Archive for 'Industry News'
White House says taxpayers will get back ’some’ of auto bailout
While the White House won’t guarantee that General Motors and Chrysler Group LLC will repay the full $62 billion they received in government bailouts, it said today that taxpayers will at least get “some” of the money back. The Government Accountability Report released Monday said that automakers are “unlikely” to repay all of the government [...]
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BREAKING: GM board of directors decide to keep Opel
General Motors’ board of directors said today that it will keep Opel and restructure it, putting an end to plans to sell the brand to Magna International. GM said that it expects the restructuring of Opel to cost 3 million euros ($4.42 billion USD), which it says lowers the costs associated with outside bids for [...]
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Fisker picks distributor to sell Karma in Europe, looking to sell in China
Fisker Automotive announced that it has picked a large distributor to sell its plug-in hybrid vehicles in Europe and is also looking for a similar deal in China. CEO Henrik Fisker said that the company will announce the name of the distributor group as early as Wednesday. It is reported that the distributor has more [...]
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GM and FoMoCo report sales increase for Oct., Chrysler’s sales down 30%
FoMoCo and General Motors Company both reported a sales increase for October while Chrysler Group LLC reported a significant decline.
Ford reported a 3 percent increase in monthly sales over October of last year while GM said its sales increased 4 percent during the same period. GM sold a total of 177,603 vehicles in October and [...]
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GM offering big incentives to clear Saturn inventory, get $4,000 off 2008, 2009 models
General Motors’ efforts to sell Saturn to Penske Automotive Group fell through last month. The automaker is no longer producing Saturn vehicles as it proceeds to shutdown the brand completely. According to Automotive News, in an effort to clear out the remaining Saturn inventory, GM today launched an incentive program that runs through the end of [...]
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General Motors Company CEO Fritz Henderson has repeatedly said that the Detroit automaker is aiming for an initial public offering as early as next year. However, the Government Accountability Office (GAO) said Monday that 2010 might be too soon to execute such a stock offering.
The GAO said that the Obama administration should establish a more [...]
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Alan Mulally: FoMoCo would’ve been profitable even without Cash for Clunkers
FoMoCo’s CEO Alan Mulally said that its surprise third-quarter profit “absolutely” would have happened even without the Cash for Clunkers incentive.
“It was a good stimulus,” Mulally told Automotive News. “But the real strength of the third quarter is based on the strength of our product line improving.”
Mulally wouldn’t say whether the Dearborn automaker expects to [...]
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Analysts: Chrysler, Fiat merger may take 10 years to ‘fully bear fruits’
On Wednesday, executives from Fiat and Chrysler will both outline what they have planned for Chrysler Group LLC over the next 5-years. The event will be held in Auburn Hills and about 300 people are expected to attend including analysts, government and union officials, dealer representatives and media to hear for what CEO Sergio Marchionne [...]
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GM has $13.6 billion cash in U.S. funded escrow account
In a filing with the U.S. Securities and Exchange Commission yesterday, General Motors Company said that it has $13.6 billion remaining in its U.S. government-funded escrow account as of October after it made payments related to the restructuring of its former parts subsidiary Delphi.
The Detroit automaker said that it had deposited $16.4 billion of cash [...]
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Ferrari confirms 4×4 electric system by 2014
Ferrari sources confirmed today that the company is working on an electrically driven 4×4 system for its future vehicles. Senior insiders at the company said that the final hybrid design will be used for front-engined GT models that will drive the front wheels.
Don’t expect to see the electric 4×4 system in models until at least [...]
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BREAKING: GM board of directors decide to keep Opel
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2010 Honda Accord Crosstour prices start at $26,670
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2010 Ford F-150 SVT Raptor 6.2L V8 makes 411-hp for $41,995
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Ford reports third-quarter profit of nearly $1 billion
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2010 HPE700 LS9 Camaro outputs up to 1,000-hp, comes standard with 725-hp
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Volkswagen releases sketch of new mid-size sedan for the U.S.
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Review: 2010 GMC Terrain shows how GMC is evolving
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Review: 2010 Ford Fusion Hybrid, look here for impressive fuel-effciency numbers
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Review: 2010 Lincoln MKS EcoBoost, high-performance can be economical
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Review: 2010 Ford Taurus SHO – It’s SHOw Time
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Review: 2010 Mazda3, it’s smiling at you… and you should smile back
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Review: 2009 Porsche 911 Carrera S with PDK, launch-control active
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Reviewed: 2009 Audi Q5 3.2 quattro, the best of the compact luxury SUV bunch
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