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[Daimler agrees to give up remaining stake in Chrysler]]>http://www.autoblog.com/2009/04/27/daimler-agrees-to-give-up-remaining-stake-in-chrysler/http://www.autoblog.com/2009/04/27/daimler-agrees-to-give-up-remaining-stake-in-chrysler/http://www.autoblog.com/2009/04/27/daimler-agrees-to-give-up-remaining-stake-in-chrysler/#commentsFiled under: , ,



Hot on the heels of the Chrysler's tentative deal with the UAW to cut the automaker's VEBA obligations, Daimler AG has announced it's finally reached an agreement to unload its remaining stake in Chrysler. According to Daimler's release, the company's 19.9% stake in Chrysler will be redeemed and Daimler write off a $1.5 billion loan which will help (if it can) avoid putting Chrysler into bankruptcy and facilitate the automaker's deal with Fiat. The agreement is likely to reduce Daimler's second-quarter earnings (before interest and taxes) by around $700 million, however, the German giant had already written down its stake in Chrysler last year. The agreement also includes Daimler paying $200 million into Chrysler's pension plans once the agreements are definitive, and another $200 million each year until 2011. All the gritty details are available in the press release below the fold.

[Image: Bill Pugliano/Getty]

Continue reading Daimler agrees to give up remaining stake in Chrysler

Daimler agrees to give up remaining stake in Chrysler originally appeared on Autoblog on Mon, 27 Apr 2009 18:32:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>19.9chryslerdaimlersharesplitstakestockMon, 27 Apr 2009 18:32:00 EST<![CDATA[GM stock takes 24% hit after analyst report]]>http://www.autoblog.com/2008/11/10/gm-stock-takes-24-hit-after-analyst-report/http://www.autoblog.com/2008/11/10/gm-stock-takes-24-hit-after-analyst-report/http://www.autoblog.com/2008/11/10/gm-stock-takes-24-hit-after-analyst-report/#commentsFiled under: ,



With General Motors dropping its $2.5 billion bomb on Friday, analysts, brokers and the public at large were waiting until today to see where the General's stock price would end up. At the end of the day, it's hovering around $3.36 a share, up from this morning where it hit $3.04, or four pennies away from its lowest rate in over 60 years. The plunge is hardly a surprise as analysts -- and GM -- admit that without a Federally-funded cash injection the automaker would run out of working capital early next year, or worse, before the end of 2008. Throwing salt into the wound is Deutsche Bank, which reduced GM's rating to "sell" with a price target of $0.00.

In addition to the $25 billion in loans that Congress has already approved, Detroit's Big 2.8 have asked for another $25 billion, and House Speaker Nancy Pelosi shot off a letter to Treasury Secretary Henry Paulson trying to get the $700 billion bailout to the financial industry to include the U.S.' ailing automakers. Who knows what kind of stipulations would be attached if such an agreement would take place, but the wholesale removal of GM's board would be a good start.

[Sources: Automotive News - Sub. Req., Detroit News]

GM stock takes 24% hit after analyst report originally appeared on Autoblog on Mon, 10 Nov 2008 19:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>general motorsGeneralMotorsgmstockMon, 10 Nov 2008 19:01:00 EST<![CDATA[Texas dealers offers 50 GM shares to GM vehicle buyers ]]>http://www.autoblog.com/2008/10/17/texas-dealers-offers-50-gm-shares-to-gm-vehicle-buyers/http://www.autoblog.com/2008/10/17/texas-dealers-offers-50-gm-shares-to-gm-vehicle-buyers/http://www.autoblog.com/2008/10/17/texas-dealers-offers-50-gm-shares-to-gm-vehicle-buyers/#commentsFiled under: ,



Two brothers that own dealerships in Texas peddling the General's wares decided that the best way to combat the inevitable depreciation inflicted on their customers is to give them 50 shares of GM stock.

The promotion involves the first 100 buyers (for GM's 100-year anniversary) and 5,000 shares in GM that the siblings bought at the end of last week. GM stock is floating between $6.00 and $7.00 today, meaning that the lucky 100 will have something in the neighborhood of $300-350... assuming GM's stock hold steady.

