Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/%SiteURL%/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2008 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[GM (sorta) denies seeking $5 billion direct loan from feds to stay afloat]]>http://www.autoblog.com/2008/10/13/gm-sorta-denies-seeking-5-billion-direct-loan-from-feds-to-st/http://www.autoblog.com/2008/10/13/gm-sorta-denies-seeking-5-billion-direct-loan-from-feds-to-st/http://www.autoblog.com/2008/10/13/gm-sorta-denies-seeking-5-billion-direct-loan-from-feds-to-st/#commentsFiled under: , ,

A report by Barron's over the weekend cited (again) two unnamed sources that divulged General Motors has been after a loan from the Federal Reserve since last September. The Barron's article got somewhat specific about the unspecifics, namely how much, saying that the amount the General is after is unknown, "but it needs $5 billion to meet its goal of completing a $15 billion liquidity program, which actually is coming from cost cuts."

Reuters (via Automotive News) reports that GM isn't after the fed's cash, but isn't averse to the idea or "taking dramatic steps" to make ends meet during these tumultuous times.

GM spokesperson, Greg Martin, said that the automaker isn't "actively pursing" the loans, but "you really can't rule out anything." M-kay.

[Source: Barrons, Reuters, Automotive News - Sub. Req.]
Permalink | Email this | Comments]]>55 b5 billion5B5Billionfederal loanFederalLoangeneral motorsGeneralMotorsgmMon, 13 Oct 2008 09:58:00 EST<![CDATA[GM/Cerberus talks over full ownership of GMAC]]>http://www.autoblog.com/2008/10/12/gm-cerberus-talks-over-full-ownership-of-gmac/http://www.autoblog.com/2008/10/12/gm-cerberus-talks-over-full-ownership-of-gmac/http://www.autoblog.com/2008/10/12/gm-cerberus-talks-over-full-ownership-of-gmac/#commentsFiled under: , ,

It's been a crazy few days as news broke that Chrysler and General Motors have been in talks to combine operations. It turns out that there's a pretty significant back-story to these proceedings, and it involves Cerberus Capital Management's possible desire to shed its car-building operations and acquire the rest of GMAC, of which it already holds a controlling stake of 51%, with GM holding holding the other 49%. According to reports, Cerberus would like to combine Chrysler Financial with GMAC, which would allow it to merge the offices of the two financial institutions and reduce costs. All right, that might make some sense, but what about merging the two automakers? That's the part that seems so confusing to analysts and us meager bloggers. Somehow, we feel certain that there's more to this story, which we'll be hearing about for some time.

[Source: The Detroit News]
Read | Permalink | Email this | Comments]]>cerberuscerberus capital managementCerberusCapitalManagementchryslerchrysler financialChryslerFinancialgmgmacSun, 12 Oct 2008 18:31:00 EST<![CDATA[Ford may be considering sale of Mazda stake]]>http://www.autoblog.com/2008/10/12/ford-may-be-considering-sale-of-mazda-stake/http://www.autoblog.com/2008/10/12/ford-may-be-considering-sale-of-mazda-stake/http://www.autoblog.com/2008/10/12/ford-may-be-considering-sale-of-mazda-stake/#commentsFiled under: , , ,



The financial peril that currently faces the U.S. domestic automakers is no secret, and according to Wall Street Journal report published yesterday, Ford is mulling over the possibility of unloading at least part of its controlling stake in Mazda to raise cash. Japanese media, via the AP, said that Ford would likely keep some interests in the Japanese automaker after such a move -- no surprise when you consider how closely tied Ford and Madza are right now in terms of shared technology. The Oval's third-quarter numbers are expected to be pretty ugly, and the Journal's source said that the potential sale of its Mazda holdings is one of many moves reportedly under consideration as Dearborn looks for ways to add to its cash on hand. For its part, Mazda denies that any decision has been made (a non-denial, really -- no outlets reported that a deal had yet been completed) and Ford weighed in with a to-be-expected "no comment." As they say, to be continued...

