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Manufacturing technology group names new president
Robert K. Simpson, a longtime manufacturing executive, was named president of the Association for Manufacturing Technology. Simpson, 48, is taking over from John B. Byrd III, who will retire after five years with the group. AMT represents American suppliers of manufacturing machinery and equipment. AMT coordinates the International Manufacturing Technology Show, held this year from Sept. 8-13 in Chicago. [REG] 11:16 am U.S. ET | May 8
Rachor launches dealer venture with Michael DellJeffrey Rachor, the former president of dealer group Sonic Automotive Inc., is joining with computer mogul Michael Dell to form a privately held dealership group. Rachor and Dell's MSD Capital LP, a New York investment firm, today announced the formation of MSD Automotive Partners LLC. The size and scope of the firm's investment pool is unknown. [REG] 10:22 am U.S. ET | May 7 | UPDATED: 5/7/08 10:34 p.m. EDT |
Retired N.J. judge named Chamco trustee
MORRISTOWN, N.J. -- A retired New Jersey judge has been appointed trustee of Chamco Auto with subpoena power and authority to run the company. The state's Superior Court action follows Chamco being shut down last month by a judge who ruled that the trustee would examine records and determine who will control the company. [REG] 4:36 pm U.S. ET | May 7
Fitch says GM, Ford face heavy cash drains
General Motors and Ford Motor Co. will continue to face heavy cash drains in 2008 and are expected to burn cash through 2009 unless industry sales rebound, Fitch Ratings said on Wednesday. GM, which lost a combined $51 billion over the past three years, faces the risk of another ratings downgrade this year, Fitch said in a report. [REG] 3:10 pm U.S. ET | May 7
Complaint will delay UAW revote at JCI plant
Johnson Controls Inc. has agreed to toss out the results of a March election in which workers at its Alabama factory voted down the UAW. But a separate charge of unfair labor practices against the supplier could delay a new election for several months -- and buy the union some much-needed campaign time. [REG] 3:00 pm U.S. ET | May 7
Audi CEO signals plans to build U.S. plantVolkswagen's premium brand Audi stands to benefit "tremendously" from a U.S. production plant as the carmaker struggles to cope with stiffer external headwinds including the strong euro. "There are no signs right now of this situation letting up," CEO Rupert Stadler said in remarks to be delivered to shareholders at Audi's annual general meeting today. [REG] 4:15 am U.S. ET | May 7 | UPDATED: 05/07/2008 10:54 CET |
CAW says Chrysler has not balked at Ford terms
Chrysler LLC has not given any indication to the Canadian Auto Workers that it will be unable to meet the terms of a deal the union won from larger rival Ford Motor Co., the CAW said on Tuesday in a statement. Representatives of the union and Chrysler executives met on Tuesday, two days after union members ratified a new contract with Ford. [REG] 12:01 am U.S. ET | May 7
Ford touts 6-speed transmissions
Ford Motor Co. plans to make a shift under the hood by 2012, equipping nearly all of its vehicles with six-speed automatic transmissions that will improve fuel efficiency. Ford said it will more than double the number of North American vehicles with the transmissions, which boost fuel economy by 4 to 6 percent. [REG] 4:24 pm U.S. ET | May 7
Pardus to seek 2 more Valeo board seatsA key official of investment fund Pardus said it will seek approval from Valeo shareholders for two more board seats, adding that the fund doesn't want to declare war on the auto supplier but feels insulted by Valeo CEO Thierry Morin. [REG] 4:27 am U.S. ET | May 7 |
ArvinMeritor to split off light vehicle parts businessArvinMeritor Inc. said early today it plans to spin off its Light Vehicle Systems business into a separate company -- and will name Phil Martens as CEO. The new company, with $2.2 billion in sales last year, will be named Arvin Innovation Inc., and will be created via a pro rata tax-free dividend to ArvinMeritor shareholders within the next 12 months. That means ArvinMeritor shareholders would own 100 percent of Arvin Innovation, the company said. [REG] 7:00 am U.S. ET | May 6 | UPDATED: 5/6/08 9:56 a.m. EDT |
