Archive for the ‘Personalities’ Category

China’s Auto Sales Sliding Downward

EVs and hybrids the only bright spot currently.

by on Dec.11, 2018

Electric vehicle sales are booming in China courtesy of subsidies and mandates by the government.

The world’s largest automotive market continues to face headwinds as auto sales in China dropped for the fifth consecutive month.

The Chinese economy was already experiencing a long-term slowdown, including auto sales, when the tariff fight between the U.S. and China began.

Global News!

Sales of SUVs, sedans and minivans in China fell 16% from a year ago to just under 2.2 million units, the China Association of Automobile Manufacturers, reported Tuesday. Through November, sales were down 2.8% from a year earlier at 21.5 million, putting 2018 sales on track to shrink for the first time in three decades. (more…)

GM Presses to Extend EV Tax Credits

But automaker’s planned plant closings make it a hard sell.

by on Dec.11, 2018

General Motors is lobbying politicians to extend EV tax credits just a week after CEO Mary Barra was flogged for plans to close five plants and layoff thousands.

General Motors lobbyists are making a push on Capitol Hill to extend the tax credits the automaker’s customers can receive after purchasing one of its battery-electric vehicles, such as the Chevrolet Bolt EV.

The automaker is rapidly approaching the sales threshold set by Congress – 200,000 battery models – after which the incentives would be phased out. That would make vehicles like the Bolt as much as $7,500 more expensive and potentially short-circuit demand.

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GM is by no means alone. Tesla has already crossed the sales threshold and will begin to have its tax credits phase out, starting January 1. They will be eliminated entirely at the end of 2019. Nissan and Ford aren’t far behind. Newer entries into the electric car field, such as Volkswagen and Hyundai, would effectively gain an edge by continuing to offer the credits. (more…)

Sales of Electric Vehicles Growing Steadily in California

Year-over-year increase in triple digits.

by on Dec.11, 2018

Electric vehicle sales are up 300% year-to-date in California.

Electric cars accounted for 7.1% of California car sales in the first three quarters of 2019 with fully electric, zero-emission car sales outrunning the plug-in hybrid sales.

EVs accounted for 4.1% of the vehicles sold in California while plug-in hybrids accounted for 3%, according to Veloz, which tracks the development of EV sales in the state.

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“It’s no longer a matter of whether electric vehicles will take off, but how soon,” said Josh Boone, executive director of Veloz, public-private coalition of major electric car industry stakeholders, told TheDetroitBureau.com. California hit the 500,000 electric-car sales milestone in November. (more…)

Tesla’s Musk Expresses Interest in Closing GM Plants

Exec expresses disdain for SEC, approvals.

by on Dec.10, 2018

Elon Musk expressed interest in buying one of the plants General Motors plans to close in the near future.

Tesla co-founder Elon Musk is ready to play “Let’s Make a Deal” with General Motors — again.

Not, Musk doesn’t want to challenge GM CEO Mary Barra to appear on the television game show, but he did tell reporter Lesley Stahl on the CBS news show 60 Minutes he would be willing to buy one of the plants GM plans to shut down in the near future.

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“It’s possible that we would be interested. If they were going to sell a plant or not use it that we would take it over,” he said during the interview. (more…)

Toyota Staying in Car Market for the Long Haul

Cars account for 4 million unit sales.

by on Dec.10, 2018

Toyota EVP Bob Carter noted that despite the popularity of trucks and SUVs, cars still about for 4 million sales.

Toyota officials recently reiterated the company has no intention of leaving the passenger car business.

Speaking at an event in Detroit last week, Bob Carter, executive vice president – sales for Toyota Motor North America, said the Japanese automaker has every intention of remaining in the passenger car business.

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Carter noted even as trucks and utility vehicles grow in popularity, consumers in the U.S. are expected to buy 4 million passenger cars this year. “At 4 million units, the passenger car market is bigger than the market in most countries,” said Carter. “Cars are very important.” (more…)

Daimler, BMW Mobility Joint Venture Delayed

Companies pushing on, meeting with U.S. authorities.

by on Dec.10, 2018

Mobility enterprises, like Daimler's alliance with the Car2Go car-sharing service, are partnering more often, as Daimler is trying to do with BMW.

