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TRUCKMAKERS NEWS * USA
* California - Navistar gains as truck maker weighs options
San Francisco,CAL,USA -MarketWatch, by Matt Andrejczak -Sept. 6, 2012: -- Shares of truck maker Navistar International, which has faced pressure from activist Carl Icahn and other top shareholders, surged 7% to $21.76 Thursday morning. Navistar reported an $84 million profit for the quarter ended July 31, which exceeded Wall Street's expectations. Navistar also said it was reviewing "all of its non-core businesses" to help shore up profitability. The company further said it was cutting costs through employee buyouts and workforce reductions...
* Comment - Will This Embattled Truck Maker Survive?
New York,NY,USA -The Motley Fool, by Daniel Ferry -September 7, 2012: -- It's been a rough year for Navistar International. The truck and engine manufacturer has been steadily losing market share, under EPA scrutiny over the production of engines that don't meet 2010 emissions standards. Now, facing a daunting turnaround effort, Navistar must race to come out with its own compliant engine technology and re-establish its reputation before its competitors capture its customers... Recently, the EPA nearly doubled the fines it was charging Navistar for non-compliant engines. Under the weight of these fines, Navistar will abandon its own 15-liter engine technology and adopt that of rival engine maker Cummins. The bright side is that the EPA didn't apply the new fine retroactively to previous engines. That could have bankrupted the company, and the prospect alone pushed Navistar's share price near five-year lows. Now, with at least the short-term survival of the company more secure, is Navistar a good value investment -- or a value trap?...
* Illinois - Navistar Criticizes Icahn’s ‘Unproductive Tactics’
Warrensville,ILL,USA -Bloomberg News, by Mark Clothier / Jeff Green -September 10, 2012: -- Navistar International Corp., which ousted its chief executive officer amid an inquiry from regulators and a failed engine strategy, called billionaire investor Carl Icahn’s threat of a proxy fight “unproductive” ... Icahn yesterday raised the prospect of a proxy fight, calling the truckmaker a “poster child for abysmal business decisions and poor corporate governance,” in a letter to Navistar’s board...
* DC - Navistar Pulls JLTV Protest
* Missouri - Electric-truck maker burns through cash
Kansas,MISS,USA -Upstart, by Kent Bernhard Jr. -September 5, 2012: -- The trucks Smith Electric makes for iconic companies like Coca-Cola may not burn gas. But the Kansas City manufacturer is burning through cash in advance of a planned initial public offering.Smith Electric's troubles reflect the larger growing pains across the U.S. electric vehicle market that, together, throw into question the viability of attempts to create an American auto industry without the internal combustion engine... Smith Electric, according to revised paperwork filed with the Securities and Exchange Commission:Is losing money and doesn't expect to make a profit before the before 2013... Has borrowed $11.5 million to keep operating through September. Has reduced its production targets for the year to 380 from 620...
* Michigan - Ford reveals shape of new Transit van
Labels: electric trucks, truckmakers news USA
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