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CARMAKERS NEWS * WORLDWIDE
- CAR MARKETS -
* Chaotic European market spurs Opel-Peugeot merger talk
London,EN,UK -The Detroit News, by Neil Winton -October 17, 2012: ... Automotive News: "Austerity programs, combined with political and nationalistic policies, have created a calamity for the European auto industry. As inventories balloon, discounts deepen and transaction prices compete in a race to the bottom, it's obvious that Europe hasn't learned the lessons taught in North America" ... Forecaster LMC Automotive said in a report that excess capacity in Europe's car plants stands at 10 million units. Stocks of unsold cars grew by 350,000 in the first half of 2012... And the loss-making is real and threatening. Ford Europe expects to lose at least $1 billion too this year, while analysts expect Fiat to be in similar territory in Europe. Only Renault of France seems to be keeping out of the red, just, boosted by the success of its cheap and cheerful Dacia subsidiary and helped by its alliance with Nissan of Japan... The French newspaper La Tribune reported last week that GM, which now has a seven percent stake in Peugeot-Citroen and a long-term plan to cut annual costs by at least $2 billion, could merge Opel-Vauxhall into the French company's automotive operations. GM would take a 30 percent stake in the venture and inject up to $10 billion. The 30 percent stake would allow GM to keep Opel's losses off its own accounts, and perhaps boost the parent company's share price...
* Italy - Fiat said to mull building Chrysler vehicles in Italy for U.S.
Turin,Italy -Bloomberg News/The Detroit News, by Tommaso Ebhardt and Chiara Vasarri -October 18, 2012: -- Sergio Marchionne, Fiat SpA and Chrysler Group LLC, chief executive officer, is considering building Chrysler models in Italy for export to North America to counter the severe slump in European sales, three people familiar with the matter said... Marchionne is asking Italy's government to reduce the corporate tax rate on vehicles exported from Italy in order to competitively build cars in the country for North America, said the people, who asked not to be identified discussing deliberations that are not yet finalized. A Fiat representative declined to comment... Marchionne, who is still working on the exact details, may announce the Chrysler production plans for Italian plants as soon as the end of this month, when he updates the market on his strategic targets for Fiat, the people said...
* Japan - Dispute rattles Japan's automakers. Territorial flap with China hurts stock prices, profits, sales
Detroit,MICH,USA -The Detroit News, by Christine Tierney -October 18, 2012: -- Japanese auto stocks are losing ground as investors grow increasingly concerned that a territorial dispute between China and Japan will weigh on Japanese auto sales in the world's largest market for months to come... J.P.Morgan lowered its earnings estimates for Toyota Motor Corp. for this year and next on the assumption that the automaker's sales in China will drop 50 percent in the fourth quarter. It cut its sales estimate for Toyota in China by 15 percent in 2013... Sales of all Japanese-brand cars tumbled 41 percent in China last month after the governments of China and Japan clashed over the uninhabited Diaoyu Islands — called the Senkaku in Japan... Bank of America-Merrill Lynch noted that Japanese car sales fell 64 percent in the second half of September, after violent protests broke out at Japanese business and dealerships selling Japanese brands...
* USA - GM to unveil new Corvette in Detroit
Detroit,MICH,USA -The Detroit News, by Melissa Burden -October 19, 2012: -- General -Motors Co. said Thursday it will debut the seventh-generation Chevrolet Corvette to the media and select fans Jan. 13 in Detroit, just ahead of press days for the North American International Auto Show. GM released the Corvette's new crossed flags logo, which buyers will see on the 2014 model...
* USA - Detroit-Hamtramck to build Cadillac ELR plug-in
-ELECTRIC CARS -
* USA - Electric car market is badly in need of a charge
Washington,DC,USA -The Detroit News, by David Shepardson -October 18, 2012: -- The electric vehicle industry is in serious trouble, or at least far behind where its proponents had hoped it would be. After years of promises that electric cars would end the nation's reliance on imported oil, the bad news has been steady in recent weeks, with reports of lagging sales and projects being pushed back... Despite high gas prices, established automakers and start-ups are struggling to convince Americans to buy the cars. In Washington, the political consensus in favor of electric vehicles has evaporated... Electrics remain far more expensive than gasoline-powered vehicles, despite hefty government tax credits... Recharging stations remain limited. That's part of the reason why plug-in hybrids, like the Chevrolet Volt, which have an auxiliary gasoline engine, are doing better in the marketplace than battery-electrics...
* USA - A123 in bankruptcy, seeks sale to Johnson Controls
Waltham,MASS,USA -The Detroit News, by David Shepardson -October 17, 2012: -- Battery maker A123 Systems Inc., which won $249 million in green energy grants from the Obama administration, filed for bankruptcy protection Tuesday and said it plans to sell its auto business — including two factories and nearly 1,000 workers in Michigan — to Johnson Controls Inc. for $125 million... The startup said Wisconsin-based Johnson Controls also is providing $72.5 million to finance operations during bankruptcy... Johnson Controls, which has about 100 workers at a battery manufacturing plant in Holland, said the deal will help its battery business...
- AUTOS RECALLS -
* USA - Ford recalls 182,000 Fiestas for air bag fix
Washington,DC,USA -The Detroit News, by David Shepardson -October 17, 2012: -- Ford Motor Co. is recalling more than 182,000 Fiesta subcompacts to fix a problem with the side air bags... The recall covers 2011-13 Fiesta subcompacts built at Ford's plant in Cuautitlan, Mexico... When the front passenger seat is empty, the rear right seating position side-curtain airbag may not inflate in a crash...
* USA - Feds investigate Jeep Patriot stalling problem
Washington,DC,USA -The Detroit News, by David Shepardson -October 19, 2012: -- The National Highway Traffic Safety Administration said Friday it is opening a preliminary investigation into 112,000 new Jeep Patriot SUVs over engine stalling at high speeds... NHTSA said it has received 12 complaints alleging incidents of engine stall while driving 2011-12 Jeep Patriot vehicles... Approximately 80 percent — or 10 — of the incidents occurred at speeds of 65 miles per hour or more. All complaints reported the vehicle could not be immediately restarted, and eight reported the vehicle could not be restarted at all or that it was towed to the dealership...
Labels: carmakers news worldwide
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