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: Visteon seeking to end pensions of 21,000 workers, retirees]]>http://www.autoblog.com/2009/12/22/report-visteon-seeking-to-end-pensions-of-21-000-workers-retir/http://www.autoblog.com/2009/12/22/report-visteon-seeking-to-end-pensions-of-21-000-workers-retir/http://www.autoblog.com/2009/12/22/report-visteon-seeking-to-end-pensions-of-21-000-workers-retir/#commentsFiled under: ,



Visteon, the automotive supplier currently going through bankruptcy proceedings, is seeking to rid itself of pension obligations for 21,000 current workers and retirees. It wouldn't mean the end of pensions for the workers, but the payments would be taken over by the Pension Benefit Guaranty Corporation (PBGC), and that would mean diminished benefits.

Visteon contributes to four pension plans, three of which is it attempting to drop. The company owes $544 million to those three plans, and although it will make $260 million in payments over the next five years its obligations will grow if it cannot free itself. If it does get clear, pensioners will collectively lose $100 million in benefits because of caps on what the federal body can guarantee.

The PBGC wants Visteon to keep making pension payments, but its now in the hands of the Delaware judge handling the bankruptcy. Visteon has presented a few different options for reorganization, but each has met with resistance from one or more involved parties, including the plan to pay $8.1 million in bonuses to executives and the structure of it's post-bankruptcy stock allocation. The company hopes to emerge from Chapter 11 by the middle of next year. Pension recipients will hope they do it with their funds intact, but that isn't looking likely.

[Source: Detroit News | Image: Bill Pugliano/Getty]

REPORT: Visteon seeking to end pensions of 21,000 workers, retirees originally appeared on Autoblog on Tue, 22 Dec 2009 08:34:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcyfinancialgovernmentpensionPension Benefit Guaranty Corp.PensionBenefitGuarantyCorp.Visteonvisteon bankruptcyVisteonBankruptcyTue, 22 Dec 2009 08:34:00 EST<![CDATA[VIDEO: TN Senator Corker's daughter carjacked, suspects apprehended via OnStar]]>http://www.autoblog.com/2009/12/07/video-tn-senator-corkers-daughter-carjacked-suspects-apprehen/http://www.autoblog.com/2009/12/07/video-tn-senator-corkers-daughter-carjacked-suspects-apprehen/http://www.autoblog.com/2009/12/07/video-tn-senator-corkers-daughter-carjacked-suspects-apprehen/#commentsFiled under: , , ,

Senator Corker praises OnStar -- Click above to watch the video

Tennessee Senator Bob Corker had this opinion of OnStar a month ago: "Each month I get the bill for OnStar and [I think], 'I don't want to pay this again.'" Then his daughter Julia was carjacked in Washington D.C. last week driving his Chevrolet Tahoe, and having been yanked out of the car by her throat, she was left lying in the street.

Thankfully, Corker's daughter was all right, and she was able to call her father who was nearby. She also remembered that the vehicle as equipped with General Motors' OnStar system, and within an hour, the service had notified the D.C. police that the Tahoe was parked at a Taco Bell seven miles away in Maryland. Corker said that the carjacking happened about 9:15 pm, and by midnight the suspects had been identified and he was headed back home with his daughter.

His opinion of OnStar now: "this is an incredible service." Follow through to the jump to hear about the ordeal in Corker's words (the OnStar talk begins at about 2:15), or check out CNN for the nitty gritty details. And for proof of the extent of Southern politesse, Corker begins the tale with "A gentleman appeared, opened the door, grabbed her by the neck... and he threw her on the pavement and drove away." A "gentleman?" Hat tip to Berto!

[Sources: Politico; CNN]

Continue reading VIDEO: TN Senator Corker's daughter carjacked, suspects apprehended via OnStar

VIDEO: TN Senator Corker's daughter carjacked, suspects apprehended via OnStar originally appeared on Autoblog on Mon, 07 Dec 2009 09:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bob corkerBobCorkercarjackcarjackingcorkeretcgovernmentonstarsenator bob corkersenator corkerSenatorBobCorkerSenatorCorkervideoMon, 07 Dec 2009 09:29:00 EST<![CDATA[REPORT: Chinese automaker SAIC accused of hybrid tech theft by SsangYong]]>http://www.autoblog.com/2009/11/12/report-chinese-automaker-saic-accused-of-hybrid-tech-theft-by-s/http://www.autoblog.com/2009/11/12/report-chinese-automaker-saic-accused-of-hybrid-tech-theft-by-s/http://www.autoblog.com/2009/11/12/report-chinese-automaker-saic-accused-of-hybrid-tech-theft-by-s/#commentsFiled under: , ,



In the beginning of the decade, before SsangYong got into really deep doo-doo, the Korean automaker began work on a hybrid control unit (HCU) with German engineering firm FEV. From 2004 to 2008, as the research continued, the South Korean government provided nearly half of the financial resources for the development of the technology. In 2005, as Ssangyong's stumbles began, Chinese automaker SAIC took a majority stake in the Korean company.

