Earnings/Financials


Christmas List 2010: Rattner's book to debut in time for next Christmas

Planning for the future is perhaps an alien concept to big business – even automakers, with their protracted product development cycles. Take a cue of what not to do from them, then, and start planning now for next Christmas. May we suggest that your 2010 wishlist starts with what's destined to be a hotly-anticipated tome: Steven Rattner's memoir of his spearheading the bailout of General Motors and Chrysler. Tentatively titled "Overhaul," the cloyingly-named book will tell the story of the quick-rinse bankruptcies Rattner presided ... Read more →

BREAKING: Swedish Patient Succumbs - Deal for Saab is dead on the table, GM to wind down brand Chris Paukert

After a protracted saga that has seen bidders drop in-and-out and old model tooling and assets sold off to the Chinese, the enigmatic brand known as Saab is dead. In a press release issued this ...

REPORT: Michigan gives GM tax break but automaker to still halve staff at RenCen Jonathon Ramsey

There are roughly 4,000 GM employees working at the company's Renaissance Center headquarters in Detroit. During the restructuring, GM has been working out how many employees to let go and where ...

Chrysler announces $179 million investment in Dundee plant to build Fiat Multiair engines Jeremy Korzeniewski

In a none-too-shocking announcement, Chrysler announced plans to invest $179 million to convert its engine plant in Dundee, MI, from building the so-called World Engine to Fiat's 1.4-liter Fully ...

REPORT: Old Carco (read: "Bad Chrysler") to not repay $4B in TARP loans Chris Shunk

Before Fiat and prior to bankruptcy, the old Chrysler, LLC needed $4 billion just to keep the doors open. The Bush Administration came through with the company-saving cash at the 11th hour, ...

REPORT: Honda plans to settle Civic Hybrid mileage suit out of court. Is it a fair deal? 2 days ago on Autoblog

If you buy a hybrid, you'll be rewarded with excellent fuel economy, right? Well, that's the idea, but sometimes things don't turn out exactly as we had hoped. Such is apparently the case with a number of Honda Civic Hybrid owners who claim that their vehicles don't even come close to achieving ...

Zetsche: Maybach "not significant or relevant," but a facelift is coming anyway 3 days ago on Autoblog

Maybach's 2009 sales through the first eleven months of this year have declined about 20 percent. That's at the kinder end of the industry average, all the more impressive because the "cheapest" one starts at $358,000. The part that's not so kind is the actual number of sales: 88, versus 110 ...

REPORT: BMW, Mini to let Mercedes-Benz inspect, prep its vehicles at port 3 days ago on Autoblog

The Mercedes-Benz Baltimore vehicle process center has secured a five-year contract to inspect, process, and repair pre-delivery BMW and Mini vehicles arriving in the United States. It's a deal that makes economic sense for both companies, say that automakers. BMW models currently arrive in ...

Fed may reconsider $500k salary cap for new GM CEO, limit pay for 2nd tier execs 4 days ago on Autoblog

It's official: pay czar Kenneth Feinberg's executive compensation rules for companies yet to return their bailout funds means a cap of $500K for second-tier executives. Importantly, that number represents the total compensation allowed, but only 45 percent of it -- $225,000, can be in cold, hard ...

REPORT: Fed predicts it will lose $30B on auto industry bailout 8 days ago on Autoblog

2009 isn't quite over yet, but we're pretty sure most automakers would rather forget that it ever happened. And while General Motors and Chrysler suffered the pain and humiliation of bankruptcy and workers lost thousands of jobs and many plants and dealerships closed, the good news is that the ...

REPORT: Automotive advertising plummets 30.8% 8 days ago on Autoblog

Automobile manufacturers and dealers spent $7.5 billion on advertising during the first six months of 2009, says TNS Media Intelligence. The company that keeps track of nearly every form of advertising for all industries is reporting that the figure represents a 30.8% drop compared to the same ...

Mitsubishi launches big incentives through Sam's Club 9 days ago on Autoblog

Twin pack of bread, 36 bottles of water, 24 rolls of toilet tissue, a 64-oz. box of cereal and... a 2010 Mitsubishi Galant. That may sound a bit odd, but if you want certain 2009 and 2010 Mitsubishi models with zero percent financing or discounted lease pricing, you'll apparently have to head ...

