Headlines for Tuesday, November 6, 2012

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VIDEO: AutoNews Now: Days of Eagles and Geos

12:01 am U.S. ET | Nov. 6, 2012
As Suzuki readies to exit U.S. auto market, a look at brands gone by; Mitsubishi vows to stay in U.S.; a plug-in fire mystery.

Most East Coast dealers reopen, face gas rationing

3:57 pm U.S. ET | Nov. 6, 2012
Many dealerships along the battered Eastern Seaboard are coming back online, some with limited operations, though, following Hurricane Sandy more than a week ago.

VIDEO: First Shift: Suzuki quits U.S. autos

12:01 am U.S. ET | Nov. 6, 2012
Despite bankruptcy, automaker vows to honor warranties; a Ford hybrid buyer's hunt for MPG; Olympic swimmer's Nissan ad.

American pair destroyed, discarded key GM evidence, FBI testifies in criminal trial

4:28 pm U.S. ET | Nov. 6, 2012
An American couple accused of stealing General Motors’ trade secrets used a large trash container at a Metro Detroit grocery store to discard the evidence, FBI special agents testified Tuesday at a criminal trial in Detroit.

MARK RECHTIN

Hyundai has been busted over performance claims before

2:41 pm U.S. ET | Nov. 6, 2012
It was revealed Friday that Hyundai Motor and its Kia Motors affiliate had overstated mpg ratings on 900,000 vehicles. And it was not the first time Hyundai has been caught in its own false claims. In 2002, Hyundai admitted that it had overstated horsepower ratings on 1.3 million vehicles.

Mitsubishi CEO Masuko vows automaker will remain in U.S. market

12:41 pm U.S. ET | Nov. 6, 2012
Suzuki's withdrawal from the U.S. auto market leaves struggling Mitsubishi as the Japanese automaker with the fewest U.S. sales. But Mitsubishi President Osamu Masuko today reiterated his commitment to the U.S. market, denying any plan to follow Suzuki's retreat.

MIKE COLIAS

Why Ford is more profitable than GM

12:16 pm U.S. ET | Nov. 6, 2012
It has been more than three years since GM emerged from bankruptcy liberated from much of its bloated cost structure. So why is GM still far less profitable than archrival Ford Motor Co. in the bread-and-butter North American market?

GM won't build next-generation Chevy Cruze in South Korea

12:00 pm U.S. ET | Nov. 6, 2012
GM said it won't build its next-generation Chevrolet Cruze small car in South Korea, raising the possibility that it might shift assembly to Europe to help boost efficiency at its money-losing unit there.

A123 Systems secures $50 million bankruptcy loan from Wanxiang

12:01 am U.S. ET | Nov. 6, 2012
A123 Systems, the bankrupt maker of electric-car batteries, won court approval to borrow $50 million from China's Wanxiang Group.

VW sells 2.5 billion euros in bonds to raise cash after buying Porsche, Ducati

Nov. 6, 2012 12:49 CET
Volkswagen has sold 2.5 billion euros ($3.2 billion) in bonds in order to boost liquidity after recently adding Porsche and Ducati to its brand portfolio. Analysts said the money may be used to complete the takeover of German truckmaker MAN SE, which VW already controls.

Ford, GM agree on $6.5 million rescue deal for Australian supplier

8:12 am U.S. ET | Nov. 6, 2012
Top Australian auto parts supplier Autodom was thrown a lifeline today when local units of Ford Motor and General Motors agreed to underwrite the company's $6.5 million debt to avoid a crippling vehicle production shutdown.

ZF CEO thinks 9 speeds is enough

Nov. 6, 2012 12:41 CET
Nine-speed transmissions might have reached the “natural limit” because going beyond that number of gears adds weight and complexity that cannot be offset by gains in fuel efficiency, ZF Friedrichshafen CEO Stefan Sommer said.

UK car sales rise for 8th consecutive month in October

Nov. 6, 2012 12:03 CET
UK new-car sales rose 12.1 percent to 151,252 in October, in stark contrast to other major European markets that saw big drops in demand. The UK figure marked the eighth consecutive monthly rise in the market so far this year, the car manufacturing lobby SMMT said on Tuesday.

BMW Q3 profit rises 14% as China growth offsets Europe slump

Nov. 6, 2012 08:34 CET
BMW Group reported a 14 percent gain in third-quarter profit as growth in China helped offset a market downturn in Europe. Earnings before interest and taxes rose to 2 billion euros ($2.56 billion) from 1.76 billion euros a year earlier, the company said in a statement today.

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