A year later, in 2006, SAIC saw the success SsangYong was having with the HCU and allegedly pressured SsangYong engineers to hand over the technology. And that, according to Korean state prosecutors, violated laws regarding the transfer of "homegrown technologies... without state permission." Since the Korean government paid for almost half of the tech, SAIC's rights to the HCU needed to be approved by the Korean government.

Seven indictments have been brought against SsangYong engineers, none of whom were financially compensated for revealing the HCU plans to SAIC. It appears to be a simple case of bullying. No action is planned against SAIC. Hat tip to Regular Man!

[Source: Korea Times | Image: Jung Yeon-Je/AFP/Getty]

REPORT: Chinese automaker SAIC accused of hybrid tech theft by SsangYong originally appeared on Autoblog on Thu, 12 Nov 2009 18:32:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>chinagovernmentintellectual propertyIntellectualPropertylegalsaicshanghai automotive industry corpShanghaiAutomotiveIndustryCorpsouth koreaSouthKoreassangyongThu, 12 Nov 2009 18:32:00 EST<![CDATA[GM's Liquidation Motors stock reportedly still worth $370M, can't be sold short]]>http://www.autoblog.com/2009/11/04/gms-liquidation-motors-stock-reportedly-still-worth-370m-can/http://www.autoblog.com/2009/11/04/gms-liquidation-motors-stock-reportedly-still-worth-370m-can/http://www.autoblog.com/2009/11/04/gms-liquidation-motors-stock-reportedly-still-worth-370m-can/#commentsFiled under: , ,

When General Motors entered into Chapter 11 bankruptcy over the summer, its bad assets were moved into a firm called Motors Liquidation Company (MLC). That company was capitalized with more than 600 million shares that were meant to be worthless; however, quite the opposite has happened: with its shares priced at $0.60 per, MLC now has a market cap of $370 million. How did that happen?

Investors engaged in "naked short-selling" is how it happened. Short sellers usually procure an actual 'tangible' stock from a broker or investment house - 'tangible' meaning a share unit comprising the finite number of a company's total shares - as collateral when they take a short position. The naked short seller doesn't borrow any shares, taking a position before it can be determined if there are any shares available. This allows them to essentially create a position that isn't beholden to the ideal of a "structured" market.

Earlier this year the SEC put the kibosh on naked short selling, and required investors who had done it to get the tangible shares they need to hold their position. Since there are fewer shares to be had, and those naked traders are trying to absorb anything available to cover their positions, the price has yet to decline. Quite simply, no one can make money off of it.

Well, except for the holders of new GM shares. The SEC regulations also called on naked short sellers to close out their positions if they couldn't get the tangible stocks to cover. The investors who can't get actual shares to borrow are having to buy stock from "new" GM shareholders - at much higher prices. Eventually MLC shares will be worth zilch. Until then, the wacky world of finance reigns...

[Source: New York Times]

GM's Liquidation Motors stock reportedly still worth $370M, can't be sold short originally appeared on Autoblog on Wed, 04 Nov 2009 08:40:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>earningsfinancefinancialsgeneral motorsGeneralMotorsgovernmentWed, 04 Nov 2009 08:40:00 EST<![CDATA[VIDEO: Seattle earthquake viaduct simulation released; timing politically motivated?]]>http://www.autoblog.com/2009/10/30/video-seattle-earthquake-viaduct-simulation-released-timing-po/http://www.autoblog.com/2009/10/30/video-seattle-earthquake-viaduct-simulation-released-timing-po/http://www.autoblog.com/2009/10/30/video-seattle-earthquake-viaduct-simulation-released-timing-po/#commentsFiled under: , , , ,

Alaskan Way Viaduct earthquake simulation -- Click above to watch video

The Alaskan Way Viaduct (AWV) is an elevated roadway running along the Elliot Bay Waterway in Seattle. An earthquake in 2001 damaged the viaduct, and the structural degradation has only gotten worse over the years. To forestall the possibility of having the conduit collapse in another natural disaster, the city and Port of Seattle, King County, and the state government agreed earlier this year to dig a deep-bore tunnel to go under the waterway and eventually shut down the viaduct.

According to the Seattle Times, the tunnel is a contentious issue, with residents fervently pro and against. Two years ago, though, the state commissioned a video to show what would happen to the AWV if another serious earthquake hit. The six-minute CGI video that resulted could be a clip right out of the disaster movie 2012, and because of its sensationalism, it was never shown. Seattle resident Elizabeth Campbell doesn't want the tunnel and recently requested to have the video released. After saying that Campbell wouldn't get it for eight months, the city put the video on a local news show - and Campbell still hasn't received her copy.

Naturally, there's some political intrigue to accompany everything. The problem is that there's a mayoral race happening right now, with the current mayor siding for the tunnel and his opponent is against it. It has therefore been suggested that the video has been released in order to help that current mayor's campaign - you would not want to be anywhere near the AWV and phrases like "liquefied soil" if the video is anywhere close to reality. Whether it will affect votes remains to be seen. Either way, you can check out the video footage for yourself after the jump.