[Sources: The Wall Street Journal, AP]
Read | Permalink | Email this | Comments]]>fordford earningsford mazdaFordEarningsFordMazdamazdamazda saleMazdaSaleSun, 12 Oct 2008 11:08:00 EST<![CDATA[GM and Ford take a beating on Wall St.]]>http://www.autoblog.com/2008/10/09/gm-and-ford-beaten-up-on-wall-st-today/http://www.autoblog.com/2008/10/09/gm-and-ford-beaten-up-on-wall-st-today/http://www.autoblog.com/2008/10/09/gm-and-ford-beaten-up-on-wall-st-today/#commentsFiled under: , ,



General Motors and Ford just concluded an absolutely brutal business day on Wall Street, which echoed the performance of the markets in general as the Dow Jones Industrial Average slid another 678.91 points to close below 9,000 at 8,579.19 points. GM closed the day at 4.94 after having dipped as low as 4.72 just minutes before the bell rang at 4PM, while Ford ended today at just 2.14. Analysts are noting that GM shares haven't been this cheap since the 1950s and that a single share of Ford stock costs less than a gallon of gas at the moment. We are most certainly not financial analysts, but we do know these companies are heading in the wrong direction fast and that a brighter future is not weeks but months and years away.

[Source: AOL Money and Finance]
Read | Permalink | Email this | Comments]]>fordgmmarket capitalizationMarketCapitalizationstock optionsStockOptionsstocksThu, 09 Oct 2008 16:58:00 EST<![CDATA[Toyota struggling to meet global sales, profit targets]]>http://www.autoblog.com/2008/10/09/toyota-struggling-to-meet-global-sales-profit-targets/http://www.autoblog.com/2008/10/09/toyota-struggling-to-meet-global-sales-profit-targets/http://www.autoblog.com/2008/10/09/toyota-struggling-to-meet-global-sales-profit-targets/#commentsFiled under: ,

The auto market is in the tank right now, with sales dropping to 1991 levels and Detroit automakers in a cash crunch of horrendous proportions. Even Japanese automakers are struggling, and perhaps the biggest sign that something is terribly wrong is that Toyota is even feeling the pain. The Japanese automaker's sales dropped by an incredible 32% last month compared to September 2007, which was preceded by drops of 9.7%, 18% and 11% in prior months. Toyota has already lowered its global sales target for the year to 9.5 million units to reflect the trouble it's experiencing in the U.S. market, but recent news from Europe is that production is being cut there, as well.

The worst news for Toyota would likely be welcome news to the rest of the automotive universe: the Japanese juggernaut will only rake in about $12 billion of profit this year. While that's an absolute treasure trove of cold, hard cash, it's about 40% less than Toyota had earlier forecasted. Toyota's stock has also taken a hit during these challenging times, with its current value down about $23 per share under its 52-week high of $58.76. The worst part about the automotive market is that there appears to be no end in sight, which means there is more bad news to come; even from Toyota.

[Source: Automotive News, sub. req'd]
Read | Permalink | Email this | Comments]]>Thu, 09 Oct 2008 07:30:00 EST<![CDATA[U.S. auto sales predicted to plummet to 13.4 million in 2009]]>http://www.autoblog.com/2008/10/08/u-s-auto-sales-predicted-to-plummet-to-13-4-million-in-2009/http://www.autoblog.com/2008/10/08/u-s-auto-sales-predicted-to-plummet-to-13-4-million-in-2009/http://www.autoblog.com/2008/10/08/u-s-auto-sales-predicted-to-plummet-to-13-4-million-in-2009/#commentsFiled under: ,

Light-vehicle sales in the U.S. are expected to continue their decline in 2009. Global Insight, a firm that has been forecasting sales since the 1960s, is predicting sales of 13.4 million units next year. That figure is slightly down from the 13.8 million units automakers are expected to sell in 2008. (For comparison to recent years, 16.1 million vehicles sold in 2007 and 16.5 million units sold in 2006.) Global Insight makes note of the current U.S. credit crisis and the worsening global economy, citing the worldwide financial situation is more detrimental to auto sales than oil at $200-a-barrel. When oil is high, at least the countries benefiting from the oil profits continue to purchase cars - unlike today. While analysts differ on when we may see a turnaround, the firm feels it could take until 2013 for sales to recover to levels seen just a few years ago.

