Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[REPORT: Ford sells off former PAG headquarters in Irvine]]>http://www.autoblog.com/2009/06/04/report-ford-sells-off-former-pag-headquarters-in-irvine/http://www.autoblog.com/2009/06/04/report-ford-sells-off-former-pag-headquarters-in-irvine/http://www.autoblog.com/2009/06/04/report-ford-sells-off-former-pag-headquarters-in-irvine/#commentsFiled under: , ,



Not long ago, Ford's Premier Auto Group was filling the halls of a big office building in Irvine California. In recent years, Aston Martin, Land Rover and Jaguar were sent packing, and Lincoln dragged itself back to Detroit, leaving the halls lonely for sole survivor Volvo, which is also headed back to Rockleigh, New Jersey.

Rather than pay for a constantly emptying building, Ford has sold its Premier Auto Group HQ to Transpacific Company. The $73 million dollar deal removes a liability from Ford's balance sheet, although Ford had already been leasing space to Taco Bell's parent company. The fast food corporation will move its headquarters to the Irvine, California building in 2010. So it goes as Ford divests itself of properties and restructures.

Although we have yet to receive official confirmation, word is that the big weekly Cars & Coffee meetup that happens in Mazda's parking lot nearby will continue. Thanks for the tip, Will!

[Source: The Los Angeles Times]

REPORT: Ford sells off former PAG headquarters in Irvine originally appeared on Autoblog on Thu, 04 Jun 2009 18:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>ford pagford pag irvineford pag irvine saleford pag irvine soldford premier auto groupFordPagFordPagIrvineFordPagIrvineSaleFordPagIrvineSoldFordPremierAutoGroupirvine headquarters soldIrvineHeadquartersSoldpag headquartersPagHeadquarterspremier auto groupremier auto grouppremier auto group headquarterspremier automotivepremier automotive groupPremierAutoGrouPremierAutoGroupPremierAutoGroupHeadquartersPremierAutomotivePremierAutomotiveGrouptaco bellTacoBelltranspacific companyTranspacificCompanyThu, 04 Jun 2009 18:30:00 EST<![CDATA[BMW buying Volvo rumour circulates again]]>http://www.autoblog.com/2007/05/29/bmw-buying-volvo-rumour-circulates-again/http://www.autoblog.com/2007/05/29/bmw-buying-volvo-rumour-circulates-again/http://www.autoblog.com/2007/05/29/bmw-buying-volvo-rumour-circulates-again/#commentsFiled under: , , ,



Earlier this month, Autocar reported that BMW had expressed significant interest in buying the Volvo brand from Ford Motor Company early in 2007. The report claimed BMW had gone so far as to request financial data about the Swedish automaker.

Yesterday, the Swedish newspaper Goteborgs Posten threw another logo on this rumor's fire by reporting that sources within Ford have confirmed that BMW is exploring the possibility of purchasing Volvo. Another source has even claimed BMW and Ford have already begun informal talks.

Our previous post already touched on all the questions that need answering, including why BMW, which became the go-it-alone automaker after owning Land Rover left a bad taste in its mouth, would jump back into the ownership game. Also, while BMW and Volvo have distinct identities (the Ultimate Driving Machine versus the ultimate safety machine), there would at least be some overlap in their respective lineups.

Finally, while Ford has stated that nothing is sacred when it comes to its Premiere Automotive Group, of which Volvo is a member, why would it sell one of PAG's most promising brands? We have an answer for that one: Volvo's actually worth something. While many, including Ford itself, might hate to see Volvo leave the fold, the Swedish brand would likely catch a premium price on the market and help Ford fund its turnaround.

Would a BMW/Volvo ticket capture the consumer's heart? This armchair analyst is hardly qualified to give an answer, except to say that Volvo is a brand on the verge of some big things (C30 anyone?) and requires a patient parent company with deep enough pockets to see it through.

Thanks to everyone who sent us the tip!]

[Source: Reuters]

BMW buying Volvo rumour circulates again originally appeared on Autoblog on Tue, 29 May 2007 07:32:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BMWbreakingbuyoutmergerPAGpremier auto grouppremier automotive groupPremierAutoGroupPremierAutomotiveGrouppremiere automotive groupPremiereAutomotiveGrouppurchaseVolvoTue, 29 May 2007 07:32:00 EST<![CDATA[Ford's Q1 loss better than expected]]>http://www.autoblog.com/2007/04/26/fords-q1-loss-better-than-expected/http://www.autoblog.com/2007/04/26/fords-q1-loss-better-than-expected/http://www.autoblog.com/2007/04/26/fords-q1-loss-better-than-expected/#commentsFiled under: ,

On slightly higher revenue, and with cost-cutting moves well underway, Ford Motor Co. posted a much smaller loss in Q1 of 2007 than for the same period in 2006. This year's net loss was a still-substantial $282 million, but compared with a loss of $1.4 billion last year, it seems like a drop in the bucket.