Delays in obtaining the necessary regulatory approvals have forced Daimler AG and BMW Group to push back their effort to establish a joint-venture mobility company.

The delay will force Daimler Financial Services to lower its earnings forecast for 2018. The division now expects EBIT to be significantly lower than in the previous year.

Business News!

The forecast for the Daimler Group’s EBIT in the 2018 financial year remains unaffected and unchanged. As previously announced, the transaction will not have any cash-flow impact on the industrial business, Daimler said in a statement, updating the plans for the joint venture. (more…)

VW Denies Chairman Poetsch Knew About Scandal Early

VW officials say it wasn't possible for him to know early.

by on Dec.10, 2018

VW Chairman Hans Dieter Poetisch denies having knowledge of the scope of the diesel cheating scandal

Volkswagen officials are denying reports that Chairman Hans Dieter Poetsch knew about the diesel emissions cheating allegations before they were revealed by U.S. authorities in September 2015.

German newspaper Bild am Sonntag reported that Poetsch found out about the carmaker’s violations of the rules in late June 2015. He was Volkswagen’s head of finance at that time. The company was led by Martin Winterkorn, who later resigned due to the scandal.

Global News!

The paper cites a confidential presentation from the VW legal department, which was made available to investigators handling alleged market manipulation. One of the investigations centered on VW is if executives acted quickly enough and if not, was it done to manipulate the company’s value. (more…)

McLaren Offering More Open Air Speed With New 720S Spider

New convertible offered with transparent retractable roof.

by on Dec.10, 2018

The new McLaren 720S Spider is the latest creation born from the company's $1.6 billion Track25 plan.

British supercar maker McLaren Automotive keeps rolling out new models, extending its comeback from the brink of death. The latest is the 720S Spider, which is part of its Super Series product line.

The comeback is part of the nearly $1.6 billion Track25 business plan that was the latest effort to revive the iconic sports car company, and the only one that seems to have taken. The new 720S Spider is available right now.

Product News!

“The new McLaren 720S Spider offers an unparalleled blend of extreme performance, crafted luxury, driver involvement and daily usability – all with the additional exhilaration of open-air driving whenever required,” said Mike Flewitt, chief executive officer, McLaren Automotive. (more…)

Carlos Ghosn Formally Indicted – Could Face 10-Year Sentence

Former Nissan chairman accused of concealing income.

by on Dec.10, 2018

Nissan Chairman Carlos Ghosn was still running the show when he appeared at a news conference at the Paris Motor Show in October.

Things went from bad to worse for the long-time head of the Renault-Nissan-Mitsubishi Alliance on Monday, prosecutors in Tokyo formally charging Carlos Ghosn with financial misconduct in a scandal that has rocked the global automotive industry.

Ghosn, along with Nissan board member Greg Kelly, were arrested on November 19th after their corporate jet touched down in the Japanese capital and immediately taken to the Tokyo Detention Centre where they have been held in solitary ever since. Ghosn, in particular, has not been accused of hiding about half of his $88 million income during a five year period beginning in 2010. He may face additional charges related to more recent years, according to Japanese media reports.

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If found guilty, the executive who was given credit for saving a nearly bankrupt Nissan in 1999 could face up to 10 years in prison, a 10 million yen, or $89,000, fine, or both. Nissan, however, could also face potential penalties as high as 700 million yen, or $6.2 million, for failing to catch the alleged scheme.

(more…)

FCA Adds Two New Executives to Company’s Top Ranks

Stewart, Golightly come from outside auto industry.

by on Dec.07, 2018

FCA CEO Mike Manley added two new executives from outside the automotive industry.

Many thought that CEO Mike Manley would be Sergio Marchionne’s successor, and his first big decisions have largely followed Marchionne’s most recent five-year plan. However, today is a new day and Manley is proving to be an executive willing to make his own decisions.

After nearly a decade of developing and renewing its leadership team internally, Fiat Chrysler Automobiles hired a pair of executives from outside the automotive industry to man key leadership posts.

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Manley named former Amazon Vice President Mark Stewart Fiat Chrysler’s North American COO, a job held at the beginning of this year by CEO Sergio Marchionne before his death in July and then by Manley. (more…)