J.D. Power and Associates have lowered their U.S. sales light-vehicle forecast for 2008 to just 14.2 million units. This is the third time the global information services company have updated their numbers. In March, they announced that sales would not hit their initial 15.7 million estimate, instead they would come in at about 14.95 million units. Now, the company is estimating sales at 14.2 million units (the industry sold 16.2 million units in 2007). J.D. Power is citing the prolonged credit crisis, deteriorating economic conditions, and the high cost of fuel as reasons consumers are holding off on purchasing new vehicles. Not helping the matter, fleet sales (a common way for the automakers to boost sales in the past) are also down 21 percent from last year.
Click on the image above for our high-res Hyundai Genesis gallery
To lure buyers towards the all-new 2009 Hyundai Genesis luxury sedan, the Korean automaker is aggressively pricing lease programs. Traditional Hyundai customers choose to lease about 10-12 percent of the time. The Genesis, however, is aimed at a more upscale buyer -- a segment that tends to lease more often (according to Hyundai's estimates, 50 percent of the Genesis customers will lease the new sedan). To drive sales, the standard six-cylinder model, with a base price of about $33,000, will lease for $399/month (24-month lease with $2,199 due at signing). It's a deal that undercuts the Cadillac CTS by nearly $150/month, according to a retailer who sells both. With 80 percent of customers expected to choose the V6 model (we would too), the lease program is bold enough to drive traffic. In case you were wondering, the V8 model won't be in showrooms for another month, and by that time the lease program will have expired.
Following up on our report last month about Volvo possibly going to the Chinese, state media is now reporting that Chery Automobile, one of the largest independent and fastest growing Chinese auto manufacturers, has its eyes on the Swedish automaker. Although officials at Chery rule out the possibility of buying Volvo, other sources have stated that the Chinese automaker has already negotiated funding for a possible acquisition. If so, that funding will be significant-insiders put Volvo's value at 30 billion yuan (about $4.4 billion dollars). This isn't the first time that Ford has been rumored to be cashing-out on Volvo... however, it was just two months ago that Ford officials reiterated that Volvo was not for sale. We wouldn't bet our yuan on it.
The Chrysler Pacifica Advance Design Center, first opened in 1983, is credited with penning the Plymouth Prowler concept (pictured above), Dodge Challenger concept, Jeep Compass, and Dodge Intrepid concepts. Unfortunately, the Design Center closed earlier this year as Chrysler streamlined operations. Now, Mercedes-Benz will bring it back to life as they move their design studio from its current 13,000 square foot location in Irvine, to the larger 35,000 square foot former Chrysler location in Carlsbad, California. While both parties have confirmed the pending sale, terms and move-in dates have not been released.
Click on image above for a high-res gallery from our GT-R First Drive!
Nearly 700 Brits plunked down pre-order deposits of £3,500 (about $7,000) within the first 48 hours of Nissan's hot GT-R going on sale, proving demand for the latest Japanese supercar doesn't seem to be diminishing. Customers in the UK don't seem to be deterred by the GT-R's base sales price of £52,900 (about $105,000), or the fact they won't see delivery until March 2009. After our "First Drive" in the GT-R, you won't see us ridiculing frenzied buyers...
In what looks to be a merciful end to the world's longest foregone conclusion, Tata Motors will reportedly announce its purchase of Jaguar and Land Rover on either March 5 or 6. The announcement is expected after the first press day of the 2008 Geneva Motor Show, so as not to steal the limelight from Ford's new model and concept introductions. The press conference comes just in time for the first XF sedans to go on sale in the U.S. and Europe, so Ford's hard work and investment on the newest cat will benefit the brand's new owners. Tata is also expected to continue to utilize Ford powerplants in its new acquisitions, which will keep the Bridgend and Dagenham engine plants busy.
