By Mark Hamilton
Motor Industry
06 May 2011 09:15
Come to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hour
Friday 6 May 2011
• The SMMT has released UK new auto registration figures for April 2011. 137,746 vehicles were registered in the month, down 7.4% on April 2010. Although fleet and business sales rose 6.5% and 12.2% respectively, private sales dropped 23.5%, returning to levels prior to the introduction of the auto scrappage incentive scheme. (SMMT)
• Jaguar has announced its intention to launch a new hybrid supercar, based on the 2010 Jaguar C-X75 concept. For the full story read CAR's report (CAR)
• China's Commerce Ministry has claimed that several importers of US-built autos, including Chrysler, GM, BMW and Mercedes-Benz, receive an unfair competitive advantage due to US federal and state subsidies (Reuters)
• General Motors has set a first quarter 2011 profit of £1.95bn, its fifth successive profitable quarter after bankruptcy reorganisation in 2009. Increased sales in China, improved profitability in Europe and a product line better-suited to rising fuel prices in the US were cited as key factors in the financial performance (Automotive News)
• The German government is considering tax incentives to encourage use of electric vehicles (Reuters)
Thursday 5 May 2011
• Tesla posted a net loss of £29.6m for the first quarter of 2011, up from £17.8m in the same period in 2010, but lower than analysts expected. Revenue for the quarter doubled to £18m, due to improved sales of the Tesla Roadster and EV battery packs to Toyota and Daimler, but ongoing development costs for the Model S saloon mean that a profit is not projected for several years (Bloomberg)
• As speculated yesterday, GM will invest in its Bowling Green, Kentucky plant ahead of production of the next-generation C7 Corvette. £79m will be invested overall, and 250 new jobs added to the plant. Current year-to-date sales of the C6 Corvette are up 22% in 2011, at 4293 vehicles. (Automotive News)
• GM has announced a recall of 154,112 Chevrolet Cruze autos sold in the US, to check that intermediate steering shaft covers and automatic transmission shift linkages are correctly installed. there have been no reported incidents or complaints to the NHTSA safety agency to provoke the move (Detroit News)
Fiat CEO Sergio Marchionne has won concessions from labour unions at the Grugliasco plant, guaranteeing a £450m investment by Fiat at the former Bertone factory to produce a new Maserati saloon in 2012. The plant, which has 1100 staff, has been idle since Fiat acquired it in 2009 from the bankrupt manufacturing arm of Bertone group (Bloomberg)
• BMW has posted record first quarter earnings for 2011, and operating profit margin rose to 11.9%, versus 2.7% for the same period in 2010. Quarterly net income nearly quadrupled to £1.1bn, driven primarily by sales of 5-series and X3 (Bloomberg)
• Renault is cutting 520 jobs and reducing production shifts at its Novo Mesto, Slovenia plant due to shortages of electronic components supplied from the tsunami-affected zone in Japan. The plant produces the Renault Twingo and Clio, and is scheduled to produce the new four-seater Smart model and new Twingo replacement in cooperation with Daimler group in 2012 (Automotive News Europe)
Wednesday 4 May 2011
• Chrysler has earned credit ratings from Standard & Poors (B+) and Moody's (B2) following its first profitable quarter in 2011. The ratings, lower than those for domestic rivals Ford and General Motors and still considered non-investment grade or 'junk bond' level, are another sign of progress towards financial recovery and public re-listing of shares following Chrysler's 2009 bankruptcy reorganisation (Detroit News)
• General Motors North American president Mark Reuss is expected to announce a £61m upgrade to the Corvette plant in Bowling Green, Kentucky when he visits today. The next generation C7 Corvette is expected to debut in late 2012 as a 2013 model (Detroit News)
• Saab is planning a global public relations tour led by Chairman and acting CEO Victor Muller and including representatives of new partner Hawtai Motors and investor Vladimir Antonov. Once final approval for its Hawtai collaboration and investment deals with Antonov are confirmed, Saab intends to begin the PR campaign, aimed at countering the negative press caused by its financing crisis which idled production last month (Automotive News Europe)
• General Motors is poised to retake the global no.1 position in vehicle sales from Toyota. New and improved products for current market conditions in the US and a strong presence in China are two of the main reasons that GM is stronger following its 2009 bankruptcy reorganisation, while Toyota has declined due to adverse publicity from vehicle recalls, production disruption from the March 11 earthquake in Japan and a relatively weak performance in China. Volkswagen Group plans to beat both GM and Toyota to global sales leadership by 2018 (Bloomberg)
• New auto sales in France dropped 11.2% in April, due mainly to the end of France's scrappage scheme. Light utility vehicle sales dipped 6% in the same period. However, overall sales in France for the first four months of 2011 are up 4% for autos, and 4.6% for light utility vehicles. (Reuters)
• New York City has selected the Nissan NV200 van as its Taxi of Tomorrow, beating submissions from Ford and Turkish firm Karsan. Critics of the deal cite the NV200's lack of standard accessibility for disabled passengers and the vehicle's production in Mexico as shortcomings of the decision. CAR would add the NV200's unfortunate aesthetics to the list of grumbles following the selection of the next generation of taxi for the city (New York Times)
• Thanks to readers Sam the Eagle and AReader for submitting earlier comments on GM's sales performance and the NYC taxi selection process (CAR)
Tuesday 3 May 2011
• Further details have emerged on Saab's collaboration agreement with Hawtai Motor Group. Hawtai has signed an agreement to invest £135m in Saab, £117m will go towards a maximum 29.9% equity stake in Saab parent Spyker Cars N.V and the remaining £18m will in the form of a six-month loan. Hawtai-Saab collaboration will involve manufacturing, technology and distribution (Automotive News)
• US new auto sales are predicted to remain high in April before dipping due to the after-effects of the March 11 earthquake. Sales in the US had been trending towards a projected annual total of over 13 million vehicles, up from the 11.6 million vehicles sold in 2010 (Bloomberg)
• Honda has warned its US dealer network to expect constraints on the numbers of Fit, CR-Z, Insight and Civic Hybrid available to order until later in 2011 due to ongoing production disruption caused by the March 11 earthquake in Japan. The planned autumn 2011 launch of the redesigned CRV crossover SUV has also been delayed at least one month. (Automotive News)
• Analysts estimate that Toyota and Nissan will forecast half-yearly losses for the first time since the 2009 financial crisis, due to production disruption caused by the March 11 earthquake and tsunami (Bloomberg)
• Saab is to announce a strategic partnership with China's Hawtai Motor Group today. Hawtai, based in Rongcheng, Shndong Province, produces SUVs based on the previous-generation Hyundai Santa Fe and Hyundai Terracan, and launched the B11 saloon at the 2011 Shanghai motor show. Saab also secured a six-month loan of €30milion from Gemini Investment Fund in order to solve short-term cashflow issues and hopes to restart its idle production line in Trollhattan within a week (Automotive News)
• Chrysler has posted a 9m net profit in the first quarter of 2011, its first quarterly profit since 2006. The firm posted a 7m net loss in the first quarter of 2010. (Detroit News)
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