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Ford tells shareholders to wait on Tracinda offer
Ford Motor Co.'s board of directors today told shareholders to take no action in response to a tender offer issued by billionaire investor Kirk Kerkorian's Tracinda Corp. Tracinda is offering to buy up to 20 million shares of common stock for $8.50 each. The stock closed today at $8.10 a share, down 10 cents. [REG] 9:55 am U.S. ET | May 9 | UPDATED: 5/9/08 4:02 p.m. EDT
A soar spot: Pump prices up 40 cents since April
Gasoline prices have jumped more than 40 cents a gallon from a month ago as crude oil futures jumped to as high as $126 a barrel today. Regular unleaded gasoline averaged $3.67 a gallon across the country, up 39 cents since April. Mid-grade rose 42 cents to $3.90 a gallon. Prices for premium soared to $4.04 a gallon, up 44 cents from April. [REG] 2:41 pm U.S. ET | May 9
Continental sees 'good chance' for Volt winContinental, in the hunt to supply advanced battery packs for the upcoming all-electric Chevrolet Volt, sees a "good chance" of winning that high-profile contract from General Motors, the company's CEO said on Thursday. "We are positioned to be one of the major players in the automotive area," Continental CEO Manfred Wennemer told Reuters. [REG] 12:01 am U.S. ET | May 9 |
Sonic sues Mercedes-Benz
Sonic Automotive Inc. is suing Mercedes-Benz USA to compel the automaker to allow the public dealership group to complete its purchase of a Mercedes dealership in Charlotte, N.C. Sonic President Scott Smith says Mercedes-Benz is “holding hostage” his company's purchase of Beck Imports in an effort to force Sonic to spend tens of millions of dollars to upgrade four of its nine other Mercedes-Benz dealerships. [REG] 3:26 pm U.S. ET | May 9
Delphi's tab for failed investment plan: $79 million
Troubled supplier Delphi Corp. said today that it lost $589 million in the first quarter on revenue of $5.25 billion. That compares with a net loss of $533 million on revenue of $5.68 billion during the same period a year ago. In a statement, Delphi said it took a charge of $79 million for writing off expenses stemming from the failed plan to bring the company out of bankruptcy with investor Appaloosa Management LP. [REG] 2:31 pm U.S. ET | May 9
Fiat eyes Mexico to serve North and South America
TURIN -- Fiat is eyeing Mexico as the location for a plant that would supply vehicles to both North and South America, people familiar to the matter told Automotive News Europe this week. To cope with the weak dollar, Fiat needs production in North America after its Alfa Romeo brand returns in the U.S. in late 2009. [REG] 12:01 am U.S. ET | May 9
Metaldyne closes 2 factories and an office
DETROIT -- Automotive supplier Metaldyne Corp. said today that it closed two U.S. manufacturing plants and an office in suburban Detroit. The supplier of metal-formed engine, chassis and transmission components and assemblies said it completed the closing of its plants in Greenville, N.C., and the Detroit suburb of Farmington Hills, Mich. Both were part of Metaldyne's North American Chassis Group, which machines metal suspension components. [REG] 2:18 pm U.S. ET | May 9
GM offers American Axle $200 million to end strikeDETROIT -- General Motors has agreed to pay $200 million to help with employee buyouts and “buy-downs” to help resolve a crippling strike at American Axle & Manufacturing Holdings Inc. In a regulatory filing today, GM said the agreement is “predicated upon an expedited resolution to the ongoing strike called by the International UAW against American Axle.” About 3,650 workers at five American Axle plants have been on strike since Feb. 26. [REG] 3:15 pm U.S. ET | May 8 | UPDATED: 5/8/08 4:12 p.m. EDT |
Mulally: Ford's 2007 'accomplishments validate our plan'WILMINGTON, Del. -- Even though Ford Motor Co.'s newest big investor is known for meddling in the auto industry, company leaders reassured shareholders today that they are sticking with their turnaround plan. That plan is working and producing measurable improvements despite the fragile U.S. economy and challenging industry outlook, Executive Chairman Bill Ford and CEO Alan Mulally said at Ford Motor's annual meeting. [REG] 1:46 pm U.S. ET | May 8 |
Toyota feels bite of U.S. downturnToyota Motor Corp. racked up record results for the just-ended fiscal year. But the good news ends there. Now the world's biggest, most profitable car company is warning that earnings for the current year are poised to fall for the first time in nearly a decade. What's more, Toyota backed off its optimistic outlook for a 2008 sales increase in North America. CEO Katsuaki Watanabe said today his company's volume is likely to decline instead. [REG] 2:10 am U.S. ET | May 8 | UPDATED: 5/8/08 8:10 a.m. EDT |
Change of plan: No Kia or Hyundai pickup for U.S.
