Earnings/Financials


REPORT: GM to depart with form and run certain plants around-the-clock

Two weeks from now, General Motors will start running its Fairfax assembly plant continuously on a permanent basis. The unprecedented around-the-clock operation, following on the heels of the temporary third shifts a few months ago, is intended to boost the plant's production from its current 4,500 vehicles per week to 6,300 units over the same period. Operating around-the-clock is no simple feat. Experts point out that automotive assembly lines require a lot of scheduled maintenance, cleaning, and restocking – tasks that are usually ... Read more →

Mysterious Dutch billionaire behind Spyker's renewed Saab bid? Jonny Lieberman

Too bad Saab couldn't get this much ink while they were fully-alive. That's right folks, another day, another story about the undead Swedish brand. Just-Auto.com is reporting that a mystery Dutch ...

REPORT: Visteon seeking to end pensions of 21,000 workers, retirees Jonathon Ramsey

Visteon, the automotive supplier currently going through bankruptcy proceedings, is seeking to rid itself of pension obligations for 21,000 current workers and retirees. It wouldn't mean the end ...

REPORT: Ford offering all 41,000 UAW workers buyout packages Jeremy Korzeniewski

According to Ford spokesman Mark Truby, "Despite a strengthening in our business, we still have a surplus in employees." Union employees to be specific. As such, Ford has just announced plans to ...

UPDATE: Spyker extends proposal to buy Saab from GM 'until further notice' Jeremy Korzeniewski

Saab loyalists can keep their candles burning a wee bit longer as supercar manufacturer Spyker has extended the deadline of its final-final offer for the Swedish brand "until further notice." ...

REPORT: Spyker stock soars on word of Saab sale reconsideration 2 days ago on Autoblog

Here's the skinny: Saab isn't totally dead yet. As the weekend showed, there's (a little) hope for both Saab and its Dutch suitor, Spyker. As our man Ramsey laid out yesterday, Spyker submitted a renewed eleven-point plan to General Motors that they (Spyker) hopes will allow them to take ...

REPORT: VW finished eating companies, will now focus on digestion 2 days ago on Autoblog

We have a feeling historians will spending a fair portion of next few years finding new words to describe just how bad this year was for the auto industry. And then, at some point, they'll get around to Volkswagen, a company that has been zagging while almost all others zigged. Over the last ...

REPORT: Swedish government to meet with GM officials - could Saab still be saved? 3 days ago on Autoblog

Less than a day after General Motors officially announced Saab's euthanization, it looks like the storied Swedish brand might still have the faintest whisper of a pulse. Motor Trend is reporting that there are rumors swirling that the Swedish government will hold emergency meetings this weekend ...

REPORT: GM to speed up development of vehicles delayed by bankruptcy 4 days ago on Autoblog

Prior to declaring bankruptcy, General Motors began delaying new products in an effort to conserve cash. The news was disappointing to enthusiasts and brand loyalists, but with its cash piles dwindling, the General didn't have many alternatives. Post-bankruptcy, GM finds itself with $40 billion ...

Christmas List 2010: Rattner's book to debut in time for next Christmas 5 days ago on Autoblog

Planning for the future is perhaps an alien concept to big business – even automakers, with their protracted product development cycles. Take a cue of what not to do from them, then, and start planning now for next Christmas. May we suggest that your 2010 wishlist starts with what's destined ...

BREAKING: Swedish Patient Succumbs - Deal for Saab is dead on the table, GM to wind down brand 5 days ago on Autoblog

After a protracted saga that has seen bidders drop in-and-out and old model tooling and assets sold off to the Chinese, the enigmatic brand known as Saab is dead. In a press release issued this morning, General Motors announced that the "intended sale of Saab Automobile AB would not be ...

REPORT: Michigan gives GM tax break but automaker to still halve staff at RenCen 5 days ago on Autoblog

There are roughly 4,000 GM employees working at the company's Renaissance Center headquarters in Detroit. During the restructuring, GM has been working out how many employees to let go and where to put the remainder, and that, for the state of Michigan, meant another few thousand workers ...

Chrysler announces $179 million investment in Dundee plant to build Fiat Multiair engines 5 days ago on Autoblog

In a none-too-shocking announcement, Chrysler announced plans to invest $179 million to convert its engine plant in Dundee, MI, from building the so-called World Engine to Fiat's 1.4-liter Fully Integrated Robotized Engine. Back in September, Chrysler bought out its former partners Hyundai and ...

