source: http://carscoop.blogspot.com
Showing posts with label Reports. Show all posts
Showing posts with label Reports. Show all posts
Tuesday, November 16, 2010
General Motors Reviewing Offers for Sale of Saturn Brand
General Motors' April Sales Down 34 Percent, Inventories Drop 10 Percent
Last week, the American automaker announced that it would shut down 13 of its factories for multiple weeks to lower production by approximately 190,000 vehicles through the early part of the third quarter in order to reduce inventories to an expected level of about 525,000 vehicles by the end of July.
source: http://carscoop.blogspot.com
By the Numbers: Chrysler LLC vs Fiat Group
Surprisingly, even though Fiat sold only 20 percent more cars than its American counterpart, it has more than triple the number of employees according to the data provided by the two companies (Fiat: 180,227 employees at the end of December 2007, Chrysler: 54,007 employees at the end of December 2008).
As for regional market shares, North America aside where Chrysler dominates with 11.3 percent of the market compared to Fiat's or shall we say, Maserati's and Ferrari's combined 0.1 percent share, the Italians are better everywhere else.
source: http://carscoop.blogspot.com
| FIAT GROUP | CHRYSLER LLC |
Worldwide Sales | 2.4 Million | 2.0 Million |
North American Market Share | 0.10% | 11.30% |
South American Market Share | 19.10% | 0.70% |
European Market Share | 7.60% | 0.50% |
Distribution | 190 Countries | 125 Countries |
Worldwide Employees | 185,227 (12/07) | 54,007 (12/08) |
Manufacturing Facilities Chrysler LLC: Overall, the Chrysler group operates twelve assembly, five engine, six stamping and seven transmission / casting / machining / axle plants (January 2009)
Manufacturing Facilities Fiat S.p.A.: Fiat has manufacturing operations in Italy (five plants), Poland (one plant), Brazil (two plants) and Argentina (one plant). Manufacturing also is performed through either joint ventures or licensing agreements in Italy (three), France (one), Turkey (one), India (one), Russia (one), Serbia (one) and Hungary (one).
NYPD Introduces Nissan Altima Hybrid Police Cars
At $25,391 per vehicle, the Altima hybrids cost about $1,500 more than the conventional Impala. However, due to the fact that the hybrids return 35mpg for city driving compared to the Chevy's 16mpg, NY Mayor Michael R. Bloomberg said that they will cover the difference in a short period of time.
"These new patrol cars will help fulfill the PlaNYC goal of reducing City government's carbon footprint," said Mayor Bloomberg. "Through savings in fuel, these Altimas can quickly cover their additional cost, from then they will save taxpayers money – another example of how going green is good for our environment and our pocketbooks."
New York City officials said that after a after a year of monitoring the Altima Hybrids performance the Department will determine whether or not to further expand them into the fleet.
source: http://carscoop.blogspot.com
AVUS Issues Press Release on Audi RS6 'White Power' Name, Blames Translator
Our opinion? This whole matter brings to mind the Southpark episode "Chef Goes Nanners". In a nutshell, all the adults were in a racial fight over South Park's flag that depicted white figures hanging a black one on a scaffold, so they asked the opinion of the boys who debated the topic at school.
And while everyone thought that the boys were divided over the racial subject, in the end it is revealed that the boys hadn't even noticed the color of the figures shown on the flag. The whole time they thought that the issue at hand was capital punishment...
source: http://carscoop.blogspot.com
AVUS PERFORMANCE STATEMENT
Dear visitors, readers and customers,
We are very sorry and unfortunate for what has actually happened and is currently happening to our first press report. Due to a mistranslation of our latest project car - the Audi RS6 V10 biturbo - there were lots of radical right-wing rumors on all different blogs and pages that received our first press report. We distance ourselves from the project title - it was done by our press agency which obviously mistranslated our German project name into English. Furthermore we distance ourselves from anything that has to do with that group synonym and we would also like to say sorry if anyone got personally touched.
