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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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GM earnings soar 92 percent on global sales

August 9th, 2011 davidguide
Linda Young – AHN News Writer

Detroit, MI, United States (AHN) – General Motors saw its second quarter earnings surge by 92 percent compared to the same period a year earlier.

It earned $2.5 billion compared to the $1.3 billion GM earned a year earlier.

The nation’s No. 1 automaker had revenue of $39.4 billion, up by 19 percent on improved average pricing and numbers of vehicles sold.

Only two years out of a federal bailout, most of GM’s growth came from U.S. sales, which increased by 11 percent to 669,000 vehicles sold while company-wide growth increased by 7 percent overall to 2.3 million vehicles sold worldwide.

For the first time in years, GM made money in each of its four regions.

GM (GM, Fortune 500) posted a profit of $2.5 billion, or $1.54 per share, compared with $1.3 billion, or 85 cents per share a year earlier.

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Volkswagen postpones  MAN supervisory board takeover

July 12th, 2011 davidguide
Kris Alingod – AHN News Contributor

Wolfsburg, Germany (AHN) – Volkswagen on Monday postponed its appointment of executives to truckmaker MAN’s supervisory board following advise from the European Union.

The Wolfsburg-based company said it is in “constructive discussions” with the EU Commission after the panel said the appointments should be made after anti-trust clearance of the merger with MAN.

VW held off nominating chief executive Martin Winterkorn, chief financial officer Hans Dieter Poetsch, and the automaker’s chief for commercial vehicles, Jochem Heizmann, to MAN’s supervisory board.

Instead, the company named executives Ulf Berkenhagen and Thomas Kremer, who are current members of the board, consistent with VW’s 29.9 percent share in MAN. A third executive, Matthias Bruse, was also appointed as placeholder.

VW said it will “continue to prepare the merger control application in close cooperation with the authority.” The company, which originally planned its mandatory offer to MAN to be completed by June 29, added that it is “confident [it will] be able to submit the formal application in the coming weeks.”

MAN chief executive Georg Pachta-Reyhofen said the same day during his company’s annual general meeting in Munich that the board “remains convinced that closer cooperation between MAN, Scania and Volkswagen will still enable substantial synergies in purchasing, development and production to be leveraged.”

VW made a mandatory offer to MAN shareholders last month as required under German law, following its decision to raise its stake of ordinary shares of MAN from 29.9 percent to 30.47 percent, or past the 30 percent threshold.

VW offered 95 euros (US$136.73) for each ordinary share and about 60 euros for each preference share, both bids lower than the closing price the week before the mandatory offer was made.

Europe’s largest car manufacturer, VW wants to merge MAN with its heavy trucks unit and with Swedish truck manufacturer Scania to establish the biggest commercial vehicle manufacturer in the continent.

The company, which owns Audi, Bentley and Lamborghini, and is in the process of acquiring Porsche, holds a 71.8 percent stake in Scania.

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Toyota Issues Minor Recall Effecting 1.13 Million Vehicles

June 22nd, 2011 davidguide
Matthew Borghese – AHN News Contributor

Tokyo, Japan (AHN) – Japanese carmaker Toyota is issuing a voluntary recall for more than a million Corolla and Corolla Matrix automobiles in the United States.

The recall effects 1.13 million 2005-2008 Corolla and Matrix vehicles.

According to Toyota safety engineers, a faulty electronics module could fail, causing harsh shifting or engine start failures.

“This recall is an example of our commitment to standing by our products and being responsive to our customers,” Toyota chief quality officer for North America Steve St. Angelo explained. “Our goal is to help ensure that Toyota drivers are completely confident in the safety and reliability of their vehicles.”

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Virgin Atlantic pilots vote to strike over lack of pay increase

June 22nd, 2011 davidguide

Virgin Atlantic pilots have voted to strike against the airline, marking the first time pilots with that airline have taken such action.

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