In early April, Nissan is blessing me with a GT-R for five days for my Conde Nast Traveler “Great Drive” articles, and a review on this website. My hotshoe daughter (also a Traveler editor) and I will be departing Lake Tahoe after the car's press introduction, bound for Lost Wages and, if possible, some empty desert roads. The press event will include some serious track time. In their initial e-mail invitation, Nissan said– politely enough– that they realized writers like me weren’t buff-book semipros. Yet they're so confident that the GT-R is the world's safest and most controllable supercar that they're letting us loose on a closed ciruit. (I immediately got on my high horse and told them Brook and I run a well-modified 911SC track car, so there.) I asked the Nissan press rep if we should bring our helmets. She said no, not needed. Porsche is the only other automaker I know that allows the press to tackle a track sans helmet. The German automaker believe that helmets bring on "the red haze;" that drivers are safer without them. Anyway, it'll be interesting to see if the GT-R's electronics make travel-magazine editors, beauty-and-fashion writers, movie reviewers and other can’t-drive-a-stick scribes from the non-automotive press into track demons…

After a $4.97b loss last year, Ford is reporting a slightly smaller shortfall this year. After releasing preliminary losses at $2.67b in January, Ford has revised the number slightly to $2.72b. As we reported below, Bill Ford is spinning this smaller loss as an indication of profits to come on the auto-making end of the business. If those profits are to be realized, FoMoCo will have to overcome the drag projected for Ford's finance wing. Reuters reports Ford Motor Credit was down about 40 percent last year, reflecting larger credit market jitters. Ford now thinks 2008 could see credit profits drop even lower. Credit and depreciation losses are driving this shortfall, the latter likely accounting for the overall loss in loan volume. Ford relies on in-house financing to move 78 percent of its inventory financing and 38 percent of customer financing. But if the credit crunch spells the end of the buyer-incentive interest rates era at Ford, an unanswered question remains: how else do they plan on moving those vehicles?

This one's a bit screwy. According to Reuters, Ford's compensation committee wants to pay Billy Ford– even though the former CEO and current Board Chairman pledged not to draw a penny in salary until FoMoCo had returned to profitability (currently scheduled for 2009). In a note filed with the SEC, Ford (the company) said it's decided to change the terms of of Bill Ford's 2005 compensation arrangement "in light of the company's progress in restructuring its troubled North American operations." The committee insisted that it was "not reasonable" to expect Bill Ford to continue to work for free "particularly after he has received no compensation for three years." Ford spokesman Oscar Suris said Bill Ford had turned his back on compensation worth roughly $25m to $33m. OK, now, The Detroit Free Press reports that Billy has reaffirmed his promise not to bank the bucks until Ford's in the black. TTAC is investigating.

Two leasing companies are taking issue with Canada's restrictions on importing vehicles from the U.S. Globe and Mail reports Forunier Leasing and Canadian Auto Associates have filed a class-action lawsuit against Transport Canada and the Canada Border Services Agency alleging they're part of a conspiracy to keep vehicle prices high. BMW Canada, Mercedes-Benz Canada and Mercedes-Benz USA are also named in the suit. The leasing companies claim Canadian import requirements reduce competition and raise prices 20 to 35 percent above similar U.S. models. They also say government restrictions on importers add additional costs. M-B Canada had no comment. BMW Canada said they weren't aware of the lawsuit, which seeks damages in excess of $1b.

Other than a $1.3b manufacturing facility in Mississippi, ToMoCo has no plans to open another U.S. production facility. And yet The Salt Lake Tribune reports that local lawmakers are dangling the prospect of a new Toyota factory to justify HB436, a bill authorizing $5m for a statewide English literacy program. The money adds to a Toyota grant, which led Bill sponsor Rep. Greg Hughes, R-Drape to claim "Toyota is looking for opportunities to build a manufacturing plant. They are looking for communities they could bring this plant to that invest in their work force." In fact, the lawmaker's assertion was based on a letter sent to (not received from) Toyota's Veep Patricia Pineda, thanking the automaker for the grant. "We… understand that Toyota may have future interests for potential economic development that may include a motor assembly plant constructed in our state. As Utah's Legislature and Senate Leaders we welcome any such future thinking." The Trib reports that "attempts to reach Toyota Wednesday were unsuccessful." Next time, just drop us an email… 