Neither Hyundai nor Kia will sell a pickup in the United States in the near future. Hyundai Motor Co. CEO Kim Dong-Jin said the board in “a recent decision” scrapped plans for a unibody pickup in the United States. Kim said the original plan was to build a mid-sized truck for Kia and Hyundai at Kia's new plant in West Point, Ga. “But we are forced to give up production of the pickup at the North America plant,” he said. [REG] 9:49 am U.S. ET | May 8
Autobytel posts $2 million loss in Q1
Internet marketing services company Autobytel Inc. today reported a first-quarter net loss of $2.0 million compared with net income of $7.7 million in the first quarter last year after an expected drop in revenue. Revenue fell slightly to $20.7 million in the first quarter of 2008, compared with $21.9 million in the same period last year. [REG] 12:44 pm U.S. ET | May 8
Nader on NHTSA: 'Shut it down and start over'WASHINGTON -- Consumer advocate Ralph Nader says that cozy ties between automakers and the Bush administration reflect the “corporate fascism” his presidential candidacy seeks to overturn. Nader blasted the industry and its regulators during a brief protest here today outside the U.S. Department of Transportation. [REG] 4:24 pm U.S. ET | May 8 |
Hundreds of BMW staff take buyoutsBMW, the world's largest premium carmaker, said several hundred permanent staff had agreed to buyout packages as it seeks to cut thousands of jobs to improve profitability. BMW also reaffirmed its forecasts for the full year, which include record sales volumes for all three brands. [REG] 7:21 am U.S. ET | May 8 |
Daimler CFO: No hostile takeoverDaimler does not need a white knight to protect itself from any hostile takeovers, CFO Bodo Uebber said in a prerelease of his interview with Die Welt newspaper. "Daimler does not need a shareholder who will protect us," he said. [REG] 2:49 am U.S. ET | May 8 |
Bosch worries about 2009 after U.S. consumer slump
U.S. consumers worried about a recession will take a painful toll this year on Bosch Group, a German manufacturer of a wide range of items from car parts to washing machines and power tools. "The absolute slump in the consumer climate indicates that the second quarter in the U.S. will indeed be very weak," CEO Franz Fehrenbach told its annual news conference on Thursday. [REG] 9:45 am U.S. ET | May 8
SAE to move to D.C. auto show
WASHINGTON -- SAE International will move its annual government-and-industry meeting to February next year so that it coincides with the Washington Auto Show, Automotive News has learned. The move is viewed as another step in ongoing efforts to upgrade the Washington show and also could be a boost for the engineering society's event. [REG] 4:30 pm U.S. ET | May 8
Delphi board member Brust resigns
Delphi Corp. said late Wednesday that Robert Brust resigned from the company's board of directors on May 2. Brust's resignation from the board was not the result of a disagreement with Delphi, the company wrote in a document filed with the U.S. Securities and Exchange Commission Wednesday. [REG] 12:01 am U.S. ET | May 8
Noble nearly doubles Q1 revenue, still has net loss
Automotive supplier Noble International Inc. nearly doubled its first-quarter revenue compared to the same period last year, but it still chalked up a net loss. Noble had a net loss of $2 million on revenue of $314 million, compared with a loss of $186,000 on revenue of $160 million in the first quarter of 2007. [REG] 12:52 pm U.S. ET | May 8
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
Ford progress, control in focus at annual meetingFord Motor Co. investors a year ago were questioning whether the No. 2 U.S. automaker had the right idea in its turnaround plan under relative newcomer CEO Alan Mulally. But after an 18-percent gain in Ford stock since then and a surprise first-quarter profit, Mulally enters Thursday's annual meeting in Delaware with new momentum and the unsolicited endorsement of billionaire investor Kirk Kerkorian. [REG] 3:00 pm U.S. ET | May 7 |
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
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