Former Toyota President and current Chrysler Co-Prez Jim Press has been out and about, playing pimp my press. In so doing, he’s revealed his employer’s strategy for scarfing another $3b in bailout bucks from its current (not to say only) financial backer (that’s you). The ailing American automaker must present its case to Congress on or around March 31. And here, via Ward’s Dealer Business, it is…

“Press says there are four points to the auto maker’s turnaround:

* Chrysler has invested in new product – the auto maker has eight new vehicles coming out in the next year and a half and 24 in the next 48 months.
* The company will continue to support its dealers “with record levels of incentives.”
* Credit is improving with the auto maker’s finance company.
* Fiat has some of the best platforms in Europe in terms of cost and performance.”

Now how much would you pay? Well don’t answer! Mr. Press is happy to share some of the philosophy underpinning his Congressional term paper.

(Read More…)

“The front suspension is operated by a wireless remote control unit by the driver. It enables the car’s front suspension to rise by 55mm enabling it to negotiate obstacles such as car park ramps, speed humps, high kerbs etc. without expensive damage to the front spoiler or underside of the car. If the driver forgets to cancel the system and lower the suspension after he has negotiated the offending obstacle, the “Airlift Suspension” will automatically lower the car back down to normal ride height once it has reached a speed of 50 km/h.”

Just like the industry we cover, The Truth About Cars is hunkering down for the duration. To that end, we’ve ended our contract with Michael Karesh’s TrueDelta vehicle pricing and specification website. TTAC will no longer link directly to Michael’s site from our reviews. We’ve removed TD’s price comparison widget. And we’ve deleted the “pricing” option from our top menu bar. We thank Michael for the breadth, quality and utility of his data, and recognize the hard work he puts into its creation. We wish him good luck during this economically challenging time, and ask that our Best and Brightest recommend his site to anyone shopping for a car or searching for vehicle reliability information. Thankfully, Michael will still contribute reviews and commentary to the site. He is a valued part of TTAC’s editorial voice. Rest assured, that voice will not be quelled. The truth will out. Meanwhile, thank you for your ongoing support for our writers and advertisers.

“I found real gasoline again. So my days of 33 to 37 mpg in the Prius during winter SHOULD be over soon, and hopefully I’ll see my typical winter time 44 mpg overall average return soon.  On the current tank of E10, as the trip meter passed the 120 mile mark, the fuel gage went to 4 bars used up (4 gallons roughly). When you’ve seen the car doing 58 mpg, you KNOW damned well that it’s more than a little frustrating to see this. Computer claims about 37 mpg, but with E10 that seems to be off when it used to match the measured MPG pretty closely ON AVERAGE over say 10 tankfuls (which evens out the topping-up variations).    

(Read More…)

In this morning’s column, Detroit News scribe Daniel Howes’ pointed out that “Road for Autos Runs Through Oval Office.” In other words, GM, Chrysler and perhaps Ford’s fate now rests in the hands of the President of the United States. True dat. Piper. Tune calling. Gold. Rule making. Etc. But Danny wasn’t making the expected plea for Barack’s administration to keep Motown’s hometown heroes out of bankruptcy court until, well, whenever. Oh no, there’s another battle brewing… “President Barack Obama is poised to face an automotive conundrum potentially pitting him, the Detroit auto industry and the more immediate needs of the beleaguered national economy against pressure from environmentalists, fuel economy zealots and the powerful California delegation, including the two members of Congress who escorted him to his inauguration.” Translation: Danny’s signaling Detroit’s “need” to resist state-based hoikment of fleet-wide federal fuel economy standards. In this, he’s not alone…

(Read More…)