Deepest Regards
The AVUS PERFORMANCE Team
Chrysler LLC to Shut Down Most Plants from May 4
According to Chrysler, during the bankruptcy period, the company's hourly employees will receive unemployment benefits, as well as supplemental pay that will amount to most of their base wages while company-sponsored healthcare and other insurance coverage will continue.
However, the question that arises with Chrysler's prolonged shutdown is what will happen to the company's U.S. suppliers, given the fact that General Motors has also announced that it will be idling 13 of its North American assembly plants for multiple weeks from May through to July.
source: http://carscoop.blogspot.com
Ford's U.S. Sales Drop 31 Percent in April, Hybrids up 21%
Furthermore, the company stated that in April, combined sales of all hybrid models in the Ford group totaled 2,299 units, an increase of 21 percent versus a year ago.
"Sales of the 2010 Ford Fusion, Mercury Milan, Lincoln MKZ and hybrid versions exceeded our plan and customers also are equipping our new products with levels of content and features that are higher than we expected," said Ken Czubay, Ford vice president, Sales and Marketing.
source: http://carscoop.blogspot.com
Monday, November 15, 2010
Chrysler - Fiat Deal Signed, According to Italian Newspaper
Late last night, Chrysler announced that UAW (United Auto Workers) members approved a cost-saving deal.
"We are thankful to the Chrysler UAW members for their support in ratifying this contract, especially during these challenging times," said Tom LaSorda, Vice Chairman and President
in a prepared statement. "This was a necessary step as we move forward in revitalizing this great Company. Today's vote enables us to continue our work to meet the conditions laid out by the U. S. Treasury Department. The entire Chrysler leadership team believes in and appreciates the men and women that make up our great workforce worldwide."
source: http://carscoop.blogspot.com
OFFICIAL: Chrysler Files for Bankruptcy But Strikes Deal with FIAT, Nardelli is Out
Furthermore, Chrysler LLC CEO Bob Nardelli revealed his plan to leave the automaker following the emergence of the new company from Chapter 11 and the completion of the alliance with Fiat. This of course, leaves an open door for Fiat's successful CEO Sergio Marchionne to take the reins of Chrysler. Hit the jump to read the official statements from both companies.
CHRYSLER LLC
Chrysler LLC today announced that, as a result of the comprehensive restructuring plan agreed to by many of its stakeholders, it has reached an agreement in principle to establish a global strategic alliance with Fiat SpA to form a vibrant new company. It will allow Chrysler and Fiat to fully optimize their respective manufacturing footprints and the global supplier base, while providing each with access to additional markets. Fiat powertrains and components will also be produced at Chrysler manufacturing sites.
"This partnership transforms Chrysler into a vibrant new company with a wealth of strategic advantages," said Bob Nardelli, Chairman and CEO of Chrysler. "It enables us to better serve our customers and dealers with a broader and more competitive line-up of environmentally friendly, fuel-efficient high-quality vehicles. Benefits to the new company include access to exciting products that complement our current portfolio, technology cooperation and stronger global distribution."
Chrysler initiated discussions with Fiat more than a year ago to develop plans for a global product alliance. Over the past several months, these discussions have evolved and expanded. Chrysler and many of its stakeholders worked tirelessly to agree upon concessions that will result in a significantly lower cost base and enable fulfillment of a broader strategic alliance.
"We want to personally assure everyone that the new company will produce and support quality vehicles under the Jeep®, Dodge and Chrysler brands as well as parts under the Mopar® brand. Chrysler employees will become employees of the new company. Chrysler dealerships remain open for business serving our customers. All vehicle warranties will be honored without interruption and consumers can continue to purchase our vehicles with complete confidence," explained Nardelli.
Despite substantial progress on many fronts, Chrysler was not able to obtain the necessary concessions from all of its lenders, which would have avoided the need for a bankruptcy proceeding. As a result, under the direction of the U.S. Treasury, Chrysler LLC and 24 of its wholly owned U.S. subsidiaries today filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in U.S. Bankruptcy Court for the Southern District of New York.
