It’s no secret that Ferrari has been wrestling with the inevitable conflict between its bellowing V12s and European emission regulations, but that’s not the only challenge facing the Prancing Horse’s powertrain division. Sure, there’s the increasingly-tenuous link between the Scuderia’s Formula One technology and its road cars [sub], but in the short term that actually helps the emissions issue by creating a pretext for bringing KERS to the road (where it otherwise has little role). In fact, the real issue for Ferrari’s powertrain team is not even a “Ferrari issue” at all, but a Maserati issue.
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Our LA Auto Show correspondents filed very little information on this bizarre little car, beyond noting that it is
Made in Croatia, no comment on plans to make available for sale in the US.
But a little research reveals that it is an EV prototype from the automotive branch of a Croatian unmanned vehicle manufacturing concern. Dok-ing usually builds robotized vehicles for mine-clearing, fire fighting, and mining, but apparently it’s branching out into electric cars as well. Fast little electric cars at that: a four-motor, AWD version of this XD will hit 100 km/h (60 MPH) in 4.2 seconds, according to the company website. For the record, that’s one second slower than the Mclaren F1, which seems to have inspired the XD’s three-seat layout. Unfortunately, by the time you hit 120 km, you’ll only have just over 100 km of range. But then, it’s all hypothetical anyway, as Doking’s only market right now is Croatia, where these exotic little EVs are selling (or, more likely, not) for six-figure pricetags. On the other hand,
a company rep tells FoxNews.com that it is looking for investors to help federalize the car and set up a manufacturing facility for it in the United States. If successful, it says that it could produce up to 30,000 cars at a price of around $40,000 each.
What do the European car market and crabs have in common? Both move sideways. In October, new car registrations in the EU were down a tiny bit, minus 1.8 percent, says the European manufacturers association ACEA. January to October produces likewise uneventful numbers: For the year, 11,126,436 new cars changed hands in the EU, that is 1.2 percent less than in the first ten months of 2010. (Read More…)
Saab’s Memorandum of Understanding with PangDa and Youngman expired today, returning Saab to what must by now be a rather comforting, familiar state of limbo. Of course, the MoU in question was already dead, as GM had publicly nixed it, saying it wouldn’t supply parts or license technology to a 100% Chinese-owned Saab. But now, without an official agreement to rally around, Swedish Automobile, PangDa and Youngman are desperately pitching new ownership structures to GM in hopes of approval. Swedish Auto’s Victor Muller tells the WSJ [sub]
We are submitting an information package to GM and we will have to await the feedback that GM has on that package and then we’ll know.
Muller says the lesson of the failed MoU is that GM won’t accept Chinese control, and as a result the new proposed ownership structure is “very carefully crafted” so that none of the three partners has complete control. But since the previous deal, in which PangDa and Youngman would split a 54% stake in Saab, is also off the table, it’s tough to say what Muller’s “carefully crafted structure” entails. And while Saab and its Chinese suitors wait for GM approval that may never come (but don’t tell Keith Crain [sub] that!), it seems both time and money are getting tight. Again. Still.
Do you badly want a new mid-engined Porsche? Is the Boxster/Cayman combo still a bit rich for your blood, given the weak economy? Chances are you have been waiting patiently for news about Porsche’s “Baby Boxster,” the long-discussed, entry-level, flat-four-powered version of Volkswagen’s Bluesport concept. The sad news: you may be waiting quite a bit longer. In an interview with the FT Deutschland, Porsche CEO Matthias Mueller says
There is no decision to develop this car into production. The decision is due soon, but they may well drag on into next year
Why? Well that’s easy: Porsche’s number one priority is to remain the world’s most profitable automaker, with “at least” a 15% operating margin and a 21% return on capital. And it can hit its 200k sales by 2018 goal without adding a sixth or seventh model… thanks to the fact that its fifth model is an entry-level SUV, called the Cajun.