GM suspends big truck orders because of American Axle strike
General Motors has told its dealers it has suspended production of some 2008 full-sized trucks and SUVs because of the American Axle & Manufacturing Holdings strike. [REG] 4:47 pm U.S. ET | May 6
Suzuki promotes free gas, other incentives
American Suzuki Motor Corp. on May 1 launched nationwide sales promotion offering car buyers 0 percent financing and three months of free gasoline on retail purchases of all new 2007 and 2008 vehicles. On Monday, May 5, Chrysler said it will cover gasoline costs above $2.99 a gallon for customers who buy or lease a new vehicle from the company. [REG] 4:31 pm U.S. ET | May 6
Lampert increases stake in AutoNationBillionaire investor Edward Lampert has raised his stake in AutoNation Inc., the No. 1 U.S. auto dealership group, to nearly 38 percent, according to federal regulatory filings. Lampert, who is also chairman of Sears Holdings Corp., bought 383,500 shares on April 30 for prices ranging from $15.89 to $16 per share, raising holdings under his control to about 67.6 million shares. [REG] 3:00 pm U.S. ET | May 6 |
Microsoft and Hyundai partner for technologyHyundai and Kia vehicles will be getting infotainment systems based on Microsoft Auto software beginning in 2010 in the North American market. The two companies had been working on the deal for two years and announced it May 6 in Seoul where Microsoft Chairman Bill Gates was on a trip to meet new South Korean President Lee Myung-bak, as well as make the Hyundai announcement. [REG] 2:05 am U.S. ET | May 6 | UPDATED: 5/6/08 10:57 a.m. EDT |
eBay Motors seeks deals with other automakers
eBay Motors says it wants to build on an agreement with General Motors by adding other automakers' certified used-vehicle programs to its online listings of cars and trucks for sale. In February, eBay and GM signed a deal that will enable about 3,900 GM dealers in the United States to list their inventories of certified used vehicles on eBay's automotive auction Web site. [REG] 4:36 pm U.S. ET | May 6
Toyota raises prices on certain models
Toyota Motor Sales U.S.A. Inc. has raised prices on at least 11 Toyota and Lexus models for the 2008 model year. In a statement dated Friday, May 2, the Japanese automaker said the new prices go into effect by the end of the month. Toyota added an additional $200 to the Yaris, bringing the price of the sedan up 1.6 percent to $13,085 and the hatchback up 1.7 percent to $12,210. [REG] 3:27 pm U.S. ET | May 6
Luxury car veteran named CEO of Maserati North America
Marti Eulberg has been named president and CEO of Maserati North America. She will report to Raffaele Fusilli, commercial director of Maserati S.p.a. in Italy. She replaces James Selwa, who left in February after less than three years. Maserati CEO Roberto Ronchi oversaw U.S. operations while the brand searched for a replacement. [REG] 3:23 pm U.S. ET | May 6
Nader vows NHTSA protestConsumer advocate Ralph Nader vows to make vehicle safety an issue in this year's presidential campaign. Nader, who is running for president as an independent candidate, plans to stage a protest here outside the headquarters of the National Highway Traffic Safety Administration on Thursday, May 8, his campaign said today. [REG] 4:40 pm U.S. ET | May 6 |
Nissan names new head of communications
Nissan North America Inc. named Alan J. Buddendeck vice president of communications, effective Tuesday. Buddendeck will replace Frederique Le Greves, 40, who held the position for four years. Buddendeck joins Nissan after 11 years with Motorola Inc. mobile devices, most recently as senior director of communications. [REG] 4:21 pm U.S. ET | May 6
Hinrichs: Ford saw no need for two-tier wage in CanadaWith an excess of hourly employees already on the payroll in Canada, Ford Motor Co. didn't see any advantage to pushing for a two-tier wage agreement with the Canadian Auto Workers. On Sunday, the CAW ratified a new three-year contract with Ford that notably excludes a two-tier wage arrangement like that approved by the UAW in 2007. [REG] 1:56 pm U.S. ET | May 6 |