[Source: Automotive News, subs. req'd]

Permalink | Email this | Comments]]>auto salesAutoSalesdeclineGlobal InsightGlobalInsightrecessionU.S. Auto salesu.s. economyU.s.AutoSalesU.s.EconomyWed, 08 Oct 2008 18:59:00 EST<![CDATA[The most valuable carmaker in the world is... ta-da, Volkswagen]]>http://www.autoblog.com/2008/10/07/the-most-valuable-carmaker-in-the-world-is-ta-da-volkswagen/http://www.autoblog.com/2008/10/07/the-most-valuable-carmaker-in-the-world-is-ta-da-volkswagen/http://www.autoblog.com/2008/10/07/the-most-valuable-carmaker-in-the-world-is-ta-da-volkswagen/#commentsFiled under: , , ,

As with this year's American football season, weekly surprises in the car industry are now standard fare. VW recently overtook Ford for the number three spot in global sales, and now the home of the Beetle and the Veyron has overtaken Toyota as the industry's most valuable company based on dollar-converted market capitalization. Just as eyebrow raising is the reason for it: Toyota's stock has dropped 5% to its lowest point in four years due to the usual suspects, while VW's stock has climbed a stratospheric 87% due to the fact that Porsche is busy gobbling up the company. As far as we're concerned, that makes Porsche the real story: one of the industry's smallest players - it sold less than 100,000 cars around the world last year and still set a personal best - is about to be the world's third largest car maker and, for a while at least, its most valuable. What a difference a day a Cayenne makes. Thanks for the tip, bazzz!

[Source: Bloomberg]
Read | Permalink | Email this | Comments]]>market capmarket capitalizationmarket newsMarketCapMarketCapitalizationMarketNewsstock marketStockMarkettoyota market capitalizationToyotaMarketCapitalizationvolkswagenvwvw market capitalizationVwMarketCapitalizationTue, 07 Oct 2008 15:59:00 EST<![CDATA[Chrysler to raise 2009 prices by an average of $500]]>http://www.autoblog.com/2008/10/03/chrysler-to-raise-2009-prices-by-an-average-of-500/http://www.autoblog.com/2008/10/03/chrysler-to-raise-2009-prices-by-an-average-of-500/http://www.autoblog.com/2008/10/03/chrysler-to-raise-2009-prices-by-an-average-of-500/#commentsFiled under: , ,

On Wednesday, Chrysler told its dealerships that it will be increasing the sticker price of its 2009 models by an average of $500. Shipping costs are also being raised by about $50 per vehicle, which could very well have something to do with the price of fuel. While this may seem like odd timing for a price increase considering the well-covered sales slump from which all auto manufacturers (yes, we truly do mean all auto manufacturers) are suffering, some dealership owners are commending Chrysler for holding the line on pricing for as long as it has. Cross-town rivals General Motors and Ford have already increased their prices, and both of their increases were for higher amounts. Thus, it was only a matter of time before Chrysler followed suit. Still, with the sagging economy and current credit crunch, the news isn't likely to help sales any.

[Source: Automotive News - sub. req'd]
Read | Permalink | Email this | Comments]]>2009 chrysler price increase2009 chrysler prices2009ChryslerPriceIncrease2009ChryslerPriceschrysler price increasechrysler pricesChryslerPriceIncreaseChryslerPricesFri, 03 Oct 2008 07:58:00 EST<![CDATA[By the Numbers - September 2008: Nobody Wins Edition]]>http://www.autoblog.com/2008/10/01/by-the-numbers-september-2008-nobody-wins-edition/http://www.autoblog.com/2008/10/01/by-the-numbers-september-2008-nobody-wins-edition/http://www.autoblog.com/2008/10/01/by-the-numbers-september-2008-nobody-wins-edition/#commentsFiled under: ,

We're not waiting for Suzuki to reveal its September 2008 sales results any longer, as it is highly unlikely that the little Japanese brand will arise as the only brand/automaker to post positive numbers this month. Take a good look below, as it's the first time since we started publishing sales data back in mid-2006 that every single brand and automaker is in the red. It doesn't matter how you slice it, whether you look at the change in volume from Sept. 2007 to Sept. 2008 or if you consider the change in the Daily Sales Rate. Everyone is down.