[Source: Seattle Times]

Continue reading VIDEO: Seattle earthquake viaduct simulation released; timing politically motivated?

VIDEO: Seattle earthquake viaduct simulation released; timing politically motivated? originally appeared on Autoblog on Fri, 30 Oct 2009 11:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>alaskan way viaductAlaskanWayViaductDOTearthquakeelizabeth campbellElizabethCampbellelliot bay waterwayElliotBayWaterwaygovernmentnatural disasterNaturalDisasterroadseattleseattle timesSeattleTimesviaductvideowashingtonwashington state department of transportationwashington state DOTWashingtonStateDepartmentOfTransportationWashingtonStateDotFri, 30 Oct 2009 11:29:00 EST<![CDATA[REPORT: Utah DoT admits higher speed limits has worked out to less speeding]]>http://www.autoblog.com/2009/10/27/report-utah-dot-admits-higher-speed-limits-has-worked-out-to-le/http://www.autoblog.com/2009/10/27/report-utah-dot-admits-higher-speed-limits-has-worked-out-to-le/http://www.autoblog.com/2009/10/27/report-utah-dot-admits-higher-speed-limits-has-worked-out-to-le/#commentsFiled under:



When the Utah DOT raised the speed limit on two pieces of I-15 from 75 mph to 80 mph, it discovered that driving habits didn't change. When the limit was 75 mph, the Utah DoT found that drivers were going between 81 and 85 mph. And now that the maximum limit is 80 mph, it has found that drivers are going between 83 and 85 mph.

You can look at that as less speeding, as the UDoT has, or simply the fact that people didn't automatically start going 10 mph over the limit, having found a speed that satisfies 85% of them. This shouldn't be that surprising - even when Montana had stretches of highway with unlimited speeds, it was only a few folks, mostly out-of-staters, that raced at max velocity. And most folks on unlimited sections of the Autobahn aren't even going 150 mph.

According to the Deseret News, a UDoT official said that accidents haven't increased, either, nor did they expect an increase in fender benders. What he said has increased, though, is speed differential, which we don't quite understand. Apparently, the difference between the fastest and slowest vehicles has widened. We can only imagine he was speaking of the 2 mph difference between the slightly higher lower average speed of 83 mph vs the 81 mph from before. Even though one Utah legislator wasn't happy about the increased limit, saying speed kills, the proof appears to be... well, not necessarily.

[Source: Deseret News | Image: Ken Lund via CC2.0]

REPORT: Utah DoT admits higher speed limits has worked out to less speeding originally appeared on Autoblog on Tue, 27 Oct 2009 15:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>governmentlegalspeed limitspeedingSpeedLimitutahutah department of transportationutah dotUtahDepartmentOfTransportationUtahDotTue, 27 Oct 2009 15:58:00 EST<![CDATA[VIDEO: Finnish Him: Nordic authorities' harpoon chase-ender amazingly never approved]]>http://www.autoblog.com/2009/10/27/video-finnish-him-nordic-authorities-harpoon-chase-ender-amaz/http://www.autoblog.com/2009/10/27/video-finnish-him-nordic-authorities-harpoon-chase-ender-amaz/http://www.autoblog.com/2009/10/27/video-finnish-him-nordic-authorities-harpoon-chase-ender-amaz/#commentsFiled under: , ,

Finnish police car chase harpoon -- Click above to watch video

The place is Finland. The car is a Mercedes 300 wagon. The place is Finland. The protrusion, like the figurehead adorning Ahab's Pequod, is a harpoon. Instead of catching whales, however, this harpoon was reportedly to be used to catch cars leading police on high-speed chases.

We won't even spoil it for you by telling you if or how it worked, or tell you about the extra prize for miscreants hidden inside the harpoon. Follow the jump to check it out. And then, even though the lance was apparently never adopted, we remind you: Don't get any funny ideas in Finland.

[Source: YouTube]

Continue reading VIDEO: Finnish Him: Nordic authorities' harpoon chase-ender amazingly never approved

VIDEO: Finnish Him: Nordic authorities' harpoon chase-ender amazingly never approved originally appeared on Autoblog on Tue, 27 Oct 2009 13:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>car chaseCarChaseeuropefinlandgovernmentharpoonhigh speed chaseHighSpeedChasepolicepolice chasePoliceChasevideoyoutubeTue, 27 Oct 2009 13:30:00 EST<![CDATA[Former President Bush asks Obama to exit the car business]]>http://www.autoblog.com/2009/10/26/former-president-bush-asks-obama-to-exit-the-car-business/http://www.autoblog.com/2009/10/26/former-president-bush-asks-obama-to-exit-the-car-business/http://www.autoblog.com/2009/10/26/former-president-bush-asks-obama-to-exit-the-car-business/#commentsFiled under:



When Former President George W. Bush spoke to the Montreal Board of Trade recently, he made a public appeal to the Obama administration to "get out of the private sector," adding "I hope our government gets out of the autos and the financials in which they have a stake." His premise is that it takes private companies to turn an economy around, not government-run ones.