"Even though total agreement was not possible, I am truly grateful for all that has been sacrificed, on the part of many of Chrysler's stakeholders to reach an agreement in principle with Fiat," said Nardelli. "My number one priority has been to preserve Chrysler and the thousands of people who depend on its success. While I am excited about the creation of the global alliance, I am personally disappointed that today Chrysler has filed for Chapter 11. This was not my first choice. "
Chrysler also will file a motion under Section 363 of the Bankruptcy Code requesting the swift approval by the Court of the agreement with Fiat and the sale of Chrysler's principal assets to the new company. The benefit of this type of filing is speed. It should allow a leaner new company to emerge in a matter of 30 to 60 days, well positioned for long-term viability.
Nardelli, who has been leading Chrysler since August 2007, also announced to Chrysler LLC's Board of Management and the U.S. Treasury his plan to leave the company following the emergence of the new company from Chapter 11 and the completion of the alliance with Fiat. He will return to Cerberus Capital Management LP as an advisor. "Now is an appropriate time to let others take the lead in the transformation of Chrysler with Fiat," said Nardelli. "I will work closely with all of our stakeholders to see that this new company swiftly emerges with a successful closing of the alliance."
During the restructuring process, the government will provide sufficient debtor-in-possession (DIP) financing to allow continuation of "business as usual." The company will seamlessly honor warranty claims, pay suppliers and keep our dealer body operating to continue to serve our valued customers.
"To create this vibrant new company, we are using this structured bankruptcy to rapidly implement tough but necessary changes, including: the agreed upon wage and benefit structure for active and retired employees that is competitive with those of transplant manufacturers; a reduction of debt and interest expense; the disposition of idle assets; a rationalized and more efficient dealer network; and sound agreements with our suppliers," said Nardelli.
Chrysler's Mexican, Canadian and other international operations are not part of any bankruptcy filing.
As part of the restructuring and with the backing of the U.S. Treasury, we have reached an agreement in principle with GMAC to become the preferred lender for Chrysler dealer and consumer business. GMAC will be able to offer the best long-term finance options for Chrysler dealers and customers with standard rate installment products.
When the transaction is completed, the Voluntary Employee Beneficiary Association (VEBA) will own 55 percent of the new company and the U.S. and Canadian governments will own proportionate shares of a 10 percent stake. Fiat will initially hold a 20 percent ownership stake in Chrysler. Fiat will have the right to increase its ownership stake an additional 15 percent in three increments as it meets the following criteria: 5 percent for bringing a 40 mpg vehicle platform to Chrysler to be produced in the U.S.; 5 percent for providing a fuel-efficient engine family to be produced in the U.S. for use in Chrysler vehicles; and 5 percent for providing Chrysler access to its vast global distribution network to facilitate the export of Chrysler vehicles. Fiat cannot become a majority owner until after all U.S. government loans have been completely repaid.
As a part of the restructuring, most manufacturing operations will be temporarily idled effective Monday, May 4, 2009. Normal production schedules will resume when the transaction is completed, which is anticipated within 30 to 60 days.
"We want to recognize the Administration, the U.S. Treasury, President's Auto Task Force, as well as Members of Congress and representatives at the state and community level and Canadian Federal and Ontario Provincial governments for their energy and efforts in helping to move this new company forward," Nardelli said. "It is also important to acknowledge Cerberus and Daimler, which provided the foundation for the alliance as well as Chrysler's many other stakeholders including the UAW and CAW leadership, employees, dealers and suppliers. Without their deep sacrifices, unstinting loyalty and enduring belief in Chrysler, the alliance would not have been possible. We look forward to our new partnership with Fiat. To be sure, there will be many changes as we move forward to implement our plans. But today, from many great parts, we begin to build a vibrant new company with less debt, a stronger balance sheet, richer product portfolio, supported by a well-positioned finance company."
FIAT S.p.A.