For the record, we suppose Audi is this month's Biggest Winner with a sales drop of just 5.4%, while HUMMER is again our Biggest Loser with a 54.8% fall in sales. You can peruse the rest of the carnage below for yourself.

BY THE NUMBERS - September 2008
Brand Vol. % Change Total Sales 9/08 Total Sales 9/07 DSR % Change Daily Avg. 9/08 Daily Avg. 9/07
Acura
 -30.4%
 9,997 14,369 -27.5% 417 515
Audi -5.4% 7,584 8,020 -1.5% 316 321
BMW -29.5% 14,744 20,901 -26.5% 614 836
Buick -20.5% 14,121 17,754 -17.1% 588 710
Cadillac -39.1% 12,432 20,398 -36.5 518 816
Chevrolet -11.2% 172,803 194,637 -7.5% 7,200 7,785
Chrysler -39.6% 23,346 38,668 -37.1% 973 1,547
Dodge -25.2% 62,572 83,671 -22.1% 2,607 3,347
Ford -33.8% 102,685 155,037 -31% 4,279 6,201
GMC -12.8% 39,029 44,754 -9.2% 1,626 1,790
Honda -23.2% 86,629 112,831 -20% 3,610 4,513
HUMMER -54.8% 2,298 5,080 -52.9% 96 203
Hyundai -25.4% 24,765 33,214 -22.3% 1,032 1,329
Infiniti -24.1% 7,779 10,250 -20.9% 324 410
Jeep -42.8% 21,431 37,460 -40.4% 893 1,498
Kia -27.8% 17,383 24,087 -24.8% 724 963
Lexus -36.1% 16,045 25,113 -33.4 669 1,005
Lincoln -22.5% 7,571 9,764 -19.2% 315 391
Mazda -35.6% 16,169 25,098 -32.9% 674 1,004
Mercedes-Benz -16.4% 18,779 22,459 -12.9% 782 898
Mercury -43.2% 6,478 11,403 -40.1% 270 456
MINI -6.7% 3,762 4,031 -2.8% 157 161
Mitsubishi -39% 7,378 12,102 -36.5% 307 484
Nissan -38.4% 51,786 84,019 -35.8% 2,158 3,361
Pontiac -26.7% 23,324 31,817 -23.6% 972 1,273
Porsche -44.8% 1,458 2,641 -42.5% 61 106
Saab -27.2% 1,765 2,424 -24.2% 74 97
Saturn -10.8% 18,528 20,776 -7.1% 772 831
Subaru -11.9% 14,491 16,457 -8.3% 604 658
Suzuki N/A
Toyota -31.8% 128,215 187,929 -28.9% 5,342 7,517
Volkswagen -9.4% 17,109 18,891 -5.7% 713 756
Volvo -51.8% 4,054 8,408 -49.8% 169 336
COMPANIES
BMW Group -25.8%
 18,506
 24,932
 -22.7%
 771
 997
Chrysler LLC -32.8% 107,349 159,799 -30% 4,473 6,392
FoMoCo -34.6% 120,788 184,612 -31.8% 5,033 7,384
General Motors -15.8% 284,300 337,640 -12.3% 11,846 13,506
Honda America -24%
 96,626
 127,200
 -20.9%
 4,026
 5,088
Nissan NA -36.8% 59,565 94,269 -34.2% 2,482 3,771
Toyota Mo Co -32.3%
 144,260 213,042 -29.5% 6,011 8,522
September 2008 had 24 selling days versus 25 selling days for September 2007
Permalink | Email this | Comments]]>by the numbersByTheNumbersfeaturedseptember 2008 auto salesseptember 2008 salesseptember salesSeptember2008AutoSalesSeptember2008SalesSeptemberSalesWed, 01 Oct 2008 16:28:00 EST<![CDATA[Detroit Three pass credit check, $25 billion in gov't loans approved]]>http://www.autoblog.com/2008/10/01/big-three-pass-credit-check-government-loans-approved/http://www.autoblog.com/2008/10/01/big-three-pass-credit-check-government-loans-approved/http://www.autoblog.com/2008/10/01/big-three-pass-credit-check-government-loans-approved/#commentsFiled under: , , , , ,

While the U.S. banking industry is still waiting for Congress to give it a $700 billion hand, President Bush signed into law last night the spending bill that gives U.S. automakers $25 billion in loans to get their collective act together.