As we have found out during America's recent economic troubles, a lot of people find it easy to say a lot of things when they're not on the hook. And the former Commander-in-Chief isn't the first (nor the only) ex-President to offer such advice; they've all done it - he's only the most recent. But this is coming from the man whose VP sold him out as giving TARP money to prevent General Motors and Chrysler bankruptcies on his watch. Lest we forget, Bush is also the man who said:
"Well, I have obviously made a decision to make sure the economy doesn't collapse. I've abandoned free market principles to save the free market system. I think when people review what's taken place in the last six months, uh, and put it all in one, in one, (sigh), you know, in one package, they're realize how significantly we have moved."
Forget about politics, it isn't even that what Bush has said is wrong, per se - by most accounts, the American government shouldn't be in the car business nor the retail banking business, and the current administration agrees with that, having said repeatedly it wants to get out of both. But they inherited the issue, and now it's up to them to figure out the best way out of it. Hat tip to Avinash!

[Source: Bloomberg | Image: Getty]

Former President Bush asks Obama to exit the car business originally appeared on Autoblog on Mon, 26 Oct 2009 12:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Bushchrysler bankruptcyChryslerBankruptcyfinancialsgeneral motors bankruptcyGeneralMotorsBankruptcyGeorge Bushgeorge w bushGeorgeBushGeorgeWBushgovernmentObama administrationObamaAdministrationTARPTARP moneyTarpMoneyMon, 26 Oct 2009 12:58:00 EST<![CDATA[REPORT: Jeep Wrangler safe from CARB "Cool Cars" proposal]]>http://www.autoblog.com/2009/10/25/report-jeep-wrangler-safe-from-carb-cool-cars-proposal/http://www.autoblog.com/2009/10/25/report-jeep-wrangler-safe-from-carb-cool-cars-proposal/http://www.autoblog.com/2009/10/25/report-jeep-wrangler-safe-from-carb-cool-cars-proposal/#commentsFiled under: , ,



Remember California's "Cool Cars" regulation? Coming into force in 2012, the rule requires manufacturers to install windows that prevent 45% of the sun's energy from entering a vehicle by 2014, and 60% by 2016. It's the law that no one thinks is cool at all. In a minor victory against The Golden State's increasingly severe environmental regulations (and we live there and love it, but still...), the soft-top Jeep Wrangler has reportedly been given an exemption.

Specifically, any flexible plastic window is exempt. Said a CARB representative, "If the plastic windows are rigid, they must comply with the same standards as glass windows, beginning with the 2012 model year." If not for the flexible-window exemption, Chrysler wouldn't have been allowed to sell the Wrangler in California with the soft top because its plastic windows would have been non-compliant. Chrysler's Global Electric Motorcars (GEM) were also threatened, but are now safe from the regulation as well.

As for the other issue -- radio wave interference that degrades GPS and other signals -- CARB said it hasn't found any such problems in its testing. But who knows, now that the Jeep gets a pass, carmakers might just put flexible windows in every car sold in CA ... and how cool would that be?

[Source: The Detroit News]

REPORT: Jeep Wrangler safe from CARB "Cool Cars" proposal originally appeared on Autoblog on Sun, 25 Oct 2009 14:33:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>californiaCalifornia Air Resources BoardCaliforniaAirResourcesBoardcarbcool carsCoolCarsenvironmentgovernmentjeepjeep wranglerJeepWranglerlegalwranglerSun, 25 Oct 2009 14:33:00 EST<![CDATA[Shreveport, LA mayor lobbies D.C. to close the HUMMER deal, already]]>http://www.autoblog.com/2009/10/24/shreveport-la-mayor-lobbies-d-c-to-close-the-hummer-deal-alre/http://www.autoblog.com/2009/10/24/shreveport-la-mayor-lobbies-d-c-to-close-the-hummer-deal-alre/http://www.autoblog.com/2009/10/24/shreveport-la-mayor-lobbies-d-c-to-close-the-hummer-deal-alre/#commentsFiled under: , , , , , , ,



Cedric Glover, the mayor of Shreveport, Louisiana, went to Washington, D.C. to plead his case for the sale of Hummer to Tengzhong. The only thing is, we're not sure why he went. To be more precise, we do know that he wants to protect jobs at GM's Shreveport plant that builds Hummers. The plant has about 800 workers who build some of The General's pickup trucks and Hummer models, and the loss of The Big H would undoubtedly put people out of work.

What we're not sure of is what he thinks Washington has to do with it. He did ask that a couple of D.C. muckety-mucks "consider reaching out to the Chinese government to urge immediate approval of the Hummer deal," but Washington hasn't expressed any opposition to the deal and probably couldn't get the deal concluded on the Chinese side any sooner -- never mind the fact that Hummer is the least of Washington's concerns as far as China goes.

