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Tag Archives: automotive news
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
Next Generation Chevrolet Silverado Pickup to Debut in December
Chevrolet will unveil what is calling the all-new Silverado 1500 full-size pickup on 13 December at a special event in the Detroit area. In a release, Chevy claimed, “bold exterior design of the new Silverado reflects the enhanced capabilities of the truck while features such as jewel-like, projector beam headlamps showcase the careful attention given to every detail.” Presumably, this also means a “bold new grille.” Continue reading
Posted in auto news, design and styling, new vehicle, sales
Tagged auto informed, autoinformed.com, automotive news, chevrolet silverado, Ken Zino, naias
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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
Magna International Loses Bid for New Infiniti Compact Car
Magna International said today that Nissan Motor will make a new premium compact Infiniti car itself rather than use a Magna Steyr plant in Graz, Austria in 2014. The Infiniti deal, first announced last May, would have represented the first Japanese car ever assembled by the giant Canadian-based auto components company whose largest operations are in Europe. Continue reading
Posted in auto news, manufacturing, new vehicle, news analysis
Tagged auto informed, autoinformed.com, automotive news, infiniti, Ken Zino, magna, magna steyr, nissan
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Stefan Jacoby Out at Volvo Car. Håkan Samuelsson new CEO
The Board of Directors of Volvo Car Group has appointed Håkan Samuelsson as its new President & CEO effective immediately, the Chinese owned company said today. Stefan Jacoby will leave Volvo Car Group and the board. Continue reading
Posted in auto news, financial results, news analysis, people
Tagged auto informed, autoinformed.com, automotive news, china, eu, Ken Zino, Volvo car
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Ally Financial to Sell Mexican Insurance Business
Ally Financial today announced that it has reached an agreement to sell its Mexican insurance business, ABA Seguros, to the ACE Group, one of the world’s largest multi-line property and casualty insurers. ABA Seguros is the fourth largest insurer in the Mexican auto insurance market, and the transaction has a purchase price of $865 million in cash.
The latest move to fix the balance sheet of the former finance arm of General Motors comes a week after the announcement that Ally will make a payment of approximately $134 million, or $1.125 per share, to the U.S. Treasury next month. U.S. taxpayers have invested $17.2 billion in keeping Ally in business as a bank holding company after improvident home mortgages made it bankrupt under the Bush market crash. Continue reading
Milestones: 25 years of Volvo Airbags
The airbag has been a standard feature in all cars for several years now, but in the early days both the technology and its reliability created intense debate with safety advocates and government regulators ignoring the very real problems earlier designs had. The problem in the U.S. was largely caused by Joan Claybrook and other advocates and legislators who sold the idea of the airbag as eliminating the need for unpopular safety belts and belt interlock system.
In spite of extensive crash test data from Ford and General Motors, among others, showing that the regulation proposed in 1984 and effective in 1987 required a too powerful explosion to protect an unbelted 170-pound male without hurting smaller stature people the law went ahead. Regulators and politicians simply ignored the engineers. Dead drivers and passengers, some of them decapitated, were the grisly result until the regulations were rewritten as field results came in – dead on arrival so to speak. Continue reading
Posted in auto news, fools 'n frauds, milestones, safety
Tagged airbags, auto informed, autoinformed.com, automotive news, joan claybrook, Ken Zino, killer airbags, nhtsa
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Taiwan Auto Lights Maker Guilty of Price Fixing
A Taiwan-based auto lights manufacturer and its aftermarket U.S. distributor have pleaded guilty for participating in a seven-year, international conspiracy to fix the prices of auto lights. Tainan County, Taiwan-based Eagle Eyes Traffic Industrial Company and its U.S. subsidiary, Chino, … Continue reading
Cadillac ELR to be Built at Detroit-Hamtramck
Development of the Chevrolet Volt-based Cadillac ELR is now underway, and GM has just confirmed that the ELR will be built at the GM’s Detroit-Hamtramck plant. The on again/off again program is based on the Converj concept first shown at the 2009 North American International Auto Show as General Motors was hurtling toward a bankruptcy reorganization. Converj, err ELR, will be GM’s second hybrid after the Chevrolet Volt/ Holden Volt/ Opel Ampera when it appears late in 2013 as a 2014 model. Continue reading
Saab owner NEVS Opens Battery Plant in China
National Electric Vehicle Sweden is now making batteries in China for electric buses and cars through its wholly owned subsidiary State Power Group. The owner of the rights to the currently inactive Saab brand name says State Power Group (75%) owns the new entity, dubbed National Battery Technology, together with unnamed company management (25%). Continue reading
A123 Files Bankruptcy. Johnson Controls to Purchase its Auto Assets
A123 Systems (Nasdaq: AONE), a developer and manufacturer of nanophosphate lithium iron batteries and systems, today filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. A123 ran out cash as demand for EVs and its batteries remains weak to almost non-existent. As part of a proposed reorganization Johnson Controls (NYSE: JCI) will supply $72.5 million in “debtor in possession” financing to support A123’s continued operations as JCI purchases parts of A123. Continue reading
Posted in auto news, electric vehicles, financial results, news analysis, results
Tagged a123, auto informed, autoinformed.com, automotive news, doe loans, EVs, fisker, Ken Zino, taxpayer subsidies
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Ford Recalls All of the New Fiesta Models for Bad Airbags
Ford is recalling all of its new subcompact Fiesta models built since 2011 because the passenger side-curtain airbag won’t blow up in some cases, and the owner’s manual incorrectly describes the logic of the airbag control module. More than 150,000 Fiesta models are affected and dealers have been instructed to stop the sale of cars in inventory. Continue reading
Posted in auto news, recalls, safety
Tagged auto informed, autoinformed.com, automotive news, fiesta airbag recall, fiesta recall, Ken Zino, nhtsa, transport canada
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September EU Vehicle Sales Drop 11%. Eurozone Crisis Unabated
EU new vehicle registrations continued their downward slump in September declining 11% from September 2011. It was the twelfth straight month of sales declines across the economically embattled Eurozone as the trade bloc comprised of 27 bickering nations or tribes heads for its fifth straight year of declining sales. Continue reading
Posted in auto news, economy, marketing, news analysis, results, sales
Tagged auto informed, autoinformed.com, automotive news, eu, eu sales, Ken Zino, september eu sales
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