Officially Official: VW and Suzuki tie the knot 9 days ago on Autoblog

As you can see from the image above depicting Osamu Suzuki, chairman and CEO of Suzuki Motor Corp. and Martin Winterkorn, his counterpart at Volkswagen AG, the two auto companies have agreed to link arms. Volkswagen has properly announced that it has "reached a common understanding to establish ...

REPORT: Volkswagen to take 20% stake in Suzuki 9 days ago on Autoblog

Where there's smoke, there's fire. Though Suzuki CEO Osamu Suzuki would beg to differ, it seems that the old saying has once again been proven prescient. After a ton of rumor, innuendo and speculation on the matter along with the subsequent denials, a fresh report from Reuters indicates that ...

REPORT: Even while pursuing Volvo, Geely again mulling bid for Saab? 11 days ago on Autoblog

Just about every time an automaker decides to sell one of its brands, Chinese automaker Geely comes up as one of the potential suitors. Geely executive Lawrence Ang has reportedly told Automotive News that the reason Geely has been present at a lot of negotiating tables is because it wants to ...

REUTERS: China's BAIC secures $2.1B line of credit... is it for Saab? 12 days ago on Autoblog

Beijing Automotive Industry Corporation (BAIC) could still be in the game for Saab, having secured a $2.93 billion line of credit from the Bank of China. On the other hand, BAIC could just be gearing up for its own home-grown expansion plans, with an eye on ramping up production and putting ...

Is Peugeot-Citroën on the verge of buying Mitsubishi? 14 days ago on Autoblog

The French and the Japanese have gotten together to form a magic partnership once already with Carlos Ghosn at the helm. The question is, then, can that success be replicated? PSA Peugeot-Citroën seems to hope so, and it is reportedly on the verge of purchasing a controlling stake (somewhere ...

BREAKING: Whitacre to shakeup GM management, put Lutz in product planning [UPDATE: Confirmed] 14 days ago on Autoblog

Having just been appointed interim CEO at General Motors earlier this week, ex-AT&T man Ed Whitacre isn't wasting any time in exercising his newfound authority. According to The Wall Street Journal, Whitacre is to announce a number of management changes this morning, including moving Vice ...

REPORT: GM selling control of Chinese joint venture to SAIC, half of India operations 14 days ago on Autoblog

It has been a busy week at General Motors. The week started off with CEO Fritz Henderson's abrupt resignation, then executives converged on the LA Auto Show where Bob Lutz was the keynote speaker and then the U.S. market Chevy Cruze was revealed. Now, the General is reportedly deep in negotiations ...

REPORT: U.S consortium now in lead for Volvo purchase 15 days ago on Autoblog

Just about a month ago, news hit the interwebs that Chinese automaker Geely officially became Ford's preferred bidder for Volvo once concerns over intellectual property were sorted out. Today, though, we're hearing that Crown, a consortium led by former Ford director Michael Dingman, former Ford ...

Ruh-Roh: Marchionne reportedly puts Alfa Romeo under review 16 days ago on Autoblog

Take a look at the Fiat auto group. What division (barring Ferrari and Maserati) would you think holds the highest value for the company? If you thought Alfa Romeo, you're on the same page as yours truly, but you'd be mistaken. Horribly mistaken, as it turns out: Alfa has lost Fiat hundreds of ...

Merbanco out, Spyker in as Saab bidding heats up. Was Fritz axed because he wanted Saab closed? 16 days ago on Autoblog

As General Motors suddenly finds itself in search for a new CEO to replace Fritz Henderson, it is also looking to secure a buyer for perennially troubled Saab. GM originally thought it had a new parent for the brand in Koenigsegg, but after that deal went sour, Detroit officials confirmed that ...

REPORT: GM could sell some Saab assets to Chinese; brand has through year's end to find buyer 16 days ago on Autoblog

General Motors' Saab brand has been given a one month stay of execution as the Detroit, MI-based automaker has announced that it will hold off on a decision regarding the brand's fate until the end of the year. GM's apparent non-decision comes just one week after it announced that Swedish ...

REPORT: Renault and Russia come to agreement on AvtoVAZ 18 days ago on Autoblog

Renault has found a way to appease Russian Prime Minister Vladimir Putin that didn't involve writing a check for $850 million. The French company took a 25% stake in Russian carmaker Avtovaz, and when Avtovaz started having a hard time of it earlier this year Renault looked content to see how ...