We've been told by one source at Hummer that although nothing is final until it's signed, they feel good about the deal, and Tengzhong must have known what it was doing when it made the bid in the first place. Yet beyond all that, as it stands today the Shreveport plant has three years to live at most: the facility wasn't part of the Hummer sale, and GM said it would shutter the place by 2012 at the latest. Mayor Glover wants to save jobs in his town, which is great, but unless GM starts going gangbusters (and soon) then Glover could be playing the Deck Chair and Sinking Ship game.

[Source: HummerGuy]

Shreveport, LA mayor lobbies D.C. to close the HUMMER deal, already originally appeared on Autoblog on Sat, 24 Oct 2009 14:16:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>cedric gloverCedricGloverchinageneral motorsGeneralMotorsgmgovernmenthummerLAmanufacturingplantsshreveportshreveport assemblyShreveportAssemblysuvtengzhongtengzhong hummerTengzhongHummertruckuawunionSat, 24 Oct 2009 14:16:00 EST<![CDATA[Recork the Champagne? China says Hummer paperwork not submitted yet]]>http://www.autoblog.com/2009/10/12/recork-the-champagne-china-says-hummer-paperwork-not-submitted/http://www.autoblog.com/2009/10/12/recork-the-champagne-china-says-hummer-paperwork-not-submitted/http://www.autoblog.com/2009/10/12/recork-the-champagne-china-says-hummer-paperwork-not-submitted/#commentsFiled under: , , , ,


2008 Hummer HX concept - Click above for high-res gallery

Last week, it was reported that General Motors had signed a definitive agreement to sell Hummer to Chinese machinery manufacturer Tengzhong. The Chinese company and its partner in the deal, Lumena Resources Corp., would pay $150 million and receive Hummer and its intellectual property, ownership of U.S. franchise agreements, and manufacturing, business, and component assistance during a four- or five-year transition period.

The questions being raised now concern what is happening on the other side of the Pacific. The Chinese Commerce Ministry reportedly hasn't received Tengzhong's application to officially bring Hummer home, which has led observers to wonder if there will be a holdup or reversal of the deal. According to a Hummer representative, however, Tengzhong had to finalize the deal with GM before it could present it for approval to the Chinese authorities:

The closing of the transaction is subject to customary closing conditions and regulatory approvals and/or review by agencies in China and the U.S. Tengzhong has started communicating with the relevant regulatory bodies and will continue to support the application process in accordance with the requirements. Formal engagement was only able to begin with the signing of the definitive agreement.
If all goes well, Tengzhong hopes to have the deal closed by early 2010.


Gallery: Detroit 2008: HUMMER HX in the design studio


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

Recork the Champagne? China says Hummer paperwork not submitted yet originally appeared on Autoblog on Mon, 12 Oct 2009 16:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>acquisitionchinachinese governmentChineseGovernmentgeneral motorsGeneralMotorsgmgovernmenthummerhummer salehummer sale chinaHummerSaleHummerSaleChinasuvtengzhongtengzhong hummerTengzhongHummerMon, 12 Oct 2009 16:29:00 EST<![CDATA[REPORT: Major obstacle cleared as Swedish government to guarantee $615M EIB loan for Saab]]>http://www.autoblog.com/2009/10/06/report-swedish-government-to-guarantee-615m-eib-loan-for-saab/http://www.autoblog.com/2009/10/06/report-swedish-government-to-guarantee-615m-eib-loan-for-saab/http://www.autoblog.com/2009/10/06/report-swedish-government-to-guarantee-615m-eib-loan-for-saab/#commentsFiled under: , ,


2010 Saab 9-5 - Click above for high-res image gallery

A major hurdle in Saab's transfer to the homegrown hands of Sweden's Koenigsegg has been surmounted: the Swedish government has agreed to guarantee a 4.3 billion kroner ($615M U.S.) loan from the European Investment Bank to the Koenigsegg consortium. That represents the final funding the maker of the CCX needs in order to compete the financing of the deal.

The next hurdle is for the European Investment Bank to consent to give Koenigsegg the money. A Swedish government representative said he hoped the EIB would decide before the end of the month. If that happens and things goes favorably, Koenigsegg may still get the deal done on its original timeline, the end of the year.


Gallery: 2010 Saab 9-5


[Source: Reuters]

REPORT: Major obstacle cleared as Swedish government to guarantee $615M EIB loan for Saab originally appeared on Autoblog on Tue, 06 Oct 2009 10:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>acquisitionacquisitionsbaiceibEuropean Investment BankEuropeanInvestmentBankfinancegovernmentkoenigseggkoenigsegg saabKoenigseggSaabsaabswedenTue, 06 Oct 2009 10:58:00 EST<![CDATA[NYT straps on its helmet and wades into the brain bucket controversy]]>http://www.autoblog.com/2009/09/28/nyt-straps-on-its-helmet-and-wades-into-the-brain-bucket-controv/http://www.autoblog.com/2009/09/28/nyt-straps-on-its-helmet-and-wades-into-the-brain-bucket-controv/http://www.autoblog.com/2009/09/28/nyt-straps-on-its-helmet-and-wades-into-the-brain-bucket-controv/#commentsFiled under: , , ,



There's a bit of controversy going on in the helmet world, and it has a direct impact - pun intended - on every motorcycle rider trying to protect his or her head while looking for the best helmet to buy. All helmets approved for sale in the United States are tested and approved by the Department of Transportation, and wear a DOT sticker to certify the fact. The issue is with the additional SNELL Memorial Foundation certification that some helmets have.

