the airbag as eliminating the need for unpopular safety belts and belt interlock system.
In spite of extensive crash test data from Ford and General Motors, among others, showing that the regulation proposed in 1984 and effective in 1987 required a too powerful explosion to protect an unbelted 170-pound male without hurting smaller stature people the law went ahead. Regulators and politicians simply ignored the engineers. Dead drivers and passengers, some of them decapitated, were the grisly result until the regulations were rewritten as field results came in – dead on arrival so to speak. Continue reading
Posted in auto news, fools 'n frauds, milestones, safety
Tagged airbags, auto informed, autoinformed.com, automotive news, joan claybrook, Ken Zino, killer airbags, nhtsa
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