Wired hit the proverbial nail on the proverbial head when it titled its recent review of the pure plug-in Smart ForTwo Electric Drive “Smart EV Would Be Smarter if It Were Cheaper.”
Well, it’s not. As a matter of fact, it’s insanely expensive. Read More >
Last Friday, Chrysler celebrated the first anniversary of its miraculous emergence from bankruptcy. What did the employees get in observance of this occasion? A watch? A bonus? Read More >
GM is tired of playing third fiddle in the growth market of Brazil. Come on, being outdone by Italians and Germans? Gotta pay to play, so GM do Brasil announced a new investment package for operations in Brazil. That according to car site Webmotors. The money will be pouring in to the tune of R$2 billion or US$1.1b. GM corporate honchos said R$1.4 billion (US$777 million) will go to raise production capacity and modernize its plant in Gravataí, Rio Grande do Sul. The gaúcho plant now produces the Celta and derivatives. The objective, according to the suits, is to (finally!) retire the Celta line in Brazil and other emerging markets and substitute it with the Onyx family line. Will that get GM ahead? Read More >
As reported earlier, sales in Brazil in May were a mixed bag. Compared to April, sales slid 9.6 percent (from 278,000 vehicles in April, to 251,000 last month). However, on a year to year basis, sales managed an improvement of 1.7 percent over May 2009. The first five months of 2010 are still going at a record-breaking, best-ever pace (according to Brazilian enthusiast site bestcars.com.br). With the end of incentives clearly causing strain, the question is: How long? Read More >
I do not know precisely when I became an itinerant. For a long time, I traveled the Midwest racing bicycles. When I was too crippled to race a bike I changed to cars. Some years I am gone from home more than half the weekends of the year, racing cars and teaching at various trackday events. I am on the road four days a week at a minimum in my day job anyway.
Constant motion distorts time, preventing one from seeing the growth of flowers or children. It distorts perspective, focusing attention on the next event and blurring what comes after or came before. It distorts relationships. Friends exist on the phone and the Web. We never touch or meet, comets locked on disparate orbits. A contrail of romantic episodes crystallizes to angry ice in the sky behind me. “I should have known,” an e-mail in my inbox reads, “that nothing you ever told me was real, or true.”
This is what is real and true: the next racetrack and the road to get there.
Spoiled market watchers were disappointed by China’s less than red-hot May numbers: Passenger vehicles grew just 23.2 percent, the whole market grew 26 percent. Now here’s a number worth waiting for (or to induce a heart attack, if you have green leanings:) Read More >
Wasn’t there a carmageddon? Forget about it! Nissan wants to be essentially debt free for the first time in three years in the fiscal year ending March 2011, says The Nikkei [sub]. Nissan’s net cash position gauge is expected to swing from $546m in the red to about $1b in the green. Read More >
When Toyota announced their share purchase / NUMMI deal with Tesla, the greenies rejoiced, the skeptics said it’s just an elegant way to unload NUMMI. Toyota said they are mildly interested in Tesla, in a venture capital kind of way. As in: here is some money and a factory we no longer need. Would be great if something comes of it. Well, they will actually build a car together. Not the Model S as many thought. Let’s not get ahead of ourselves. Let’s build a prototype first. Read More >
We’ve been pretty hard on Cadillac’s decision to replace its aging DTS/STS “flagships” with the stretched-Epsilon XTS, shown in concept form at this year’s NYIAS. We reckon Cadillac needs a true S-Class competitor (as opposed to a glorified Buick LaCrosse) to be taken seriously as a world-class luxury brand… and it turns out that Ed Whitacre agrees. C&D reports:
Cadillac fans will be thrilled to hear that Ed Whitacre himself has instructed the brand to build a true, full-size flagship above both the CTS and the upcoming XTS. The car has not been clearly defined yet. The Zeta platform (Holden Commodore, Chevrolet Camaro, etc.) is heavy and dated, and therefore the flagship is more likely be built on a stretched version of the CTS’s Sigma platform.
The CBC reports that:
Ontario premier Dalton McGuinty said Friday his government will wait to see how General Motors prices its public share offering before deciding whether to sell its stake in the company.
McGuinty said the government needs to be “patient” and sell at the most profitable time.
The Canadian and Ontario governments own about 12 percent of GM. The US Treasury, which owns about 60 percent of GM has said that it expects to sell “some” of its GM stake during the IPO, which is expected to occur by the end of this year. In short, as Ken Elias predicts, GM won’t stop being “Government Motors” after it goes public. No matter how emphatically Ed Whitacre declares victory.
Slate‘s Robert Bryce reckons so. With ethanol producers and blenders bouncing off the ethanol “blend wall” and into bankruptcy court, Bryce figures
Now the industry is counting on a president beleaguered by the made-for-TV crisis in the Gulf of Mexico to help it out. And he appears ready to do just that. On April 28, six days after the Deepwater Horizon rig sank, President Obama visited an ethanol plant in Missouri and declared that “there shouldn’t be any doubt that renewable, homegrown fuels are a key part of our strategy for a clean-energy future.” Obama also said, “I didn’t just discover the merits of biofuels like ethanol when I first hopped on the campaign bus.”
The strongest indication that an ethanol bailout is imminent came last Friday when Agriculture Secretary Tom Vilsack (former governor of Iowa, the nation’s biggest ethanol-producing state) said, “I’m very confident that we’re going to see an increase in the blend rate.”
Suburban municipalities are infuriated by the Cook County, Illinois Board of Commissioners’ plan to install unwanted red light cameras in their towns. On June 2, the board voted 10 to 3 to approve contracts with two vendors to begin installing cameras at thirty intersections on county roads throughout suburban Cook County. More and more municipalities are now pushing back. The Schaumburg Village Board voted unanimously Tuesday to pass an ordinance prohibiting the county from erecting red light cameras within their city limits without the town’s consent.
Thomas Olesen wrote in to request a May 2010 brand volume chart. His wish just came true. Your wildest US-market auto sales questions can be answered too, if you just send your request to editors@ttac.com.
Handling [GM’s] IPO assignment is something of a vanity project for the Wall Street banks, given the relatively small fees the banks will earn through the process. One person familiar with the offering said that the banks may earn less than 1% of the overall deal. At a valuation of $10 billion, that would equal a total fee pool of $100 million.
The Wall Street Journal [sub]’s take on the forthcoming GM IPO. Persons anonymous tell The Journal that Morgan Stanley and JPMorganChase are the frontrunners in the vanity project sweepstakes. But as charitable as the one-percent arrangement seems, the Wall Street mavens have their work cut out for them…
I could bore you all with the long story of how I ended up in the check-cashing business — it involved an attack with a broomstick and a coffee mug — but instead we will simply join the action in medias res some time in 1996. I am standing on the used-car lot outside Welsh Enterprises choosing my XJ6. Bill Welsh, the owner, had just treated me to lunch at “Jaggin’ Around”, the restaurant he owned in Steubenville, Ohio. A millionaire several times over from his intelligent decision to purchase some sixty-odd E-Types for pennies on the dollar in the Seventies and resell them at top whack in the Eighties, he was cheerfully burning his afternoon as I drifted among no fewer than six solid-condition Series III Jags, none priced above $4995. Clearly, this was more about amusement than money.
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