GM Revises 2005 Losses Up to $10B
General Motors says that it's revising its 2005 accounting to reflect even deeper losses in its automotive businesses. The changes will mean that GM lost $2 billion more in 2005 than previously reported, for a total of $10.6 billion. GM says restructuring costs from upcoming plant closings and the reorganization of Delphi Corp., one of its chief suppliers, are at the root of the restatement, which will cause GM to delay some financial reports. GM had previously stated losses of $8.6 billion for last year.
Suzuki Plots Future Without GM by Joseph Szczesny
Tiny automaker plans on big expansion abroad.
Gas Prices Go Up
Gas prices are on the rise again, with current pump prices at the highest levels since last November 9, according to several reports. The current nationwide average price for self-serve regular unleaded gasoline now stands at $2.393 per gallon, more than six cents higher than last month and more than 33 cents higher than a year ago.
"Gasoline prices have begun their seasonal move higher,"
says Kris Lathan, AAA Chicago's director of public affairs. "Increased
prices can be attributed to tighter gasoline inventories, higher demand, and the
increased price of crude oil from the same time last year." Also hanging
over the head of gasoline retailers and motorists is the uncertainty created by
instability in the Persian Gulf and
Delphi Deal Dimming
A deal that could end strike talk
at the bankrupt Delphi Corp. is growing less and less likely, according to
officials from the United Auto Workers. UAW officials described the
three-way negotiations between the union,
Delphi Sets Final UAW Deadline
by Joseph Szczesny
Will there be a strike on March 30?
SUVs Do Well in NHTSA Crash Tests
The latest round of crash tests at the National Highway Traffic Safety Administration (NHTSA) put seven SUVs at the top of government ratings for safety. The NHTSA reported on Thursday that the seven utes - the 2006 Ford Explorer, Honda Pilot, Hyundai Tucson, Mercedes Benz ML-Class, Nissan Murano, and Subaru B9 Tribeca - all received five-star rankings for front and side-impact crash tests. Also scoring five stars on both front and side-impact tests were the 2007 Ford Explorer Sport Trac four-door pickup and the four-door Toyota Tacoma pickup. The NHTSA tested 44 vehicles in its latest round of tests, the results of which can be searched at the agency's Web site, www.nhtsa.dot.gov.
Recall, Rollover, and Safety
Info by TCC Team
Search the government's databases for safety info on your car.
Acura, at 20, Enjoys Record
The Acura luxury brand is maintaining a steady growth rate of three to five percent a year in the U.S., even though it does not offer a hybrid model as does its sister Honda brand, says American Honda senior vice president John Mendel. As the first Japanese luxury brand, introduced in the U.S. nearly 20 years ago with only the Legend and Integra to sell, Acura has climbed the U.S. sales ladder steadily to a record 209,610 new-vehicle sales last year, Mendel told the Automotive Press Association in Detroit Thursday.
Mendel said Honda executives approached the proposal for a luxury brand cautiously in the mid-1980s, as did Toyota and Nissan. "Entry premium vehicles accounted for only 17 percent of the market in 1985 and now take up nearly half of all premium vehicles sold," Mendel pointed out.
A technology pioneer since its inception, Acura will unveil its first turbocharged engine in the new RDX SUV, which will "go on the market soon, going head to head against the BMW X3 SUV," Mendel says. A concept presaging the next MDX will be unveiled at the New York auto show in April, in its first full model change.
Mendel also announced that ground will be broken later this month in California for an exclusive Acura design studio. The West Coast studio will be integrated with Acura's vehicle development center in Ohio. Acura has no plans to add U.S. dealerships in conjunction with its volume growth, said Mendel. It has 264 dealers now. -Mac Gordon
MG Rover Auctions Its Past
The vultures are circling, picking over the bones of what used to be Britain's last volume car manufacturer. MG Rover went to the wall last summer, and now all that remains - from the valuable to the trivial - is being split up.
The Heritage Motor Centre, one of the U.K.'s most prestigious auto museums and based in Warwickshire, has revealed it's done a deal with Nanjing Automobile, the new owner of MG Rover's Longbridge plant in Birmingham. The move will safeguard historically important artifacts, documents, and photographs. HMC already owns a wide range of archive material - including the last production car, a Rover 75 - which tells the story of the Longbridge site from its beginnings in 1905. The newly rescued items will complete the historic record and form part of a special display later this year.
Meanwhile, there's to be an auction of everything that belonged to MG Sport and Racing, the company's motorsport divisions. Taking place on March 25, there's more than 900 lots of cars, accessories, and workshop equipment. The sale includes race-prepared vehicles, support vans, and even an MGF concept car that's only ever been seen before at motor shows. There's also merchandise including clothing, mugs, keyrings, watches, slot-racing, and die cast model cars - even limited-edition bone china tea sets. Visit www.wyleshardy.com for details of the event. -Richard Yarrow
FROM THE SOURCE headlines from the latest press releases
Ford Motor Company today announced further changes in its corporate officer structure that will allow the Company to continue streamlining its operations, while more fully aligning its quality processes and disciplines with its core manufacturing and engineering functions. Bennie Fowler, Ford Motor Company vice president, Advanced Manufacturing Engineering, The Americas, is appointed vice president, Global Quality and Advanced Manufacturing Engineering, The Americas, effective April 1. He will continue to report to Dave Szczupak, Ford's group vice president, Manufacturing, The Americas, and in leading Global Quality, he will report to Jim Padilla, Ford Motor Company president and chief operating officer.
|American Axle & Mfr. Holdings Inc.||AXL||16.31|
|Ballard Power Systems Inc.||BLDP||6.20|
|DaimlerChrysler AG (ADR)||DCX||58.01|
|Dura Automotive Systems||DRRA||2.2499|
|Ford Motor Company||F||7.93|
|General Motors Corporation||GM||22.22|
|Goodyear Tire & Rubber||GT||13.65|
|Honda Motor Co. Ltd. (ADR)||HMC||30.37|
|Johnson Controls Inc.||JCI||75.54|
|Magna International Inc.||MGA||76.66|
|Nissan Motor Co. Ltd. (ADR)||NSANY||23.16|
|Sonic Automotive Inc.||SAH||27.84|
|Sirius Satellite Radio||SIRI||4.51|
|Toyota Motor Corporation (ADR)||TM||107.93|
|TRW Automotive Holdings||TRW||25.17|
|Tower Automotive Inc.||TWRAQ.PK||0.062|
|United Auto Group Inc.||UAG||44.60|
|XM Satellite Radio Hold.||XMSR||20.17|