TCC's Daily Edition: 9/21/01

September 21, 2001

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.

TOKYO MOTOR SHOW A GO
Allaying the doubts and fears Japanese carmakers and citizens, the Japan Motor Industrial Federation has announced that the Tokyo Motor Show will take place as planned. The announcement was in response to federation chairman Hiroshi Okuda’s warning that the biennial showcase for Pacific Rim manufacturers might be canceled due to limited participation from U.S. and European carmakers in the wake of terrorist attacks on the United States. Public days for the Tokyo Motor Show start on October 26th and run through November 7th. Naturally, TheCarConnection.com will be on hand in Tokyo to report on all the latest, greatest and oddest vehicles and technology that Tokyo has to offer.
Frankfurt Auto Show I by John Rettie (9/17/2001)
Frankfurt Auto Show II by TCC Team (9/17/2001)
Frankfurt Auto Show III by TCC Team (9/17/2001)
Frankfurt Auto Show IV by Nick Twork (9/17/2001)

FACTOIDS:
Immediate Results: Not Surprisingly, Auto Sales are Down

Power Information Network (PIN), a division of J.D. Power and Associates, reports that new vehicle sales dropped 23 percent Monday (Sept. 17) compared with the sales average of the four previous business Mondays (not including Labor Day) and were eight percent lower than sales on the same day a year ago. Tuesday's (Sept. 18) new-vehicle sales were 38 percent lower than the sales average of the four previous Tuesdays, excluding Sept. 11, and 26 percent lower than the same day a year ago. PIN collects daily transaction data through electronic transmissions directly from more than 5,000 participating auto dealerships across the country in more than 22 major metropolitan U.S. markets.

FROM THE SOURCE:

From PR Newswire The Society of Automotive Engineers has postponed its Fuels & Lubricants Meeting & Exhibit in San Antonio, Texas, scheduled for September 24 - 27 at the San Antonio Marriott Rivercenter . . . Hydrogenics Corporation of Toronto, Ontario, a designer and manufacturer of proton exchange membrane fuel-cell technology, has announced that Nissan Motor Co., Ltd. has selected it to support expanding fuel-cell research at the Nissan Research Center in Japan . . . Daniel B. Goodman has been named Vice President, Strategy, of TRW Inc. . . . Nissan North America, Inc. has announced pricing on its 2002 Pathfinder SUV. The MSRP of all 2002 Pathfinder SE models is $1,800 below the 2001 models

THE TICKER:

Autoliv (ALV), Closed 13.99, down 1.96

------------------------

ArvinMeritor (ARM), Closed 13.30, down 0.89

------------------------

American Axle (AXL), Closed 11.11, down 0.59

------------------------

Ballard Power Systems (BLDP), Closed 15.71, up 1.30

------------------------

Dana (DCN), Closed 13.75, down 0.60

------------------------

DaimlerChrysler (DCX), Closed 28.24, down 2.92

------------------------

Donnelly (DON), Closed 14.10, down 0.07

------------------------

Delphi Automotive (DPH), Closed 10.51, down 0.08

------------------------

Eaton (ETN), Closed 57.47, down 4.44

------------------------

Ford (F), Closed 15.49, down 0.94

------------------------

General Motors (GM), Closed 40.70, down 2.68

------------------------

Gentex (GNTX), Closed 21.50, up 0.05

------------------------

Goodyear (GT), Closed 18.42, down 0.54

------------------------

Johnson Controls (JCI), Closed 56.60, down 3.26

------------------------

Lear (LEA), Closed 24.52, down 0.62

------------------------

Magna International (MGA), Closed 46.50, down 0.70

------------------------

Nissan (NSANY), Closed 7.75, down 1.04

------------------------

Toyota (TM), Closed 50.21, down 2.79

------------------------

TRW (TRW), Closed 29.05, down 0.85

------------------------

Visteon (VC), Closed 11.63, down 0.62

2019
The Car Connection
See the winners »
2019
The Car Connection
Commenting is closed for this article
 
Ratings and Reviews
Rate and review your car for The Car Connection
Review your car
The Car Connection Daily Headlines
I agree to receive emails from the site. I can withdraw my consent at any time by unsubscribing.
Thank you! Please check your email for confirmation.