TCC's Daily Edition: 9/27/01

September 27, 2001

LET’S FACE IT: WE’RE GONNA MISS THAT MUSCLE
As TCC reported—with mixed emotions—in yesterday’s Daily Edition, General Motors has called a halt to production of the Chevy Camaro and Pontiac Firebird after the 2002 model year build-out. Good cars with a great heritage. The company is also shuttering the Canadian plant which built the cars in Ste. Therese, Quebec. TheCarConnection.com’s Joseph Szczesny has filed a full report on the business case that inspired the plant closing and the end of the line for GM’s ponycars. Read all about it.
GM: Camaro Factory to Close by Joseph Szczesny (9/25/2001)

 

ANALYSTS PREDICT ROTTEN SEPTEMBER SALES FIGURES
That foreboding headline should come as no surprise to anyone who hasn’t been asleep for the past month, but what may be a little jarring is the depth of the anticipated drop in U.S. vehicle sales for September. Some industry analysts are bracing for a fall of as much as 20 percent versus September of a year ago. Key reasons cited for the sales malaise go beyond the terrorist attacks on New York City and Washington, D.C. however. Even before September 11th, the economy was slowing and General Motors, Ford and DaimlerChrysler sales were hurting badly. After the assault on the World Trade Center towers and the Pentagon, conventional wisdom went out the window and consumer confidence took its biggest one-month plunge since the Persian Gulf War in 1990. September 2001 sales figures are due out on October 2nd.
Big 3 Meet with Big Feds by TCC Team (9/24/2001)
Flint: Bad Days Coming by Jerry Flint (9/24/2001)

 

BIG 3, UAW GETTING READY TO SQUARE OFF
The tragic events of September 11th may have been enough to get the Republicans and the Democrats to stand unified, but don’t expect a similar love fest between U.S. automakers and the UAW. As General Motors Corporation, Ford Motor Company and DaimlerChrysler prepare to meet slower sales and a possible recession with plant closings, job cuts and production cutbacks, the United Auto Workers is preparing to challenge any attempts toward closings or layoffs. And while a 1999 labor contract negotiated between the Big 3 and the UAW places a moratorium on U.S. plant closings until 2003, some analysts believe that the carmakers may be preparing to invoke a clause in the contract that lets them negotiate closings in the event of exceptional "conditions beyond the control" of the automakers.

 

DAEWOO WORKERS PROTEST GM TAKEOVER
Not everybody is crazy about the $1.8 billion deal that will put General Motors in charge of Daewoo Motor Company, South Korea’s bankrupt automaker. On Wednesday, hundreds of Daewoo workers staged a protest against the takeover in the capital city of Seoul. In an hour-long rally, the workers chanted, burned paper boxes and displayed signs protesting the "cheap sale" in front of the head office of the Korea Development Bank, Daewoo’s primary creditor and a key player in the GM deal, which has yet to be finalized.
GM-Daewoo Make a Deal by Joseph Szczesny (9/24/2001)

 

GM CUTBACKS REACH EUROPE NEXT WEEK
German newspaper Financial Times Deutschland is reporting that General Motors will bring European labor unions up to date next week on its plans for cutbacks on the continent. The newspaper says that GM plans to cut European output by 300,000 to 350,000 vehicles. In Germany, the paper reports, the Opel plants in Bochum and Eisenach would suffer production cuts, as would the Opel Corsa factory in Saragossa, Spain. GM plants in Antwerp, Belgium and Ellesmere Port were also cited for cutbacks. The actions are expected to see between 3,500 and 4,000 European workers laid off.

 

INFINITI LAUNCHES ONLINE ADS FOR NEW I35
Infiniti has cast a vote in favor of online advertising, introducing a new campaign that uses the Web’s interactive capabilities to promote the new Infiniti I35 sedan. Using online animation, video and audio, the campaign will focus on I35 features and the Infiniti brand messages by drawing curious Internet users to I35-specific mini-sites where they can use the Web's interactive abilities to "drill" deeper into information and animation about the car’s features.
’01 New York Auto Show, Day II by TCC Team (4/13/2001)

 

LOTUS ENGINEERING FACILITY UP FOR SALE
Lotus-Coventry, the British engineering facility run by Group Lotus, is looking for a new owner. In the recent downturned times in the auto industry, the company had been getting much less R&D and engineering consulting work, and it suffered job cutbacks earlier this year. The Coventry engineering facility employs 35 people. Lotus says that it plans to keep open its three other vehicle engineering and design operations in the United Kingdom, the United States and Malaysia. If no buyer is found by November 9th, the Coventry facility will be closed.

 

 

FACTOIDS:
Flood Damage: It’s Rare, But It’s Out There

Sometimes Mother Nature just doesn't like cars. When she expresses her anger with floods, many of these vehicles are fixed and then sold to the public with no indication of its actual history or repairs. According to Experian Automotive's National Vehicle Database, about one in 2,262 cars on the road have flood-related damage.

FROM THE SOURCE:

From PR Newswire For West Coast readers: Mike O'Driscoll, president of Aston Martin, Jaguar and Land Rover will be the guest speaker at the October 2ndMotor Press Guild meeting in Los Angeles . . . American Axle & Manufacturing Holdings, Inc. says it will provide Ford Motor Company with net-shape differential gears for automatic transmissions in selected front-drive vehicles . . . Championship Auto Racing Teams has announced a return to the Rockies in 2002 with the running of the CART Grand Prix of Denver on the streets surrounding the city's Pepsi Center . . . Nissan North America said today that FedEx Express and FedEx Ground will be the exclusive carriers for all of Nissan's express document, air freight and small-package ground shipments within the United States and prepaid shipments from the U.S. to Canada . . . Jupiter Media Metrix, a major Internet and new-technology measurement and analysis firm, is forecasting that online commerce will account for 36 percent of all U.S. business-to-business spending by 2006

THE TICKER:

Autoliv (ALV), Closed 15.00, down 0.50

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ArvinMeritor (ARM), Closed 13.73, up 0.01

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American Axle (AXL), Closed 12.30, down 0.56

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Ballard Power Systems (BLDP), Closed 18.01, down 1.08

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Dana (DCN), Closed 14.65, down 0.85

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DaimlerChrysler (DCX), Closed 28.85, up 0.32

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Donnelly (DON), Closed 13.61, down 0.09

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Delphi Automotive (DPH), Closed 11.05, down 0.17

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Eaton (ETN), Closed 58.60, down 1.81

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Ford (F), Closed 16.38, up 0.26

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General Motors (GM), Closed 40.10, down 1.26

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Gentex (GNTX), Closed 21.62, down 0.97

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Goodyear (GT), Closed 17.85, down 0.55

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Johnson Controls (JCI), Closed 60.97, down 0.01

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Lear (LEA), Closed 25.85, down 0.25

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Magna International (MGA), Closed 50.23, down 0.65

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Nissan (NSANY), Closed 7.91, up 0.12

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Toyota (TM), Closed 48.25, down 2.24

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TRW (TRW), Closed 30.40, down 0.36

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Visteon (VC), Closed 12.10, down 0.41

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