Category Archives: results

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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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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European Makers Squeal Over Tough CO2 Targets Just Announced

Posted on 11 July 2012 by Ken Zino

It is not clear if the European auto industry has the political influence to modify the regulations in the face of strong and apparently growing (at least among regulators and some political parties) green sentiment in Europe. Continue reading →

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Milestones – 40 Million Ford Engines Produced at Dagenham

Posted on 11 July 2012 by Ken Zino

Production at Dagenham for Ford vehicles accounts for about 70% of Dagenham’s output, with the balance of more than 270,000 engines for Jaguar Land Rover, Mazda, PSA Peugeot Citroën and Volvo. Ford is in the process of phasing out its successful 12-year joint venture with Peugeot since PSA is now the process of establishing a global alliance with General Motors. All of these companies are hemorrhaging billions of dollars – or euros in Europe as the Eurozone crisis deepens. The British pound is helping Ford somewhat, but losses are projected to quadruple in Europe for the balance of 2012. Ford Europe lost $149 million in Q1, a -$449 million swing compared to 2011. 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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Airline On-Time Performance Improves in May

Posted on 10 July 2012 by Ken Zino

The largest airlines in the U.S. reported an on-time arrival rate of 83.4% in May, up from the 77.1% on-time rate of May 2011. This was down from April 2012’s 86.3% rate, according to the U.S. Department of Transportation’s Air Travel Consumer Report released today. Continue reading →

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Volvo Fined $1.5 Million for Not Reporting Safety Defects

Posted on 6 July 2012 by Ken Zino

Volvo – once known for its safety reputation – now has the dubious distinction of joining Toyota Motor and BMW Group in paying penalties for not reporting defects or violations of U.S. regulations. Volvo will pay the fines into the General Fund of the U.S. Treasury; they will not go toward enforcement of U.S. Safety regulations. 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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Louis Dreyfus Energy Pays $4 Million for ‘Stealing’ Natural Gas

Posted on 3 July 2012 by Ken Zino

Louis Dreyfus Energy Services has paid the United States $4,084,000 to settle allegations that it violated the False Claims Act by failing to pay money owed on natural gas acquired from the Department of the Interior, which is to say U.S. taxpayers. 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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Blower Bentley Sets £4.5 Million Auction Record

Posted on 2 July 2012 by Ken Zino

Sir Henry ‘Tim’ Birkin’s 4.5-liter supercharged Bentley race car sold for £4.5 million when auctioned at the Goodwood Festival of Speed. In March 1932, Birkin set a record 137.96 mph at the Brooklands in the United Kingdom. Continue reading →

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NTSB Blames Jack Roush in 2010 Oshkosh EAA Crash

Posted on 29 June 2012 by Ken Zino

A National Transportation Safety Board investigation into the crash that seriously injured pilot Jack Roush at EAA AirVenture 2010 said that Roush, long time Ford Supplier and racing team owner, let his Hawker Beechcraft 390 jet stall during an attempted go-around. Continue reading →

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Consideration of European Cars Up in China. Japanese Down

Posted on 29 June 2012 by Ken Zino

The percentage of customers in China who intend to purchase a new European vehicle has increased notably to 35% in 2012 from 25 percent in 2009, in a new study just released. In contrast, the so-called consideration rate of Japanese models decreased to 24% in 2012 from 32% in 2009. Continue reading →

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