(Read More…)
With Saab’s latest MOU with PangDa and Youngman expiring on Tuesday, the heat is on for parent company Swedish Automobile (SWAN) to hash out the many problems and disagreements between GM and the proposed Chinese buyers. And now that it’s fairly obvious that a deal won’t happen, as GM and the Chinese Government seem fairly well set against it, the question is “what next?” How do you plan an endgame that should have been initiated months, if not years ago? That’s the challenge being considered by the few remaining shareholders in SWAN, who are meeting in Holland to pick through the none-too appealing options.
From his dream of a UAW-represented VW plant in Tennessee (ha!) to his desire for a seat on the boards of the Detroit automakers (double ha!), UAW President Bob King has a way of idealizing the German unions. And no wonder: while the UAW spent decades fostering a radical sense of entitlement, German works councils entwined themselves with their respective employers, earning places of power among the world’s largest automakers. But unions are a delicate balancing act in every country and culture, and even Germany’s unions, widely hailed as the example for the industry, can run into trouble.
Last time it was Volkswagen’s powerhouse works council, which erupted in a scandal over VW-funded sex tourism (with free Viagra and shopping trips for the wives!) back in 2005. With Opel’s union boss, Klaus Franz, becoming caught up in his own (slightly less lurid) scandal, GM’s acknowledgment that more cuts could be coming for Opel could prove just as explosive for the German works council model.
Germany’s Autobild continues to bang the drum about HFO-1234yf, an air-conditioning coolant sold by US supplier Honeywell as an “environmentally-friendly” alternative to other refrigerants. Problem is, C02 seems to be not only more environmentally safe, but safer for humans (notably rescue workers) as well…
(Read More…)
Reuters reports that GM Europe President Nick Reilly is retiring just as his successor predicts a slowdown the European auto market in the turmoil of the Euro crisis. Replacing Reilly is Opel’s CEO, Karl-Friedrich Stracke, who just last week told Automotive News [sub]
We expect that the automobile market in Europe will experience a painful cooling, and we expect a significant shrinking of the market.
And as if slow sales projections weren’t bad enough, Opel also faces a tough union boss in Klaus Franz, who is pushing for ever more production or not just Opels but Chevies as well, in the Euro zone according to AN [sub]. But despite the challenges facing Stracke, he’s still got a song in his heart… in the tune of GT. Though GM has no lightweight rear-drive platform to draw on, and in spite of all the gathering storm clouds, Stracke tells Auto Motor und Sport that
I can well imagine a car like the Manta, but with new technology and a new design. I could also very well imagine a proper Opel GT which recalls our classic model of 1968.
Ludicrous teasing? Possibly. An understandable escape from the depressing reality of mid-debt-crisis Europe? Definitely. I mean, what would you rather imagine, a cascading collapse of confidence in sovereign debt, or the scenario depicted above? Yeah, that’s what we thought…
Though the original A6-based Audi Allroad was designed for the US market, it hit the market at the height of SUV mania, and as a result never sold more than 6,357 units per year (in 2001, its second year on the market). By the end of 2005, Audi pulled the “Avant Outback” from the US where it was replaced by the hulking Q7 SUV, but the brand did develop a new version for Europe, which debuted in 2006. In many ways, this evolution mirrors the Subaru Outback’s shift from jacked-up wagon to full-blown CUV, and reflects America’s growing preference for unique-bodied car-based crossovers. And with a Q5 already on sale in the US, and a Q3 on its way, it seems unlikely that Audi will bring this smaller, A4-based Allroad to the US. But fashion being what it is, doesn’t it seem likely that the pendulum will eventually swing back, and that air-suspension-equipped wagons will once again enjoy a moment of vogue? And if anything is going to bring about such a fad, isn’t it this freshly facelifted A4 Allroad?
