Tag Archives: auto informed

A123 Recalls Lithium Ion Batteries Shipped to Fisker, Others

The $55 million recall comes after the well-publicized failure during testing of a Fisker Karma that was owned by Consumer Reports. A123, an investor in Fisker, lost almost $260 million in 2011. A123 received a $249.1 million grant from the Department of Energy to reopen plants in Livonia and Romulus, Mich., as well as money and tax credits from Michigan worth more than $100 million. The future of the company, which has never earned a profit, is not clear. Continue reading

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Milestones: 75 Million Bosch ESP Systems

Bosch pioneered this advanced safety technology, which is increasingly mandatory equipment under the constantly expanding global regulation of vehicles. According to studies, this active safety system can prevent up to 80% of all skidding accidents. Continue reading

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Honda Resumes Auto Production in Thailand

It took since last November to clean, inspect, repair and replace plant facilities and manufacturing equipment damaged by the flood. In the interim, Honda supplied automobiles from Japan to countries in the Asia Oceania Region that had production disrupted because of severe flooding – the worst in decades. Continue reading

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Toyota offers Protection from Lease Wear and Use Charges

Toyota Financial Services and Lexus Financial Services are introducing what is called an Excess Wear & Use (EWU) Protection Plan. The plan limits financial responsibility for items such as dings, dents, scratches, and missing parts or equipment when the lease … Continue reading

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Lockheed Martin Fined $15.85 Million for Taxpayer Rip-off

“It is troubling that a large defense contractor with long-established contractual ties with the United States failed to undertake appropriate measures to ensure the integrity and validity of the costs it submitted to the United States,” said Stuart F. Delery, Acting Assistant Attorney General for the Justice Department’s Civil Division. It is more troubling that seven years of fraud when revealed took another seven years for the Federal government to resolve. Continue reading

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Honda Recalls CR-V Models for Suspension Failure

The latest Honda safety recall came a month after Consumer Reports said that Subaru for the first time has earned the top score in automaker report cards for 2012. Honda, the winner for the past four years, slipped to fourth place among 13 major automakers behind Mazda and Toyota. Continue reading

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AIG Repays Taxpayers $1.5 Billion, Still Owes $45 Billion

During the financial crisis, overall support for AIG through Treasury and the Federal Reserve Bank of New York totaled approximately $182 billion. The remaining $45 billion investment consists of Treasury’s investment ($35.7 billion) for which it holds 1.248 billion shares of AIG common stock a whopping 70% of outstanding common stock. Then there is the Federal Reserve Bank of New York, which lent $9 billion to AIG. Continue reading

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Hyundai Recalls Some Sonata Hybrids for Seat Belt Defect, But Asks NHTSA to Ignore More than 13,000 in Customer Use.

NHTSA had no immediate comment on the request, which covers a center rear safety belt with a release mechanism that detaches both the lap and shoulder portion at the lower anchorage point. This design is legal for non-folding rear seats, but for the folding ones installed in the Sonata hybrid. NHTSA alerted Hyundai of the violation of federal regulations as part o its ongoing compliance testing. Continue reading

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Chevrolet TrailBlazer Debuts in Thailand. No U.S. Sales Planned

In the U.S., the TrailBlazer was discontinued after 2009, and replaced by the unit body Chevrolet Traverse, Buick Enclave, GMC Acadia and Saturn Outlook. A Chevrolet spokesperson told AutoInformed that no U.S. sales are planned at this time. Continue reading

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March U.S. Auto Sales Tracking 6% Higher than a Year Ago

he 2012 outlook for vehicle sales remains positive, as the first quarter selling rate is expected to come in at 11.6 million units for retail and 14.4 million units for total light vehicles. This sales tempo is ahead of the Power forecast for the full year of 11.4 million units for retail light-vehicles and 14.1 million units for total light vehicles. Continue reading

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Colorado Volt Buyers Eligible for $13,500 in Taxpayer Subsidies

The core environmental problem here is an economic one. The slow selling $40,000 Volt – even with subsidies – remains overpriced and not competitive in the marketplace. No wonder that the Volt plant in Michigan is currently down for five weeks. More troubling is the sales of the smaller Prius c hybrid. In the first three days since the small Prius c went on sale this month it sold 1,201 units, bypassing sales of the much more expensive – two times the price – Chevrolet Volt and Nissan Leaf for the entire month of February. Continue reading

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EU Automakers Protest Globalization as Trade Policy

Call it pragmatism or pure hypocrisy, but the Association of European Automakers – ACEA – is protesting trade negotiations to open markets. This is the so-called globalization that many – if not all- of its parent automaker companies previously used to break or weaken unions as they moved jobs away from their older, established manufacturing sites. Now, the effect of globalization is coming home to an impoverished European roost as the EU opens up formerly protected markets to developing countries, some of which produce automobiles. Management and remaining workers are in danger of losing their jobs this time. Continue reading

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Penske Automotive Group Expands to Northern Italy

Penske Automotive Group, Inc. (NYSE:PAG) has formed a joint venture with Andrea Mantellini, the operator of a BMW/Mini dealer group located in Bologna, Italy. The joint venture intends to acquire and operate dealerships in northern Italy, Penske said in a news release today. Mantellini will manage day-to-day operations of the business. Financial terms were not disclosed. Penske appears to be buying a premium brand and entry into the market at presumably fire sale prices. Continue reading

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Anti Nuke Group Protests Iran Business Ties of Mazda

Mazda is tied to the IRGC through its long-standing partnership with the Bahman Group, a Tehran-based manufacturing conglomerate that is licensed to manufacture Mazda vehicles. Bahman is 45.5% owned by the IRGC’s Sepah Cooperative Foundation, according to UANI. In 2010, Bahman produced a total of 36,891 Mazda vehicles in Iran. Continue reading

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Taxpayers Make Money on Treasury Bailout of Mortgages

While this is good news in a slowly recovering economy, taxpayers are still on the hook for billions upon billions advanced to Freddie Mac and Fannie Mae – up to $100 billion each in capital – to prop up their $5 trillion in outstanding mortgage debt, of which an unknown amount will never be repaid. Continue reading

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