The nominations for the first annual Bob Lutz Award ("Lutzie") are closed, and boy do we have some doozies! We'll open the polls tomorrow morning for you to vote for the automotive executive who you think made the most outrageous, politically incorrect or just downright dumb statement. And to make it more interesting, not only will you get to vote for the person, but in the case of multiple nominations you'll also get to vote on what you think is the best (worst?) thing they said. The voting will run through 6PM EST Sunday, and we'll announce the winner Monday morning.

While not making draconian cuts like The Big 2.8, BMW is reducing their work force to lower their overheads. The Detroit Free Press reports that the Bavarian automaker is cutting an additional 5.6k jobs this year. That's in addition to the 2.5k positions they've already eliminated. By they time they're through showing workers the door, Bimmer will have trimmed 7.5 percent of their worldwide workforce. The move comes in response to Chief Executive Norbert Reithofer's commitment to increase the company's "rate of return" (which made the exec queasy and left the money men a lot less than impressed). Ernst Baumann, BMW's head of personnel, said the job reductions will end-up costing in the "three-digit million" euro range for severance pay, benefits and other expenses. He also warned that if the dollar continues to fall, more employees would get the old heave-ho.

So now we know why former Chrysler CEO Tom LaSorda was willing to punt BOTH of his turnaround plans, step aside for new CEO Bob Nardelli and share a co-presidency with ex-Toyota Prez Jim Press. According to The Wall Street Journal, Daimler's European accounts reveal that the Germans made the above payment (€10.4m) to Mr. LaSorda as a bonus for LaSorda's help liberating them from majority ownership of the American automaker. Yes, folks, that's on top of LaSorda's $3,223,116 (€2.13m) annual (which is to say ongoing) compensation package. Not to mention LaSorda's pension. Or health care. Or perks. And just in case you thought LaSorda's bonus and salary were performance related in the traditional sense of the term, Daimler's papers also show that Chrysler lost €1.94b ($2.9b) in an eight-week period last year. That's $51,785,714.29 a day. Hands-up anyone who thinks LaSorda gives a shit. [thanks to John for the link]

The United Auto Workers (UAW) strike at American Axle is starting to take its toll. According to the Detroit Free Press, the axle shortage has caused GM to halt production at the end of the first shift at Pontiac Truck and Bus plant. The Pontiac plant makes Chevy Silverados and GMC Sierras; thanks to a healthy inventory (153-day supply of Silverados and 152-day supply of Sierras) and continued production through the month, there's plenty of product on dealer lots to see them through the next few weeks. However, as the strike shuts down other plants, other suppliers will start to shut down or cut back production to match the diminished demand. Although GM accounts for 80 percent of American Axle's business, they also supply axles for Dodge Ram pickups (122-day supply). No word on how the strike will affect Dodge's assembly plants. But the question of the day (for now) is this: with 25 percent of Detroit's large suppliers in or teetering on the brink of bankruptcy, will one (or more) of them kill the golden geese?

You know things are pretty bad for GM when Bloomberg starts sounding like TTAC. Doron Levin's column "GM Turnaround Collides With Dismal U.S. Car Demand" begins by turning around GM's "poor poor pitiful me" PR spin, which would have us believe they're unlucky rather than stupid. "Don't be fooled. That interpretation of GM's latest woes ignores years and years of dallying and denial. The No. 1 U.S. automaker delayed drastic action, hoping that growing automotive revenue might be enough to outstrip ballooning costs. GM has known at least since the early 1990s that its business model in the U.S. was defunct." Levin dismisses the foreign profits as life preserver argument, tosses aside GM's new products and predicts a cash crunch. And here's the twist: Sovereign Wealth Funds to the rescue! "The lenders include the governments of Kuwait, Singapore and Saudi billionaire Prince Alwaleed bin Talal. Perhaps sovereign funds willing to take a flyer on the second biggest U.S. bank [Citigroup Inc.] might be inclined to invest in its biggest automaker." Where did they get that $8.9b for the union health care VEBA from anyway? Meanwhile, Levin says "Without a financial cushion, GM no longer has the luxury of putting off until tomorrow what it should have done yesterday." We say: it's too late. 

