Dianes' Say
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How Can We Trust Toyota Anymore?
Toyota -Lexus Recalls Because of Engines Stalling Out?
Well, as the crow has it the companys' statement says;
Lexus has discovered faulty valve springs in some V8 and V6 engines in certain Lexus models sold in the U.S. Due to slight variations during the manufacturing process, some foreign material may have contaminated the valve springs resulting in potential breakage.
In such a situation, there is a remote possibility that abnormal engine noise or idling may occur. In extremely rare instances, the engine may stop while the vehicle is in operation.
Lexus has not received any reports of accidents or injuries related to this issue.
Approximately 137,000 vehicles are potentially affected in the U.S., including the IS 350, GS 350, GS 460, GS 450h, LS 460, LS 600h L.
Current model years are not affected.
Lexus is moving quickly to resolve the situation and will announce an appropriate remedy as soon as possible.
"In the meantime, we sincerely apologize to our customers for any inconvenience and request that they contact their nearest Lexus dealer if they believe there is a problem with their vehicle," said Mark Templin, group vice president and general manager of the U.S. Lexus Division.
GM Announces Recall of 1.5 million Cars
If it isn't one thing it is 1.5 million problems for the company. Say, who is watching their suppliers in the first place. Apparently this is a case of not paying atttention to what your supplier is doing. Now that same suplier is not making those parts anymore and GM does not have another supply of the item in question. Hmm, sleeping at the switch are they. Listening to the drone of the motors and tires too much I think. Another head will roll because of not paying attention to the situation and previous problems.
Has GM really lost its grip this time? Is the management better or worse off? If you have to pay out a hundred dollars to 1.5 million people that is a lot of money out of someones pocket. Hopefully it won't have to come out of line workers pay.
New Investments in Products
2-18-2010 Meeting announced an investment in manufacturing facilities to support the next generation, fuel efficient Ecotec engine from GM. This investment, totaling millions of dollars with a positive impact on employment, will position these communities for a bright future as GM transforms its product portfolio with new technologies and engines to reduce vehicle fuel consumption and emissions.
New offices and new office furniture will probably be included in the changes at the plants as well as new doors with name changes.
Tonawanda Plant
2995 River Road
Tonawanda, NY
Bay City Plant
1001 Woodside Ave.
Bay City, MI
Defiance Plant
26427 State Route 281
Defiance, OH
GM in Your Pocket
9-28-09 General Motors now has you in their pocket. Why? Because the US government bailed them out, They are now out of the bankruptcy and moving on to a newer direction.
Hopefully that direction will be good for us as taxpayers and they will begin to make some money again.The company is now owned by the US, Canada and Ontario.Their members of their board of directors have also been changed.
Unfortunately all of the jobs that were lost are still lost. The giant grew too big for his house, so he was put out of it. Many employees lost their homes because of GM business practices going too far afield. They built too many types of cars that did not really serve their customers.
It is no joke that US President Obama is now in the car business. You could say he and GM President Fritz Henderson are partners. However, when I went to check to see who the new members of the board were, the web site did not work. Nothing showed up on their web page about the newest members. So we wait to see what has really happened.
You would think that as big as GM is they could get their web site working prior to the day they announce a new company out of the rags of the former GM. While their new Senior staff was named, no where on the site was their new board of directors named. Oh well it’s Friday right, no one at GM works on Friday, I guess everyone took off after the announcement of them having new people on the board and that they were out of the bankruptcy, now they are all out partying at our expense. I really hope not.
Listed as senior staff are:
Frederick A. Henderson President and Chief Executive Officer
Thomas G. Stephens Vice Chairman Global Product Development
Robert A. Lutz Vice Chairman and Senior Advisor
Ray G. Young Executive Vice President and Chief Financial Officer
Troy A. Clarke Group Vice President and President,GM North America
Canadian Workers Sacrifice
5-27-2009 Canadian auto workers were asked to give up $19.00 per hour in negotiations to keep their Chrysler jobs and the company in business. President of the canadian auto workers union Ken Lewenza said "They wanted us to eliminate our 30-and-out plan, eliminate survivor income benefits. We said 'no way. What we had to sacrifice was significant, he said. Not one (concession) was less painful than the other. The negotiations were tortuous, but Chrysler operations in Canada will live to see another day." GM is going to go the bankruptcy route as well and will also seek reductions in labor costs. In recent negotiations Lewenza said it was "a struggle" to reach a deal with GM, but he added that the union had done the best it could under the circumstances, saying: "we have protected most of our core benefits."
It must be noted that all auto workers in the past have made really good salaries. Those wages have been a good tax base for both the Americans and Canadians to help pay government expenses as well as community growth and services. So because auto executives have not made the right choices, and their boards of directors and stock holders have stood by pretty much voiceless in cowardice we the people and auto workers have to pay the price in suffering for lack of executive smarts. They did not pay attention to their own bottom lines and overwhelming rates of inaction or stupidity of their overseers. I am not sure which has been the more prevalent.
No one was listening to the guys and girls on the front lines of their conveyor belts. Or else they just didn't want to hear what was being said. Common sense was abandoned amidst illusions of grandeur when they started to ship cars out of the country to sell in other parts of the world. You big guys in the corporate chairs have to get out and see what is real on a daily basis. Maybe now that most of them are out of the companies anyhow or on their way out better choices can be made. The bottom line is still that citizens in both countries will suffer for many years to come because of inaction of true leadership and lack of guts to do the right thing at the right time instead of waiting until it is too late.
