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Category Archives: results
Ford Extends Its $9 billion Revolving Credit Line with Lenders
In a separate transaction, Ford announced its first renminbi-denominated bond issue aimed at RMB investors in Hong Kong, Singapore and elsewhere outside the United States, with total proceeds of RMB 1 billion or about USD $158 million. Ford is losing money in the Asia-Pacific region. In the fourth quarter of 2011, Ford Asia Pacific Africa reported a pre-tax operating loss of $83 million, compared with a profit of $23 million a year ago. Continue reading
Posted in auto news, economy, financial results
Tagged auto informed, autoinformed.com, automotive news, ford bonds, ford debt, ford dividend, ford motor, Ken Zino, renminbi, rmb
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February Car Sales Drop 10% as Eurozone Crisis Goes On
The dismal sales data, which has potential implications for the U.S. presidential election since all the Detroit Three companies are mired in losses from their European operations and previous taxpayer assistance remains controversial, confirmed what ACEA President Sergio Marchionne, the CEO of Fiat S.p.A. said two weeks ago. Continue reading
Posted in auto news, economy, marketing, results, sales
Tagged acea, auto informed, autoinformed.com, automotive news, eu sales results, eurozone, february sales, Ken Zino
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BizJet Pays $11.8 M Fine under Foreign Corrupt Practices Act
BizJet International Sales and Support will pay an $11.8 million criminal penalty to resolve charges under the Foreign Corrupt Practices Act for bribing government officials. The Tulsa, Oklahoma-based aircraft maintenance company with links to Lufthansa was under investigation by the Department of Justice for bribing government officials in Latin America to secure contracts to perform aircraft services for government agencies. Continue reading
Posted in aviation, litigation, news, news analysis, people, results, transportation
Tagged auto informed, autoinformed.com, automotive news, bizjet, doj, Foreign Corrupt Practices Act, Ken Zino, Lufthansa
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Ally Squeals after Flunking New Fed Capital Stress Test
Taxpayers still own more than 70% of Ally, with the owner – the Fed – saying it does not have enough capital to endure a theoretical recession that would produce an unemployment rate of 13% percent, a 21% drop in housing prices and as economic slowdowns in Europe and Asia. This admittedly severe test – surpassing even the Bush Administration’s dismal record of economic stewardship – may or may not be anything more than an academic exercise.
In what I take to be a gratuitous insult to taxpayers, Ally said, “Further, the Federal Reserve has not objected to the ongoing payments of preferred dividends and interest on the trust preferred securities and subordinated debt.”
Darn right we expect you to pay interest on the loans. Continue reading
Volkswagen Group Posts Record 2011 Results – €11.3 billion
Consolidated operating profit rose to a record €11.3 billion, an improvement of €4.1 billion compared with 2010. This profit does not include the Group’s €2.6 billion (€1.9 billion) share of the operating profit of its communist-government-required Chinese joint ventures. These companies are accounted for in the financial result, which rose by €5.8 billion to €7.7 billion last year. Operating margin improved from 5.6% to 7.1%. Continue reading
Posted in auto news, financial results, results
Tagged auto informed, autoinformed.com, automotive news, Ken Zino, martin winterkorn, results, vw, vw group
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Focus Electric Approved for $10,000 in Taxpayer Handouts
The California Environmental Protection Agency’s Air Resources Board (CARB) has dictated that owners of the new 2012 Ford Focus Electric can drive in high-occupancy vehicle (HOV) lanes. Owners also will be able to receive up to $10,000 in tax credits between the state’s new $2,500 rebate and a $7,500 federal tax incentive – both funded by taxpayers at a time of soaring deficits. Critics call this socialism for the rich. These subsidies appear to be crucial for sales success of the Focus Electric. Without them, the car lists starting at $39,995. This means a typical payment to buy the compact car – with $4,000 down – is almost $800 per month for 48 months at Ford’s 7% interest rate. The gasoline-fueled Focus starts at just over $17,000. Continue reading
Posted in alternative fuels, auto news, electric vehicles, environment, fuel economy or emissions, new vehicle, news analysis, transportation
Tagged auto informed, autoinformed.com, automotive news, carb, focus electric, hov lanes, insight, Ken Zino, leaf, mpge, prius, taxpayer subsidies, volt
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NHTSA Investigating Ford Taurus Runaway Throttle Complaints
Complaints allege engine speeds as high as 4,000 RPM after shifting into Park or Neutral. Some complaints report that it was difficult to slow the vehicle with the brakes during the incident and one report indicated that when the car was finally stopped, it was partially in an intersection after going through a red light. Continue reading
Airlines Profitable as Passenger Fees Continue to Rise
As part of their third-quarter revenue, the airlines collected almost a billion dollars – $898 million – in baggage fees and $603 million from reservation change fees from July to September 2011. Baggage fees and reservation change fees are the only ancillary fees paid by passengers that are reported to BTS as separate items. Other fees, such as revenue from seating assignments and on-board sales of food, beverages, pillows, blankets, and entertainment are reported in a different category with other items and cannot be identified separately. Continue reading
Unemployment Unchanged in February as Politicians Blather
Alan B. Krueger – Chairman of the Council of Economic Advisers and an employee of President Obama – said, “Today’s employment report provides further evidence that the economy is continuing to heal from the worst economic downturn since the Great Depression. It is critical that we continue the economic policies that are helping us dig our way out of the deep hole that was caused by the recession that began at the end of 2007, including measures to help the sectors that were most severely harmed by the bubble economy that misdirected investment and created too few durable jobs.”