REPORT: Old Carco (read: "Bad Chrysler") to not repay $4B in TARP loans 6 days ago on Autoblog

Before Fiat and prior to bankruptcy, the old Chrysler, LLC needed $4 billion just to keep the doors open. The Bush Administration came through with the company-saving cash at the 11th hour, keeping the Pentastar solvent long enough to make it to bankruptcy court. Chrysler was reportedly given ...

REPORT: Honda plans to settle Civic Hybrid mileage suit out of court. Is it a fair deal? 7 days ago on Autoblog

If you buy a hybrid, you'll be rewarded with excellent fuel economy, right? Well, that's the idea, but sometimes things don't turn out exactly as we had hoped. Such is apparently the case with a number of Honda Civic Hybrid owners who claim that their vehicles don't even come close to achieving ...

Zetsche: Maybach "not significant or relevant," but a facelift is coming anyway 8 days ago on Autoblog

Maybach's 2009 sales through the first eleven months of this year have declined about 20 percent. That's at the kinder end of the industry average, all the more impressive because the "cheapest" one starts at $358,000. The part that's not so kind is the actual number of sales: 88, versus 110 ...

REPORT: BMW, Mini to let Mercedes-Benz inspect, prep its vehicles at port 8 days ago on Autoblog

The Mercedes-Benz Baltimore vehicle process center has secured a five-year contract to inspect, process, and repair pre-delivery BMW and Mini vehicles arriving in the United States. It's a deal that makes economic sense for both companies, say that automakers. BMW models currently arrive in ...

Fed may reconsider $500k salary cap for new GM CEO, limit pay for 2nd tier execs 9 days ago on Autoblog

It's official: pay czar Kenneth Feinberg's executive compensation rules for companies yet to return their bailout funds means a cap of $500K for second-tier executives. Importantly, that number represents the total compensation allowed, but only 45 percent of it -- $225,000, can be in cold, hard ...

REPORT: Fed predicts it will lose $30B on auto industry bailout 13 days ago on Autoblog

2009 isn't quite over yet, but we're pretty sure most automakers would rather forget that it ever happened. And while General Motors and Chrysler suffered the pain and humiliation of bankruptcy and workers lost thousands of jobs and many plants and dealerships closed, the good news is that the ...

REPORT: Automotive advertising plummets 30.8% 13 days ago on Autoblog

Automobile manufacturers and dealers spent $7.5 billion on advertising during the first six months of 2009, says TNS Media Intelligence. The company that keeps track of nearly every form of advertising for all industries is reporting that the figure represents a 30.8% drop compared to the same ...

Mitsubishi launches big incentives through Sam's Club 13 days ago on Autoblog

Twin pack of bread, 36 bottles of water, 24 rolls of toilet tissue, a 64-oz. box of cereal and... a 2010 Mitsubishi Galant. That may sound a bit odd, but if you want certain 2009 and 2010 Mitsubishi models with zero percent financing or discounted lease pricing, you'll apparently have to head ...

Officially Official: VW and Suzuki tie the knot 14 days ago on Autoblog

As you can see from the image above depicting Osamu Suzuki, chairman and CEO of Suzuki Motor Corp. and Martin Winterkorn, his counterpart at Volkswagen AG, the two auto companies have agreed to link arms. Volkswagen has properly announced that it has "reached a common understanding to establish ...

REPORT: Volkswagen to take 20% stake in Suzuki 14 days ago on Autoblog

Where there's smoke, there's fire. Though Suzuki CEO Osamu Suzuki would beg to differ, it seems that the old saying has once again been proven prescient. After a ton of rumor, innuendo and speculation on the matter along with the subsequent denials, a fresh report from Reuters indicates that ...

REPORT: Even while pursuing Volvo, Geely again mulling bid for Saab? 16 days ago on Autoblog

Just about every time an automaker decides to sell one of its brands, Chinese automaker Geely comes up as one of the potential suitors. Geely executive Lawrence Ang has reportedly told Automotive News that the reason Geely has been present at a lot of negotiating tables is because it wants to ...

REUTERS: China's BAIC secures $2.1B line of credit... is it for Saab? 17 days ago on Autoblog

Beijing Automotive Industry Corporation (BAIC) could still be in the game for Saab, having secured a $2.93 billion line of credit from the Bank of China. On the other hand, BAIC could just be gearing up for its own home-grown expansion plans, with an eye on ramping up production and putting ...