It being Friday afternoon and an excruciatingly long week, we'll let you make the jokes in the comments below.

[Source: Automotive News - Sub. Req.]

Texas dealers offers 50 GM shares to GM vehicle buyers originally appeared on Autoblog on Fri, 17 Oct 2008 17:28:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>dealersgeneral motorsGeneralMotorsgmstocktexasFri, 17 Oct 2008 17:28:00 EST<![CDATA[GM stock drops below $10 per share]]>http://www.autoblog.com/2008/07/03/gm-stock-drops-below-10-per-share/http://www.autoblog.com/2008/07/03/gm-stock-drops-below-10-per-share/http://www.autoblog.com/2008/07/03/gm-stock-drops-below-10-per-share/#commentsFiled under: , ,

After Merrill Lynch hinted bankruptcy concerns yesterday, and other Wall Street analysts spread additional gloom, shares of General Motors dropped $1.77 to close at $9.98 -- GM's lowest close in more than 50 years. While GM stock on Tuesday showed a bit of promise on the news that sales only dropped 18.2 percent in June (yes, it was supposed to be worse), nothing could slow the fall on Wednesday. Unfortunately for GM, the light at the end of the tunnel seems a far way off. Sales are plummeting, and those vehicles that do leave the lot are padded with generous financing and rebate offers (experts quickly point out that incentive-laden sales gains are often followed by slowdowns). With eight brands, 13,000 franchises, and a falling market share, many have begun (or continued) to question GM's ability to survive without insolvency.

[Source: Detroit News]

GM stock drops below $10 per share originally appeared on Autoblog on Thu, 03 Jul 2008 19:02:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptbankruptcybankruptcy courtBankruptcyCourtbankrutpcyGeneral MotorsGeneralMotorsInsolvencyStockStock levelsStockLevelsThu, 03 Jul 2008 19:02:00 EST<![CDATA[European Union taking Germany to court over amended VW Law]]>http://www.autoblog.com/2008/06/06/european-union-taking-germany-to-court-over-amended-vw-law/http://www.autoblog.com/2008/06/06/european-union-taking-germany-to-court-over-amended-vw-law/http://www.autoblog.com/2008/06/06/european-union-taking-germany-to-court-over-amended-vw-law/#commentsFiled under: , , , , ,

In a move that may undermine Germany's protection of Lower Saxony and its close ties to Volkswagen, the European Commission plans to review the case of Volkswagen Law in the European Union's top court. As you may recall, Porsche has been trying to take majority control of rival Volkswagen. However, the so-called "Volkswagen Law" has protected VW from takeover by allowing the state of Lower Saxony (where thousands of VW jobs are at stake) to retain just enough stock in the company to prevent Porsche from capturing a majority vote. While the upcoming ruling may not only alter the ownership of Volkswagen, it also demonstrates the escalating authority that the European Commission has over once sovereign countries.

[Source: Automotive News Europe, subs. req'd]

European Union taking Germany to court over amended VW Law originally appeared on Autoblog on Fri, 06 Jun 2008 18:58:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>ControlEuropean CommissionEuropean UnionEuropeanCommissionEuropeanUnionLower SaxonyLowerSaxonyMajorityPorscheStockTakeoverVolkswagenVolkswagen LawVolkswagenLawFri, 06 Jun 2008 18:58:00 EST<![CDATA[Porsche denies plan to raise stake in VW to 75%]]>http://www.autoblog.com/2008/03/11/porsche-denies-plan-to-raise-stake-in-vw-to-75/http://www.autoblog.com/2008/03/11/porsche-denies-plan-to-raise-stake-in-vw-to-75/http://www.autoblog.com/2008/03/11/porsche-denies-plan-to-raise-stake-in-vw-to-75/#commentsFiled under: , , , ,


After Porsche moved to increase its ownership in Volkswagen to 51 percent last week, an overzealous German magazine took it one step further over the weekend by reporting that Porsche was going for an even larger piece of the pie... a whopping 75 percent. Porsche pulled in the reigns and quickly released a statement today denying the action, pointing out that such a move, "...overlooks the realities in VW's shareholder structure." For now, there is apparently no truth to the published reports that Porsche is going to continue gobbling up Volkswagen.