How do you spell Hyundai's Kryptonite? J-D-M 18 days ago on Autoblog

As Hyundai continues to pull itself up by its bootstraps, the company is moving decisively and picking up share around the globe. However, one key market continues to be so problematic for the brand that they've decided to abandon it altogether: Japan. Rather than dodder around and wait for its ...

Followup: Auctioneer Kruse ordered to pay bank $1.3M, has jet repo'd 20 days ago on Autoblog

The walls are closing in on Dean Kruse, head of the Indiana-based Kruse International auction house. In September, a slew of lawsuits were filed against the company. Further opening the wound, a county court in Indiana has now ordered Kruse to pay more than $1.3 million to a bank in Warsaw -- just ...

REPORT: Saab still has at least two interested parties - BAIC and Merbanco 20 days ago on Autoblog

When Koenigsegg pulled out of its agreement with General Motors to purchase Saab, many thought that General Motors would dump the Swedish automaker much like it did the Saturn brand. But it appears that The General is still willing to look for another interested party, and speculation is that ...

REPORT: China's Changan delays plan to enter North American auto market 23 days ago on Autoblog

Changan is coming to America, just not yet. Aiming to establish a base in Mexico with which to move into the U.S. market, the Chinese automaker signed a deal last year to build a plant south of the border. The familiar story of planetary financial catastrophe has encouraged Changan to tap the ...

Williams sells minority stake to Austrian investor 23 days ago on Autoblog

With all the money that goes into running an F1 team, and the limited opportunity to make any of it back, we can't see why anyone would view owning a team as a sound investment. Evidently Herr Toto Wollf feels otherwise, as the Austrian financier and gentleman racing driver has acquired a minority ...

REPORT: GM offering special discounts to rejected franchise customers, move angers dealer group 24 days ago on Autoblog

Realizing that one of its keys to survival is retaining existing owners, General Motors is proactively enticing nearly one million customers – those loyal to now-closed dealerships – with significant financial incentives. According to Automotive News, GM started sending 950,000 ...

BREAKING: Koenigsegg backs out of Saab purchase, brand future up in the air 24 days ago on Autoblog

After riding in on a white horse, Koenigsegg Group AB has pulled out of negotiations to buy Saab from General Motors, leaving the Swedish automaker's future very much in doubt. In a brief statement issued by GM (available after the jump), president and CEO Fritz Henderson says that the company ...

REPORT: BMW hoodwinked by fraudster in sale of Sauber F1 team 24 days ago on Autoblog

Questionable past acquisitions aside, you don't get to be as large and successful as BMW without having some business acumen. That assumption, however, is being cast into question as reports out of Germany suggest that the Bavarian automaker may have been duped in its sale of the Sauber F1 ...

REPORT: Chrysler could lose up to 145 more dealers because they can't get financed 25 days ago on Autoblog

Chrysler's dealers haven't yet entered the portion of the game wherein they can catch a break. As if the dearth of inventory and lack of new vehicles weren't enough, nearly 150 dealers haven't been able to finalize floorplan financing. Since Chrysler Financial has exited that business, GMAC ...

REPORT: Tesla Motors planning IPO "soon" 28 days ago on Autoblog

Rumors about Tesla's plan to go public have been circulating since 2008, but a down stock market seemed to put a damper on the start-up's IPO. Now, the word on the street from Reuters is that Tesla is planning to go public "soon." When might that be, exactly? Who knows. A source told Reuters it ...

Swedish Pickle: Study says GM lost $5,000+ on each Saab sold over the last 8 years 28 days ago on Autoblog

When the automotive history of the last ten or so years is written, one of the most curious chapters will be why big, flush with cash American car companies purchased relatively diminutive, relatively oddball Swedish brands. Ford and Volvo, while still not a match made in heaven, at least gave ...

British GP track Donington Park declares bankruptcy 28 days ago on Autoblog

It's been one heck of a rollercoaster ride for Donington Park this year. The British racing circuit hosted a Formula One race back in 1993, and was set to take over the British Grand Prix from Silverstone until the race promoter fell on hard times. Donington Ventures Leisure Ltd signed a ...

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Autoblog Podcast #157: Mike Levine trucks along with us.

Mike Levine from PickupTrucks.com joins Chris, Sam, and Dan this week and gets a chance to talk about cars, too! 

 
 

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