That’s one Hell of a ROI. And in case you hadn’t figured it out, we’re talking about lobbying costs to score bailout bucks. The Wall Street Journal reports GM’s ’08 spend on D.C. power brokering totaled $13.1m. (The $3.3.m spend covers the period of bailout begging.) That’s down from ’07’s $14.3m, but times are tough. Hence the bailout. Anyway, GM spokespinner Greg Martin assured the WSJ that no taxpayers were hurt during the buttering-up of federal legislators. “Lobbying is the transparent and effective way that GM has its voice heard on critical policy issues… that companies should not be required to forfeit if they receive federal funding,” Martin said, endearing himself to taxpayers throughout the country. Martin added that no funds lent from the Treasury would be used for lobbying. Huh? I thought GM promised the SEC yesterday not to cook the books. I mean, from what “ring fenced fund” does the lobbying money come from, pray tell? Ready to listen a bit more of that song “Fool on the Hill?’ Then let’s talk about the recently nationalized GMAC…

(Read More…)

TTAC used to have a writer who’d critique new car designs from the aesthetic point-of-view. Unfortunately, Carl stopped working at Starbuck’s, so I couldn’t hassle him for free coffee– I mean clean copy. So when I received an email update from Classic Driver promising a design analysis of the Porsche Panamera, I was well up for a professional’s analysis of what looks, to me, like another hideous Porsche. By the sixth paragraph, I knew Chris Hrabalek was prevaricating. And then he gets nasty, pulling rank on readers.

“Although one could hardly call the styling of the new Panamera revolutionary, neither can one accuse it of having anything but pure Porsche DNA. While it’s certain that numerous sofa-referees will judge the styling as too conservative and unimaginative, it is far removed from the Aston Martin DB9 LWB (akaAston Martin Rapide). Also, while the Panamera shares common parts with its siblings, none are too obvious. Visually, it is a far more distinct model than, say, the products of the Porsche 996/Boxster era.” Where’s the beef? “It leaves us in no doubt that, were the front badge to be removed, this car would still be readily identified as a true Porsche. It’s true that, unlike the Porsche 928, it does not take a stylistic risk.”

That’s it? Sigh. OK, over to you, TTAC’s Best and Brightest. What do you make of the new Porsche Panamera?

Tesla Motors recently caused a kerfuffle amongst its earliest and most faithful supporters by raising the price of its Roadster. More precisely, the Silicon Valley automaker turned some of the car’s standard features into options, and then raised the prices on those (e.g. the fast charge power cord). Customers who’d provided Tesla with hefty deposits– up to $50k– were none-too-pleased to discover that their “locked-in price guarantee” wasn’t worth the paper it was printed on. Uh, it was printed, yes? Anyway, to quell the ensuing PR shit-storm, self-appointed (anointed?) Tesla CEO and Product Architect Elon Musk has emailed an explanation to his rapidly aging customers [full text after the jump]. Musk has also scheduled a town hall-style meeting for the 26th and 27th. In short, to ensure federal teat suckling for the WhiteElephant sedan, Tesla has to prove that it’s “viable” (there’s that word again). As Tesla was losing $31k per car, something had to change. In other words, take a hit for the team guys, Oh, and Musk points out that there’s a $7500 tax credit for customers who take delivery of their Roadster between January 2009 and March 2027. Just kidding. I think.

(Read More…)

Chrysler is hoping against hope that it can move the moribund metal with an employee pricing incentive interest free what about leasing financing sale. Yes, it’s the kitchen sink of car deals, with every gimmick the freshly capitalized (thank you America) Chrysler can muster. More specifically, Auburn Hills is offering buyers employee pricing– whatever that is– plus $6k off ’08’s, or zero percent financing or low-cost leasing for up to 48 months (for somewhat qualified buyers). Customers who fancy an ’09 Chrysler, Dodge or Jeep product “only” get $3500 off the employee price. No matter what you call it, the reality is that Chrysler continues to drop its prices in the hopes that someone will buy its products. Residuals be damned.