But unlike when a bank deems you worthy of their money, the Big Three won't be getting any cash for some time. Despite the companys' CEOs saying repeatedly how they were desperate for help and how automotive life as they know it would end if they didn't get financial help, there's at least a 60-day delay until they can cash this check.

Written into the bill is a clause requiring the Energy Department to come up with regulations that will determine who gets what and when. The agency has 60 days to do this, but could take much longer, as much as 18 months according to a department spokesperson.

Desperate or not, looks like GM, Ford and Chrysler are now at the mercy of the Energy Department.

[Source: Wall Street Journal]
Read | Permalink | Email this | Comments]]>automaker loansAutomakerLoansgovernment loansGovernmentLoansWed, 01 Oct 2008 12:31:00 EST<![CDATA[Scorched-Earth Monday: Bad news for Wall St. is bad news for auto industry]]>http://www.autoblog.com/2008/09/29/scorched-earth-monday-bad-news-for-wall-st-breads-bad-news-for/http://www.autoblog.com/2008/09/29/scorched-earth-monday-bad-news-for-wall-st-breads-bad-news-for/http://www.autoblog.com/2008/09/29/scorched-earth-monday-bad-news-for-wall-st-breads-bad-news-for/#commentsFiled under: ,



Writing about cars for a living is a beautiful thing. Aside from doing what we love, we're able to keep ourselves somewhat insulated from the bigger issues ailing our world, content to avoid those unsavory subjects like a Klingon-filled elevator at a Star Trek convention. But we can't elude reporting on the current economic crisis any more than we can keep our lunch down while watching our meager savings fall through the floor.

The Dow fell 777.68 points today - almost 7% -- to 10,365.34 after the House voted against the $700 billion bailout of the financial industry. The world's biggest automakers were far from immune. General Motors' stock dropped by 12.81%, going for $8.51 a share, while Honda lost almost 10 percent, Ford and Toyota lost over 8% and Tata dropped some 13%. And that's just the tip of this chilly iceberg. Shares of both auto suppliers and massive retailers dropped accordingly, while oil futures tanked by 10%, selling for $96.37 a barrel.

While it's certain that all the government's men and women are going to put this humpty-dumpty bill back together again and attempt to vote on revised terms by the end of the week, the automakers and those of us playing the home game of "Rebuild Your Failing Economy" are forced to wait idly by while our futures shuffle off this mortally-wounded coil. And what are the chances of Detroit's Big 3 getting their $25 billion? Stay tuned sports fans, the best worst is yet to come.

[Sources: NYT, Google, Automotive News | Image: Nicholas Roberts/Getty]
Permalink | Email this | Comments]]>Mon, 29 Sep 2008 18:58:00 EST<![CDATA[Germans none to happy about U.S. aid to automakers]]>http://www.autoblog.com/2008/09/25/germans-none-to-happy-about-u-s-aid-to-automakers/http://www.autoblog.com/2008/09/25/germans-none-to-happy-about-u-s-aid-to-automakers/http://www.autoblog.com/2008/09/25/germans-none-to-happy-about-u-s-aid-to-automakers/#commentsFiled under: ,

Matthias Wissmann, current head of the Verband Deutscher Automobilhersteller (VDA, or Association of the German Automotive Industry for us non-German speaking folks), is none too pleased with the passing of a $25 billion financing package for the Detroit automakers. Under the terms of the legislation, which has been approved by the House and is expected to pass through the Senate as well, the Detroit 3 will receive low-interest loans in order to finance the cost of bringing more fuel-efficient cars to America.

Of course, it's not entirely unexpected that Detroit's competitors aren't happy about the federal loans, but at least one piece of Wissmann's argument certainly makes a lot of sense. "If the U.S. car industry does not resolve its structural problems, then all the subsidies in the world won't help." Ain't that the truth. The hope, of course, is that this financial aid is just what the automakers need to fix said problems. Looks like we'll find out soon enough.

