DAILY EDITION: August 22, 2003

August 21, 2003

TCC'S DAILY EDITION: August 22, 2003

Caddy Escalade Has Highest Theft Rate

2002 Cadillac Escalade

2002 Cadillac Escalade

When it comes to stolen cars, Cadillac’s Escalade ranks among the most frequently purloined vehicles when adjusted for its prevalence on the road. That’s according to new numbers from the Highway Loss Data Institute (HLDI), an affiliate of the insurance industry-sponsored Insurance Institute for Highway Safety (IIHS). The HLDI found that the Escalade has the highest rate of theft over the last three mode years, at 10.3 theft claims per 1000 vehicles. The average rate of theft for all vehicles came in around 2.6, according to figures on the IIHS Web site. Dodge’s Stratus earned the second spot for thieves with 8.7 theft claims per 1000, with Mitsubishi’s Mirage ranking third with 7.2 thefts per 1000. Overall, the group found that theft rates are down for the 2002 model year — only 2 per 1000 vehicles are stolen, versus 15 per 1000 in 1980 — but haven’t improved significantly in a few years. See more of the study at www.hwysafety.org. 2004 Cadillac SRX by TCC Team (7/7/2003)
Redefining a niche, reshaping a brand.

Cadillac May Build Euro-Specific Model

Cadillac may build a new compact sedan aimed squarely at wooing European customers weaned on BMW 3-Series and Benz C-Class sedans. Automotive News reports that the vehicle would be smaller than today’s CTS and positioned against the German titans. It could be ready in three or four years, the report indicates, and could bolster Caddy’s efforts to get a foothold in Europe, where It currently sells the Seville and CTS.

Spy Shots: '05 Cadillac STS by Hans Lehmann/Hidden Image (6/30/2003)
Replacing the Seville, one continent at a time.

GM Working Plants Overtime Over Blackout

General Motors will run some plants overtime this weekend so that it can make up for time lost to last week’s blackout. Reuters reports that 15 of GM’s 30 plants in North America will work overtime to recover lost production. The blackout of the east coast included southeast Michigan, and nine of GM’s plants were directly affected by the power outages. GM has resumed production across its network, though it did slow down builds in Ontario in response to a Canadian request that manufacturers move slowly to ramp up to prior power usage. GM has Ontario’s permission to run its plants overtime this weekend, a spokesperson told the news service.

Deal Close for Goodyear, Union

Goodyear is closing in on a new labor contract with its unionized work force, according to wire reports. The company is bargaining with the United Steelworkers of America on a new three-year contract that could help the company avoid a deeper financial crisis. The company has been fighting high production costs and has failed to capitalize on Bridgestone’s weakness during the Firestone recall of 2000. Goodyear is seeking labor force and cost cuts from its pool of 19,000 employees and fourteen U.S. plants. Union employees must accept the tentative agreement, which could be presented to them in a matter of days, Reuters reports.

UAW Tries Southern Union Gambit by Joseph Szczesny (8/11/2003)
Mass transfers of UAWers into Alabama and Georgia could be the union’s ticket to organizing southern auto plants.

Goodyear Closing Shop in Alabama?

As Goodyear tries to reach a new work agreemet with its union work force, the company’s Alabama tire factory may be on the chopping block. The Huntsvile, Ala., tire factory could be shuttered and 1100 jobs axed if the union agrees to a tentative pact with the United Steelworkers of America. The company and the union have been negotiating for five months on a new work agreement. The Alabama plant manufactures Dunlop tires.

Honda Recalling CR-V

Honda will recall nearly a quarter-million CR-V sport-utes for a transmission problem. The company will recall 247,000 2002 CR-Vs because a transmission cable could prevent the automatic gearbox from moving into park. The problem could lead to a vehicle rolling out of control. Reuters says Honda dealers will replace shift cables and install a control pin to correct the problem.

FROM THE SOURCE headlines from the latest press releases

PRNewswire

Championship Auto Racing Teams, Inc. (NYSE: MPH) confirmed today that Robert D. Biggs has resigned from CART’s Board of Directors, effective August 20, 2003. In making his decision, Mr. Biggs cited personal circumstances.

In celebration of the 20th anniversary of the minivan, Chrysler has created a unique marketing program with the August 26, DVD release of New Line Home Entertainment’s The Lord of the Rings: The Two Towers(TM). Consumers who purchase specially marked packages of The Lord of the Rings: The Two Towers(TM) on DVD or VHS will receive a The Lord of the Rings Adventure Card(TM). The card provides a tailorable, interactive experience. Using a special PIN code, located on the Adventure Card(TM), consumers will be able to log on to http://www.lotradventure.com to access the exclusive content, which includes a $500 cash allowance towards the purchase of a new Chrysler Town & Country minivan. This special $500 offer can be used in addition to current Chrysler incentives through January 11, 2004.


THE TICKER

Name Symbol Last Chg
AUTOLIV ALV 29.60 +0.24
AUTONATION INC AN 18.59 +0.07
ARVINMERITOR ARM 19.20 +0.18
AMER AXLE & MANU AXL 32.45 +0.55
BALLARD PWR SYS BLDP 13.14 +0.36
BORG WARNER BWA 69.96 +1.21
COLLINS AIKMAN CKC 2.83 +0.12
CUMMINS INC CUM 49.52 -0.17
DANA CORP DCN 15.37 -0.03
DAIMLERCHRYSLER DCX 38.00 +0.50
DELPHI CORP DPH 8.70 +0.12
EATON CORP ETN 91.08 +1.63
FORD MOTOR CO F 11.41 +0.19
GENERAL MOTORS GM 39.13 +0.62
GENTEX CORP GNTX 37.90 -0.04
GOODYEAR TIRE GT 6.56 +0.26
HONDA MOTOR CO HMC 20.94 +0.12
JOHNSON CONTROLS JCI 99.22 +0.07
LEAR CORP LEA 56.47 +0.92
MAGNA INTNL MGA 81.54 +0.19
MOTOROLA INC MOT 10.25 +0.21
NISSAN MOTORS NSANY 21.86 +0.59
SONIC AUTOMOTIVE SAH 27.56 +0.53
TOWER AUTO TWR 4.19 +0.09
TOYOTA MOTOR TM 57.55 +1.89
UNIT AUTO GRP UAG 25.28 -0.17
VISTEON CORP VC 6.46 +0.09

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