New Chrysler introduced additional business terms that were not part of either the prior business discussions or the original arrangement. As a result, we reached an impasse in the negotiations and are ceasing our work with new Chrysler to deploy our hardware and launch our services with them in the fourth quarter of 2009, as was previously planned.

Gallery: Hughes Telematics at CES 2008

Continue reading Hughes Telematics and Chrysler relationship looks to be over

Hughes Telematics and Chrysler relationship looks to be over originally appeared on Autoblog on Thu, 20 Aug 2009 17:59:00 EST. Please see our terms for use of feeds.

In most cases, it takes ideal conditions - including a professional driver - to hit sixty in the time specified. As a result, some manufacturers quote conservative figures so as not to disappoint customers who can't manage the quoted time. Further confusing the situation, some automakers prefer to quote acceleration time in kilometers, but while the 0-100 km/h (62mph) standard might be very close to the mark, in acceleration times every millisecond counts.

It may be the gold standard, but even gold has its imperfections.

[Source: Forbes Autos]

Forbes takes on the 0-60 originally appeared on Autoblog on Mon, 23 Jul 2007 22:12:00 EST. Please see our terms for use of feeds.

Ford restates earnings and finds an extra $550 million in Q3 originally appeared on Autoblog on Tue, 14 Nov 2006 12:31:00 EST. Please see our terms for use of feeds.

GM's second-largest shareholder unloads some stock, yawn originally appeared on Autoblog on Tue, 14 Nov 2006 08:35:00 EST. Please see our terms for use of feeds.

Despite the fact that Wall Street is giddy about General Motor's performance in the second quarter of 2006, the automaker still lost $3.2B due mostly to write-downs associated with employee buyouts. Or, rather, make that $3.4B, according to a filing with the Security and Exchange commission. The discrepancy - one of several in recent months - comes as the company takes an additional charge of $200M related to a difference in declared value and taxable value of some GMAC assets.

And while the automaker was on the topic of GMAC, it also saw fit to mention that the sale of GM's lending arm might not be completed this calendar year. Apparently, the Federal Deposit Insurance Company has placed a six-month halt on the sale of any industrial loan companies, and that includes GMAC. The impact of this isn't known at this time, but it's unlikely to be severe, and GM states that the details of the sale will still be worked out by the fourth quarter of this year.

[Source: Reuters]

GM adds a couple hundred mil to Q2 losses; GMAC sale may not come until '07 originally appeared on Autoblog on Wed, 02 Aug 2006 14:36:00 EST. Please see our terms for use of feeds.

Presumably, the fact that "target letters" have been sent to seven ex-Delphi executives by the Securities and Exchange Commission is not a welcome sign for those on the receiving end of that particular communiqué. It's likely that the letters are a step towards civil charges being filed against the individuals for their roles in the accounting scandal that led Delphi to dramatically restate several years of earnings, with an adjustment of over $300M being made to the company's profits prior to its October bankruptcy filing. At this time, it's not clear exactly who is being targeted by the SEC.

The Justice Department may soon be joining the case to toss in some criminal penalties, and several shareholders and retirees have filed their own civil lawsuits against Delphi.

[Source: Detroit News] 

Probe into Delphi finances targets seven former company officials originally appeared on Autoblog on Wed, 07 Jun 2006 13:30:00 EST. Please see our terms for use of feeds.

General Motors has revised its first quarter earnings statement to show a profit of $445 million, rather than the $323 million reported earlier this month. GM says the change is based on conversations the company had with SEC regulators regarding whether or not it could write off the settlement it made with blue collar retirees over health care. The charges will instead be broken out over seven years starting third quarter, when the changes take effect.

[Source: Reuters]

GM changes its mind, posts Q1 profit originally appeared on Autoblog on Tue, 09 May 2006 07:57:00 EST. Please see our terms for use of feeds.

Ford's shareholders are to reportedly consider changing the company's equal employment policy language to exclude any mention of sexual orientation. The move is expected after the U.S. Securities and Exchange Commission (SEC) rejected the automaker's bid to keep the matter from its proxy statement. As of right now, the Blue Oval's policy includes clauses that specifically outline the company's pledge not to discriminate based upon sexual orientation, but a request by shareholder Robert Hurley has submitted the proposal for consideration.

Ford has apparently been petitioning the government agency to exclude the issue, arguing that its inclusion will hurt the automaker's chances of wooing potential employees at certain universities (that require sexual orientation to be included in recruiting companies' policies), also fearing that backlash stemming from such a changeover could hurt sales to GLBT supporters.

The proxy statement goes out this Friday, at which point shareholders will vote on the issue. The result is expected to be made public on May 11 at Ford's annual meeting.

[Source: Associated Press via Detroit News]

Ford considering amending employment policy's sexual orientation clauses originally appeared on Autoblog on Wed, 05 Apr 2006 11:02:00 EST. Please see our terms for use of feeds.

With the Securities and Exchange Commission a bit curious about some of General Motors' accounting practices as it relates to the automaker's price concessions negotiated with suppliers, Lear now finds itself on the receiving end of a subpoena of its financial records. Lear 'fessed up to its newfound role in the investigation last week, but received the Fed's request back in February.

Records of transactions dating back to 2001 are said to be of interest in the investigation. GM has long been regarded as the most aggressive of the automakers when it comes to putting the screws to suppliers, so it's likely safe to assume that there's a bit of Schadenfreude circulating among its suppliers with word of this case.

[Source: The Detroit News]

SEC subpoenas Lear for more details on supplier's relationship with GM originally appeared on Autoblog on Mon, 13 Mar 2006 11:00:00 EST. Please see our terms for use of feeds.