GM’s stock may be hovering near its IPO price of $3/share, but the UAW doesn’t need much more growth to cash out with every penny it wanted from GM. The UAW’s VEBA account has banked $3.4b in stock sales so far, and Forbes reports
The VEBA will break even on its investment if it can sell the remaining 206 million shares at an average price of $36.96.
Taxpayers, meanwhile, need GM’s stock to top at least $52/share in order to break even on the bailout that it funded. Because it’s just not a bailout unless the least deserving benefit the most. Meanwhile, with its accounts once again flush with cash, the UAW is turning South in hopes of accomplishing what it has never accomplished before: unionizing at ransplant auto factory in a right-to-work, Southern state.
Ask the average motorist what they think of when they think of Audi, the word “headlights” will come up mighty quickly. And not coincidentally either: Volkswagen’s premium brand even spearheaded last year’s holiday marketing campaign by inviting consumers to “have the best lights in your neighborhood.” But one of the biggest challenges of the multiple-brand strategy is the constant pressure to take whatever works for one brand and apply it to the others, which is apparently just what Volkswagen has done.
So, GM is spending $40m on projects aimed at removing 8m metric tons of C02 from the atmosphere over the next five years… there’s nothing wrong with that, right? Not so fast Greenzo! Here’s the issue: GM claims that
its new carbon-reduction goal equates to the emissions in 2011 from driving the 1.9 million vehicles Chevrolet is expected to sell in the United States over the next year.
Which means that Chevy will actually spend five years and $40m to eliminate all the C02 it will create based on one year of sales. To a multinational corporation that might seem admirable, but to the people who actually care about C02 emissions, this merely underlines how massive GM’s C02 emissions actually are. Moreover, it’s spending that $40m on “eliminating” carbon not by making its vehicles more fuel-efficient, but by investing in initiatives that have nothing to do with its core automotive business. Read More >
Hello Sajeev, I have a 2001 Audi TT (225hp) that cranks but wont start, not even a sputter. Thus far I’ve checked for fuel and spark and both seem to be in working condition. I verified fuel by unplugging the return line and watching fuel come out as the motor was cranked. I can hear the injectors ticking so it seems they’re working as well. I popped off a coil pack and grounded it to a screwdriver to verify that I also have spark. At this point I’m thinking the fuel in the tank has gone bad because the car has not been significantly driven in 18 months. I literally haven’t started or driven it in nine months, and when I did drive it nine months ago it was for about 3 miles. There was less than a 1/4 of a tank of gas in it while it sat for those 18 months and I just added about 3 gallons of premium to the tank with no result. There also seems to be an odd smell coming from the exhaust when I crank the car, almost like a paint remover or super glue smell. Is this bad gas? I’m really stumped here because I feel like even if the gas is bad it would at least sputter or run rough.
We want to continue to compete with Mercedes, BMW and Audi. We’re working to improve the premium-ness of the brand and our products.
Even as recently as this year, Volvo execs have made much of the need to “not damage the Volvo brand.” But, having been bought by the Chinese automaker Geely, the Swedish brand has changed its tune. Autocar quotes Volvo’s new CEO, Stephen Jacoby, saying
Let’s ditch this talk about premium. It sounds like a pricing strategy and it’s got an expensive ring to it. We need to focus on elegant Scandinavian simplicity, our own unique identity, and not copy our competitors.
So who will be he big Chinese EV producer when the Chinese start buying EVs in earnest? It more and more doesn’t look like BYD. It could be staid old BAIC, Beijing’s partner of Hyundai and Mercedes. Read More >
A federal judge issued an order last Friday blocking the immediate removal of red light cameras from Houston, Texas intersections. On November 2, voters adopted an amendment to the city charter making photo tickets unenforceable, against the wishes of the Houston city council and the private vendor that operates the cameras, American Traffic Solutions (ATS). Over the Thanksgiving holiday, US District Court for the Southern District of Texas Judge Lynn N. Hughes worked out a deal with the city and ATS to preserve the cameras, for now.
Imagine: It’s Friday evening, and the sun is down. You are rolling home in your environmentally responsible EV after an honest day’s work, emitting exactly zero greenhouse gases. You give a wave to your likewise electrified neighbor who’s bringing home the bacon to wife and family. You put the car in the garage and hook it up to the charger that nice electrician had installed. You shout “daddy’s home!” Suddenly, all hell breaks loose. Read More >
If you are active in the auto media, design community, or Ohio’s “foodie” clique, you may know Carl Acampado, the famous Rogue Baker. He’s well-known for his boutique cookies, but he’s also a very competent chef — enough so that I asked him to cater my Wednesday night holiday party.
After preparing a variety of dishes including a splendid steak for yours truly, Carl fired up his mint-condition 1984 Audi Coupe GT to run some cookies to another client. He never came back; if you look at the photo above, you can guess why.
The good news is that he stepped out of the car without a single scratch. To find out how, click the jump.
After the Fourmile Canyon Fire in September, charred vehicle carcasses began showing up in quantity in Denver wrecking yards. Completely burned-to-hell-and-gone vehicles don’t seem to offer any usable components for junkyard shoppers, but they still show up. Read More >
Giorgetto Giugiaro sold out to the tedeschi at Volkswagen. Bertone is teaching budding Chinese car designers in brutally cold Changchun. And now, the last vestige of inspired Italian car design is on the auction block: Pininfarina . Actually, they had hired the Italian investment bank Banca Leonardo in August 2009, but they took their time. Now, the bidding is getting serious. And guess who wants to take Pininfarina home. Read More >
Arthur Ross started in 1935 as a „Creative Designer” at GM. He did Cadillacs and Buicks. He had a hand in drawing the lines of some famous cars of those times, the Cadillac Sixty Special, LaSalle, Fleetwood, and the Buick Y-Job, GM’s first conceptcar. He also was a pervert. Read More >
Lost in Ed’s announcement about the revised TTAC was the issue of just how much cold cash we’re all making here at America’s finest automotive blog. Well, I don’t know about the so-called “contributors” who make up the rest of the roster, but speaking personally I don’t mind disclosing that in 2011, I’m scheduled to receive at least one hundred and fifty thousand
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