According to The New York Times, in order to attain the SNELL M2005 certification, a helmet needs to be able to withstand that impact of a small steel sphere, twice, with the headform inside the helmet experiencing less than 300 times the force of gravity (300 g's). That's a huge amount of force, and it has led to SNELL M2005 helmets being so exceptionally rigid that some head injury researchers believe riders are suffering brain damage because of it. Also, SNELL doesn't use headforms of different weights, so riders with small heads can especially disadvantaged because of the disproportionate forces they'll encounter in such a firm helmet.

Some helmet companies and doctors and the U.S. and European helmet certification authorities believe that the SNELL M2005 test is obsolete, and that helmets should be "softer, softer, softer." SNELL has admitted to the need to update its test, and will be unveiling the M2010 standard shortly. The problem is that the M2005 standard helmets will continue to be sold in America until 2012. They won't be able to be sold in Europe until SNELL re-engineers its test to allow for more forgiving headgear. For you riders out there, do your homework, ask around, and make sure to buy the helmet that's right for you. A cranium is a terrible thing to waste.

[Source: The New York Times | Image: SNELL Memorial Foundation]

NYT straps on its helmet and wades into the brain bucket controversy originally appeared on Autoblog on Mon, 28 Sep 2009 16:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>department of transportationDepartmentOfTransportationdoteuropegovernmenthelmetmotorcyclesafetysnellsnell memorial foundationSnellMemorialFoundationMon, 28 Sep 2009 16:00:00 EST<![CDATA[Obama administration slaps hefty import tariffs on Chinese-made tires]]>http://www.autoblog.com/2009/09/14/obama-administration-slaps-hefty-import-tariffs-on-chinese-made/http://www.autoblog.com/2009/09/14/obama-administration-slaps-hefty-import-tariffs-on-chinese-made/http://www.autoblog.com/2009/09/14/obama-administration-slaps-hefty-import-tariffs-on-chinese-made/#commentsFiled under: ,



The aggrieved parties are: the United Steelworkers and the U.S. government on one side, Chinese tire companies and the Chinese government on the other. The issues are, as always, jobs and money. The Steelworkers brought a case against Chinese tire companies for dumping tires on the U.S. market over the past few years and in the process putting more than 5,000 people out of work and closing seven domestic tire factories. The case was ruled on by the U.S. International Trade Commission, which found in favor of the Steelworkers. In response, the current administration plastered a 35% tax on Chinese passenger car and light truck tires.

Naturally, the Chinese are miffed, to say the least. They feel the tariff is contrary to World Trade Organization rules and President Obama's rhetoric on current tariff levels, as well as being a tactic of undue protectionism. When China entered the WTO, the U.S. specifically negotiated the right to protect itself against a sudden wave of Chinese goods, and the ITC feels that China's share of the tire market having grown 14% in four years, with 31 million more tires entering, is just such an occasion.

Politics could be the decider in this one, however. China can complain to the WTO, attempt to impose its own countermeasures, or at the upcoming G-20 meeting it can simply whisper in Obama's ear, "You know that $1.56-trillion-and-counting deficit you guys need floated..." Nobody wins in the case of escalation, but we have a feeling the fight isn't yet finished.

[Source: Wall Street Journal | Photo: Mark Ralston/AFP/Getty Images]

Obama administration slaps hefty import tariffs on Chinese-made tires originally appeared on Autoblog on Mon, 14 Sep 2009 13:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>chinachinese tiresChineseTiresgovernmentimportslegaltarifftariffstiresMon, 14 Sep 2009 13:58:00 EST<![CDATA[You didn't think the battle for Opel was over, did you? Belgium reportedly asking EU to investigate]]>http://www.autoblog.com/2009/09/13/you-didnt-think-the-battle-for-opel-was-over-did-you-belgium/http://www.autoblog.com/2009/09/13/you-didnt-think-the-battle-for-opel-was-over-did-you-belgium/http://www.autoblog.com/2009/09/13/you-didnt-think-the-battle-for-opel-was-over-did-you-belgium/#commentsFiled under: , , , ,



When GM decided to hand 55% of Opel to Magna, you didn't think the Belgians were just going to have some waffles and call it quits, did you? Oh no. Belgium's prime minister made a call to the EU president about the deal, and the EU Competition Commissioner Neelie Kroes told a Belgian newspaper, "If something happens against the rules, I will take action."