Chrysler offers buyers $2.99 per gallon gasoline
In a bid to boost sales of its fuel thirsty trucks and SUVS, Chrysler LLC rolled out a new type of incentive late Monday: Chrysler will cap the price of gasoline at $2.99 per gallon for three years on most of its models. The program is available to buyers starting Wednesday and is scheduled to expire June 2. The offer is based on 12,000 miles of driving per year at the vehicle's average fuel economy. [REG] 12:01 am U.S. ET | May 6 | UPDATED: 5/5/08 11:00 p.m. EDT
Rachor to join forces with Michael DellJeffrey Rachor, the former president of dealer group Sonic Automotive Inc., is joining with computer mogul Michael Dell to form a privately held dealership group. According to a knowledgeable source, Rachor and Dell's MSD Capital LP, a New York investment firm, soon will announce the formation of MSD Automotive Partners LLC. The size and scope of the firm's investment pool is unknown. [REG] 4:52 pm U.S. ET | May 6 |
UAW strikes GM's Malibu plant in KansasThe UAW this morning struck a General Motors assembly plant that makes the hot-selling Chevrolet Malibu. Members of UAW Local 31 in Kansas City, Kan.,walked out at 10 a.m. EDT at GM's Fairfax assembly plant. The stoppage came after GM failed to reach a local operating contract with the union, said a secretary at UAW Local 31. Another UAW local has been striking GM's crossover assembly plant near Lansing, Mich., for the last few weeks. [REG] 10:24 am U.S. ET | May 5 | UPDATED: 5/5/08 2:25 p.m. EDT |
GM moves Malibu fender production to Michigan
General Motors has taken steps to help ramp up production of the coveted Chevrolet Malibu sedan as the UAW strikes the vehicle's primary assembly plant in Kansas City, Kan. By the end of this week GM will be able to produce Malibu fenders at its stamping plant in Lansing, Mich., a Detroit-area UAW official said today. The fenders have been produced at the Fairfax assembly plant in Kansas. [REG] 2:00 pm U.S. ET | May 5 | UPDATED: 5/8/08 1:12 p.m. EDT
GMAC's ResCap mortgage unit may fail to pay debts
GMAC LLC's mortgage unit on Monday said it would need to raise $600 million by the end of June to pay its debts and avoid "negative liquidity," even if a $14 billion bond exchange offer were successful. The disclosure by Residential Capital LLC suggests greater financial pain for GMAC, a finance company that has already injected more than $2 billion of capital into the unit. [REG] 2:25 pm U.S. ET | May 5
Nardelli seeks dealer donations to Chrysler Museum
DETROIT -- CEO Bob Nardelli has asked Chrysler LLC's dealers nationwide to donate $5,000 apiece to the Walter P. Chrysler Museum. Chrysler, which has operated the museum as part of its communications department, is setting up a 501(c)(3) nonprofit corporation, Nardelli said in a letter to dealers. The new entity will be called the Walter P. Chrysler Museum Foundation. [REG] 3:03 pm U.S. ET | May 5
Dealers take Tundra to the peopleDrive through Raleigh, N.C., and you're likely to spot a Toyota Tundra on the streets with no doors. It's a true head-turner, the kind of offbeat promotion that lots of Toyota dealers must do to get traction in the collapsing market for full-sized trucks. The doorless Tundra is an optical illusion -- a photograph of the truck's interior is superimposed on its passenger doors. It is part of Fred Anderson Toyota's innovative marketing campaign for the pickup. [SUB] 12:01 am U.S. ET | May 5 |
CAW, GM Canada to start contract talks Thursday
Buzz Hargrove, president of the Canadian Auto Workers union, said on Monday that the union will meet with GM Canada on Thursday to start bargaining for a new collective agreement. [REG] 2:20 pm U.S. ET | May 5
Cars.com buys Web site for pickup owners, buyers
Cars.com has acquired PickupTrucks.com, a Web site for pickup news and information. Mike Levine, founder and editor of PickupTrucks.com, launched the site in 1995 to provide unbiased content, tools and information exclusively about pickups to meet the needs of buyers and owners. [REG] 3:34 pm U.S. ET | May 5