[Source: Automotive News - sub. req'd]
Read | Permalink | Email this | Comments]]>Association of the German Automotive IndustryAssociationOfTheGermanAutomotiveIndustrybig 3big 3 bailoutBig3Big3Bailoutdetroit 3detroit 3 bailoutdetroit bailoutdetroit loanDetroit3Detroit3BailoutDetroitBailoutDetroitLoanMatthias WissmannMatthiasWissmannvdaVerband Deutscher AutomobilherstellerVerbandDeutscherAutomobilherstellerThu, 25 Sep 2008 19:28:00 EST<![CDATA[Dodge to begin negotiations to sell Viper brand shortly]]>http://www.autoblog.com/2008/09/25/dodge-to-begin-negotiations-to-sell-viper-brand-shortly/http://www.autoblog.com/2008/09/25/dodge-to-begin-negotiations-to-sell-viper-brand-shortly/http://www.autoblog.com/2008/09/25/dodge-to-begin-negotiations-to-sell-viper-brand-shortly/#commentsFiled under: , , , ,


Click above for high-res gallery of the Dodge Viper ACR

While most of us would be more than happy to own just one Viper, some lucky company will soon take the entire operation off the hands of Chrysler, LLC. We hear there are multiple interested parties, and according to Vice Chairman Tom Lasorda, Chrysler is looking to begin real negotiations within the next few weeks. It's hard to imagine a Viper coming from a manufacturer other than Dodge, but there has been talk that the iconic American sportscar could be gobbled up by a well-known tuning firm, or even a group of investors. Whatever happens, we just hope that the Viper -- as a car or as a brand -- continues showing its formidable fangs and doesn't end up a mere shed skin of its former self. You can check out our First Drive of the Viper ACR or our In the Autoblog Garage review of the Viper SRT-10 to see just what we think about Dodge's supercar.

Gallery: First Drive: 2008 Dodge Viper ACR


Gallery: In the Autoblog Garage: 2008 Dodge Viper SRT-10


[Source: Just-Auto - sub req'd]
Read | Permalink | Email this | Comments]]>dodge viperDodgeViperviperviper brandViperBrandThu, 25 Sep 2008 13:29:00 EST<![CDATA[Daimler may sell remaining Chrysler stake to Cerberus]]>http://www.autoblog.com/2008/09/24/daimler-may-sell-remaining-chrysler-stake-to-cerberus/http://www.autoblog.com/2008/09/24/daimler-may-sell-remaining-chrysler-stake-to-cerberus/http://www.autoblog.com/2008/09/24/daimler-may-sell-remaining-chrysler-stake-to-cerberus/#commentsFiled under: , ,



Both Cerberus and Daimler have announced plans for the German automaker to sell the remaining 19.9-percent stake in Chrysler to the private equity firm. According to reports coming out of Germany, that relatively small stake in the American automaker is still weighing down Daimler's stock price. Perhaps the Germans aren't so sure that Chrysler's new electric vehicles will ever see the light of day? In any case, both sides suggest that all the rest of the two company's relationships would continue, so technology sharing and diesel engines could still be made available to Chrysler from its former German parents.

Note that the first 80-percent of Chrysler was sold to Cerberus for $7.4 billion. We wonder what the other 20-percent is worth.

[Source: Detroit Free Press]
Read | Permalink | Email this | Comments]]>Wed, 24 Sep 2008 16:31:00 EST<![CDATA[Chrysler lost $400 million through August 2008]]>http://www.autoblog.com/2008/09/24/chrysler-lost-400-million-through-august-2008/http://www.autoblog.com/2008/09/24/chrysler-lost-400-million-through-august-2008/http://www.autoblog.com/2008/09/24/chrysler-lost-400-million-through-august-2008/#commentsFiled under: ,

Ford and GM claimed losses of over $20 billion in the second quarter of 2008, which is more than the GDP of some developing countries. Chrysler has seen larger sales decreases than its fellow Detroit automakers, but in terms of cash losses, team Pentastar is way ahead of the domestic pack. Chrysler CEO Bob Nardelli gave dealers the financial lowdown Tuesday, but declined to provide details to reporters. Even though Chrysler's losses of $400 million are far less daunting than its U.S. counterparts, the Auburn Hills, MI automaker is far from overjoyed. Nardelli told dealers that the losses came in spite of large-scale cost cutting, and he mentioned that 2008 sales were down 24% year over year.