Maybe so, but analysts have pointed out in the past that the most economically advantageous position for Porsche is if it can get its hands on Volkwagen's multiple sources of income through a so-called "domination and profit transfer" agreement. Such an agreement usually requires owning - what do you know? - a 75 percent stake in a company. Interesting.

The enthusiast-oriented Porsche has said it needed ownership in Volkswagen to prevent the automaker from falling into unfriendly hands (roughly 30% of the parts used in Porsches come from VW, so it's just protecting its component parts sugar daddy). Meanwhile, Lower Saxony, the second biggest shareholder of VW at some 20% with some serious veto power, has the power to block any maneuver that jeopardizes the 82,000 VW jobs in its state. Stay tuned, this isn't the end of it.

[Source: International Herald Tribune]

Porsche denies plan to raise stake in VW to 75% originally appeared on Autoblog on Tue, 11 Mar 2008 07:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Lower SaxonyLowerSaxonyOwnershipPorschePurchaseSharesStockVolkswagenTue, 11 Mar 2008 07:57:00 EST<![CDATA[Porsche ups ownership in VW to 51%]]>http://www.autoblog.com/2008/03/03/porsche-ups-ownership-in-vw-to-51/http://www.autoblog.com/2008/03/03/porsche-ups-ownership-in-vw-to-51/http://www.autoblog.com/2008/03/03/porsche-ups-ownership-in-vw-to-51/#commentsFiled under: , , , ,



The supervisory board of Volkswagen Group just gave approval for Porsche AG to take a majority stake in the people's automaker. Porsche currently owns 31% of Volkswagen, and this move will ultimately increase that share to 51%. The increase in ownership is estimated to cost Porsche upwards of $20 billion, although the financial deets have not yet been released. Porsche is saying that owning a majority stake in VW will not result in the two companies combining, creating a German mega-automaker of biblical proportions. Don't expect things to change overnight for either company, as transactions like these generally take months to complete, if not years.

This move wasn't unexpected, either. Porsche has slowly been increasing its interest in VW over the past several years as we reported in June 2006, April 2007 and again in June 2007. Recent announcements that Porsche may use Volkswagen diesel powerplants in its Cayenne SUV now seem even more likely, and exchanges of technology, components and production capacity between the two are likely to increase.

[Source: Detroit News]

Porsche ups ownership in VW to 51% originally appeared on Autoblog on Mon, 03 Mar 2008 13:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Board of DirectorsBoardOfDirectorsOwnershipPorscheporsche volkswagenPorscheVolkswagenPurchaseSharesStockVolkswagenMon, 03 Mar 2008 13:57:00 EST<![CDATA[Wagoner cuts pay by 25% to aid turnaround, well kind of]]>http://www.autoblog.com/2007/04/28/wagoner-cuts-pay-by-25-to-aid-turnaround-well-kind-of/http://www.autoblog.com/2007/04/28/wagoner-cuts-pay-by-25-to-aid-turnaround-well-kind-of/http://www.autoblog.com/2007/04/28/wagoner-cuts-pay-by-25-to-aid-turnaround-well-kind-of/#commentsFiled under: ,



When possible, we like to cross-reference stories with other news sources before we report on them, and we've found this to be even more important when the topic at hand is hard data. When we came across a Reuters' story proclaiming that GM CEO Rick Wagoner was taking a 25-percent pay cut beginning in March of this year, a quick search of Google News revealed that, depending on the source, there could be a $370,000 discrepancy - and a possible raise for Wagoner.