According to the prime minister, however, the rules have already been broken. Even though Magna has said it will need to trim more workers than expected, the Belgian leader said, "Financial aid given by a country that guarantees that the factories in their country don't close is against EU rules." The sale to Magna has observers screaming, "Politics!" but has made German Chancellor Angela Merkel look very good in the run-up to elections on September 27; with EU scrutiny all she really needs to hope for is that it takes them longer than two weeks to come to an adverse finding, if that should happen.

Opel labor, however, isn't so pleased anymore now that Magna has said it will need to eliminate more jobs than it originally proposed. Initial estimates put job losses at 2,500 workers in Germany; now the Canadian company is saying 4,100 jobs could be lost. It appears that Opel workers plan to assert themselves if Magna does anything differently than it said it would. In addition, labor wants "a veto right over job cuts, transfer of production or plant closures," which are the kinds of rights VW labor unions have. If you ask us, the dust on this one is nowhere near settled.

[Source: Automotive News, sub req'd]


You didn't think the battle for Opel was over, did you? Belgium reportedly asking EU to investigate originally appeared on Autoblog on Sun, 13 Sep 2009 10:36:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>belgiumcanadaeueu commissioneu competition commissionEuCommissionEuCompetitionCommissioneuropegeneral motorsGeneralMotorsgermanygmgovernmentmagnaopelrhjSun, 13 Sep 2009 10:36:00 EST<![CDATA[REPORT: 'Old' Chrysler defaulting on loan obligations]]>http://www.autoblog.com/2009/09/08/report-old-chrysler-defaulting-on-loan-obligations/http://www.autoblog.com/2009/09/08/report-old-chrysler-defaulting-on-loan-obligations/http://www.autoblog.com/2009/09/08/report-old-chrysler-defaulting-on-loan-obligations/#commentsFiled under: , , ,



Before there was a Motors Liquidation Co, post-bankruptcy GM's hived-off shelter for useless assets, there was Old Carco LLC. That's the company Chrysler built to house its useless assets, and unsurprisingly, it doesn't have good news for unsecured creditors. Old Carco was left with liabilities of $20.5 billion, but has less than half of that to pay off everyone it owes.

The latest accounting says there is $2.345 billion to pay things off. With a shortfall that drastic, even the U.S. Treasury and the Canadian governments are waiting for their money, with a $3.34 billion loan and $29 million in interest going not being repaid. The Treasury sent Old Carco a notice of default last month, which strikes us as a waste of a stamp and paper.

And since Old Carco isn't allowed to borrow any more money, there is almost no chance that creditors will be made whole. At this point, as the company tries to unload leftover factories and property, it looks like the best anyone's going to get is pennies on the dollar -- or just fractions of that -- and that could be for the folks first in line. Old Carco is dead, long live Chrysler...

[Source: Detroit News | Image Source: Bill Pugliano/Getty]

REPORT: 'Old' Chrysler defaulting on loan obligations originally appeared on Autoblog on Tue, 08 Sep 2009 17:20:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>canadachryslerchrysler bankruptcyChryslerBankruptcyearningsfinancialsgovernmentlegalloansold carcoOldCarcotreasuryTue, 08 Sep 2009 17:20:00 EST<![CDATA[REPORT: U.S. psyched as China decides to cut auto part tariffs ]]>http://www.autoblog.com/2009/08/31/report-u-s-psyched-as-china-decides-to-cut-auto-part-tariffs/http://www.autoblog.com/2009/08/31/report-u-s-psyched-as-china-decides-to-cut-auto-part-tariffs/http://www.autoblog.com/2009/08/31/report-u-s-psyched-as-china-decides-to-cut-auto-part-tariffs/#commentsFiled under: , , ,


Chinese-market 2010 Buick Regal - Click above for high-res image gallery

China joined the World Trade Organization in 2001, at which point it was given five years to adjust to the rules of open trade before any complaints were lodged against it. On schedule, in 2006, the complaints began, lodged by the U.S., Europe, and Canada.

In one example of open trade prohibitive practices, Automotive News reports that if a car built in China uses a percentage of imported auto parts above a specific threshold, China taxes each imported part an additional 25%. In such a price-competitive atmosphere, such a policy all but proscribes the use of imported parts, a move that has lead to complaints from all three continents.

The original complaint was decided at the end of last year in a ruling against China. Beijing appealed, to no avail. In response, China has rescinded the tax, which is an initial step to truly opening the market up for foreign parts- and automakers.

The U.S. trade in auto parts to China is not even 1/13th what it is to Mexico, a statistic that a host of companies would clearly like to change.


