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GM back on top as world’s biggest automaker

January 24th, 2012 davidguide
Diane Alter – AHN News Reporter

New York, NY, United States (AHN) – Even if you prefer Ford, BMW, Mercedes or Volkswagen, if you are an American taxpayer, you are cheering the news.

General Motors, one-third of whose shares are owned by U.S. taxpayers, sold 9,025,942 vehicles in 2011, up 7.6 percent from 2010. The number was good enough to place GM on top as the world’s largest automaker.

GM beat out Volkswagen, which sold just over 8 million cars in 2011. Toyota, which took the top spot from GM in 2009, has yet to report figures, but its production was severely hampered by the tsunami in Japan and the massive floods in Thailand.

Even more impressive, and better, is that General Motors is now making money and showing a profit, unlike in years when GM reigned king of automakers, but was an unprofitable leader.

In the first nine months of 2011, GM earned $8.47 billion, compared to the $6.17 billion earned in the same time period in 2010.

Driving the recovery for GM was its Chevrolet brand, helped by its popular Cruze compact car.

GM received a $50 billion bailout from the U.S. government two years ago. Shares of GM have lagged since its IPO, when shares were priced at $33. They are currently trading 26 percent lower, near $25 per share. Shares of GM would have to reach $53 per share before the U.S. government could sell just to break even.

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VW sells record 5.1 million cars in 2011

January 10th, 2012 davidguide
Linda Young – AHN News Writer

Wolfsburg, Germany (AHN) – Volkswagen AG announced it had record sales of 5.1 million cars and sport-utility vehicles worldwide in 2011.

Sales were up worldwide by 13.1 percent in 2011 from 2010, company officials said.

Volkswagen is Europe’s largest carmaker.

Although much of its growth came from gains in China, India, Russia and the United States, its two largest markets were Europe and China. The Wolfsburg, Germany-based automaker sold 1.72 million vehicles in each of those markets.

However, company officials said they expected challenges in the market environment for 2012.

VW officials credited new versions of some models, such as the Passat, Jetta and Beetle for helping to boost sales in “difficult market conditions.”

The only region that didn’t record strong growth was South America, where sales increased by only 2.2 percent.

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Honda widens recall for airbag problem

December 13th, 2011 davidguide
Linda Young – AHN News Writer

Torrence, CA, United States (AHN) – Japanese automaker Honda has expanded its previously announced recall of vehicles with dangerous air bags to include almost 900,000 vehicles.

The recall affects only vehicles sold in the United States and includes model years 2001 to 2003 of the affected cars.

The recalled vehicles now include certain 2001 and 2002 Accord, 2001 to 2003 Civic, 2001 to 2003 Odyssey, 2002 and 2003 CR-V, 2003 Pilot, 2002 and 2003 Acura 3.2 TL and 2003 Acura 3.2 CL models, Honda officials said in a statement.

Honda first said the driver’s airbag inflator needed to be replaced because it had a risk of deploying with too much pressure and could rupture, which might result in injuries or death.

The company will begin sending out official notices to owners. However, owners can find more information online and also take an affected vehicle to their dealer for inspection and repairs.

“When Honda identifies concerns of this nature, nothing is more important to the company than fulfilling our obligation and responsibility to alert our customers,” Honda officials said in a statement posted on the company website. “To this end, in addition to contacting customers by mail, in late December, owners of these vehicles will be able to determine if their vehicles require repair by going on-line or calling. Honda owners can go to www.recalls.honda.com or call (800) 999-1009 and select option 4; Acura owners can go to www.recalls.acura.com or call (800) 382-2238 and select option 4.”

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GM CEO: Earnings good, but not good enough

November 15th, 2011 davidguide
Diane Alter – AHN News Reporter

New York, NY, United States (AHN) – General Motors reported better than expected earnings in the third quarter on Wednesday, but CEO Dan Akerson said the quarter “isn’t good enough,” a signal that more cost cutting lies ahead.

GM, the U.S.’s largest automaker, earned $1.7 billion, or $1.03 a share in the third quarter, down from $2 billion earned in the last full period before its initial public offering.

While better than analysts’ estimates of 96 cents a share, Akerson said in the company’s earning statement Wednesday “Solid isn’t good enough, even in a tough global economy.”

The company did not give specific guidance on net income in the fourth quarter or lay out any specific measures to improve margins.

The lack of fourth quarter guidance, and the sinking Dow, helped send shares of GM down almost 8 percent shortly before noon.

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Chinese companies buying automaker Saab

November 1st, 2011 davidguide
Linda Young – AHN News Writer

Stockholm, Sweden (AHN) – Struggling automotive icon Saab will change hands again in a proposed deal to save it from bankruptcy by selling it to two Chinese companies.

Swedish Automotive will sell its Saab unit to Chinese distributor Pang Da Automobile Trade and auto manufacturer Zhejiang Youngman Lotus Automobile. The two will pay a mere $142 million for the 62-year old auto manufacturer.

General Motors sold Saab to Swedish Automotive only 2 years ago as part of GM’s restructuring to avoid bankruptcy itself.

Since that sale, Saab has had extreme economic woes that it has not manufactured a car since April and it has been in court trying to avoid bankruptcy.

China has become the world’s largest market for automobiles.

Chinese automakers bought another iconic struggling automaker last year, Volvo.

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Suzuki demands VW return shares after alleged contract breach

October 18th, 2011 davidguide
Kris Alingod – AHN News Contributor

Tokyo, Japan (AHN) – Suzuki Motor Corp. on Friday accused Volkswagen of breaching a contract to make energy-efficient cars.

The Japanese automaker demanded that VW “remed[y] numerous breaches” of the two companies’ 2009 Framework Agreement by returning Suzuki stock.