We'd thought the previous sale of Aston Martin had been drawn out, but the Jaguar and Land Rover clearance sale has lasted over a year, with talks of a Jaguar sale dating back to the '90s. Now, after a year of wondering what would happen to Ford's two British marques, we can move on to the next thing. You know, like whether Tata's going to turn around and quickly unload Jaguar.
According to a report by Reuters, a Malaysian company has approached Proton Holdings and asked if the automaker would be willing to part with its controlling stake in Lotus. The unnamed company is interested in purchasing the 63.75-percent of shares of the British automaker and automotive consultancy firm that Proton purchased back in 1996.
It's certainly not coincidental that this offer came in a few weeks after Proton and Volkswagen ended talks about a possible alliance, causing Proton's stock to drop by some 18-percent. Although the financial windfall gained by Proton may be beneficial in the short-term, the Malaysian automaker is dependent on Lotus' technological innovations for future products. We doubt anything will come of it, but we're curious as to what company made the offer and how it would benefit from the purchase.
We just can't get enough of this saga. First, Michael Schumacher, family in tow, commandeers a taxi to get to the airport. Then the local police decide to launch an investigation into the purported violation of Germany's Personnel Transport Act. Now the cab driver, a hundred euros richer thanks to the champ's generosity, has said that he's considering selling the now-famous taxicab which Schumacher drove in the incident.
The taxi is a nine-seater Opel Vivaro minivan, and according to the driver, he's already been inundated with calls from potential buyers interesting in acquiring the cab. The top offer at the time of printing the story in the German newspaper Bild am Sonntag was 63,000 euros.
"I need the money – because of the Schumi-Ride I could be in big trouble with the police," said Tuncer Yilmaz, the owner and driver of the taxi.
Nothing is better at propagating a rumor like a nasty social disease than the internet, and the France family just got a lesson. A report surfaced in Europe that an investment firm based there was investigating the potential purchase of NASCAR. Brian France, chairman of NASCAR, dismissed the report as speculation. According to France, the death of his father, Bill France Jr. most likely kicked off the baseless chatter. The current scoop is that the France family is not stepping down from the top of NASCAR or International Speedway Corporation, another France enterprise. While rising energy prices have taken a bite out of profits, and will likely affect attendance attendance somewhat, France assures that NASCAR will be "just fine."
A couple of other items help fuel the speculation, too. International Speedway endured a couple of abortive efforts in Washington state and New York to add new tracks to its holdings, but the long term plan is indeed for new venues when the right ones present themselves. Television ratings are also down, but that doesn't affect NASCAR so much as whacking the price that can be charged for ad space during television coverage of NASCAR events. So, while it might have been fun to kick the ball around thinking of NASCAR without the Frances – not this time.
At least one of the bidders in the race to buy Jaguar and Land Rover has dropped out of the competition. Indian manufacturer Mahindra & Mahindra apparently couldn't get the guarantees they wanted regarding powertrain supplies. With new limits on CO2 emissions expected to be enacted in the EU beginning in 2012, the ability of both brands to meet the standards with their larger vehicles poses a problem, as well.
The emissions issue may also be playing a part in Ford's decision to unload the companies and not keep any stake at all in them. Mahindra was really only interested in Land Rover, but Ford wants to sell the two companies as a package deal. Mahindra's Indian competitor Tata is still in the running and has lined up a technical support deal with Fiat if the sale goes through.
J.D. Power and Associates have lowered their U.S. sales light-vehicle forecast for 2008 to just 14.2 million units. This is the third time the global information services company have updated their numbers. In March, they announced that sales would not hit their initial 15.7 million estimate, instead they would come in at about 14.95 million units. Now, the company is estimating sales at 14.2 million units (the industry sold 16.2 million units in 2007). J.D. Power is citing the prolonged credit crisis, deteriorating economic conditions, and the high cost of fuel as reasons consumers are holding off on purchasing new vehicles. Not helping the matter, fleet sales (a common way for the automakers to boost sales in the past) are also down 21 percent from last year.
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