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AUTOS' WORLD NEWS
* GM cuts fail to silence doubters
DETROIT,Ill,USA -The Detroit News, by Bill Vlasic -Feb 09, 2006: Prominent analyst 'disappointed by the limited cash savings' in restructuring effort... Shares of General Motors Corp. slid 4 percent Wednesday after a prominent investment analyst downgraded the stock and cast doubt on the effectiveness of GM's turnaround efforts... The report also offered a pessimistic assessment of GM's chances to rebuild its U.S. market share and to cut a deal with the United Auto Workers on the reorganization of bankrupt auto-parts giant Delphi Corp...
* U.S. junk bond investors take on more auto risk
NEW YORK,NY,USA -Reuters -8 Feb 2006: General Motors' precarious fortunes are taking on more importance for the U.S. high-yield bond market, where investors have placed big bets on bonds of the automaker and its finance arm, GMAC... About 93 percent of high-yield portfolios held bonds of GM or General Motors Acceptance Corp. at the end of 2005, up from 66 percent last May after the automaker was first downgraded to junk status...
* Ford Keeps Part of "Way Forward" Secret
USA -The Car Connection -9 Feb 2006: Ford Motor Co. isn't prepared to offer any more details about its "Way Forward" restructuring plan, said Anne Stevens, Ford executive vice president and one of the chief architects behind the effort to revive Ford's struggling automotive business. Stevens also said the company was still evaluating specifics such as what additional plants it will closes as part of the restructuring...
* Recalled Trucks Burn As Ford Fiddles
USA -ConsumerAffairs.com, by Joe Benton -Feb 3, 2006: Massive Recall Moves Slowly as New Fires Break Out... Despite a massive recall announced in September, Ford trucks are continuing to catch fire and burn -- some of them covered by the recall, some not... The September 2005 recall involved an estimated 3.8 million Ford trucks from the 1994-2002 model years; it included the Ford F-150 pickup as well as the Ford Expedition, Lincoln Navigator and Ford Bronco SUVs...
* Is Chrysler's comeback fizzling?
CHICAGO,Ill,USA -The Detroit News, by Brett Clanton -9 Feb 25006: Detroit's strongest automaker may have to cut production as more vehicles languish at dealerships... Chrysler has defied Detroit's downturn in the past two years -- gaining market share and earning solid profits -- but there are growing signs that its comeback may be starting to sputter... After weaker sales in recent months, Chrysler, Dodge and Jeep vehicles are piling up on dealer's lots, taking nearly three months on average to sell...
* Fuel-Economy Numbers "Misleading"
USA -The Car Connection -9 Feb 2006: Press's skepticism could also reflect the fact that Toyota has been betting its environmental reputation on its growing lineup of hybrid-electric vehicles - products that have generated some controversy of their own... The EPA is proposing changes in mileage tests, and some observers estimate products like the Toyota Prius could see their own fuel economy ratings dip by 20 to 30 percent...
* PSA Peugeot Citroen sees more pain after tough '05
PARIS,France -Reuters -8 Feb 2006: French carmaker PSA Peugeot Citroen forecast on Wednesday a further drop in its operating margin in the first half of 2006 due to a spike in raw material prices and the cost of meeting new European emission standards... To counter sluggish sales in its main west European market, PSA is launching more new models and expanding its geographical reach...
* Mitsubishi Motors Announces Results for Third Quarter Fiscal 2005
Tokyo, Japan -Investor's Business Daily (subscription)/JCN Newswire via COMTEX -Feb 09, 2006: Mitsubishi Motors Corporation (MMC) today announced its financial results for the first three quarters of the fiscal year ending March 31, 2006... Mitsubishi Motors consolidated net sales in the first three quarters of fiscal 2005 totaled 1,529.6 billion yen, down 88.3 billion yen over the same period last year (1,617.9 billion yen). The decrease reflects lower OEM supply volumes in North America and Europe that were not offset by an increase in revenues in Japan driven by the introduction of a new model... The company posted an operating loss of 18.2 billion yen, an improvement of 81.5 billion yen over the same period last year...
* Toyota to ramp up its big trucks
NY,USA -The Wall Street Journal, by Norihiko Shirouzu -Feb 03, 2006: New pickup being built in San Antonio, Indiana will debut Thursday... For years Toyota Motor Corp. tiptoed around the market for large pickups, offering a vehicle that was smaller and less powerful than the Detroit brands that dominated the lucrative segment... Now, even as General Motors Corp. and Ford Motor Co. are struggling to stop losses in their North American auto businesses, Toyota is prepared to drive a big truck into Detroit's backyard...
* Appetite strong for big trucks
Indiana,USA -IndyStar.com/AP, by Dee-Ann Durbin -Feb 8, 2006: Automakers say full-size models have loyal customers and help boost profits... High gas prices may be giving consumers monster headaches, but automakers are betting that hasn't curbed their appetite for monster trucks... BIG BUCKS TRUCK: .... International Truck and Engine Corp's MXT pickup truck can tow three regular-sized pickups. Pricing starts at $69,000 and the luxury model tops out at $85,000...
* Chery signs deal with Russian company
BEIJING,China - Xinhuanet/www.chinaview.cn -Feb.8, 2006: The Chinese automobile manufacturer Chery Automotive Co. (CAC) has signed a partnership agreement with the Russian-based Avtotor to assemble cars in Russia... Details on the joint-venture are still under discussion, reports Wednesday's Economic Information Daily, quoting a manager from Chery...
* Nissan to roll out low-priced car
TOKYO,Japan -AFP -Feb 09, 2006: Nissan Motor plans to spend more than 100 billion yen ($840 million) to launch a low-priced vehicle for China, India, Brazil and Eastern Europe, possibly in 2009, a report said on Thursday...
* Slovakia wins EU support for subsidy to auto parts plant
BRUSSELS, Belgium -Associated Press -Feb 09, 2006: Slovakia has won European Union backing to grant $63.7 million to an automotive parts plant run by Ford Motor Co. and Germany's Getrag Group, the European Commission said Thursday...
posted by Unknown @ 1:50 PM
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