Category Archives: news analysis

Ford India Expands Chennai Engine Plant

Posted on 17 July 2012 by Ken Zino

Ford India today announced it has completed the expansion of its Chennai engine plant, increasing annual engine production capacity 36% to 340,000. The additional capacity of 80,000 diesel engines helps meet increasing demand for diesel powertrains in India as well as export markets. The expansion, which Ford hopes will be ongoing, led to the hiring of 200 employees. Continue reading →

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Ford Europe Sales Plummet in June

Posted on 13 July 2012 by Ken Zino

Ford Europe sales in June dropped 16.1% to 100,400 units, with a declining market share of 7%, as the Eurozone crisis continues unabated. In a statement, Ford said that it would not match “heavy competitive discounting” by its already loss making European operations. Continue reading →

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PSA Peugeot Citroën to Reorganize, Close Aulnay Plant

Posted on 13 July 2012 by Ken Zino

Philippe Varin, Chairman of the PSA Peugeot Citroën Managing Board has told the works council that the loss-making French automaker will close the Citroën C3Aulnay plant in 2014, and trim production at Rennes, which makes the Peugeot 508 and Citroën C5 and C6. More than 4,400 jobs are affected. Work in other plants could absorb 1,500 of the displaced workers in the local Paris area. The company will also pursue voluntary separations of its corporate workforce. Continue reading →

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EU Pols Say Tough New CO2 Limits Will Create Auto Jobs

Posted on 12 July 2012 by Ken Zino

As part of the proposal adopted yesterday by the European Commission to limit drastically CO2 emissions from cars and light commercial vehicles, there were claims made that it makes economic sense. Continue reading →

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More Jobs to Asia as Private Equity Owned Stant Buys Pyongsan

Posted on 12 July 2012 by Ken Zino

H.I.G. Capital, a private equity firm that owns Stant Corporation, says Stant has acquired a majority interest in Pyongsan-FT. The new manufacturing company will be renamed Stant Korea Corporation. The JV will produce fuel filler tubes in South Korea for the Korean and Asian markets. Continue reading →

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Ford Motor Company Declares $0.05 Q3 Dividend

Posted on 12 July 2012 by Ken Zino

The move comes as Ford shares are trading just above $9 a share, down from a 52 week high of $13.44. On an annualized basis, this represents a return of about 2%, which makes Ford look like a relative bargain in a market awash in Federal Reserve printed dollars and, as a result, record low interest rates for speculators and borrowers. Continue reading →

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Used Vehicle Sales Decline in June, But Franchise Sales Grow

Posted on 11 July 2012 by Ken Zino

The U.S. auto sales industry sold 4,382,519 used vehicles in June, down 2.48% compared to a year ago. This contrasts to new vehicle sales of 1.3 million cars and light trucks, which once again begs the question if new vehicle prices are too high and driving people out of the market? About 80% of U.S. workers commute to work in a car or truck. Continue reading →

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June Auto Sales Soar with Mixed Results for Detroit Three

Posted on 3 July 2012 by Ken Zino

Sales of new cars and light trucks in June increased 22% from the same period a year ago, as the auto industry delivered almost 1.3 million vehicles for the month. On a seasonally adjusted annual basis or SAAR, this meant that the industry-selling rate continues to be more than 14 million units for five of the six months of 2012, resulting in sales of more than 7.2 million vehicles year-to-date. The slowly recovering auto market presented mixed but arguably positive results for the Detroit Three. Continue reading →

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Toyota Adds 150,000 Lexus Models to Deadly Floor Mat Recall. NHTSA Says Filing Lacks Required Info. Another Cover-up?

Posted on 2 July 2012 by Ken Zino

In Toyota’s carefully worded latest filing with NHTSA, Toyota U.S. said, “the accelerator pedal can get stuck in the wide open position due to its being trapped by an unsecured or incompatible driver’s floor mat.” NHTSA in acknowledging this terse and incomplete notification said that it lacked much of the required information under U.S. safety regulations. The Toyota report is missing the required chronology of events that were the basis for its decision to conduct an expanded safety recall, including a summary of all warranty claims, field or service reports, and other information, with their dates of receipt. Continue reading →

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BMW Group and Toyota Motor Expand Collaboration

Posted on 29 June 2012 by Ken Zino

Akio Toyoda, President of Toyota Motor Corporation, met today with Norbert Reithofer, Chairman of the Board of Management of BMW AG, at the BMW Group headquarters in Munich to announce the planned expansion of their existing cooperation that started last year. Continue reading →

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Pratt & Whitney of United Technologies Guilty of Criminal Charges for Helping China Develop a Military Attack Helicopter

Posted on 28 June 2012 by Ken Zino

Pratt & Whitney Canada, a Canadian subsidiary of the Connecticut-based defense contractor United Technologies Corporation, today pled guilty to violating the Arms Export Control Act and making false statements in connection with its illegal export to China of U.S.-origin military software used in the development of China’s first modern military attack helicopter, the Z-10. Continue reading →

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Automakers Protest EU Korean FTA Deal is One Sided

Posted on 28 June 2012 by Ken Zino

European automakers are protesting that EU-South Korea FTA one year later has resulted in massive increases for Korean exports of passenger cars, yet only relatively modest gains for the EU auto industry. The European Automobile Manufacturers Association (ACEA) took the opportunity of the first anniversary of the Korean FTA coming on 1 July to draw attention to what it called an “unbalanced situation.” Continue reading →

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Tesla Motors Delivers First Model S EVs at $100,000

Posted on 25 June 2012 by Ken Zino

Tesla Motors delivered its first electric Model S sedan over the weekend at its factory in Fremont, California. The financially challenged company – it has never earned a profit – says it will build 5,000 electric vehicles by the end of 2012, followed by 20,000 cars in 2013. Tesla claims it has already received more than 10,000 reservations worldwide for Model S. Continue reading →

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Toyota France to Export Yaris to North America in 2013

Posted on 22 June 2012 by Ken Zino

Toyota Motor Manufacturing France announced today that as of May 2013, it will start building the Yaris compact car for export to the United States of America, Canada and Puerto Rico. The annual export volume is about 25,000 units. The surprising move is both a hedge against the strong Japanese Yen that makes exports form the land of the rising sun unprofitable, as well a defensive capacity move against the ongoing collapse of the Western European economy that has seen car sales plummet for five straight years with no end to the decline in sight. Continue reading →

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Treasury and Education Departments Tout Higher Education

Posted on 22 June 2012 by Ken Zino

A new report released today by the U.S. Department of the Treasury with the U.S. Department of Education looks at the economic case for higher education. The election year maneuvering comes as President Obama calls on Congress to keep interest rates low for the 7.4 million borrowers who are expected to take out subsidized Federal student loans next year. Federal financial aid now represents 55% of all financial aid to undergraduates at two- and four-year institutions. Auto companies are struggling to hire engineers, particularly in electronics and telematics fields. Continue reading →

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