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AUTOS' WORLD NEWS - Recalls - Prisons - GM & Ford generousity
* GM, Ford US sales seen down in May
DETROIT,Mich,USA -Reuters -31 May 2006: -- U.S. sales for General Motors Corp. and Ford Motor Co. were stuck in the slow lane in May, hurt by gas prices and soft demand for large sport utility vehicles, even as Japanese rivals raced ahead, analysts said on Tuesday... Poor sales and new-model changeovers could force GM and Ford to announce third-quarter production cuts when automakers report their May U.S. sales results on Thursday, a development that would cut into earnings, analysts said... Japanese automakers Toyota Motor Corp. and Honda Motor Co. Ltd. are expected to have seen strong gains because of the popularity of their passenger cars and a reputation for quality and fuel-efficiency... Overall sales were expected to weaken to a seasonally adjusted annual rate of 16.2 million to 16.5 million, analysts said. That would be down from a rate of 16.7 last month and down from 17.7 million last May...
* GM and Ford have generally tried to cut back on incentive spending this year after disappointing financial results in North America. But incentive levels were expected to rise, since most automakers offer summer sales to clear out old models before new model-year vehicles arrive in the fall.
* Generous Motors ?
USA -MarketsWatch, by Shawn Langlois -23 May 2006: -- General Motors' latest sales pitch is a simple one that's likely to strike a chord with consumers caught in the clutches of a fuel-cost fear spiral: Buy our cars and trucks, and don't sweat the prices at the pump. GM will pick up the difference between a $1.99-a-gallon ceiling and any frothier retail price. Is this a stroke of marketing brilliance a la the employee-pricing promo of years past, or is it a desperate attempt to clear out mounting inventory of GM's fuel-quaffing lineup?...
* Ford to Offer Gas Rebates for 2006 Models
DETROIT,Mich,USA -AP -May 31, 2006: -- One week after General Motors Corp. introduced a plan to cap gas prices for buyers in California and Florida, Ford Motor Co. is jumping into the gas rebate game with an offer of free gas for the rest of the year. Ford said nearly all of its 2006 vehicles -- including the popular Ford Fusion sedan, F-150 pickup and Mustang V-6 coupe -- will be eligible for zero-percent financing and a prepaid debit card that can be used to purchase up to $1,000 worth of gas, or $1,100 for some trucks and sport utility vehicles. The vehicles must be purchased between Thursday and July 31...
* GM Tries to Hit Brakes On Its Financial Slide
NY,USA -Wall Street Journal, by Lee Hawkins Jr. -31 May 2006: -- For months, much attention paid to General Motors Corp. focused on the company's efforts to sell its financing arm, or on labor costs and other employee issues... Now comes a report that will address an even more fundamental matter for the troubled auto maker: Has it figured out how to sell cars that people want to buy?... GM is scheduled to release its May sales today, giving investors insight into whether the company's new lineup of large sport-utility vehicles, including the 2007 Chevrolet Tahoe, are leaving dealer lots at a pace that should inspire renewed confidence in GM Chairman and ...
* South Korean prosecutors oppose bail for Hyundai Motor chief
SEOUL,South Korea -Channel News Asia -31 May 2006: -- Prosecutors said they would ask a Seoul court to reject a bail application from Hyundai Motor head Chung Mong-Koo, jailed last month on graft charges... Seoul District Court will open a hearing Thursday to consider bail for Chung, 68, who was arrested on April 28 for alleged embezzlement and breach of trust following a month-old probe into a slush fund scandal...
* Court orders 10-year prison term for Daewoo founder
SEOUL, South Korea -The Detroit News/Associated Press, by BO-MI LIM -May 30, 2006: -- A Seoul court on Tuesday sentenced the founder and former chairman of collapsed conglomerate Daewoo to 10 years in prison for a range of charges including embezzlement and accounting fraud... The Seoul Central District Court said it also ordered Kim Woo-choong, 69, to forfeit more than 21 trillion won ($22 billion) and pay a fine of 10 million won ($10,600)...
* RECALLS
* Toyota recall hits 1M vehicles
WASHINGTON,DC,USA -The Detroit News/AP -31 May 2006: -- Toyota Faulty parts in 10 models worldwide will be replaced; drivers could lose control of the steering wheel..."this shouldn't hurt Toyota at all..." said Dan Gorrell of San Diego-based market researcher Strategic Vision Inc. -- Toyota Motor Corp. said Tuesday it is recalling nearly 1 million vehicles across the globe to replace faulty parts that could cause drivers to lose control of the steering wheel... The recall affects about 986,000 vehicles across 10 models, including its popular Prius hybrid car. More than half of the affected vehicles are in Japan, company officials said...
* Volkswagen recalling Jetta and New Beetle sedans
USA -The Associated Press -31 May 2006: -- Volkswagen of America Inc. is recalling 362,000 Jetta and New Beetle sedans because the brake lights could malfunction and lead to a crash...
* GM issues recall for 30,000 Corvettes
DETROIT,Mich,USA -The Detroit Free Press/AP -May 27, 2006: -- General Motors Corp. is recalling more than 30,000 Chevrolet Corvettes because of a defect that causes detachable roofs to fly off while driving... The recall issued this past week affects certain 2005-2006 models with painted roofs. The adhesive between the roof panel and magnesium frame my separate...
* GM boosts its bets on Russia
Detreit,Mich,USA -The Detroit News, by Christine Tierney -May 30, 2006: -- Automaker juggles plans to build plant there, mending joint venture with state-owned company... General Motors Corp. plans to build its own factory in Russia as well as try to salvage a troubled joint venture with the country's largest carmaker in an effort to beef up its presence in the fast-growing Russian auto market... Deep strains in GM's relationship with Avtovaz, the state-owned manufacturer of Lada vehicles, emerged early this year after a new slate of government-appointed directors clashed with GM over the venture's parts procurement. A dispute over price increases demanded by Avtovaz-owned suppliers led to a 10-day production halt in February...
posted by Unknown @ 9:43 AM
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