Miata Gets Retractable HardtopThe hardtop convertible trend has struck Mazda, and years of speculation will come to a head at the British International Motor Show next month as the Japanese automaker shows off the new hardtop convertible Miata. The third-generation car will get a specific name along with its multi-piece origami act: in
Our battle of the sexes takes place on wheels.
Spy Shots: 2008 BMW X5
2008 BMW X5Enlarge Photo
At first sight the second-generation X5 looks much like its predecessor. However, a closer look shows that the new car is about 6.3 inches longer and 2.4 inches wider than the current vehicle. The extra room enables BMW to install a third-row seat in the X5.
The size boost will be met by more powerful engines, including diesels for
The new off-roader will incorporate many new technical gadgets, like a radar cruise control and night vision. An evolution of BMW's xDrive system is in place, as is advanced wheel-by-wheel traction control.
The new X5 will be shown this fall, and should go on sale early next year in the
Will it have a grown-in-Vigo cork floor? Doubtful, but the revived Volkswagen Scirocco coupe will come from
Volkswagen at a Crossroads by Marty Padgett (6/19/2006)
New small SUV and diesels coming, but comprehensive
GM Takes Another Credit Hit
Standard & Poor's and Moody's, two of Wall Street's most influential ratings services, have trimmed their grades on General Motors Corp.'s outstanding debt.
Both services cut GM's credit rating again after the automaker announced it had revised the terms on a $5.6-billion line of credit. Under the proposed terms announced Tuesday the unsecured line of credit has been transformed into a secured line of credit. All existing lenders will get a chance at a 20-percent reduction in their commitments, and will have the opportunity to extend to 2011 in return for collateral, pricing and other structural enhancements, GM said in statement.
The announcement was a setback for GM's recent campaign aimed at building investor confidence in its turnaround effort. GM vice chairman Robert Lutz had said in an interview in the Toronto Globe and Mail this week that the turnaround was picking up momentum. GM, however, also has been hurt by the need for an extensive restatement of financial results, which has raised questions about the integrity of the company's financial reporting.
GM spokeswoman Gina Proia said the new credit facility should be complete next month. GM, though, had no estimates on the additional cost of switching from an unsecured line to a line of credit secured by GM assets, she said. Proia said a majority of GM's lending banks have agreed to amend and extend. -Joe Szczesny