GM has a $530m millstone around its neck. It’s the closed and unsold Antwerp plant. Nobody wants it. The Antwerp assets are turning into a liability which endangers the GM IPO. Now it looks like GM found a savior that could take the plant off their hands. Guess where he comes from. Hint: Not from Washington. Read More >

When a country gets desperate, it closes its borders to imports. It’s a sign of surrender: We can’t compete anymore, so let’s close the doors. Closed borders rarely create jobs. In the contrary, they drive prices up, and everybody pays. Import restrictions are the most insidious tax a country can levy on its citizens. And they readily pay for it. Trade wars are an easy sell. Especially to people who cannot balance their checkbook. The price will be paid later. Read More >

A friend of mine once tried to break the world record for the longest time standing on one foot. The record (at the time) was held by Arulanantham Suresh Joachim of Sri Lanka for standing on one foot for 76 hours and 40 minutes. My friend lasted 2 minutes, then collapsed in heap and wondered if he’d maybe broken a bone in his leg. Silly boy. If he wanted to get into the Guinness Book of World Records, all he had to do was buy a Volkswagen Passat. Read More >

With GM repositioning its IPO to target US retail investors, we find ourselves motivated to once again sound the alarm about one of the major drains facing The General’s taxpayer-provided cash pile: the restructuring of its European Opel division. Opel slated its Antwerp, elgium plant for closure earlier this year, but at the time GM was trying to find a buyer for the plant. In May we noted that automotive overcapacity on the continent made finding a buyer for Opel Antwerp a tall order, and sure enough, Bloomberg reports that a buyer has not been found. What Bloomberg leaves out of its write-up: GM is now stuck with the €400m ($530m+) bill to pay off all those unemployed workers. A half-billion here, a half-billion there… soon you’re talking about real money.

I first used this gem of a picture about a year ago. It certainly captures the essence of the man better than any other. I somehow stumbled upon it in an obscure site, and since then, it’s made the rounds on the web. But the story behind the picture was left to speculation, beyond knowing that it happened on an Opel test track. I helped a German site (oldtimer-markt.de) find the source of the photo, and in exchange, I got the story, from Florian Schwaab of oldtimer-markt, who wrote the following: Read More >

New car registrations in Italy fell 18.9 percent in September to 154,429 vehicles. Of course that means major pain for Fiat, which holds about 30 percent of the market. Actually, more than major pain: Fiat’s sales in their home market cratered by 26.3 percent to just 44,161 vehicles in September. That according to Transport Ministry data, published by Reuters. And what did Sergio Marchionne have to say to that disaster? Read More >

I used to play poker a lot. So I’m perfectly aware of the old adage “Strong is weak and weak is strong“. If someone is acting weak, chances are, they’ve got a good hand and are trying to lull you into a false sense of security. Likewise, if someone is acting bold, then there’s a good chance they’ve got “rags” and are trying to scare you off to collect the pot for themselves. Like when Cerberus purchased Chrysler. It was an open secret in the industry that Chrysler was ready for the knacker’s yard…again. But Cerberus still pushed ahead with the purchase. Eventually, Chrysler failed and Cerberus lost money. Which made everyone wonder “What were you thinking?” I have a suspicion people will start asking the same question about Toyota soon. Read More >

Take a look at the above picture and have a think about what’s wrong with it? Answer after the jump. Read More >

Remember the 4 “dead brands” walking? Pontiac, Saturn, Hummer and Saab? Seems like a long time ago. Who’d have thought Saab would be the last brand standing? Arguably, the one of the weakest brands of them all. At least Hummer and Saturn had genuine interest. But Saab found a Dutch white knight (a white knight with a 3 legged horse and a rusty sword), in Spyker and survived. It really started heads scratching as to how a damaged brand and a never profitable car maker could survive in an industry where size is king. But it seems the Dutch-Swedish venture may be getting some help from an unlikely source. Read More >

If TTAC were UK based, we’d probably have indulged in a Bristol Appreciation Week instead of Panthers. These remarkable coupes have been built on the same 114″ wheelbase chassis since the first Bristol 400 saw the light of day in 1947. Ok, I haven’t forgotten about Morgan. But the Morgan is a bit more self-conscious in its perpetuality. The Bristol’s styling has evolved a bit, although that seems to have ended in about, say 1978 or so? The NY Times has a nice article pointing out that Bristol sales are up, and never dropped in the current Great Recession. The very affluent who want a “bespoke” coupe hand built in traditional style seem to be able to manage the starting price of 142k pounds sterling. Oh, and there’s a real living breathing dinosaur under the hood too, and it’s American to boot. Read More >

Toyota has essentially confirmed that a hybrid Yaris will be built at its Valenciennes, France plant beginning in 2012, coinciding with the next generation. Autocar, which also has a gallery of 2012 Yaris spy shots here, points out that Toyota did not name the new hybrid as a Yaris specifically, but that is the where the Yaris is made, and it fits in with with Toyota’s strategy to expand its hybrid line. In this case, it expands it downwards, in a market segment particularly important in Europe and Japan (pretty much everywhere except the US, actually). It also marks the second Toyota car for Europe to be hybridized without a unique exterior, like the Prius and LH 250 here. Toyota already sells an Auris hybrid in Europe, its Golf-fighter, along with the Prius. The big question: will the littlest hybrid find its way stateside? Read More >

The government of Sweden’s Västra Götaland County has referred Saab to the Swedish Enforcement Service (Kronofogdemyndigheten) over nonpayment of a $16.2m loan, reports thelocal.se. The bill is for repayment of a portion of a roughly $45m in aid extended by the county to Saab during its first weeks of bankruptcy. Because the $16.2m portion was used specifically to guarantee employee salaries, the County is arguing that it is not covered by Saab’s 75% writedown agreement with creditors. Saab insists that the salary guarantee portion is covered by the cramdown, and says it has paid its 25 percent of the total loan.

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As The Wall Street Journal‘s Dan Neil explains, pedestrians aren’t just annoying, they’re also responsible (in part) for some of the most astonishingly dull designs in all of autodom… like the 2011 VW Jetta. Trends towards rising beltlines, strangely high hoods, reduced visibility, and general carved-from-cheese-ishness in automotive design can all be tied to European pedestrian crash test standards. With a little help from unimaginative designers, global product strategies and consumer apathy, of course.

Now we know why ACEA took a vacation last month: To spare Europe the drama involved in an 18.6 percent drop in the month of July.  Compared to that, the 12.9 percent drop in August looks like an improvement.  Back from vacation, Europe’s (Automobile Manufacturers’ Association  ACEA reported numbers for both months today, and at first glance, they look horrible. Read More >

This is the Hyundai ix20, a a European-style subcompact MPV in the style of Honda’s Fit. Or, more precisely, in the style of Kia’s Venga. In fact, the similarities between the new Hyundai and its Kia-branded predecessor are strong enough to hint at a future of GM-style brand differentiation issues for the Korean concern.  And here’s the real irony: both cars share a platform with the Kia Soul, an American-style B-Segment MPV (possibly the only car to fit that description). Couldn’t Kia have rocked the Soul and left the ix20/Venga segment to Hyundai? Or was the Venga simply too good-looking to die? Either way, these two taught twins are a bit close for comfort.