Auto News 11/24
November 24th 2006 16:23
Kerkorian trims GM holdings
General Motors Corp. investor Kirk Kerkorian last week sold 14 million shares in the struggling automaker.
Kerkorian is GM’s fourth-largest shareholder, who owns 7.4 percent of the company’s stock; he had owned 9.9 percent. His sell-off comes as speculation increases that he is no longer trying to influence the direction of the country’s largest automaker.
Kerkorian has been frustrated with GM since Chairman Rick Wagoner nixed an alliance with Renault SA and Nissan Motor Co. He had pushed GM to consider the alliance, however that deal collapsed in October.
Later, Kerkorian’s top aide, Jerry York, quit GM’s board over “grave reservations” about whether GM could compete with Asian automakers.
Kerkorian’s shares were worth $462 million.
Chinese auto imports to U.S. deal faces more delays
Billionaire auto investor Malcolm Bricklin’s plans to import Chinese autos to the U.S. has hit a major speedbump. Bricklin’s company, Visionary Vehicles LLC, has abruptly ended a joint venture with the company that was to manufacture the vehicles.
China’s Chery Automobile Co. was to build the vehicles, but last week Bricklin nixed plans for an exclusive deal and began meeting with other Chinese automakers during the Beijing Auto Show, the company said. Chery could still assemble some cars for the company on a contract basis, the company said.
Bricklin, 67, had planned to import the vehicles to the U.S. beginning in 2007, however delays pushed that date back to 2008. Chery is also in talks with DaimlerChrysler AG to build a car in China.
GM says bye-bye to minivans
It’s official: General Motors Corp. is getting out of the minivan business.
The automaker said it is scrapping plans to build minivans under the Chevrolet, Saturn and other nameplates. Instead, it will build crossover vehicles that blend features of cars and SUVS.
It marks a dramatic shift in the minivan’s popularity — once a top-selling family vehicle.
Ford abandoned its minivans earlier this year, ending production of the Ford Freestar and Mercury Monterey. Tt comes as GM tries to save $9 billion in restructuring costs.
Since 2000, GM’s minivan sales have fallen nearly 50 percent. GM sold 166,000 minivans last year, compared with 323,000 in 2000. Overall, sales of minivans dropped 20 percent during that time, but minivan sales at Chrysler, Honda and Toyota remain strong.
"We do believe it is a declining segment," GM Vice Chairman Bob Lutz told The Detroit News on Tuesday. "Our new crossovers, Acadia, Outlook and Enclave with their three rows of seats and economical V-6 engines, can meet the same customer needs, minus the 'Soccer Mom' stigma.."
The Detroit News reported that GM will stop building minivans after it closes its
Now, GM will focus on building new crossovers such as the Acadia, Outlook and Enclave, which will feature third-row seating and V-6 engines.
GM lauches new Malibu with upscale features
General Motors Corp. will build the redesigned Chevrolet Malibu with a two-tone cockpit and upscale features in an effort to distinguish the sedan from Japanese competitors.
Troy Clarke, president of North American operations, showed the first pictures of the vehicle to journalists on Tuesday in Detroit. The revamped sedan will feature optional leather trim and a more rounded exterior design. It will start at around $17,000 (U.S) auto analysts said.
“We paid very close attention to precision and detail,” Clarke said about the design. “We're making it look like a much more expensive vehicle.”
The Malibu will make its debut in January at the North American International Auto Show in Detroit. GM has sold more than 144,000 Malibus this year, making it the third best-selling Chevrolet car in GM’s lineup.
General Motors Corp. investor Kirk Kerkorian last week sold 14 million shares in the struggling automaker.
Kerkorian is GM’s fourth-largest shareholder, who owns 7.4 percent of the company’s stock; he had owned 9.9 percent. His sell-off comes as speculation increases that he is no longer trying to influence the direction of the country’s largest automaker.
Kerkorian has been frustrated with GM since Chairman Rick Wagoner nixed an alliance with Renault SA and Nissan Motor Co. He had pushed GM to consider the alliance, however that deal collapsed in October.
Later, Kerkorian’s top aide, Jerry York, quit GM’s board over “grave reservations” about whether GM could compete with Asian automakers.
Kerkorian’s shares were worth $462 million.
Chinese auto imports to U.S. deal faces more delays
Billionaire auto investor Malcolm Bricklin’s plans to import Chinese autos to the U.S. has hit a major speedbump. Bricklin’s company, Visionary Vehicles LLC, has abruptly ended a joint venture with the company that was to manufacture the vehicles.
China’s Chery Automobile Co. was to build the vehicles, but last week Bricklin nixed plans for an exclusive deal and began meeting with other Chinese automakers during the Beijing Auto Show, the company said. Chery could still assemble some cars for the company on a contract basis, the company said.
Bricklin, 67, had planned to import the vehicles to the U.S. beginning in 2007, however delays pushed that date back to 2008. Chery is also in talks with DaimlerChrysler AG to build a car in China.
GM says bye-bye to minivans
It’s official: General Motors Corp. is getting out of the minivan business.
The automaker said it is scrapping plans to build minivans under the Chevrolet, Saturn and other nameplates. Instead, it will build crossover vehicles that blend features of cars and SUVS.
It marks a dramatic shift in the minivan’s popularity — once a top-selling family vehicle.
Ford abandoned its minivans earlier this year, ending production of the Ford Freestar and Mercury Monterey. Tt comes as GM tries to save $9 billion in restructuring costs.
Since 2000, GM’s minivan sales have fallen nearly 50 percent. GM sold 166,000 minivans last year, compared with 323,000 in 2000. Overall, sales of minivans dropped 20 percent during that time, but minivan sales at Chrysler, Honda and Toyota remain strong.
"We do believe it is a declining segment," GM Vice Chairman Bob Lutz told The Detroit News on Tuesday. "Our new crossovers, Acadia, Outlook and Enclave with their three rows of seats and economical V-6 engines, can meet the same customer needs, minus the 'Soccer Mom' stigma.."
The Detroit News reported that GM will stop building minivans after it closes its
Now, GM will focus on building new crossovers such as the Acadia, Outlook and Enclave, which will feature third-row seating and V-6 engines.
GM lauches new Malibu with upscale features
General Motors Corp. will build the redesigned Chevrolet Malibu with a two-tone cockpit and upscale features in an effort to distinguish the sedan from Japanese competitors.
Troy Clarke, president of North American operations, showed the first pictures of the vehicle to journalists on Tuesday in Detroit. The revamped sedan will feature optional leather trim and a more rounded exterior design. It will start at around $17,000 (U.S) auto analysts said.
“We paid very close attention to precision and detail,” Clarke said about the design. “We're making it look like a much more expensive vehicle.”
The Malibu will make its debut in January at the North American International Auto Show in Detroit. GM has sold more than 144,000 Malibus this year, making it the third best-selling Chevrolet car in GM’s lineup.
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