Critics said only the fact that Krueger issued the statement electronically prevented his nose from growing longer while delivering it. Continue reading
Posted in economy, fools 'n frauds, news, news analysis, people, results
Tagged auto informed, autoinformed.com, automotive news, great recession, Ken Zino, unemployment
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Volkswagen Group February Sales Up 15%, Europe Weak at 1%
Still, executives are cautious. “We are very satisfied with the Group’s noticeably positive performance. However, we will remain vigilant over the coming months in spite of this clear upward trend and are keeping a very close eye on the markets – especially in Western Europe,” said Christian Klingler, Group Board Member for Sales, in Wolfsburg on Friday. Continue reading
Posted in auto news, marketing, results, sales
Tagged auto informed, autoinformed.com, automotive news, china, eurozone, february sales, Ken Zino, results, volkswagen group
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BMW Group Posts Best Year in History – Ups Dividend
Strong sales of sport utility vehicles and luxury cars, the booming China market and cost cutting were all factors in the blowout year. The BMW Group continues to contradict the conventional wisdom that scale is required to succeed in the global auto industry, since it operates largely in premium segments or gets a premium for its products in other segments. Continue reading
EPA Says Fuel Economy at Record High, CO2 at Record Low
One giant caveat here: The EPA window sticker rating is not the same as the EPA CAFE rating used by automakers. As a general rule window sticker ratings are 25% lower than the numbers used for CAFE compliance. Moreover, the sticker ratings have been adjusted downward in recent years after drivers complained they were too optimistic. Continue reading
Posted in auto news, fuel economy or emissions, news analysis
Tagged auto informed, autoinformed.com, automotive news, cafe, dot, epa, fuel economy, Ken Zino
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Ford China Sales Up 28% in February, But Down 15% YTD
The new Focus, built at Changon 2 is the first of 15 new or revised models due from Ford China by 2015. If the downward sales trend continues, Ford Motor will be in financial trouble because three additional new manufacturing facilities are scheduled to open by the end of 2013. Continue reading
Posted in auto news, marketing, news analysis, results, sales
Tagged auto informed, autoinformed.com, automotive news, changon ford, chinese auto industry, ford china, gm china, Ken Zino, results
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Corrosion Recall Covers More than 265,000 Jeep Liberty SUVs
The suspension failure investigation was upgraded by NHTSA to a more serious engineering analysis covering 2004 and 2005 models last September. It appears from publicly available documents that Chrysler resisted the recall, doing so only after a meeting with safety regulators in February. The recall to replace all the suspension arms is expected to begin in April. Continue reading
Posted in auto news, engineering, quality, recalls, safety
Tagged auto informed, autoinformed.com, automotive news, jeep recalls, Ken Zino, liberty recalls, nhtsa, recalls
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Toyota Recalls Almost 700,000 Vehicles in U.S. for Camry, Venza and Tacoma Electronic Faults
The latest quality gaffs can cause vehicle no-starts, failed stoplights, stuck transmission gear levers as well as warning lights going off, and airbags not going off in three separate high-volume vehicle lines. Continue reading
Posted in auto news, quality, recalls, safety
Tagged auto informed, autoinformed.com, automotive news, camry recalls, Ken Zino, nhtsa, tacoma recalls, toyota recalls, venza recalls
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