TCC's Daily Edition: 9/28/01

September 28, 2001

NISSAN ADDING JOBS IN THE U.S.
Nissan North America is busting its buttons. In an economically impaired time when every carmaker in the United States seems to be intent on cutting costs and projecting layoffs, Nissan says that it’s getting ready to add another 2,000 workers at its Smyrna and Decherd, Tennessee production facilities. Smyrna is already home to production lines for Nissan’s Xterra SUV, Frontier pickup and Altima sedan. And as of January 2003, the factory will also be producing Maxima sedans and employing 2,000 more people. Nissan sources say that the Japanese automaker plans to spend $1 billion on its Tennessee plants over the next four years.
Nissan’s New Tack Working? by TCC Team (9/10/2001)

 

CHRYSLER DROPS JEEP GRAND CHEROKEE PRICES
Struggling to get out from under a costly rebate program offered on Jeep’s most popular model, the Chrysler Group is lowering prices on 2002 Grand Cherokees. 2001 Grand Cherokees were leaning heavily on incentives—to the cash-back tune of $2,000 each—and were still selling at a pace 20 percent slower than last year. So for 2002, Chrysler has decided to lower Grand Cherokee prices—rather than subsidize sales with rebates—to bring the SUV’s sticker more in line with the competition. To that end, a 2002 Grand Cherokee Laredo two-wheel-drive starts at $26,025, the Limited at $30,870. In four-wheel-drive, the Grand Cherokee prices start low at $27,995 for the Laredo but go all the way up to a segment-topping $37,430 for the new Overland model.
Chrysler Cuts 2002 Prices by Joseph Szczesny (9/3/2001)

 

SUZUKI BESTS BIG 3’S 0% FINANCING PROGRAMS
Stealing as much thunder as it possibly can from General Motors Corporation, Ford Motor Company and DaimlerChrysler’s Chrysler Group, American Suzuki Motor Corporation is offering interest-free financing across the board on all of its 2001 cars and sport-utility vehicles. GM, Ford and Chrysler are offering 36-month no-interest vehicle loans on select models, but the little Japanese automaker is going the giants one better by extending the term of the loan to 60 months. The program ends on October 31st.
Suzuki Video Library (7/20/2001)

 

UAW: YES OR NO? NISSAN WORKERS TO VOTE NEXT WEEK
History could be made next week if the workers at Nissan’s Smyrna, Tennessee factory vote to bring the United Auto Workers in to do their negotiating. It would be the first time in the history of the UAW that it was called in to represent a U.S. production facility that was wholly owned by a non-U.S. automaker. Nissan is none too happy about the impending vote, scheduled to take place on Wednesday among the 4,700 eligible workers at the Nissan Motor Co. Ltd. factory in Smyrna. The UAW has tried to organize Smyrna three times before without success, in 1989, 1997 and 2000.

 

DAIMLERCHRYSLER KEEPING SCHREMPP UNTIL 2005
In an important show of support, DaimlerChrysler AG’s supervisory board cast its lot behind controversial Chief Executive Juergen Schremmp, re-upping him for a new tour of duty as head of the embattled company that will last until April of 2005. The board also voted to extend Juergen Hubbert’s appointment running DaimlerChrysler’s Mercedes-Benz/Smart unit, also until 2005. This ends, for the time being at any rate, speculation that Chrysler chief Dieter Zetsche was waiting in the wings for the top job at DCAG and that 12-percent shareholder Deutsche Bank was lobbying for Schrempp’s ouster.
DC: Come Together Now? by Joseph Szczesny (4/23/2001)

 

OPEC TO KEEP OIL PRODUCTION AT CURRENT LEVELS
Following a meeting at their headquarters in Vienna, Austria, representatives of the Organization of Petroleum Exporting Countries (OPEC) have decided to sustain oil production at current levels. The move comes as somewhat of a surprise after the dramatic drop in oil prices which came as a result of the September 11th terrorist attacks on the United States. OPEC’s daily output currently stands at around 23.2 million barrels a day. The group, which supplies nearly 40 percent of the world’s oil, plans to reconvene in November to reassess the situation.
Gas Prices Spike, Then Fall by Marty Padgett (9/17/2001)

 

 

FACTOIDS:
Top Suppliers Embracing the New Information Age
While information technology budgets have been slashed dramatically going into the U.S. economic downturn and the recent dramatic automotive cost reduction programs – IT spending is still likely to be a priority in the automotive industry. A recent survey, "E-readiness of the Automotive Supply Chain," by the Center for Automotive Research (www.erim.org/car) shows that first tier suppliers are looking for more than a 200-percent increase over the next two years in the levels of automated production planning, logistics and order tracking, and catalog pricing with their sub-tier suppliers.

FROM THE SOURCE:

From PR Newswire ArvinMeritor, Inc. has decided to relocate its Salt Lake City, Utah light vehicle aftermarket manufacturing operations . . . The BorgWarner TorqTransfer Systems facility in Muncie, Indiana, a 1,200-employee operation that produces four-wheel-drive transfer cases, has been chosen by Industry Week magazine as one of "America's Best Plants" . . . Visteon Corporation has secured a contract to supply its MACH MP3 music system to Ford Motor Company's 2002 Mustang . . . Nidec Corporation, a leading worldwide manufacturer of small precision motors for personal computers, office equipment, home appliances, automobiles, and industrial machinery, has announced its listing on the New York Stock Exchange (NYSE symbol: NJ)

THE TICKER:

Autoliv (ALV), Closed 15.66, up 0.66

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ArvinMeritor (ARM), Closed 13.64, down 0.09

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American Axle (AXL), Closed 12.40, up 0.10

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Ballard Power Systems (BLDP), Closed 19.57, up 1.56

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Dana (DCN), Closed 15.07, up 0.42

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DaimlerChrysler (DCX), Closed 28.80, down 0.05

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Donnelly (DON), Closed 13.85, up 0.24

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Delphi Automotive (DPH), Closed 11.10, up 0.05

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Eaton (ETN), Closed 59.32, up 0.72

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Ford (F), Closed 16.56, up 0.18

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General Motors (GM), Closed 41.165, up 1.06

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Gentex (GNTX), Closed 22.17, up 0.55

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Goodyear (GT), Closed 17.99, up 0.14

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Johnson Controls (JCI), Closed 62.00, up 1.03

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Lear (LEA), Closed 25.89, up 0.04

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Magna International (MGA), Closed 50.50, up 0.27

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Nissan (NSANY), Closed 8.35, up 0.44

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Toyota (TM), Closed 50.55, up 2.30

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TRW (TRW), Closed 30.29, down 0.11

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Visteon (VC), Closed 12.12, up 0.02

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