INDUSTRY IN DISTRESSAfter an awful April, nearly every industry forecaster now agrees: U.S. sales will plummet by about 1 million units in 2008 -- the first time sales have tumbled that much in one year since 1991. But it's not just the million units that matters. It's the mix. High-profit pickups and SUVs account for most of the lost volume. [SUB] 12:01 am U.S. ET | May 5 |
Honda to some dealers: Upgrade or elseSome Honda dealers are fuming over letters they have received from the automaker telling them to upgrade their stores or risk losing their franchises. The letters, sent in late March, tell dealers they have until May 31 to lay out their plans to make improvements and until January 2010 to comply. [SUB] 12:01 am U.S. ET | May 5 |
Diesel dynamoA former Ford Motor Co. engineer is playing a key role in an Indian automaker's bid to sell pickups and SUVs in the United States next year. Arun Jaura, 42, a powertrain specialist, is in charge of getting clean-burning four-cylinder diesel engines certified by U.S. regulators for Mahindra & Mahindra Ltd. At the same time, Jaura is guiding Mahindra into a more advanced engine technology: diesel-electric hybrids, which could arrive in the United States in 2010. [SUB] 12:01 am U.S. ET | May 5 |
Hyundai: Powertrains will take us halfway to mpg targetHyundai's plan to boost U.S. vehicle fuel economy significantly in the next decade is a 50-50 strategy. About 50 percent of the increase will come from changes to vehicle structure and equipment -- efforts such as lighter vehicles and energy-saving technology such as LED lighting. The rest will evolve from improved powertrain efficiency, said Timothy White, senior manager of the powertrain department at the Hyundai-Kia America Technical Center. [SUB] 12:01 am U.S. ET | May 5 |
Used-car price slump slams luxury makesUsed-vehicle prices are slumping in the United States, just as cars and trucks coming off lease are crowding the upscale pre-owned market. That's bad news for several luxury import brands and their captive finance companies, which rely heavily on leasing. Their used vehicles now are selling, in some cases, for thousands of dollars less than the automakers expected. [SUB] 12:01 am U.S. ET | May 5 |
Dodge dealers battle to bust Ram logjamClick on the Web sites of several auto dealers in central California and you'll find Dodge Ram pickups offered at $13,000 below sticker. With four months to go before a redesigned 2009 Ram arrives in showrooms, inventories and incentives are sky high on the 2008 model. Dodge has a 109-day supply of 2008s, and dealers say they're struggling to unload them. The Ram is emblematic of a difficult pickup market. Sales of full-sized pickups fell 22. [SUB] 12:01 am U.S. ET | May 5 |
Ford domestic dealer count dips below 4,000Ford Motor Co.'s U.S. dealership count has dropped beneath 4,000 stores for the first time in decades. During the first four months of 2008, several dozen of Ford's domestic brand stores closed to put the automaker below that mark, said Mark Fields, Ford's president of the Americas. [SUB] 12:01 am U.S. ET | May 5 |
Toyota sister car poses a challenge for Subaru
A sporty car due in 2011 will challenge Subaru's carefully crafted image as an independent, somewhat contrarian developer of all-wheel-drive vehicles. The car is being co-developed by Subaru and Toyota in Japan. Toyota will market its own version. [SUB] 12:01 am U.S. ET | May 5
Suzuki to offer standard navigation in $16,000 carSuzuki says it will soon offer the least expensive vehicle on the market with a navigation system that comes as standard equipment. Navigation will be standard on the 2009 SX4 sedan and hatchback, which go on sale in late summer at an estimated base price of less than $16,000. [SUB] 12:01 am U.S. ET | May 5 |
Seems like old times: More cash on the hood
Cash rebates rose in April, near the levels of 2005 -- when automakers said they were getting serious about “value pricing” and cutting incentives. [SUB] 12:01 am U.S. ET | May 5
