In July, the good old boy contingent was horrified to hear that Ford would contemplate building Ford tough trucks from a material considered good enough for beer cans: Aluminum. Now, they will be absolutely terrified by the news that GM wants to build trucks from a material known to treat heartburn: Magnesium. (Read More…)
Europe’s second-largest automaker and GM alliance partner PSA Peugeot-Citroen is being saved from the brink for the time being. PSA is putting the final touches on an agreement with creditor banks on 11.5 billion euros ($14.9 billion) of refinancing, in addition to 7 billion euro ($9 billion) in government guarantees for its captive financing arm Banque PSA Finance, Reuters says. (Read More…)
BYD had made lots of announcements of exporting cars to the free world, but none of them have panned out so far. Remember BYD’s plans to take over America? Now finally we have what Reuters calls BYD’s “first overseas deal.” BYD will ship 50 e6 electric taxis to London in the second quarter of 2013.
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After a lot of he loves me, he loves me not, GM and Peugeot PSA finally took their fledgling 7 percent relationship a few concrete steps forward. At least on paper. GM and PSA will not just buy new parts together. They will share platforms, the key to make joint purchasing work. The timing of this announcement, coinciding with a bailout by the French government, however is a bit unfortunate. (Read More…)
Europe’s car crisis found 4,300 new victims: As expected, union representatives at Ford’s Genk plant in Belgium were told this morning that the plant will be closed. 4,300 workers will be out of a job. (Read More…)
The French government will provide multi-billion euro guarantees to GM’s alliance-partner PSA Peugeot-Citroen via PSA’s banking arm, Reuters says. Don’t bet on it happening: There is already opposition from Germany, and wait until Brussels officially hears of the deal. (Read More…)
For the first time, I am worried that gasoline is at the end of its life cycle. Gas pumps already have landed in the museum. (Read More…)
The violent anti-Japanese demonstrations in China appear to be over, and intestinal complications aside, it seems to be safe again to eat sushi in Beijing or Shanghai. State-owned media however is trying its utmost to keep the matter on the front burner, so to speak, in a very insidious way. (Read More…)
Chinese upstart carmaker BYD isn’t as lucky as it used to be. Its sales and stock price are deep in the Chinese squat toilet. However, it is outdoing itself in the gadget dept. BYD, the company that brought us the remote controlled car, now brings us the watch that opens your car’s doors and starts it. Call it keyless entry that goes with the times. (Read More…)
The EU sent a warning shot across the bow of protectionist France. Brussels refused France’s request to monitor car imports from South Korea. According to the Wall Street Journal, import surveillance could have been Europe’s first step toward blocking or reversing tariff cuts instated by a free trade deal between the EU and Korea. (Read More…)
“The rich are becoming richer in Brazil,” GM South American chief Jaime Ardila told Reuters, Therefore, “it’s time to start thinking about bringing Cadillac to Brazil.” The Caddys will be very expensive. “We wouldn’t consider producing Cadillacs here, because of the low volume,” Ardilla said, but we may consider importing the brand.” Imported cars carry high customs duty, fallout of a protectionist policy in Brazil that was applauded by carmakers in Brazil, GM among them. (Read More…)
Tomorrow, GM’s sick French partner PSA Peugeot Citroen will publish quarterly sales. They are expected to be très dégoûtant, and will set off a chain reaction: The credit rating agencies will put PSA’s already alarming rating down a notch further to near-dead status. Its captive financing arm BPF, a bank in its own right, will go down with the mothership. The bank’s rating is not allowed to stay more than two notches above the parent. This will drag the bank into junk bond territory, and borrowing costs will explode. The French government is here to help – for a price. (Read More…)
Today, BMW confirmed what you could read here last week: The Bavarians will build a BMW factory in Brazil. BMW submitted an investment plan to the Brazilian government, BMW says. (Read More…)
Volkswagen will roll out its new NFS, MQB, MLB and MSB kit architectures to Brazil, Volkswagen do Brasil chief Thomas Schmall told Automobilwoche [sub]. The first representative will likely be a very small SUV, based on the UP! NFS (New Small Familiy) architecture.
Cratering China sales due to the islands row made Toyota revise its production targets. Worldwide production by the Toyota Group including Daihatsu and Hino “now looks likely to reach around 9.8 million units to 9.9 million units for the calendar year instead of the currently projected 10.05 million units,” The Nikkei [sub] says.
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