Gallery: 2009 Chinese-spec Buick Regal


[Source: Automotive News, sub req'd]

REPORT: U.S. psyched as China decides to cut auto part tariffs originally appeared on Autoblog on Mon, 31 Aug 2009 15:31:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>auto partsAutoPartscanadachinaeuropegovernmentlegaltradeunited statesUnitedStatesworld trade organizationWorldTradeOrganizationwtoMon, 31 Aug 2009 15:31:00 EST<![CDATA[Cash for Clunkers over, dealer deadline for filing extended indefinitely]]>http://www.autoblog.com/2009/08/25/cash-for-clunkers-over-dealer-deadline-extended-twice/http://www.autoblog.com/2009/08/25/cash-for-clunkers-over-dealer-deadline-extended-twice/http://www.autoblog.com/2009/08/25/cash-for-clunkers-over-dealer-deadline-extended-twice/#commentsFiled under: ,



If you're a car dealer, chances are that you're not visiting Autoblog this morning to see what's going on. No, your head and the head of every single one of your employees is buried in a keyboard right now, frantically refreshing the government's website that handles Cash for Clunkers submissions. The website has been down since yesterday morning, and the Transportation Department has officially extended the deadline for dealers to file their reimbursement requests twice now - once yesterday to noon today and again late last night. The second extension is open ended until the site comes back online and is able to handle the influx of dealer submissions.

The government website went down at some point before noon on Monday morning, presumably when dealers nationwide began submitting their final reimbursement requests from last weekend's bonanza sell-a-thon. All the government is saying right now is that dealers will have any time lost while the site was down to submit their final paperwork. The deadline to actually sell cars through the Cash for Clunkers program came and went last night at 8PM, but if dealers are prohibited from submitting paperwork for those final sales, they may be out the cost of the C4C rebate for each car.

[Source: Automotive News, sub. req'd | Photo by Ethan Miller/Getty]

Cash for Clunkers over, dealer deadline for filing extended indefinitely originally appeared on Autoblog on Tue, 25 Aug 2009 09:57:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>c4ccash for clunkersCashForClunkersdepartment of transportationDepartmentOfTransportationgovernmentTue, 25 Aug 2009 09:57:00 EST<![CDATA[The tale that wagged the dog: Cerberus' Stephen Feinberg speaks]]>http://www.autoblog.com/2009/08/14/the-tale-that-wagged-the-dog-cerberus-stephen-feinberg-speaks/http://www.autoblog.com/2009/08/14/the-tale-that-wagged-the-dog-cerberus-stephen-feinberg-speaks/http://www.autoblog.com/2009/08/14/the-tale-that-wagged-the-dog-cerberus-stephen-feinberg-speaks/#commentsFiled under: ,



Now that the crime is over, the verdict issued and the sentencing issued, we can look forward to a few months years of the CSI treatment applied to what really happened at Chrysler. The first exhibit is a New York Times piece with Cerberus co-founder Stephen Feinberg, coming off almost as The Man Would Would Be Iacocca.

The first quote - "I don't know what we could have done differently. From the day we bought it, we worked hard to improve it" -- is the kind of statement that, no matter how true it is, would likely elicit numerous objections. Yet the issue of whether Cerberus should have bought Chrysler or whether it knew what is was doing is only the second most compelling theme of the Times piece.

The real hook is the competing justifications of why Cerberus bought Chrysler. On the one hand, many feel that it was a play to get Chrysler Financial and marry it with GMAC. The other hand, as Feinberg notes more than once, was supposedly holding an American flag - that is, the Cerberus deal was about patriotism and doing what's right for the country. That's a narrative we had never even considered - private equity and The Good of America don't often dine together in our world - but have a read and decide for yourself.

[Source: New York Times | Photo by Bill Pugliano/Getty]

The tale that wagged the dog: Cerberus' Stephen Feinberg speaks originally appeared on Autoblog on Fri, 14 Aug 2009 19:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>cerberuschryslerchrysler bankruptcyChryslerBankruptcyfeinberggovernmentstephen feinbergStephenFeinbergsteve feinbergSteveFeinbergFri, 14 Aug 2009 19:58:00 EST<![CDATA[Tata gets private-sector loan, doesn't need UK government money]]>http://www.autoblog.com/2009/08/13/tata-gets-private-sector-loan-doesnt-need-uk-government-money/http://www.autoblog.com/2009/08/13/tata-gets-private-sector-loan-doesnt-need-uk-government-money/http://www.autoblog.com/2009/08/13/tata-gets-private-sector-loan-doesnt-need-uk-government-money/#commentsFiled under: , , , , , ,



Tata's target was £1 billion ($1.65B U.S.) in loans to keep the JLR group going. And while Tata is in talks with the U.K government about providing a large chunk of that, some of the government's terms -- like veto power over management decisions-- prevented Tata from pulling the trigger.

A measure of success has been achieved with the announcement that Tata has secured a £175 million ($289M U.S.) loan from private sources. Those funds mean that Tata doesn't need the government's money. It also means short cuts won't need to be taken during the current launch of the new XJ and launch of the facelifted Rovers later this year.

[Source: Automotive News - Sub. Req.]

Tata gets private-sector loan, doesn't need UK government money originally appeared on Autoblog on Thu, 13 Aug 2009 08:59:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>europefinancialsgovernmentjaguarjlrloansrange roverRangeRovertataukThu, 13 Aug 2009 08:59:00 EST