On the last possible day to work out a deal before being forced into bankruptcy, the Victor Muller era has ended at Saab. The Swedish brand will now become a completely Chinese-owned company… if all goes to plan. A press release explains
Swedish Automobile N.V. (Swan) announces that it entered into a memorandum of understanding with Pang Da and Youngman for the sale and purchase of 100% of the shares of Saab Automobile AB (Saab Automobile) and Saab Great Britain Ltd. (Saab GB) for a consideration of EUR 100 million…
…The administrator in Saab Automobile’s voluntary reorganisation, Mr. Guy Lofalk, has withdrawn his application to exit reorganisation. The MOU is valid until November 15 of this year, provided Saab Automobile stays in reorganisation.
But remember, this is Saab… and its fate rests in the hands of many, many people not named Victor Muller. Despite the air of finality that is surrounding some of the media coverage of this latest announcement, this is not a done deal. The Saab saga rolls on…
With a Halloween deadline to get its restructuring back on track looming, Swedish Automobile has rejected an offer by Youngman and Pang Da to buy 100% of Saab’s shares. Moreover, the struggling Swedish brand has canceled the existing agreement with Youngman and Pang Da, its erstwhile would-be rescuers. A Saab presser notes:
Today, Swedish Automobile N.V. (Swan) announced that it has given notice of termination with immediate effect of the Subscription Agreement of July, 2011 entered into by Swan, Pang Da and Youngman.
Swan took this step in view of the fact that Pang Da and Youngman failed to confirm their commitment to the Subscription Agreement and the transactions on the agreed terms contemplated thereby as well as to explicit and binding agreements made on October 13, 2011 related to providing bridge funding to Saab Automobile AB (Saab Automobile) while in reorganization under Swedish law.
Pang Da and Youngman have presented Swan on October 19 and 22 with certain conditional offers for an alternative transaction for the purchase of 100 percent of the shares in Saab Automobile which are unacceptable to Swan. However, discussions between the parties are ongoing
Whenever a CEO says “bankruptcy is not an option,” you know the game is up. After complaining in this Swedish Radio interview (in English) that his court-appointed administrator is trying to sell Saab off wholesale to the Chinese, Victor Muller trots out Churchillian and Nietszchian calls to arms… in fact, he does everything short of bursting into a spirited rendition of “I Will Survive.” Unfortunately, Muller’s credibility is long gone, and he doesn’t help himself by trying to portray Lofalk as some traitorous backstabber. With Saab months (years? decades?) into its death-flails, and the most recent “rescuer” turning out to be a non-player, is it any wonder Lofalk wants to hand over the mess to the only viable companies involved (especially when Muller calls North Street a “strong partner”)? Muller continues to labor under two basic delusions: first, that he can sell a majority share to the Chinese while keeping Saab an essentially Swedish (or at least European) company and second, that anyone cares whether Saab becomes a Chinese company. Sorry Victor, there’s just nothing left here to fight for…
The man in the weineresque photograph is Alex Mascioli, head of North Street Capital in Greenwich, Conn. Supposedly, he will come up with $70 million by this weekend to save Saab form the abyss once more. Not much is known about the man – Wait, I take that back. (Read More…)
With both China’s NRDC and Sweden’s NDO appearing unready to approve the Chinese takeover of Saab before a Halloween bankruptcy deadline, it seemed that Saab was properly borked. Without Vladimir Antonov or Gemini Investment Fund to hit up for yet another “bridge loan,” we fully expected to see Saab placed into bankruptcy a week from Monday. But if Saab’s parent company, Swedish Automobile, had found a private equity fund that was gullible enough to rush in where Antonov feared to tread and drop $44m on Spyker… well, we should have known that North Street Capital would be fool enough to get sucked into the Saab maelstrom. And sure enough, Reuters reports that
The private equity firm of racing car enthusiast Alex Mascioli, which bought the luxury sports car business of the Dutch owner of Saab in September, is to invest $70 million in the cash-strapped car maker as Chinese bridge financing looks uncertain.
Here we go… again.
(Read More…)
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