Besides the turnaround plan that is going to result in 16 plant closures and 45,000 job cuts (18,000 pink slips issued already), Ford said better results from its European and luxury vehicle operations helped improve the overall numbers. Ford of Europe had a pretax profit of $219 million, while the Premier Automotive Group had a record pretax profit of $402 million, partly due to the sale of Aston Martin. It also appears that Q2 might be better than expected, as Ford has raised their sales forecast 5 percent to 810,000 vehicles.

Follow the jump for more, including the full press release from Ford.

[Source: Ford, Automotive News - sub. req'd]

Continue reading Ford's Q1 loss better than expected

Ford's Q1 loss better than expected originally appeared on Autoblog on Thu, 26 Apr 2007 12:05:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Alan MulallyAlanMulallyAston MartinAstonMartincorporate earningsCorporateEarningsfinancial reportsFinancialReportsPremier Automotive GroupPremierAutomotiveGroupQ1 resultsQ1ResultsThu, 26 Apr 2007 12:05:00 EST<![CDATA[Did you get your bid in? Auction closed for sale of Aston Martin]]>http://www.autoblog.com/2007/01/30/did-you-get-your-bid-in-auction-closed-for-sale-of-aston-martin/http://www.autoblog.com/2007/01/30/did-you-get-your-bid-in-auction-closed-for-sale-of-aston-martin/http://www.autoblog.com/2007/01/30/did-you-get-your-bid-in-auction-closed-for-sale-of-aston-martin/#commentsFiled under: ,



Did you get your bid in? Hope you didn't put it off to the last minute and let it slip by. After all, this IS one of the coolest car companies on the planet. Just think of yourself being able to say, "I liked the car so much, I bought the company!" And even better is the knowledge that it might not be losing as much money as you may have thought when you first considered your bid. The bidding for Aston Martin is just about to close and we will hopefully have the winning bidders name for you as soon as it is released.

The sale of Aston Martin initially attracted more than 30 bidders, but it is believed that the final contenders are the James Packer led consortium, another led by current Aston boss Ulrich Bez, and a bid led by Syrian-born billionaire Simon Halabi. According to Autocar, others in the running include equity groups from the UK and Magna, the Canadian component manufacturer. The investment bank handling the sale, UBS, had asked that all final bids be submitted by today.

[Source: Autocar]

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Did you get your bid in? Auction closed for sale of Aston Martin originally appeared on Autoblog on Tue, 30 Jan 2007 20:40:00 EST. Please see our terms for use of feeds.

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Oh boy. It looks like the $5.8 billion loss Ford just reported isn't the end of the red ink for the foreseeable future. On Oct. 23, new Ford Motor Co. CEO Alan Mulally had to announce those huge third-quarter losses, the biggest quarterly loss since 1992. The Premier Automotive Group (the luxury group that includes Land Rover, Aston Martin, Jaguar, and Volvo), alone was responsible for $600 million of that loss. Now the company has announced that fourth-quarter earnings will also be dismal due to production cuts, lack of SUV demand, and employee buyouts.

Chief Financial Officer Don Leclaire reassured those in attendance that Ford's cash reserves were adequate to meet the crisis at the meeting on Monday. Although Ford had a negative cash flow of $3.1 billion during the quarter, it finished the period with $23.6 billion. This was partially possible after it transferred $3 billion from their VEBA (Voluntary Employee Benefits Assn.) fund.

Particularly troubling, at least according to Goldman Sachs analyst Robert Barry, were losses from the Ford Premier Auto Group and Ford Motor Credit: "The scale of losses in PAG were worse than expected -- a loss of $593 million vs. our estimates of a $134 million loss. And Ford Motor Credit earnings were well below our expectations -- just $448 million vs. our $710 million estimate." Goldman Sachs had rated Ford a "sell," but just removed that tag today, apparently feeling that the restructuring might make a difference. "We think the focus will remain weighted to restructuring upside," Robert Barry of Goldman Sachs said in a note to clients, after he upgraded Ford shares today to "neutral" from "sell."

