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TCC's Daily Edition: 9/21/01


GM/DAEWOO: THE DEAL IS ALL BUT DONE
As we have been reporting all week here at TheCarConnection.com’s Daily Edition, only paperwork and details stand in the way of a final deal between General Motors Corporation and the creditors of South Korea’s bankrupt automaker, Daewoo Motor Company. According to word coming out of South Korea, GM (possibly with a partner) plans to pay $400 million in cash and $1.2 billion in stock shares, while Daewoo’s creditors will add another $200 million to secure the deal. For its investment, GM will get a controlling share of Daewoo, as well as control of many Daewoo factories and sales outlets in Korea and abroad.
TCC's Daily Edition: 9/19/01

FORD MATCHES 0% GM FINANCING PLAN
On Thursday, Ford Motor Company announced a no-interest-financing plan that mirrors exactly one released by General Motors and GMAC. Designed to inspire sales in the current hard times for domestic automakers, the Ford plan, like GM’s, runs from September 20th to October 31st. Only Ford’s popular 2002 Thunderbird model is immune to the incentive program, which features a sliding scale of interest rates that start at zero percent and peak at 4.9 percent for a 60-month loan on a 2002 truck.
For 2001 Ford Cars:
36-mo.= 0.0%, 48-mo.= 0.0%, 60-mo.= 0.0%
For 2001 Ford Trucks:
36-mo.= 0.0%, 48-mo.= 0.9%, 60-mo.= 2.9%
For 2002 Ford Cars (excluding the Ford Thunderbird):
36-mo.= 0.0%, 48-mo.= 0.9%, 60-mo.= 2.9%
For 2002 Ford Trucks:
36-mo.= 0.0%, 48-mo.= 2.9%, 60-mo.= 4.9%

VALEO VENDS "BENDING LIGHT" TECHNOLOGY
French automotive-lighting supplier Valeo is coming to market with the "intelligent" headlight system featuring its "Bending Light" technology. The system features motorized headlamps capable of rotating up to 20 degrees that work with additional beams to project extra light into a corner that the vehicle is about to enter. The system makes its lighting calculations based on input from steering-wheel and wheel-speed sensors, and, optionally, a satellite navigation system. Valeo says that it already has contracts with two European carmakers, and that vehicles with Bending Light systems will begin appearing in two to three years.

FORD, BALLARD STRIKE $22 MILLION FUEL-CELL DEAL
Ford Motor Company has tapped the fuel-cell expertise of Ballard Power Systems Inc. in a three-year, $22 million deal. "We intend to launch our first commercial fuel-cell vehicle in 2004," promised Executive Director John Wallace of Ford’s Th!nk Mobility electric-car unit, "and this agreement with Ballard will enable us to achieve that goal." Under the agreement, the Canadian fuel-cell producer will supply Ford with its Mark 900 Series fuel-cell modules and technical support. Ford will adapt the fuel cells, which turn hydrogen into electricity, to power electric versions of its Focus compact models.
The NEV Next Door? by Frank Bohanan (4/2/2001)

GAS-PRICE GOUGERS GET IN LEGAL TROUBLE
The AAA is reporting that state attorneys general from Florida, Illinois, Kansas and Michigan are issuing subpoenas and preparing lawsuits against low-life gas station operators who raised fuel prices—some by more than $2.00 a gallon—after last weeks terrorist assault on New York and Washington D.C. So far, Florida has sent out 15 subpoenas and Michigan has filed suits against nine gas stations for gouging buyers at the pump. In Illinois, Casey’s General Stores, Inc. faces a state lawsuit for raising pump prices to $5.00 a gallon at many of its stations. And in Kansas, the attorney general is fining about 140 stations $1,000 apiece ($750 of which goes to the September 11 relief fund) for charging $2.49 or more for a gallon of fuel.


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