FIAT GROUP AND CHRYSLER ENTER INTO A GLOBAL STRATEGIC ALLIANCE
Fiat S.p.A. and Chrysler LLC announced today they have signed the agreements to establish a global strategic alliance. The Alliance comprises two elements: Fiat contributing to Chrysler rights in various platforms, technologies, and models, management services and cooperation and assistance in key areas of Chrysler's business, such as procurement and international distribution, and Fiat's acquisition of a shareholding in Chrysler.
1 Statement from the CEO of Fiat Group, Sergio Marchionne
"This transaction represents a constructive and important solution to the problems that have plagued not just Chrysler in recent years, but the global automotive industry as a whole. Bringing together Fiat's world-class technology, platforms and power-trains for small and medium sized cars, and its extensive distribution network in Latin America and Europe with Chrysler's rich heritage, strong North American presence and talented and dedicated workforce will create a powerful new automotive company, while helping preserve jobs and a manufacturing industry that is critically important to the U.S. and Canadian economies," the CEO of Fiat Group, Sergio Marchionne, said.
Our goal since we first entered discussions with Chrysler nearly a year ago was to leverage the strengths of both companies to yield the scale, efficiencies and cost savings necessary to create two stronger automakers able to compete more effectively on a global scale. This transaction is an important step toward achieving this objective.
Our work is just beginning, but together with our new partners at Chrysler we look forward to delivering on the vast potential this alliance holds and reintroducing to North American customers of some of our most popular brands, including Alfa Romeo and the award-winning Cinquecento.
We would not be here to announce this agreement were it not for the tireless dedication, focus and creativity of the US Automotive Task Force and their Canadian colleagues. As we worked our way through the myriad of obstacles and issues that arise in transactions such as these, they never lost faith in the project. Through this transaction, they have created the conditions for the reestablishment of Chrysler as a viable long-term participant in the automotive market.
Organized labor unions on both sides of the border have also made significant contributions in accepting reductions in benefits and equity in satisfaction of some of their claims. I would like to thank the leadership of both the United Auto Workers and the Canadian Auto Workers unions for all they have done and for constructively participating in our shared challenge of recreating a great Chrysler.
Over the coming weeks and months, I will be spending a great deal of time meeting with Chrysler employees and touring its facilities. While our agreement must necessarily go through the U.S. legal system for a few weeks, we will be preparing ourselves to reemerge quickly as a reliable and competitive automaker. I believe Chrysler can meet the challenges posed by today's difficult market conditions by tapping back into its innovative spirit, by focusing on quality as a cornerstone of its product offering and by listening to its customers and delivering the cars they want. It is a model we have strictly adhered to in the past few years at Fiat, and one I believe we can adapt here to write the next chapter in Chrysler's legacy.
The transaction which we have just finalized represents an historic moment for both Fiat and Italian industry. It is a significant step toward building a new and solid foundation for the future.
Today is also a day of great satisfaction for all women and men at Fiat. The fact that Fiat's know-how has been appreciated at the most senior levels of the US and Canadian administration – to whom I express gratitude on behalf of our Group's entire management team – is a source of significant motivation for the work ahead of us.
We are certain that a stronger and more international Fiat will emerge from this alliance, with an even greater capacity to compete in markets worldwide," the CEO of Fiat Group, Sergio Marchionne, said.
2. The transaction
The transaction will be implemented through an expedited sale of substantially all the assets of Chrysler to a NewCo pursuant to certain provisions of the US Bankruptcy Code. After intense consultations with the US Treasury and all the other constituencies, including, the government of Canada, the United Auto Workers (UAW) and the Canadian Auto Workers (CAW), Chrysler elected such route as the most effective to restructure its debt. As a consequence, today Chrysler will request the bankruptcy court in New York to approve the sale of Chrysler's business to a NewCo. Subject to the approval of the regulatory authorities, if the Court will approve the Transaction it will require the parties to complete the transaction as soon as possible.
Pending this approval, the current Chrysler will continue its normal business operations and the US Treasury and the Canadian government will provide the company with financing in order to allow the performance of all its obligations towards the employees and to fund its on-going needs.
