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CARMAKERS NEWS * USA
* Michigan - U.S. truck, car sales up 6.9 percent in October
* Michigan - Average Fuel Economy Hits 24.1 MPG, Another Record High
* Michigan - GM doubles line of credit to $11B, moving toward investment-grade status. Automaker could use extra liquidity to buy government's shares
Detroit,MICH,USA -The Detroit News, by David Shepardson and Melissa Burden -November 6, 2012: -- General Motors Co. said Monday it more than doubled its current line of credit to $11 billion, a key step toward returning to investment-grade status... The Detroit automaker said it finalized a new $11 billion revolving credit facility consisting of a $5.5 billion three-year facility and a $5.5 billion five-year facility. The new facility replaces GM's existing $5 billion credit facility secured in 2010, which would have matured in 2015... Some analysts believe GM might use the extra liquidity to buy part of the government's remaining 500 million shares in the automaker. The government initially held a 61 percent stake in GM as part of its $49.5 billion bailout of the company. At current prices, it would cost about $12 billion to buy all of the remaining shares...
* Michigan - Automakers in U.S. profit from Asian island fight. Chinese boycott of Japanese cars boosts sales by GM, Ford
Detroit,MICH,USA -The Detroit News, by Melissa Burden and Karl Henkel -November 6, 2012: -- The dispute between Japan and China over island territory is benefiting U.S. automakers... Ford Motor Co. sales jumped 48 percent in October, and General Motors Co. sales increased 14 percent in China, the automakers said Monday... Japan and China are at odds over islands in the East China Sea, which Japan nationalized in September but also are claimed by China... The hostility has brought on calls to boycott Japanese goods — including automobiles — in China... Toyota's China sales in September and October were nearly sliced in half; Nissan Motor Co. sales dropped 41 percent last month...
* New Jersey - Mercedes irks investors as ambitious sales plan undermines profit hopes
Montvale,NJ,USA -The Detroit News, by Neil Winton -November 6, 2012: -- Mercedes might be fighting toe to toe in America with BMW for the title of luxury car sales king of 2012, but regardless of who wins that contest, some investors have lost patience with the three-pointed star... Many investors believe Mercedes' ambitious long-term sales and profit targets are out of reach, as well as contradictory. It still has not tackled its long-term problem of employing too many workers making too few cars, while the economics of its operation look especially shaky when compared with Audi, which is able to slash costs by using engines and parts made across its parent company Volkswagen's huge annual production... Mercedes wants to more than double sales to 2.7 million by 2020 to become the world's largest premium carmaker. Mercedes sold 1.26 million cars in 2011, 120,000 fewer than BMW. Mercedes also has pledged that operating profit margin would be more than 10 percent in 2020. Mercedes has been slipping down in the premium league and over the last 10 years it sales rose 1.4 percent while BMW's rose 6 percent and Audi's 7.4 percent. Mercedes' share of the premium segment slipped to 21.4 percent last year from 25 percent in 2001, according to industry forecaster IHS Automotive...
* Michigan - Sales for electric, plug-in cars strong in October
Detroit,MICH,USA -The Detroit News, by David Shepardson and Karl Henkel -November 2, 2012: -- Plug-in and electric vehicles had their strongest month of 2012 in October... Last month, the plug-in hybrid Chevy Volt had another best-ever month, selling 2,961 vehicles. In the first 10 months of the year, General Motors Co. has sold 19,309 Volts, up 286 percent... GM had to scale back its sales forecasts for the Volt for 2012 after it failed to meet expectations in 2011... The Nissan Leaf also had its best monthall year, selling 1,579, up 86 percent from a year ago. Still, the company has said it is "falling short" of meeting its goal of selling 20,000 electric Leafs in 2012 in the United States...
* California - Suzuki to leave U.S. market, restructure
Brea,CAL,USA -The Detroit News, by David Shepardson -November 6, 2012: -- Japanese automaker Suzuki's U.S. distribution arm filed for bankruptcy Monday, saying it will exit the U.S. auto market to focus on sales of motorcycles and all-terrain vehicles... The Brea, Calif., distributor said it will end new automobile sales in the United States... Edmunds.com senior auto analyst, Jessica Caldwell, said the move was not unexpected. "The company has had low margins, low-priced cars and small volume — which is far from the ideal combination. And unlike with exotic or luxury brands, it's nearly impossible over the long term to sustain a brand on such little volume when you don't have a healthy margin" ... Suzuki sold just 2,023 vehicles last month, a 5 percent increase over October 2011, selling models like the SX4 and Grand Vitara... In 2012, Suzuki has sold just over 21,000 new cars in the United States...
* USA / Canada - Kia, Hyundai to repay car owners
Washington,DC,USA -The Detroit News, by David Shepardson -November 3, 2012: -- Hyundai Motors Co. and Kia Motors said Friday they will reimburse owners of nearly 1.1 million vehicles in North America after admitting they overstated gas mileage claims on vehicle window stickers... The Korean automakers disclosed Friday the issue impacts 172,000 vehicles in Canada. That's in addition to the 900,000 vehicles in the United States. The issue came to light after an Environmental Protection Agency investigation turned up discrepancies between the window stickers and EPA testing... The automakers will reimburse owners for the overstated fuel efficiency for as long as they own the cars, plus 15 percent. Hyundai said a typical owner of a vehicle in Florida driving 15,000 miles a year could get a $88 refund this year, in addition to future refunds for as long as they own the car... The bill could top $100 million. EPA's investigation is ongoing; the agency may seek civil penalties over the misstated claims... The restatement will reduce Hyundai-Kia's fleetwide average fuel economy from 27 miles per gallon to 26 mpg for the 2012 model year. Individual ratings, depending on the car, will fall from 1 mpg to 6 mpg. Most vehicles will see combined city-highway efficiency drop by 1 mpg...
Labels: carmakers news USA and Canada
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