The privately owned automaker still has $11 billion on hand, but Nardelli warned that if Congress doesn't approve a $25 billion loan, more job cuts and other cost cutting measures would be necessary. Chrysler also needs the federal loan to reach its goal of bringing just one of its three recently introduced EVs to market by the end of 2010.

[Source: Automotive News, sub. req'd]
Read | Permalink | Email this | Comments]]>chrysler loses 400 millionchrysler lossesChryslerLoses400MillionChryslerLossesWed, 24 Sep 2008 11:31:00 EST<![CDATA[F1 teams spent over $3 billion, Toyota the most]]>http://www.autoblog.com/2008/09/22/f1-teams-to-spent-over-3-billion-toyota-the-most/http://www.autoblog.com/2008/09/22/f1-teams-to-spent-over-3-billion-toyota-the-most/http://www.autoblog.com/2008/09/22/f1-teams-to-spent-over-3-billion-toyota-the-most/#commentsFiled under: , , , ,

While we knew Formula 1 racing was an expensive venture, leave it to the 2008/2009 edition of Formula Money to spell-out the jaw-dropping finances for us. According to their latest guide, the supporting cast will shell out over $3 billion this year in team resources -- with Toyota dropping more than $445 million of it alone. McLaren is a close second at $433 million, while Ferrari rounds out the top three with $414 million coming out of pocket. If you take a look at team resources divided by points scored, each point cost Ferrari $1.9 million in 2007 (while each point cost Honda a staggering $57.2 million during the same period!). With the financial markets around the world roiled in turmoil, many are wondering when the F1 budgets are going to feel the pinch... Thanks for the tip, Keith!

[Source: F1 Fanatic]

Permalink | Email this | Comments]]>budgetF1F1 GuideF1GuideFerrariFerrari F1FerrariF1financesFormula 1Formula MoneyFormula1FormulaMoneyHonda F1HondaF1Season budgetSeasonBudgetSpendingToyota F1ToyotaF1Mon, 22 Sep 2008 17:32:00 EST<![CDATA[GM ramps up Cobalt production to meet demand]]>http://www.autoblog.com/2008/09/16/gm-ramps-up-cobalt-production-to-meet-demand/http://www.autoblog.com/2008/09/16/gm-ramps-up-cobalt-production-to-meet-demand/http://www.autoblog.com/2008/09/16/gm-ramps-up-cobalt-production-to-meet-demand/#commentsFiled under: , , , , , ,


Click above for more high-res shots of the Chevy Cobalt SS

General Motors cites the success of the current Chevy Cobalt as the reason for delaying the launch of the Cobalt's replacement, the upcoming Cruze, in the States. In order to meet the market's soaring demand for small cars in general, and the Cobalt in particular, earlier this year GM added a third shift to the Lordstown Plant where the Cobalt is built. For '09, the General plans to build an extra 70,000 Cobalts, expecting fuel prices to remain high and demand for its compact sedan and coupe to follow suit. Unfortunately for the struggling automaker, those extra cars may not necessarily add up to extra profits, with the Cobalt priced below its main competitors from Japan. For this reason, GM will be adding a few bucks to the bottom line of the Cruze, in a pricing move similar to the recently released Malibu. Hopefully, the same tactic GM employed with its mid-sizer will translate to the Cruze and that extra cash will result in a better car than its predecessor.

[Source: CNN]
Read | Permalink | Email this | Comments]]>chevy cobaltchevy cruzeChevyCobaltChevyCruzecobaltcruzeTue, 16 Sep 2008 19:33:00 EST<![CDATA[Saleen, Roush potential buyers for expandable Viper range]]>http://www.autoblog.com/2008/09/14/saleen-roush-potential-buyers-for-expandable-viper-range/http://www.autoblog.com/2008/09/14/saleen-roush-potential-buyers-for-expandable-viper-range/http://www.autoblog.com/2008/09/14/saleen-roush-potential-buyers-for-expandable-viper-range/#commentsFiled under: , , , , , , , ,


Click above for a hi-res gallery of the Viper ACR

While sales of the Dodge Viper may be down, Chrysler President Jim Press insists that buyers have been lining up to buy the entire operation. Among those potentially interested are American powerhouses Roush and Saleen. The latter, it's worth noting, is already involved in making the Viper, painting the cars off the assembly line. Whatever company ends up buying the Viper operation, Chrysler expects to make anywhere from $50 million to three times that before it vacates its Conner Avenue plant by the end of 2011, and has hired financial firm Lazard Limited to handle the sale.