From the beginning of May Chrysler will benefit of new wholesale financing arrangements entered into with GMAC which will also offer retail financing.
At closing of the Transaction, NewCo will assume the corporate name of Chrysler and become the owner of substantially all the Chrysler's business without certain debts and liabilities.
At closing NewCo will issue in favor of Fiat an equity interest equal to 20% (by vote and value) on a fully diluted basis and Fiat will enter into certain industrial agreements with Chrysler.
Similarly, at closing the Voluntary Employee Benefit Association (VEBA) will be issued an equity interest equal to approximately 55% on a fully diluted basis of Chrysler. Such equity interest will be administered by the U.S. Treasury. UST and the Canadian Government will collectively hold the remaining 10% equity interest (on a fully diluted basis).
The new Chrysler will also benefit from the recently agreed new collective bargaining agreements with UAW and CAW and of a facility of the U.S. Treasury of approximately US $ 6.5 bn.
The new Chrysler will be managed by a board of directors consisting of nine directors: three directors will be appointed by Fiat. One of Fiat's appointees must satisfy the criteria for independence under the New York Stock Exchange listing rules. VEBA and the Government of Canada will have the right to appoint one Director respectively. U.S. Treasury will have the right to make the initial appointment of four directors (three of whom must be independent).
Fiat will have right to receive up to an additional 15% equity interest (by vote and value) on a fully diluted basis. This stake can be obtained in three tranches of 5% each subject to the achievement of predetermined targets, in particular, achievement of regulatory approvals to produce the FIRE family of engines in the USA; achievement of sales of Chrysler vehicles outside NAFTA, and achievement of regulatory approval to produce a Chrysler model based on Fiat technology. Upon obtainment of such additional 15% interest, Fiat will also have the right to appoint another director of Chrysler.
In addition, Fiat will be granted an option to acquire an additional 16% shareholding (exercisable from Jan 1, 2013 until June 30, 2016). The price of such incremental equity will be determined in accordance to certain market standards but in any event will not exceed the then Fiat market multiple. This option will not be exercisable while the US Treasury outstanding loan exceeds US$3 billion.
Fiat's shareholding will be capped at 49% until Chrysler has repaid in full the loan granted by the U.S. Treasury.
3. Fiat's contribution
Fiat will contribute key technology and other resources to Chrysler.
In summary, the Fiat Contributions will consist of the following: licenses enabling Chrysler to use all Fiat Group Automobiles car platforms (and subject to any restrictive agreement between Fiat and any third party) for the production of Chrysler vehicles in NAFTA; licenses enabling Chrysler to use certain of Fiat's other key technology, such as engine technology; the on-going provision of management services in order to enable Chrysler to benefit from Fiat's expertise in operational and industrial recovery; participation in Fiat's purchasing and procurement programs; distribution of Chrysler vehicles outside NAFTA, in particular by giving Chrysler access to Fiat's distribution network in countries in which Chrysler currently has a limited presence.
The alliance, a key element of Chrysler's Integration Plan, would strengthen Chrysler viability for the long term with access to competitive, fuel-efficient vehicle platforms, powertrain, and components to be produced at Chrysler manufacturing sites.
The alliance would also allow Fiat Group and Chrysler to take advantage of each other's distribution networks and to optimize fully their respective manufacturing footprint and global supplier base. The alliance does not contemplate that Fiat would make a cash investment in Chrysler or commit to funding Chrysler in the future.
source: http://carscoop.blogspot.com
Poor Economy Linked to Increased Insurance Frauds -Suspicious Car Fires up 27%!
Examples of what the insurance companies call as opportunistic fraud include car owners that have trouble making payments on a recently purchased vehicle who decides to destroy their car and then report it vandalized or stolen.
According to the findings of NICB report, in the first quarter of 2009, suspicious car fires were up 27 percent (!) over the same period in 2008 while owner give-ups, which is defined as vehicles that were reported stolen by their owners when the owner is in fact making a false theft report, increased 24 percent from a year ago.
