GM Cutting Suzuki Stake
General Motors Corp. says it will reduce its stake in
Suzuki Motor Corp. from 20.4 percent to 3.0 percent by selling 92.36 million
shares of the Japanese automaker through an open-market buyback program. GM
expects to net between $550 million and $750 million from the sale. Rick
Wagoner, GM chairman and CEO, said in a statement that the deal will allow GM to
preserve its business relationship with Suzuki while further building up
GM's liquidity position during the company's turnaround. The companies also are
partners in CAMI Automotive, Inc., in
2006 Suzuki Grand Vitara by Bengt Halvorson
Short of an all-out transformation - but a lot prettier.
DaimlerChrysler Spells Out Risks
DaimlerChrysler has listed a number of risks to global business in
the company's new annual report. One notable threat, the report noted, is
Spy Shots: '08 Chrysler
Minivans by KGP Photography
More upright and more international, by design.
Ford Fusion Gets "Poor" Crash Rating from IIHS
2006 Ford Fusion
2006 Ford Fusion by John Pearley
Taking Ford beyond the Taurus. Hopefully.
It's Official: Charlotte Gets NASCAR Hall of Fame
NASCAR Hall of Fame
"To NASCAR fans everywhere, it is
my distinct honor to announce that NASCAR has selected
Most of the details of the deal
had been leaked prior to the announcement, including the futuristic building
designed by the renowned architectural firm of Pei, Cobb & Freed Partners,
which also designed the Rock & Roll Hall of Fame in Cleveland, the John
Hancock Tower in Boston, the modernization and expansion of The Louvre in Paris,
the Jacob K. Javits Convention Center in New York City, and the National Gallery
of Art in Washington, D.C. The Hall is expected to include exhibit space, a
Great Hall, a Hall of Honor, interactive entertainment restaurants, retail
outlets, and a state-of-the-art media center for the industry. The proposal also
specifies a ballroom for the neighboring
One surprise announced today was
the possibility of a 300,000-square-foot office tower adjacent to the Hall of
Fame, which would house NASCAR's licensing and merchandising operations and its
media facilities, which already exist in scattered locations around
According to the Charlotte Observer, NASCAR will get city land on the Hall of Fame site for $1 per year, plus $4 million in city money toward parking spaces for the office building. The addition of the office tower adds $17 million to the proposal, bringing the total to $154.5 million.
"This Hall of Fame will expand the dynamic and growing sport of NASCAR racing in a dynamic and growing city," said Charlotte Mayor Pat McCrory. "It's a victory not only for the entire region, but for NASCAR fans across the country and internationally. We look forward to welcoming all fans for a unique and entertaining experience."
The NASCAR Hall of Fame could open as soon as 2009. The Charlotte Regional Visitors Authority, which will operate the building, will begin the process of hiring the hall's top employees in the near future.
Currently 82 percent of NASCAR
Nextel Cup teams, 72 percent of NASCAR Busch Series teams, and 55 percent of
NASCAR Craftsman Truck teams are based in the
Korean Brands See Sales Soar
The five automakers, including top automaker Hyundai Motor and its affiliate Kia Motors, sold a total of 444,506 units in February. Of the total, domestic sales rose 22 percent to 88,119 units while exports jumped 42 percent to 356,387 units.
In February, Hyundai Motor sold 204,110 vehicles, up 23 percent from 165,688 units a year ago, thanks to rising sales of new premium models such as the TG Grandeur sedans and NF Sonata mid-sized cars.
Domestic sales rose 33 percent to 45,486 units in February while exports rose 21 percent to 158,624 units.
sales of Kia Motors last month rose 44 percent to 115,774 cars, led by a
49-percent increase in exports. During the first two months of 2006, Kia's
overseas sales have risen by 5.8 percent year-on-year, with
So far in 2006, the Sorento SUV
has been Kia's top-selling model in overseas markets, with 17,766 units
delivered. The Sorento is followed by the Sportage SUV, with 16,566 units sold
in January and February. Passenger cars like the A-segment Picanto, B-segment
Third-largest automaker GM Daewoo posted a 75-percent rise to 102,971 units in overall sales in February, boosted by the launch of its Tosca premium sedan in late January.
Renault Samsung Motors, a unit of French Renault SA, reported 38-percent growth in February sales, to 12,192 cars. Domestic sales fell 1.2 percent while exports jumped more than 12-fold.
of SUV maker Ssangyong Motor, which is owned by
FROM THE SOURCE headlines from the latest press releases
Lexus announced that its Web site, recognized by J.D. Power and Associates as the most useful automobile Web site for new-vehicle shopping, has launched a Spanish-language site at lexus.com/espanol. It is the first Spanish-language Web site created by a luxury automotive brand.
|American Axle & Mfr. Holdings Inc.||AXL||15.64|
|Ballard Power Systems Inc.||BLDP||6.49|
|DaimlerChrysler AG (ADR)||DCX||54.81|
|Dura Automotive Systems||DRRA||2.12|
|Ford Motor Company||F||7.69|
|General Motors Corporation||GM||19.81|
|Goodyear Tire & Rubber||GT||13.41|
|Honda Motor Co. Ltd. (ADR)||HMC||28.74|
|Johnson Controls Inc.||JCI||71.26|
|Magna International Inc.||MGA||73.75|
|Nissan Motor Co. Ltd. (ADR)||NSANY||22.95|
|Sonic Automotive Inc.||SAH||26.62|
|Sirius Satellite Radio||SIRI||4.91|
|Toyota Motor Corporation (ADR)||TM||105.21|
|TRW Automotive Holdings||TRW||24.06|
|Tower Automotive Inc.||TWRAQ.PK||0.061|
|United Auto Group Inc.||UAG||43.32|
|XM Satellite Radio Hold.||XMSR||21.36|