[Sources: Bloomberg, Detroit Free Press, Detroit News, GM, Reuters]

Continue reading Wagoner cuts pay by 25% to aid turnaround, well kind of

Wagoner cuts pay by 25% to aid turnaround, well kind of originally appeared on Autoblog on Sat, 28 Apr 2007 11:42:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>ceocompensationgeneral motorsGeneralMotorsgmrickstockwagonerSat, 28 Apr 2007 11:42:00 EST<![CDATA[Villeneuve down but not out - still hopeful for hometown NASCAR debut]]>http://www.autoblog.com/2007/04/26/villeneuve-down-but-not-out-still-hopeful-for-hometown-nascar/http://www.autoblog.com/2007/04/26/villeneuve-down-but-not-out-still-hopeful-for-hometown-nascar/http://www.autoblog.com/2007/04/26/villeneuve-down-but-not-out-still-hopeful-for-hometown-nascar/#commentsFiled under: ,

Poor Jacques is all washed up. Where this writer was born and raised, JV was a homegrown hero who lived up to his family name by taking the checkered flag at the Indy 500 (and the CART championship) and going on to win the Formula One title only two years later. But when you've reached the top, there's only one way to go. Unfortunately for Canadian race fans, that's the direction Jacques has been going for the last ten years.

After running out of F1 teams that would sign him, Villeneuve tried to salvage his reputation with a move to NASCAR, which both he and fellow grand prix defector, Juan Pablo Montoya, spun as a move sideways, not downwards. JP made a go of it, but JV's fortunes have not been so favorable, and, aside from an upcoming drive for Peugeot at Le Mans, he's had to sit out his first full race season since the start of his career.

When trying to organize a deal to race this season in the second-tier NASCAR Busch Series, the addition of a race in his hometown on the track that bears his father's name only seemed to sweeten the deal. The negotiations broke down, however, leaving Jacques without a ride. But he remains hopeful that he will make his debut in stock cars at the Montreal event this August.

"We are taking our time to do it properly. There is no point in rushing," is what Villeneuve had to say about getting behind the wheel for the Montreal race. Big words for a man who's used to going fast.

Related posts:

[Source: Autosport]

Villeneuve down but not out - still hopeful for hometown NASCAR debut originally appeared on Autoblog on Thu, 26 Apr 2007 17:32:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>buschdebuthopefuljacquesmontrealnadcarnascarraceseriesstockvilleneuveThu, 26 Apr 2007 17:32:00 EST<![CDATA[Red Flag: NASCAR goes to China]]>http://www.autoblog.com/2007/04/25/red-flag-nascar-goes-to-china/http://www.autoblog.com/2007/04/25/red-flag-nascar-goes-to-china/http://www.autoblog.com/2007/04/25/red-flag-nascar-goes-to-china/#commentsFiled under: ,

NASCAR has a solid reputation as a race series firmly entrenched in the southern United States, but has been fighting hard to defeat that image and branch out of Old Dixie. With races lined up in such northern locations as Michigan, Illinois, Ohio, New Hampshire and Wisconsin, NASCAR has long since established itself with the yanks, but with races planned for Mexico and Montreal, the good ol' boys are looking to expand internationally, as well.


It seems that south and north of the border isn't far enough, however, as NASCAR officials recently made a trip half-way around the world to China in order to look into reaching the biggest potential audience in the world.

NASCAR insists that they're not looking to set up a top-tier Nextel Cup race in China, just some junior series events. You've got to figure they've got their sites set on something more ambitious than that, however. The last venture into the Far East finished in 1998 after NASCAR held three annual exhibition races in Japan.

The international expansion forms part of a bigger campaign NASCAR has been waging to establish itself as a top-tier racing series, and the recent defection of F1 stars like Juan Pablo Montoya and Jacques Villeneuve hasn't hurt any, either. No doubt that NASCAR has also been keeping a close eye on competing race series, including Formula One, which has been setting up more international races each season; ChampCars, which is planning a return to Europe; and most of all the Speedcar Series, which is gearing up for races across Asia in American-built stock cars.

[Source: GrandPrix.com]

Red Flag: NASCAR goes to China originally appeared on Autoblog on Wed, 25 Apr 2007 19:03:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>asiacarchinamotorsportnascarracingsepangseriesshanghaistockWed, 25 Apr 2007 19:03:00 EST<![CDATA[Jean Alesi fronts new Asian stock-car series]]>http://www.autoblog.com/2007/03/01/jean-alesi-fronts-new-asian-stock-car-series/http://www.autoblog.com/2007/03/01/jean-alesi-fronts-new-asian-stock-car-series/http://www.autoblog.com/2007/03/01/jean-alesi-fronts-new-asian-stock-car-series/#commentsFiled under: ,

Who ever would have thought a Will Ferrell movie would ever be considered "prophetic," even jokingly? The absurd story of a French racing driver switching over from F1 to stock cars as the last remaining challenge is coming to life again and again. But unlike Jacques Villeneuve (or Colombian driver Juan Pablo Montoya), Jean Alesi isn't gunning for NASCAR. The former Formula One star is the first big name to sign on to the Speedcar Series.