A previous analysis by NICB released in October 2008 that focused at owner give-ups from 2004 through March 2008, showed a connection between the number of owner give-ups and the rising cost of gasoline during that period. NICB claims that a large number of the give-ups involved less fuel efficient large sport utility vehicles and pickup trucks.
"Desperate times sometimes cause people to take desperate measures," said Joe Wehrle, NICB's President and Chief Executive Officer. " "Some people think it is okay to cheat an insurance company, but the fact is, they are breaking the law, risking jail time, and causing everyone else to pay more for their insurance coverage," he added.
source: http://carscoop.blogspot.com
Daimler Posts €1,4 million Loss in First Quarter of 2009, Sales Down 34%
In terms of sales, Daimler sold 332,300 cars and commercial vehicles worldwide, which was 34% lower than in the same period of last year. This resulted to significant decrease in the Daimler Group's first-quarter revenue - from €24.0 billion to €18.7 billion in 2009. According to the company, when adjusted for exchange-rate effects, revenue was down by 25%.
Mercedes-Benz passenger car sales that were affected by the model changeover of the new E-Class sedan as it is one of the firm's best selling models, totaled 231,200 units, down 27.4 percent from the same period last year when the company sold 318,300 units. First-quarter revenue decreased by 27% to €9.1 billion.
The Mercedes-Benz passenger car division posted a €1,123 million loss (before interest and taxes) in the first quarter, which was significantly below the result of the prior-year quarter (€1,152 million profit).
Daimler Trucks sold 65,400 vehicles worldwide in the first quarter of 2009 (versus: 107,700 in Q1 2008), Mercedes-Benz Vans' sales sunk to 28,800 vehicles in the same period (Q1 2008: 68,600) while Daimler Buses sold 6,800 buses and chassis worldwide in the first quarter of this year (Q1 2008: 9,200).
Daimler's outlook for the rest of the year isn't any better as the German Group said that it expects its total unit sales to "decrease significantly in 2009".
source: http://carscoop.blogspot.com
Daimler Agrees to Give Up its 19.9% Stake in Chrysler
Under the new agreement between the two parties, Daimler agreed to pay US $200 million into Chrysler's pension plans for the next two years while the existing pension guaranty of US $1 billion 'vis-à-vis' the PBGC will be reduced to an amount of US $200 million and will remain in place until August 2012.
source: http://carscoop.blogspot.com
Sunday, November 14, 2010
Chrysler and Fiat Reach an Agreement with Canadian Auto Workers
Aside from the cost-saving provisions that were part of the contract negotiated with General Motors Canada in early March, CAW had to make additional 'sacrifices' including the elimination of semi-private hospital coverage, an increase in the waiting period for sickness and accident benefits, the eradication of employee car purchase and tuition rebate programs and a $3,500 vacation buyout.
"We are extremely grateful to the CAW leadership and to its hard-working members for their openness in this challenging environment to create a new strategy that will lead this company on a path to success," said in a statement Tom LaSorda, Vice Chairman and President of Chrysler LLC.
Al Iacobell, Chrysler's Chief Bargainer and Vice President – Employee Relations, said "The forthright discussions and final decisions made by the CAW not only benefit the Canadian represented employees, but help to ensure the Company's future competitiveness. The tentative agreement also helps move the Company one step closer to a partnership with Fiat SpA."
On the behalf of CAW, President Ken Lewenza issued this statement: "CAW members supported their union right through this process, rather than allowing themselves to be intimidated by crude threats. That has allowed us to bargain the very best agreement possible, imposing the minimum possible sacrifice on our members and their families, despite the incredibly tough times."
source: http://carscoop.blogspot.com
Ferrari Posts €54 Million Trading Profit in the First Quarter of 2009
In particular, during the first three months of the year, Ferrari delivered 1,571 cars to the network, a 5% decrease over Q1 2008, while sales to end-customers totaled 1,480 units, down 10% from a year ago.