AZcentral.com reports that the Arizona House Transportation and Infrastructure Committee has voted 5-2 to recommend approval of House Bill 2106, banning the use of speed cameras on state highways. (The bill does not preclude cameras from city streets.) “This was done in the name of revenue,” pronounced an indignant Rep. Andy Biggs, R-Gilbert. Meanwhile, Pinal County County Supervisors voted to end their dalliance with Redflex’s mobile speed cameras. This after their top cop, Sheriff Paul Babeu, declared “I’m against photo speed enforcement completely. Here in Pinal, it’s failed miserably.” Babeu told the panel that the two cameras were activated 11,416 times, from September 2007 through December 2008. The result: 7,290 citations. Of those, only 3,711 were paid. “Babeu said most of the total $134,199.43 in fines and fees from the paid citations covered administrative and operational costs, leaving the county with a net profit of $12,391.58 that Babeu dismissed as paltry. Moreover, Babeu said, total motor-vehicle accidents increased by 16 percent in the same time period, and fatal collisions in the Queen Creek area doubled from three to six.”

Indeed. Now that General Motors depends on Uncle Sam for its survival, why would the Securities and Exchange Commission (SEC) levy a fine against the ailing American automaker? Answer: it wouldn’t. Under the terms of the deal with GM [full press release after the jump], the SEC ends its investigation into the company’s bookkeeping without a GM admission of guilt or a cash fine. Oh, and GM pinky swear promises it won’t ever do it again. The settlement and dispensation adds to Rick Wagoner’s growing rep as the industry’s Teflon Don. Lest we forget, Wagoner was GM’s Chief Financial Officer from 1992 to 1998, before becoming Chief Operating Officer (2000) and then CEO (2203). His career at GM (the only career he’s ever had) began as an analyst in the treasurer’s office. If Wagoner didn’t know the books were cooked, why didn’t he? 

(Read More…)

Top Gear’s ironic contention that their mystery test driver is actually Graham Hill cocks a snook (don’t ask) at the MSM, who’ve gone nuts over recent revelations of “The Stig’s” true identity. I’m a huge fan of HIll’s life and times. His death was a tragedy for his family, his fans and motor racing. Call me a curmudgeonly carmudgeon (“Get off my internet!”), but I don’t find this Top Gear communique even slightly humorous: “The identity of the hit TV show’s famous wheelman will come as a shock to the dozens of petrolheads worldwide who had speculated that the man in the white suit was GP World Champion Damon Hill. ‘To find out that it’s actually his dad will come as a shock,’ said a man yesterday… In an alleged plot believed to have cost the licence payer millions of pounds, BBC bosses apparently helped Graham Hill fake his own death in a plane crash… So they approached Graham Hill, whose professional driving career was over at that point, and asked him to crash a plane and then hide in a bush until he got the call from the Top Gear team 20 odd years later.” The whole thing is a storm in a teacup, obviously, but this just isn’t my cup of tea.

I had to check it myself. Yup. On January 15, General Motors lowered their sales forecast for 2009 from 12m units per year to 10.5. Today, seven days later, Bloomberg reports that The General reckons sales will fall below 10m. “There are a whole bunch of different forces at work,” GM sales analyst Michael DiGiovanni said in a conference call. For that he gets paid? Bloomies tries to fill in the blanks– and falls back on data. “Dwindling consumer demand will further reduce revenue for automakers in the U.S. already reeling from an 18 percent drop in sales last year to 13.2 million cars and light trucks, the fewest since 1992. Monthly annual selling rates have exceeded 10 million units since a 9.8 million pace in August 1982, according to Autodata Corp. of Woodcliff Lake, New Jersey.” And then they give up on GM, preferring to quote the eminently, endlessly loquacious AutoNation jeffe Mike Jackson. “Industry sales are at depression levels of 10 million” Jackson told Bloomberg TV. “The industry is going to need further bridge loans to get through this turmoil.” Hmmm. Did GM lower its forecast to pump-up the volume on the “too big too fail” (a.k.a. it wazzunt me) rhetoric?