Is Peugeot-Citroën on the verge of buying Mitsubishi? 18 days ago on Autoblog

The French and the Japanese have gotten together to form a magic partnership once already with Carlos Ghosn at the helm. The question is, then, can that success be replicated? PSA Peugeot-Citroën seems to hope so, and it is reportedly on the verge of purchasing a controlling stake (somewhere ...

BREAKING: Whitacre to shakeup GM management, put Lutz in product planning [UPDATE: Confirmed] 19 days ago on Autoblog

Having just been appointed interim CEO at General Motors earlier this week, ex-AT&T man Ed Whitacre isn't wasting any time in exercising his newfound authority. According to The Wall Street Journal, Whitacre is to announce a number of management changes this morning, including moving Vice ...

REPORT: GM selling control of Chinese joint venture to SAIC, half of India operations 19 days ago on Autoblog

It has been a busy week at General Motors. The week started off with CEO Fritz Henderson's abrupt resignation, then executives converged on the LA Auto Show where Bob Lutz was the keynote speaker and then the U.S. market Chevy Cruze was revealed. Now, the General is reportedly deep in negotiations ...

REPORT: U.S consortium now in lead for Volvo purchase 19 days ago on Autoblog

Just about a month ago, news hit the interwebs that Chinese automaker Geely officially became Ford's preferred bidder for Volvo once concerns over intellectual property were sorted out. Today, though, we're hearing that Crown, a consortium led by former Ford director Michael Dingman, former Ford ...

Ruh-Roh: Marchionne reportedly puts Alfa Romeo under review 20 days ago on Autoblog

Take a look at the Fiat auto group. What division (barring Ferrari and Maserati) would you think holds the highest value for the company? If you thought Alfa Romeo, you're on the same page as yours truly, but you'd be mistaken. Horribly mistaken, as it turns out: Alfa has lost Fiat hundreds of ...

Merbanco out, Spyker in as Saab bidding heats up. Was Fritz axed because he wanted Saab closed? 21 days ago on Autoblog

As General Motors suddenly finds itself in search for a new CEO to replace Fritz Henderson, it is also looking to secure a buyer for perennially troubled Saab. GM originally thought it had a new parent for the brand in Koenigsegg, but after that deal went sour, Detroit officials confirmed that ...

REPORT: GM could sell some Saab assets to Chinese; brand has through year's end to find buyer 21 days ago on Autoblog

General Motors' Saab brand has been given a one month stay of execution as the Detroit, MI-based automaker has announced that it will hold off on a decision regarding the brand's fate until the end of the year. GM's apparent non-decision comes just one week after it announced that Swedish ...

REPORT: Renault and Russia come to agreement on AvtoVAZ 23 days ago on Autoblog

Renault has found a way to appease Russian Prime Minister Vladimir Putin that didn't involve writing a check for $850 million. The French company took a 25% stake in Russian carmaker Avtovaz, and when Avtovaz started having a hard time of it earlier this year Renault looked content to see how ...

How do you spell Hyundai's Kryptonite? J-D-M 23 days ago on Autoblog

As Hyundai continues to pull itself up by its bootstraps, the company is moving decisively and picking up share around the globe. However, one key market continues to be so problematic for the brand that they've decided to abandon it altogether: Japan. Rather than dodder around and wait for its ...

Followup: Auctioneer Kruse ordered to pay bank $1.3M, has jet repo'd 25 days ago on Autoblog

The walls are closing in on Dean Kruse, head of the Indiana-based Kruse International auction house. In September, a slew of lawsuits were filed against the company. Further opening the wound, a county court in Indiana has now ordered Kruse to pay more than $1.3 million to a bank in Warsaw -- just ...

REPORT: Saab still has at least two interested parties - BAIC and Merbanco 25 days ago on Autoblog

When Koenigsegg pulled out of its agreement with General Motors to purchase Saab, many thought that General Motors would dump the Swedish automaker much like it did the Saturn brand. But it appears that The General is still willing to look for another interested party, and speculation is that ...

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Autoblog Podcast #158: 'Twas a couple nights before Christmas...

Chris, Editor Paukert, and Dan send the Podcast off for the Christmas holiday in proper fashion

 
 

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