The new racing league will pit 24 drivers against each other in identical 600-hp stock cars in 18 races over 9 weekends across Asia. We hope to get a glimpse at the cars in a few days when Alesi hits the Virginia International Raceway for the first test session on March 5-6. What we know now is that the specially-built cars will feature a tubular fiberglass chassis and power from 600-hp engines built in Charlotte, North Carolina.

The inaugural season of the Speedcar Series, which is backed by F1 chief Bernie Ecclestone, kicks off in November and runs through April 2008.

[Source: Speedcar Series via F1-Live]

Jean Alesi fronts new Asian stock-car series originally appeared on Autoblog on Thu, 01 Mar 2007 09:36:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>alesiasiaberniecareastecclestonef1farjeanmiddleseriesspeedspeedcarstockThu, 01 Mar 2007 09:36:00 EST<![CDATA[Ford ends day at 3-week high thanks to Toyota talk]]>http://www.autoblog.com/2006/12/27/ford-ends-day-at-3-week-high-thanks-to-toyota-talk/http://www.autoblog.com/2006/12/27/ford-ends-day-at-3-week-high-thanks-to-toyota-talk/http://www.autoblog.com/2006/12/27/ford-ends-day-at-3-week-high-thanks-to-toyota-talk/#commentsFiled under: , ,



Ford Motor Company was quick to issue a brief statement regarding the meeting that took place between its CEO, Alan Mulally, and executives from Toyota last week in Japan in order to quell speculation of an alliance or partnership, but news of the meeting had a very positive effect on the Blue Oval's share price today, which rose to a three week high of $7.59, up about 1.3 percent or 10 percent compared to yesterday. Ford's stock began to rise around noon yesterday as news of the meeting began to spread. Wall Street is likely reacting to the prospect that any collaboration with Toyota could result in some much needed cost-cutting at Ford. Tomorrow will tell us whether Ford's stock deserves to be flirting with $7.60, but for the time being the idea that our own Blue Oval could be in cahoots with the Japanese Juggernaut has investors curious and hopeful.

[Source: Reuters]

Ford ends day at 3-week high thanks to Toyota talk originally appeared on Autoblog on Wed, 27 Dec 2006 19:01:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>investmentinvestorssharesstockwall streetWallStreetWed, 27 Dec 2006 19:01:00 EST<![CDATA[Audi DTM wants Villeneuve and Montoya]]>http://www.autoblog.com/2006/12/25/audi-dtm-wants-villeneuve-and-montoya/http://www.autoblog.com/2006/12/25/audi-dtm-wants-villeneuve-and-montoya/http://www.autoblog.com/2006/12/25/audi-dtm-wants-villeneuve-and-montoya/#commentsFiled under: , , , ,

Used to be there were known routes for washed-out F1 drivers to go. Couldn't make it in the big leagues, you could always go to Le Mans-style endurance sportscar racing or to touring cars, for example. But as the story we've been following has unfolded, the latest refugees from the top-level series have been spinning a different web, painting their unprecedented moves to NASCAR as a sideways one, not downwards. That doesn't mean they're without their options, though, as Audi has made clear.

Ingolstadt would be happy to welcome both Juan Pablo Montoya and Jacques Villeneuve into their German touring car team. DTM has had its fair share of former F1 drivers, and after losing Heinz-Harald Frentzen, Audi is keen to fill his seat with other big names.

Touring cars are Europe's version of stock-car racing, and though maybe not as big as NASCAR is in the US, Germany's DTM series draws a big crowd and races on familiar road-course tracks. Montoya may be on a more solid track into NASCAR than Villeneuve, but neither of their futures in the series are secured, so a move to DTM for either is still far from out of the question.