Potentially of equal interest will be the opportunity, as Press sees it, to expand the Viper line-up. We're not sure what else you could make on the V10 sportscar platform, considering that convertible, coupe and hard-core track-day versions are already in line-up. But we'd sure be interested to find out.

Gallery: First Drive: 2008 Dodge Viper ACR


Gallery: In the Autoblog Garage: 2008 Dodge Viper SRT-10


[Source: Car and Driver]

Read | Permalink | Email this | Comments]]>cerebus viperCerebusViperchrysler conner avenuechrysler viperChryslerConnerAvenueChryslerViperdodge conner avenuedodge viper roushdodge viper saleenDodgeConnerAvenueDodgeViperRoushDodgeViperSaleenroush viperRoushVipersaleen viperSaleenVipersms viperSmsViperviper for saleViperForSaleSun, 14 Sep 2008 12:38:00 EST<![CDATA[Volvo to shed 900 jobs in Sweden]]>http://www.autoblog.com/2008/09/12/volvo-to-shed-900-jobs-in-sweden/http://www.autoblog.com/2008/09/12/volvo-to-shed-900-jobs-in-sweden/http://www.autoblog.com/2008/09/12/volvo-to-shed-900-jobs-in-sweden/#commentsFiled under: , ,

Amidst constant rumors of a sale of the Volvo brand, and the constant denials from Ford, the brand has seen some massive sales declines, both in Europe and in the United States. Even if Ford does choose to keep the brand, which does seem likely at the moment, fewer cars to sell means fewer workers needed. The latest round of cuts is said to amount to about 900 jobs in 2009, all of which could come from its home country of Sweden. An entire shift will be canceled at its plant in Goteborg in the western side of the country, which may or may not include a portion of those 900 job losses. It would appear that new president and CEO Stephen Odell has his work cut out for him as he attempts to turn the automaker around.

[Source: The Detroit News]
Read | Permalink | Email this | Comments]]>goteborggoteborg swedenGoteborgSwedenvolvovolvo jobvolvo job cutsvolvo jobsVolvoJobVolvoJobCutsVolvoJobsFri, 12 Sep 2008 17:31:00 EST<![CDATA[Nissan raises GT-R MSRP by nearly $7,000]]>http://www.autoblog.com/2008/09/05/nissan-raises-gt-r-msrp-by-nearly-7-000/http://www.autoblog.com/2008/09/05/nissan-raises-gt-r-msrp-by-nearly-7-000/http://www.autoblog.com/2008/09/05/nissan-raises-gt-r-msrp-by-nearly-7-000/#commentsFiled under: ,


Click above for high-res gallery of the Nissan GT-R

Nissan announced today a price increase for the 2009 GT-R, raising the MSRP nearly $7,000 from $69,850 to $76,840. The price for the Premium model has been increased even more, going from $71,900 to $79,090 in one fell swoop. Fortunately, the adjusted prices do not affect customers who placed their orders with dealers before September 5. Nissan cited increased material costs as the reason for the adjustment.

Since the GT-R is already one of the best performance bargains on the market today and customers are paying a premium to own one, we doubt that the price increase will have any effect on sales. Still, $7,000 is a serious chunk of change that could go towards aftermarket toys from Cobb Tuning or HKS.

Gallery: In the Autoblog Garage: 2009 Nissan GT-R

[Source: Nissan]

Continue reading Nissan raises GT-R MSRP by nearly $7,000

Permalink | Email this | Comments]]>20092009 Nissan GT-R2009 Nissan GT-R price increase2009NissanGt-r2009NissanGt-rPriceIncreaseGT-RNissanNissan GT-RNissanGt-rFri, 05 Sep 2008 17:43:00 EST