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Tag Archives: auto informed
Japanese Top CR Reliability Survey Again. Ford, Lincoln Plummet
Toyota Motor Corporation’s three brands – Scion, Toyota, and Lexus took the highest places in the latest reliability survey released today at the Automotive Press Association in Detroit. The Toyota brands were followed by four other Japanese makes: Mazda, Subaru, Honda, and Acura, respectively. All of the models produced by the top seven Japanese brands had average or better reliability according to Consumer Reports, based on a survey of 800,000 owners who reported on 1.2 million vehicles up to ten years old. Of the 90 Japanese models reflected in the Consumer Reports brand comparison, 86 were average or better, with 35 earning the highest rating. Continue reading
GM and BMW Diagnostic Tool Counterfeiter Arrested in Virginia
The seller of Chinese-built counterfeit tools was indicted yesterday by a federal grand jury in the Eastern District of Virginia for alleged participating in a conspiracy to sell U.S. consumers more than $3 million worth of counterfeit General Motors (GM) and Bavarian Motor Works (BMW) automotive diagnostic tools, electronic keys and fobs. Continue reading
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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Daimler Posts Q3 Profit of €1.2 Million, a €155 Million Drop
The Eurozone crisis expanded into Germany in Q3 as Daimler AG (DAI) posted Group earnings of €1,921 million, off from Q3 in 2011at €1,968 million. Net profits for the period were €1,205 million (Q3 2011: €1,360 million), leading to declining earnings per share of €1.03 (Q3 2011: €1.21). Daimler sold 528,600 cars and commercial vehicles worldwide in Q3, surpassing the prior-year total by 1%. Revenue of €28.6 billion was 8% above the prior-year level. Adjusted for changes in currency exchange rates, the increase amounted to only 3%. As a result, of the weakened results and prospects for the future, Daimler said that it will not match 2011’s earnings. Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars tried to be optimistic in a statement: “Considering the significantly more difficult market conditions, Daimler achieved good earnings in the third quarter.” The earnings release was sent out ahead of schedule because of the accidental issuing of an e-mail. Continue reading
Porsche Q3 Profit up 23% to €1.88 billion with +18% Margins
In spite of the ongoing Eurozone crisis – where regional unemployment could reach 25% this year, Porsche has benefited from the unequal distribution of wealth among the rich who like expensive automobiles, and from its ongoing internationalization. Continue reading
Posted in auto news
Tagged auto informed, autoinformed.com, automotive news, Ken Zino, Porsche q3
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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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2014 Corvette Sticks with A Revised LT1 V8 Engine
When Chevrolet Corvette arrives late next year, most of the sports car will be all new, but not the 6.2L V8 engine. The latest Corvette LT1 engine, the first of the so-called Gen 5 family of Small Block engines, combines several advanced technologies, including direct injection for the first time, cylinder fuel shut off and continuously variable valve timing to support an advanced combustion system. Zero-to-60 mph times of less than four seconds are predicted for the base car. The new LT1 is the third engine in the Corvette’s history to be so-named, with previous versions introduced in 1970 (Gen 1) and 1992 (Gen 2). Continue reading
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