Having failed to go it alone, small electric vehicle (EV) companies are finally realizing that they need large, experienced partners to help with supply chains, mass production and distribution. Th!nk Global (previously and more accurately known as Th!nk Nordic) builds and sells tiny EVs in Norway. At the Cleantech Forum in San Fran, Chairman Jan-Olaf Willums dropped hints that Th!nk will join with a large automaker to build a larger EV, and extend their marketing to Europe and the US. Ford Motors is a possible partner. Ford bought Th!nk in 1999, developing much of Th!nk's practical technology, but sold out in 2003. As reported by greentechmedia.com , Willums appears realistic about Th!nk's potential. Asked by an interested Cleantech attendee if the Th!nk could be driven from Arizona to California, Willums admitted, "I think you are typically a noncustomer for us."

With three selling days left in the year's shortest month, Ford Sales Analyst George Pipas is preparing the financial community (and the Ford family) for the worst: "The retail business is not that strong." You got that right. Pipas is predicting a ten percent drop in Ford sales relative to last Feb. That said, Pipas boasted that Ford will "hold our own" on retail sales relative to the rest of the industry. According to Automotive News [sub], Ford did so last month. FoMoCo sales "only" tumbled 3.9 percent, compared to the overall industry average of -4.1 percent. Excuse us for not believing Detroit's official retail sales numbers these days, what with reports filtering-in of increased fleet sales to government agencies and other commercial organizations. But we're good with Pipas' invitation to consensus: "I think we can all agree: '08 is getting off to a pretty low start."

Hollywood has the Oscar. Nashville has the Grammy. Broadway has the Tony. And TTAC has the "Lutzie." The Lutzie is our award for the industry executive who made the most outlandish statement or statements, demonstrated a total disconnect with reality and/or inserted their pedal extremity firmly into their oral cavity with alarming regularity. We're looking to you for nominations, starting today. Tell us who you think is most deserving of the award and give us a quote that illustrates their worth in a comment below. We'll take nominations until 6 PM EST Wednesday and open the final voting on Friday. Voting will end 6 PM EST Sunday and we'll announce the winner Monday. And yes, GM Car Czar Maximum Bob Lutz is eligible. 

As I pointed out in today's editorial about Detroit's branding fiasco, I was extremely disappointed by Mark Rechtin of Automotive News [sub]. When I called him for more info on the J.D. Power Customer Ratio index story, I never expected to hear that he'd cut a deal with J.D.'s mob to limit his coverage to excerpts. The index data was important information presented in a semi-public forum, using a projector no less. If a TTAC reporter made that kind of agreement with a news source, their services here would no longer be required. Anyway, the more we talked, the worse it got. Rechtin said reporters from all the big guns had attended the conference. A handful recognized the importance of the material. All of those who did agreed not to use the full chart. And only Automotive News carried the story. As long as the automotive press refuses to report the truth, the whole truth and nothing but the truth, TTAC will do its best to fill in the gaps. And even after that. 

GM Canada is applauding a new Canadian government program to distribute $3m over two years for a pilot program to "demonstrate E85 fueling infrastructure and promote its commercialization." The measure is part of a $250m Automotive Innovation Fund aimed at supporting the Canadian auto industry's transition to greater mandated fuel efficiency. The PR flacks at GM Canada crow [via Marketwire], that The General's head start in ethanol-capable technology "offers another very practical and affordable way for Canadian drivers to literally cut their net vehicle CO2 emissions in half"– as long as they ignore the environmental and crop price impacts associated with ethanol production. Oh, and Canada has set aside another $10m for two years worth of biofuels emissions research.