Used-vehicle leasing boosts showroom trafficAs many as one of every five used cars and trucks that dealer John Klein has sold in recent years has been a lease deal. That's unusual on several counts. Leasing tends to flourish at luxury dealerships in metropolitan areas along the East and West coasts. Klein's Chevrolet-Buick-Pontiac and Chrysler-Dodge-Jeep dealerships are in rural Clintonville, Wis., with a population of 4,500. Even more striking is Klein's reliance on leasing used vehicles. [SUB] 12:01 am U.S. ET | May 5 |
Kerkorian interest buoys Ford stockKirk Kerkorian's investment kept Ford Motor Co. stock trading last week near its highest levels in almost six months. The stock reached $8.68 on Friday morning before closing at $8.27 . That was one day after Kerkorian representative Jerry York told Automotive News that he would unload Volvo and Mercury if he were in Ford CEO Alan Mulally's shoes. [SUB] 12:01 am U.S. ET | May 5 |
Mpg plan fuels states-rights battle
Just when it seemed like the political war over state regulation of greenhouse gases from vehicles could not intensify, it did. The Bush administration's proposed fuel economy rules for the 2011-15 model years include an assertion that the new rules pre-empt state-by-state controls on greenhouse gas emissions. Industry executives say the provision does more than just restate a well-known administration position. [SUB] 12:01 am U.S. ET | May 5
Henderson: GM will keep tight rein on inventoryGeneral Motors intends to run a tight ship in North America, its largest market. The automaker is “absolutely committed” to aligning its production with demand and controlling costs, says COO Fritz Henderson. [SUB] 12:01 am U.S. ET | May 5 |
Ford: No need for two-tier wages in Canada
With an excess of hourly employees already on the payroll in Canada, Ford Motor Co. didn't see any advantage to pushing for a two-tier wage agreement with the Canadian Auto Workers. On Sunday, the CAW ratified a new three-year contract with Ford that notably excludes a two-tier wage arrangement like that approved by the UAW in 2007. CAW President Buzz Hargrove has said he will fight any plans by the Detroit 3 to establish two permanent wage tiers in their Canadian plants. [REG] 12:01 am U.S. ET | May 5 | UPDATED: 5/5/08 9:05 p.m. EDT
UAW STRIKE AT AMERICAN AXLE
UAW official: Half of striking workers will take buyouts
The outgoing president of a key UAW local at American Axle & Manufacturing Holdings Inc. said today that he expects at least half of the 3,650 striking workers at the axle maker to take a buyout once a contract is completed. Adrian King, president of UAW Local 235 representing workers at American Axle's Detroit complex, said talks probably will last beyond the weekend. [REG] 4:17 pm U.S. ET | May 2
Ford to launch more UAW buyoutsFord Motor Co. will offer more buyouts to hourly workers at assembly plants in Chicago and Louisville, Ky. Mark Fields, Ford President of the Americas, confirmed in an interview with Automotive News that those two plants will be part of another round of buyouts the automaker is about to begin. The new round will target only certain plants, and the offers have not gone out, Fields said. [REG] 4:28 pm U.S. ET | May 2 |
Tesla opens first dealership in Los AngelesElectric vehicle maker Tesla Motors opened its first dealership on Thursday, May 1, here, at one of the busiest intersections in Los Angeles. Close to the crawling 405 freeway and the congested corner of Santa Monica and Sepulveda boulevards, the Tesla factory store makes a potent statement for gridlocked Angelenos to buy an electric car. [REG] 10:07 am U.S. ET | May 2 |
Booth and Ford: Volvo is not for saleVolvo had a tough first quarter but it is not for sale, a top Ford executive said here today. [REG] 1:19 pm U.S. ET | May 2 |
Kia and Honda buck downward sales trendHaving a lineup stocked with small and low-priced vehicles that sip gasoline helped American Honda Motor Co. and Kia Motors America post strong sales in April. Both brands gained sales and market share while most of the rest of the industry suffered major declines. [REG] 3:10 pm U.S. ET | May 2 |
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