GM Officially Announces Pontiac's Death, Saab, Hummer and Saturn to be Gone by 2009
Other significant changes in GM's updated "Viability Plan" include the accelerated idling and closures of powertrain, stamping, and assembly plants while the firm will almost cut its U.S. dealer count in half, from 6,246 in 2008 to 3,605 by the end of 2010. This is a further reduction of 500 dealers, and four years sooner, than the previous plan submitted to the U.S. Treasury on February 17. And how will all these measures affect U.S. workers? According to GM, the updated plan will see an additional reduction of 7,000 to 8,000 hourly employees. Overall, U.S. hourly employment levels are projected to be reduced from about 61,000 in 2008 to 40,000 in 2010, a 34 percent reduction, and level off at about 38,000 starting in 2011. source: http://carscoop.blogspot.com
"We are taking tough but necessary actions that are critical to GM's long-term viability," said Fritz Henderson, GM president and CEO. "Our responsibility is clear - to secure GM's future - and we intend to succeed. At the same time, we also understand the impact these actions will have on our employees, dealers, unions, suppliers, shareholders, bondholders, and communities, and we will do whatever we can to mitigate the effects on the extended GM team."
Ford Posts 'Only' $1.4 Billion Net Loss in Q1 2009, Significantly Lower than Q4 2008
"Our results in the first quarter reflected the extremely difficult business environment and weak demand for autos around the world," said Ford President and CEO Alan Mulally in a statement issued by the company. "Despite the challenges, Ford made strong progress on our transformation plan by gaining share with strong new products, slowing operating-related cash outflows, reducing outstanding debt, lowering our structural costs and reaching new agreements with the UAW."
The company also said that based on current planning assumptions, "it remains on track to meet or beat its financial targets, including the target for its overall and North American Automotive pre-tax results to be breakeven or better in 2011, excluding special items."
source: http://carscoop.blogspot.com
Audi to Unveil an-all new Model on July 16 - Can you Guess which one it'll be?
These include in random order, the R8 Spyder, A1 minicar, A5 / A7 Sportback, Q3 small SUV and the RS versions of the A3 and A5 Coupe. Our guess? We would probably give our vote to either the R8 Spyder or one of the Sportback models. If you happen to know something we don't, feel free to enlighten us with a comment below.
source: http://carscoop.blogspot.com
BREAKING: GM Issues Official Statement on Pontiac Death Rumors
"Contrary to media speculation, General Motors has not announced any changes to its long-term viability plan or to the future status of any of its brands. GM is continuing to review its restructuring plan to go further and faster and best ensure its future success. Additional information will be released as any decisions are finalized said GM in a statement," the automaker said in the statement titled "Pontiac Statement Re: Media Speculation"
We remind you that earlier today, General Motors announced that it received an additional US$2 billion in government loans to help the company to maintain adequate liquidity.
source: http://carscoop.blogspot.com
GM Shutting Down 13 Plants for Multiple Weeks
The American automaker said that the multiple shutdowns will not impact factories that are in the process of launching new products, including the all-new Chevrolet Camaro built at Oshawa, Ontario, Canada and the Buick LaCrosse launching soon at the Fairfax, Kan. assembly plant.
"We're taking aggressive steps to accelerate our inventory initiatives that have worked well since the first of the year. While sales have been performing at or close to our plan estimates, and dealer inventories have been reduced accordingly, we want to more closely align inventories with even more conservative market assumptions," said Troy Clarke, GM North America president. "By reducing our inventories even more aggressively we reduce pressure on GM and our dealers, and set ourselves up well for a clean 2010 model year start-up."
source: http://carscoop.blogspot.com
Pontiac Reportedly to be Pronounced Dead on Monday
Insideline called GM's spokesman Tom Wilkinson to ask him about the news, but the answer was somewhat vague. "There's nothing I can share with you at this time. Keep your eyes on our media site. Officially, nothing has changed with Pontiac's niche-brand status, until you hear differently," Wilkinson was quoted as saying. Either way, one thing's for sure; Pontiac's fate seems doomed...
source: http://carscoop.blogspot.com
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