“This capital alliance was intended to facilitate Suzuki’s access to VW’s core technologies,” Suzuki’s chairman and chief executive Osamu Suzuki said in a statement. “I remain disappointed that we have not received what we were promised. If Volkswagen will not allow access it must return Suzuki’s shares.”

VW spokesman Michael Brendel responded in a statement to Bloomberg, “The accusations are completely unfounded. Volkswagen has from the start done all it could to safeguard the partnership.”

The partnership involved the two auto manufacturers working jointly using each company’s strengths to meet global demand for environment-friendly vehicles. Under the agreement, VW bought 19.9 percent of Suzuki, which was to receive technology from the German automaker for developing hybrids and other green cars.

VW, Europe’s largest car manufacturer and the owner of Audi, Bentley, Lamborghini and truckmaker Scania, had sought to gain a foothold in the Asian market, specifically India, as well as know-how in the mini-car segment.

But the alliance became a source of dissatisfaction from both companies. After nearly two years of discussions, VW last month served Suzuki with a notice of infringement, citing the Japanese carmaker’s purchase of diesel engines from Fiat.

Suzuki, Japan’s fourth largest carmaker, countered it had sent notification that it would not use diesel engines made by VW. It added that comparing the German manufacturer’s engines with those from Fiat as a remedial action was “unreasonable.” It subsequently dissolved its partnership with VW.

Announcing the dissolution, Suzuki explained, “It is difficult to attain its primary aim for the partnership and also there is concern that the partnership would cause negative impact on Suzuki’s autonomous decision-making in its operating policy.”

The concern about independence stemmed from VW’s statement in its annual report that Suzuki is a “company over which Volkswagen AG has significant influence on financial and operating policy decisions.”

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Chrysler has best September since 2007

October 4th, 2011 davidguide
Diane Alter – AHN News Reporter

Auburn Hills, MI, United States (AHN) – Chrysler’s sales rose 27 percent in September, marking the automaker’s best September performance in four years. The jump in sales was fueled by broad gains across all its brands.

Chrysler has posted year-over-year gains for 18 consecutive months. Retail sales soared 50 percent from the same period last year.

The big jump in sales from Chrysler, which sells more trucks than cars, came mostly from sales of mid- and full-size sedans, and well as several of its larger vehicles. Sales of Ram trucks soared 42 percent; Jeep sales increased 24 percent and Dodge sales were up 10 percent. Total sales were 127,334 for September, up from 100,077 in 2010.

Chrysler succumbed to bankruptcy in 2009. Its steady gains show its measures to improve performance have paid off.

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Honda recalls million cars worldwide

September 6th, 2011 davidguide
Jupiter Kalambakal – AHN News Reporter

Tokyo, Japan (AHN) – Japanese automaker Honda Motor Co. is set to voluntarily recall close to a million car models to repair troubles with power windows and computer equipment.

The global recall will be done in two categories. Some 936,000 units of the Fit subcompact, CR-V crossover and Fit Aria in North America, Asia, Europe and Africa are part of the first category. The Fit is called Jazz in some overseas markets, while the Fit Aria is also known as City.

The second category, meanwhile, will involve 26,000 CR-Z compact hybrid models in Japan, the United States, Canada and other markets.

Both overseas recalls will cost the Japanese carmaker $16.8 million.

In a statement, Honda said the recalls are necessary to fix programming problems with the engine control unit, as well as in the driver’s-side power window switch units, which the carmaker said could potentially melt and catch fire.

Honda Motor Co. is Japan’s third-biggest car maker by volume.

The company had recalled more than 2.3 million vehicles in early August, citing problems with automatic transmissions.

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Honda recalls million cars worldwide

September 6th, 2011 davidguide
Jupiter Kalambakal – AHN News Reporter

Tokyo, Japan (AHN) – Japanese automaker Honda Motor Co. is set to voluntarily recall close to a million car models to repair troubles with power windows and computer equipment.

The global recall will be done in two categories. Some 936,000 units of the Fit subcompact, CR-V crossover and Fit Aria in North America, Asia, Europe and Africa are part of the first category. The Fit is called Jazz in some overseas markets, while the Fit Aria is also known as City.

The second category, meanwhile, will involve 26,000 CR-Z compact hybrid models in Japan, the United States, Canada and other markets.

Both overseas recalls will cost the Japanese carmaker $16.8 million.

In a statement, Honda said the recalls are necessary to fix programming problems with the engine control unit, as well as in the driver’s-side power window switch units, which the carmaker said could potentially melt and catch fire.

Honda Motor Co. is Japan’s third-biggest car maker by volume.

The company had recalled more than 2.3 million vehicles in early August, citing problems with automatic transmissions.

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General Motors to manufacture plug-in Cadillac ELR plug-in hybrid electric car

August 23rd, 2011 davidguide
Vittorio Hernandez – AHN News

Detroit, MI, United States (AHN) – General Motors announced on Wednesday that it will manufacture a plug-in hybrid Cadillac. The new environment-friendly model would use technology similar to GM’s Chevrolet Volt, which the company rolled out in 2010.

Reports said that the ELR’s tag price would be lower than Tesla Motor’s Model S’s $57,400. GM’s 2012 Volt has a $39,995 price tag, which includes shipping.

The model would run 25 miles or more between recharges, but would also have a backup gas motor for longer travels.

It will feature a T-shaped lithium ion battery, electric motors and four-cylinder engine generator.

Ed Welburn, GM design chief, said the plug-in Cadillac will have the name ELR, which indicates the vehicle’s electric propulsion technology and to keep with the brand’s three-letter international model naming convention.

GM did not provide more details on the price and roll out date of the ELR, but said it would be manufactured in the same Detroit facility where the automaker will produce 16,000 Volts this year and another 60,000 next year.

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