Related posts:

[Source: German Car Blog]

Audi DTM wants Villeneuve and Montoya originally appeared on Autoblog on Mon, 25 Dec 2006 20:11:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>cardtmjacquesjuanmontoyanascarpabloracingstocktouringvilleneuveMon, 25 Dec 2006 20:11:00 EST<![CDATA[Anyone got $18 million for Jacques?]]>http://www.autoblog.com/2006/12/03/anyone-got-18-million-for-jacques/http://www.autoblog.com/2006/12/03/anyone-got-18-million-for-jacques/http://www.autoblog.com/2006/12/03/anyone-got-18-million-for-jacques/#commentsFiled under: , , ,

Evidently undeterred by the breakdown in negotiations to get himself into the Busch series, and ever-determined to make it into NASCAR one way or another, Jacques Villeneuve is making some fine progress in starting up his own team.

The former world champion has reportedly reached an agreement with Roush Racing, Ford's biggest fielder of stock cars, to help him set up his own team. After winning the Indy 500 and the CART title, JV moved to F1, and has raced for half a dozen teams since then. As such, he may have a good scope of how teams are run, but running his own team in NASCAR should present a whole new slew of challenges to the French-Canadian driver.

What the Jacques needs now is more than love, sweet love...he needs to secure $18 million in sponsorship to finance the venture. Certainly not an impossibility for a name like Villeneuve, but any way you cut it, that's a big lump of cash for a series rookie to raise on his own.

[Source: GrandPrix.com]

Anyone got $18 million for Jacques? originally appeared on Autoblog on Sun, 03 Dec 2006 16:26:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>carindependentjacquesnascarracingroushsponsorshipstockteamvilleneuveSun, 03 Dec 2006 16:26:00 EST<![CDATA[Kerkorian cuts stake in General Motors]]>http://www.autoblog.com/2006/11/22/kerkorian-cuts-stake-in-general-motors/http://www.autoblog.com/2006/11/22/kerkorian-cuts-stake-in-general-motors/http://www.autoblog.com/2006/11/22/kerkorian-cuts-stake-in-general-motors/#commentsFiled under: ,

Billionaire investor Kirk Kerkorian announced today that his investment firm Tracinda Corp. had cut its stake in General Motors from 9.9% to 7.4% by selling $462 million worth of the automaker's stock. That amounts to a sell off of 14 million shares at $33 per share.

The move by Kerkorian comes after the soap opera-like events surrounding a proposed alliance between General Motors and Nissan/Renault that ultimately fell through despite Kerkorian's support. In fact, Kerkorian and the man he placed on GM's board, Jerry York, were the ones who proposed the alliance and approached Nissan/Renault without the board's knowledge. Many postulate that GM CEO Rick Wagoner didn't appreciate the surreptitious move that usurped his power and he therefore made sure the proposal was shot down. A committee chosen by Wagoner was set up to evaluate the alliance and found that the proposed alliance would benefit Nissan/Renault more than it would GM. For its part, Nissan/Renault was unwilling to pay a large sum of money that numbered in the hundreds of millions, which GM proposed would even out the partnership. On account of the failed alliance, Jerry York resigned from GM's board on October 6th.

Who knows what goes on in the mind of Kirk Kerkorian, but knowing what we know about GM's product lineup stretching out through 2010, we'd have to say that selling his stake in the company is a move that will probably lose money in the long run. We're not financial analysts by any means, but GM's turnaround has just started the back nine and will bear fruit in the form of profits before the end of 2008. Or so says our Magic 8-Ball.

[Source: Automotive News]

Related posts:

Kerkorian cuts stake in General Motors originally appeared on Autoblog on Wed, 22 Nov 2006 14:04:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>general motorsGeneralMotorsjerry yorkJerryYorkkirk kerkorianKirkKerkoriansharesstakestocktracindatracinda corp.TracindaCorp.Wed, 22 Nov 2006 14:04:00 EST<![CDATA[Not coming for you, Ricky Bobby: NASCAR sans Villeneuve in 07]]>http://www.autoblog.com/2006/11/13/not-coming-for-you-ricky-bobby-nascar-sans-villeneuve-in-07/http://www.autoblog.com/2006/11/13/not-coming-for-you-ricky-bobby-nascar-sans-villeneuve-in-07/http://www.autoblog.com/2006/11/13/not-coming-for-you-ricky-bobby-nascar-sans-villeneuve-in-07/#commentsFiled under: ,

The latest reports in the saga of Jacques Villeneuve's impending switch to stock cars say it won't be happening just yet.

