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Category Archives: economy
U.S. Auto Sales to Continue Upward in Latest November Forecast
November U.S. auto sales for new retail vehicles are now predicted at 931,900 cars and light trucks, a 14% bump up year-over-year, which would mean a seasonally adjusted annualized rate or SAAR of 12.9 million units. If accurate, November would see the highest retail rate for the auto industry since January 2008, before the corrupt practices of Wall Street collapsed the global economy and caused the Great Recession alter that year. Retail transactions are said to be the most accurate measurement of true underlying consumer demand for new vehicles. Continue reading
Posted in auto news, economy, sales
Tagged auto informed, autoinformed.com, automotive news, j.d power, Ken Zino, november sales
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EU Car Sales Continue to Evaporate in October – Off -5%
The economic decline of the European Union continued in October as sales of new passenger cars contracted by 5% to 959,412 compared to October of 2011. It was the thirteenth straight month of sales declines across the economically embattled Eurozone as the trade bloc comprised of 27 bickering nations is unable to move out of the economic doldrums. Continue reading
Posted in auto news, economy, news analysis, sales
Tagged auto informed, autoinformed.com, automotive news, chrysler europe, eu, eu sales, eurozone, fiat europe, ford Europe, gm europe, Ken Zino
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Bailout Benefits Multiply as Chrysler adds 1,250 Detroit Area Jobs
Chrysler Group will invest nearly $240 million to increase engine capacity and add about 1,250 new jobs at several southeastern Michigan plants. In the latest example of the ongoing wealth creation, that was a direct result of the Obama Administration’s forced bankruptcy reorganization of Chrysler and General Motors, CEO Sergio Marchionne said, “All of these investments are the direct result of a lot of people who have battled courageously to bring Chrysler back to a state of growth. Continue reading
Posted in auto news, economy, manufacturing, news analysis
Tagged auto informed, autoinformed.com, automotive news, chrysler group, Ken Zino, mack engine, warren truck
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54.5 in 2025 Subject of Critical CAR CAFE Seminar
The Center for Automotive Research will examine the implications for product development of the 54.5 mpg CAFE fuel mandate that is now a federal regulation. Currently, estimates for the cost of compliance range from zero to $10,000 per vehicle for what is a difficult engineering task that has become – once again and as always – an ideological battleground, with posturing from automakers, regulators and pressure groups. The ability of product development engineers and their auto companies to meet the new standards and/or garner credits to offset some vehicle shortfalls will determine the type of vehicle you can buy, and how much you will pay for it. With safety regulations already on the books potentially adding thousands to the cost of a new vehicle, the social implications for automobility are serious; Moreover, if the implementation of CAFE regulations goes badly it could damage one of the U.S.’s best wealth and job creating industries at a time when growth is desperately needed. Continue reading
Posted in auto news, economy, engineering, environment, news analysis
Tagged 54.5, auto informed, autoinformed.com, automotive news, cafe, cafe seminar, car, Ken Zino
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American Suzuki Bankrupt. North American Sales to Cease
American Suzuki Motor Corporation is seeking Chapter 11 bankruptcy protection for its U.S. auto business with the intention of ceasing the sale of vehicles in the U.S. In October of 2012, Suzuki sold just 2,039 of small cars and light trucks or 0.018 % of the U.S. retail auto market. Continue reading
Ally Financial Repays $2.9 Billion of FDIC Debt
Ally Financial today announced it has repaid $2.9 billion in debt issued under the FDIC’s Temporary Liquidity Guarantee Program (TLGP). The bank holding company issued this debt on 30 October 2009 with a maturity date of 30 October 2012. The final Ally debt guaranteed under the TLGP will be repaid in December 2012 and totals $4.5 billion. Continue reading
Posted in auto news, economy, milestones, news analysis, results
Tagged ally financial results, auto informed, autoinformed.com, automotive news, fdic, Ken Zino, tarp
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General Motors Posts Q3 Profit of $1.5 Billion, off -$200 Million. Ideologues Out in Full Force for Halloween and the Election
General Motors Co. (NYSE: GM) today announced third quarter net income of $1.5 billion, a drop of -$200 million from the same period in the prior year. This works out to $0.89 per share including special items, which reduced net income by $100 million and cut earnings per share by $0.04. In the third quarter a year ago, GM’s net income was $1.7 billion or $1.03 per share. The results represent a turnaround especially in view of Q1 of 2009 when GM lost almost -$10 per share.
In spite of wild claims – critics say deliberately false – from the repudiated Republican right about the auto bailout, GM is not going bankrupt. GM’s debt-to-equity ratio is only 25% of the overall auto industry average, and it now has more than $37 billion in liquidity. GM in the context of the current travails of the global auto industry is performing reasonably well. Continue reading
Ford Motor Posts $1.6 Billion Profit in Q3. Europe Loses $468 Million
Ford Motor Company said today that Q3 profits were $1.6 billion based on revenues of $32.1 billion. Q3 pre-tax profit was $2.2 billion, or 40 cents per share, an increase of $200 million from Q3 2011. Ford Credit reported a pre-tax profit of $393 million, a decrease of $188 million from third quarter 2011. The positive results, as they have for years now, came almost entirely from North America, which achieved its highest quarterly profit, pre-tax $2.3 billion and operating margin 12%, since 2000 when the Ford Motor started reporting the region as a separate business unit. Continue reading
Posted in auto news, economy, financial results, news analysis, results
Tagged auto informed, autoinformed.com, automotive news, ford motor q3 2012, Ken Zino
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October U.S. Sales Forecast Sunny at more than 12 million SAAR
New-vehicle retail sales in October are forecast at 943,200 units, a 13% increase in volume compared with October 2011. This works out to a seasonally adjusted annualized rate or SAAR of 12 million new cars and light trucks. If true, October will be the second consecutive month above 12 million units, the first time since April and May 2008 before the Great Recession set in. Continue reading
Posted in auto news, economy, marketing, results, sales
Tagged auto informed, autoinformed.com, automotive news, j.d power, Ken Zino, october u.s. sales
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Presidential Run Gets Uglier – Labor Ads “Romney a Traitor”
The United Auto Workers Union among other labor groups is applauding and promoting new advertisements that call presidential candidate Mitt Romney an economic traitor who desecrated teh American flag. The ads – both television and online were unveiled today by a front group called Workers’ Voice and Patriot Majority Continue reading
Posted in auto news, economy, fools 'n frauds, labor issues, marketing, news, news analysis, people
Tagged auto informed, autoinformed.com, automotive news, bain capital, china, Ken Zino, mitt romeny, outsourcing, sensate plant
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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
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
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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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