It made a difference for Ford stock prices too, as shares were up 4.8 percent to $8.28 in afternoon trading on the New York Stock Exchange. That represents the biggest one-day percentage gain since late August when expectations were high for a turnaround plan by the automaker. That doesn't mean Ford is out of the water just yet, and to his credit, Mulally admitted that Ford's results were "unacceptable" and really didn't try to spin the numbers. After accounting for $2.1 billion of the previous quarter's loss, Mulally said that the sale of Jaguar and Land Rover is again being considered: "Clearly, the review of that is high on my priority list." Aston Martin is still on the block and has had at least three potential buyers step forward. The sale of AM could bring $500-$750 million.

On top of that, Ford is going to have to restate losses all the way back to 2001 as a result of a discrepancy in derivative investment accounting. None of this boosts Wall Street's confidence in the automaker. On the plus side though, Ford saw an unexpected gain from interest on overpaid taxes from as far back as the early 1990s, earnings from its South American operations, and from their share of increased Mazda sales. Mulally also said that Ford has stopped looking for an alliance with another automaker, such as the recently scrubbed Renault-Nissan deal with GM.

[Sources: BusinessWeek and Automotive News, sub req.]

Q4 for Ford will be even worse, stock prices still rise originally appeared on Autoblog on Wed, 25 Oct 2006 07:54:00 EST. Please see our terms for use of feeds.

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Although Ford has recently confirmed that Aston Martin is up for sale, they made a point of saying today that the rest of its premium brands, are not. Jaguar, Land Rover and Volvo are not part of the fire sale at Ford just yet. With the new, almost-as-sexy-as-an-Aston XK coupes and convertibles starting to find their way into dealerships, Jaguar in particular is looking good for the time being, despite being one of the biggest financial thorns in Ford's side.

Ford's announcement was made to financial analysts by Lewis Booth, head of Ford of Europe and the Premier Automotive Group (PAG), which oversees the overseas Ford brands. Of course, this could all change in the next hour or two as executives are usually fluent in doublespeak. Although PAG is expected to post another loss in 2006, there are some signs of improvement heading into 2007, according to Ford. As we have had to report ad nauseum, Ford recently put the pedal to the metal in its cost-cutting plans, announcing drastic cuts (more than 40,000 jobs going away) and the closing of as many as 16 plants in North America to help get them back in the black by 2009.

[Source: Motor Trend]

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Ford says Jag, Volvo and Land Rover aren't for sale originally appeared on Autoblog on Fri, 29 Sep 2006 07:08:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Lewis BoothLewisBoothPAGPremier Automotive GroupPremierAutomotiveGroupFri, 29 Sep 2006 07:08:00 EST<![CDATA[Aston Martin makes a profit!]]>http://www.autoblog.com/2006/07/04/aston-martin-makes-a-profit/http://www.autoblog.com/2006/07/04/aston-martin-makes-a-profit/http://www.autoblog.com/2006/07/04/aston-martin-makes-a-profit/#commentsFiled under: , ,

For the first time in forty years (!), Aston Martin has booked a profit, although theFord Premier Automotive Group to which it belongs lost about $100 million in 2005.

Chief executive Dr. Ulrich Bez (smiling at right) attributes the company's good news to a global boom in millionaires, with about 70 percent of Aston Martins sold outside the U.K. Only five years ago, 80 percent of the marque's production was sold in England.

Bez, formerly with Porsche, says that Aston Martin has created its own market niche, appealing to wealthy buyers who want performance and exclusivity, but with "English understatement."

[Source: The Times]

Aston Martin makes a profit! originally appeared on Autoblog on Tue, 04 Jul 2006 11:42:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>pagpremier automotive groupulrich bezUlrichBezTue, 04 Jul 2006 11:42:00 EST<![CDATA[Ford scratching out a profit in Europe]]>http://www.autoblog.com/2006/04/19/ford-scratching-out-a-profit-in-europe/http://www.autoblog.com/2006/04/19/ford-scratching-out-a-profit-in-europe/http://www.autoblog.com/2006/04/19/ford-scratching-out-a-profit-in-europe/#commentsFiled under: , ,

Ford of Europe Chairman Lewis Booth (pictured with mischievous grin) was quoted Tuesday as confirming that Ford will be profitable in Europe in 2006, despite intense price competition and high prices for raw materials.

The crowded European market is a challenging venue for many automakers, as Japanese and South Korean companies are aggressively pursuing market share putting many western brands under pressure. Booth feels that Ford is holding its own with against the eastern competition, while trends for the Premier Automotive Group were mixed with Jaguar under pressure as always, Volvo recovering and Land Rover doing well.

[Sources: Reuters, Ford]

Ford scratching out a profit in Europe originally appeared on Autoblog on Wed, 19 Apr 2006 19:04:00 EST. Please see our terms for use of feeds.

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