As we reported earlier, the former world champion was talking with Roush Racing, one of the biggest outfits in stock cars, to race in the second-tier Busch series for 2007 in preparation for an anticipated assault on the big-league Nextel Cup for 2008. Roush is now calling any such prospect "an outside shot", leaving the French Canadian driver without a ride for next year.

With a Busch race scheduled for Villeneuve's home town of Montreal next season, he had looked like a shoe-in, holding the F1, CART and Indy 500 titles, but it looks like he may have to start even smaller - like fellow defected F1 driver Juan Pablo Montoya has - if he hopes to make it in the world of moonshine racing.

Related posts:

[Source: GrandPrix.com]

Not coming for you, Ricky Bobby: NASCAR sans Villeneuve in 07 originally appeared on Autoblog on Mon, 13 Nov 2006 12:28:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>buschcupjacquesnascarnextelroushseriesstockvilleneuveMon, 13 Nov 2006 12:28:00 EST<![CDATA[Toyota buys 5.9% of Isuzu]]>http://www.autoblog.com/2006/11/07/toyota-buys-5-9-of-isuzu/http://www.autoblog.com/2006/11/07/toyota-buys-5-9-of-isuzu/http://www.autoblog.com/2006/11/07/toyota-buys-5-9-of-isuzu/#commentsFiled under: , ,

Toyota announced today that it will spend $373 million on a deal with Isuzu that will transfer 5.9% of the truck- and diesel-maker to the giant Japanese automaker. Toyota's goal in purchasing a stake in Isuzu is to bolster its diesel portfolio, which apparently lags behind other major automakers like cross-town rival Honda who announced in September it would have diesel-powered passenger cars for sale in the U.S. within three years.

We always expected that Toyota would rely on its own Hino Motors commercial truck subsidiary for a diesel engine to power a heavy-duty version of its new Tundra pickup, but Hino is not prepared to make smaller diesel engines for passenger cars and potentially diesel hybrids. Isuzu offers Toyota the know-how and production capacity for diesel engines that are smaller than 2.5-liters, which makes the purchase seem like a perfect fit.

Mitsubishi will now become the largest single shareholder in Isuzu with 9.7% of the stock, followed by trading house Itochu Corp. with 7.2% and Toyota with 5.9%. GM sold all of its stock in Isuzu back in April, which amounted to 7.9%. Today's announcement marks the second time Toyota has swooped in and picked up shares in a company that GM has cast off, the first being Fuji Heavy Industries, the parent company of Subaru.

[Source: Automotive News - sub. required]

Toyota buys 5.9% of Isuzu originally appeared on Autoblog on Tue, 07 Nov 2006 14:56:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>buypurchasesharesstakestockTue, 07 Nov 2006 14:56:00 EST<![CDATA[Villeneuve headed for the Busch leagues]]>http://www.autoblog.com/2006/10/15/villeneuve-headed-for-the-busch-leagues/http://www.autoblog.com/2006/10/15/villeneuve-headed-for-the-busch-leagues/http://www.autoblog.com/2006/10/15/villeneuve-headed-for-the-busch-leagues/#commentsFiled under:

Rumors and speculation have been circulating (partially self-fueled) of Jacques Villeneuve moving to NASCAR since the former world champion lost his race seat with BMW-Sauber that put the final nail in the proverbial coffin of his atrophying F1 career. The latest reports place Villeneuve in a stock car for a few events next season in the Busch Series for Roush Racing.

Given recent developments, we doubt they'd miss the opportunity to put JV in the Busch race at the track that bears his father's name in his home town: the Circuit Gilles Villeneuve in Montreal, scheduled for August 4.

The Busch Series is a step below the top-tier Nextel Cup where NASCAR's up-and-coming stars learn the ropes, and where Nextel Cup racers compete as well for a little extra practice (and prize cash). Like Juan Pablo Montoya (who's started even lower in the ARCA series when he switched from F1 to stock cars), racing in the Busch Series should give Villeneuve the opportunity to acclimate to stock car racing, though as a former Champ Car champ and Indy 500 winner, Jacques knows his way around an oval track.

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[Source: GrandPrix.com]

Villeneuve headed for the Busch leagues originally appeared on Autoblog on Sun, 15 Oct 2006 18:06:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>buschcarcupf1jacquesmotorsportnascarnextelracingseriesstockvilleneuveSun, 15 Oct 2006 18:06:00 EST<![CDATA[BREAKING: York quits GM board, Kerkorian won't buy more GM stock]]>http://www.autoblog.com/2006/10/06/breaking-york-quits-gm-board-kerkorian-wont-buy-more-gm-stock/http://www.autoblog.com/2006/10/06/breaking-york-quits-gm-board-kerkorian-wont-buy-more-gm-stock/http://www.autoblog.com/2006/10/06/breaking-york-quits-gm-board-kerkorian-wont-buy-more-gm-stock/#commentsFiled under: ,

"Screw you guys, I'm going home." A phrase made famous by Cartman from South Park but one that we find so apt for news coming out of General Motors this afternoon. Royally irked over the ending of alliance talks with Renault/Nissan, billionaire investor Kirk Kerkorian has announced that he won't buy an additional 12 million shares of GM stock as he said he would, and that his advisor/muscle Jerry York has resigned his seat from the board of General Motors. The additional 12 million shares would've pumped Kerkorian's share of GM from 9.9 percent to around 12 percent. What will Kerkorian do now after his move to manhandle GM management has failed? Who knows, as this guy has been anything but predictable.

Thanks to Chris D. for the tip!

[Source: CNN Money]

BREAKING: York quits GM board, Kerkorian won't buy more GM stock originally appeared on Autoblog on Fri, 06 Oct 2006 13:09:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>general motorsGeneralMotorsgmjerry yorkJerryYorkkerkorianKirk KerkorianKirkKerkoriansharesharesstockyorkFri, 06 Oct 2006 13:09:00 EST<![CDATA[Mitsubish becomes top shareholder of Isuzu]]>http://www.autoblog.com/2006/10/04/mitsubish-becomes-top-shareholder-of-isuzu/http://www.autoblog.com/2006/10/04/mitsubish-becomes-top-shareholder-of-isuzu/http://www.autoblog.com/2006/10/04/mitsubish-becomes-top-shareholder-of-isuzu/#commentsFiled under: , ,



Isuzu Motors announced today that Mitsubishi Corp. has become its top shareholder after increasing its share of the automaker from 3.5 percent to 15.65 percent. Mitsubishi Corp, the huge conglomerate that also owns 13 percent of Mitsubishi Motors Corp, first scooped up a share in Isuzu when General Motors dropped back its stake in the company back in April, and this news came about after Mitsubishi decided to convert all the preferred share that it purchased back in 2005 into common stock. Mitsubishi is clearly looking to strengthen its ties with Isuzu and benefit from the automaker's truck business.

Mitsubishi is a huge company, and it's no suprise that it is looking to strengthen its truck portfolio. A major factor in Mitsubishi's success last year was the strong sales of its trucks in Thailand, believe it or not. It will be interesting to see how much Mitsubishi integrates Isuzu into its current product offerings, as in some markets the two are direct competitors. It will be also interesting to see what becomes of Mitsubishi's relationship with DaimlerChrysler, as its current midsize truck offering, the Raider, is based on the Dodge Dakota. And what of GM's midsize trucks, the Chevy Colorado and GMC Canyon, which share their identity with Isuzu versions that have different grilles and bigger warranties? Seems as old relationships unravel, new ones are forming quickly.

[Source: AutomotiveNews - sub. required]

Mitsubish becomes top shareholder of Isuzu originally appeared on Autoblog on Wed, 04 Oct 2006 12:56:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>shareholdersharesstockWed, 04 Oct 2006 12:56:00 EST