5-13-2009
Chrysler has 3,200 car dealerships throughout the U.S. Approximately 800 of them will have to be closed to comply with their bankruptcy “restructuring franchise agreements.” Real hard decisions will be made by the makers of Fiat located in Italy, Chryslers new corporate partner. According to President Obama a Fiat partnership could provide "a chance not only to survive, but to thrive in a global auto industry.
Chrysler's Chapter 11 filing is the sixth-largest ever in the U.S. While the U.S. Unions want to protect the jobs here in this country, Fiat in Italy could hold a majority stock position if all criteria is met within their agreement.
In a statement release this week from Chrysler leader Bob Nardelli who was at the helm of Home Depot for two years and left in 2007 along with 210 Million dollars in a pay out bonus. Some Home Depot employees are still sore about his bonus package because it directly effected their annual bonuses. Nardelli is now earning $1.00 a year at Chrysler, bur probably earning more with executive perks beyond his $1.00 salary. As a private company they are not required to report his total pay package.
In his remarks about Tommy Lasorda, “As we move into a new era for Chrysler, Tom LaSorda has announced his plans to retire from Chrysler LLC. Tom joined Chrysler in 2000 after more 23 years with General Motors Corp., where he earned a reputation as an authority on lean manufacturing by helping to launch the GM-Suzuki joint venture plant, CAMI, in Canada and Opel Eisenach, GM’s pioneering venture in the former East Germany. He began his career at the Chrysler Group of the former DaimlerChrysler on the manufacturing side and moved up to Chief Operating Officer, and then became President and CEO, guiding Chrysler through the transitional period of the de-merger.
5-9-2009 I have been writing for months about the Big three and their problems with the business realities of the day. How can they in good conscience expect to be bailled out of their problems which by the way were not caused by the economy, rather their own egotistical blindness. That is right they have not paid the slightest attention to the realities of their competition for years and years. They apparently thought they were too big to be taken down.
Guess what guys, the bloom is off the flower, the fragrence stinks, and the honey bees are not spreading the pollen anymore. The American public has finally spoken up and they don’t want what you have to sell.
1. The quality isn’t high enough
2. There are not enough innovations
3. Gasoline Mileage is not enough
How can these CEO’s expect to be taken seriously when they have ignored sales figures? Then they have the nerve to say they want to stay in their positions because they know the business. Oh what a nasty taste that thought leaves in my mouth.
To put one thing up front, I do not have a grudge against these men. However, I also do not like the idea of thousands of people being put out of work because of someone else’s negligence, which is just what has happened. These men at the top have been negligent in their duties and business practices, and in my opinion, they ought to be tied to the bumper of their biggest SUV’s and drug through the streets of Detroit. They have no right to any bonus’ vacations or special privileges.
What the United States public needs is accountability from the automobile manufacturers.
Speaker Nancy Pelosi said during hearings recently, “It is all about accountability and about viability. Until we can see a plan where the auto industry is held accountable and a plan for viability on how they go into the future, until they show us the plan, we cannot show them the money.”
If the business of the automobile industry was not so important to the economy, I would tell Gm to take a hike on a low road. There needs to be a shake out and this is the time to do that to get rid of the fat cats who did not listen. Many people thought of America as a big industrial nation and in some respects we still are, but the automobile industry is the elephant in the middle of the room that no one wants to address or talk about. We need to change that and take a different road, a higher one if you will. But, we need to do that as soon as possible so we can get on with some hope instead of hopelessness as many of the industry workers must surely feel at this time of the year.
Maybe we could fire the top three bosses and replace them with industry bosses from the likes of Toyota, Hyundi and Honda. Then workers could begin a new respect for their bosses and technical know how as well. The industry leaders needs to come together and play nice, not run away with big fat checks in their wallets. Just like our recent political upheavel it is a new day, be thankful for what you have and respect one another from the highest boss to the janitor.
Photo by Diane Knaus
There are Clouds Over GM
GM Says
GMC EXPANDS HYBRID PORTFOLIO WITH ADDITION OF YUKON DENALI HYBRID
Joins Yukon Hybrid SUV and Sierra Hybrid Pickup, Making GMC the First Manufacturer to Offer Three Full-Size Hybrid Models
Provides full-size luxury and capability with more than 50-percent increase in city fuel economy
Powered by GM’s advanced, patented, two-mode hybrid technology
Eight-year/100,000-mile hybrid powertrain warranty with no deductibles
NEW YORK – GMC’s all-new 2009 Yukon Denali Hybrid makes its world debut at the 2009 New York International Auto Show. It is a luxurious, full-size SUV that seats eight, tows up to 5,800 pounds (2,636 kg) and achieves an estimated 21 miles per gallon in city driving, thanks to the engineering excellence of the Yukon’s patented 2-mode hybrid system.
The GMC Yukon Denali Hybrid arrives in May at Buick-Pontiac-GMC dealer showrooms. It joins the Yukon Hybrid and Sierra Hybrid pickup truck in the GMC hybrid lineup, making GMC the first manufacturer to offer three full-size hybrid models.
“The eight-passenger GMC Yukon Denali Hybrid goes just as far on a gallon of gas in the city as a much smaller, V-6 Toyota Camry sedan,” said Susan Docherty, vice president, Buick-Pontiac-GMC. “And in terms of fuel savings, the GMC Yukon Denali saves about 250 gallons of fuel a year over the Lexus GX 470.”
The GMC Yukon Denali Hybrid infuses a new level of luxury to the Yukon Hybrid introduced for the 2008 model year. Docherty said the number one consideration for those purchasing the GMC Yukon Hybrid is fuel economy (80 percent); followed by 66 percent for its environmentally friendly technologies and more than half because of its technological innovation.
Patented, industry-leading hybrid technology
GM’s most advanced hybrid technology drives the GMC Yukon Denali Hybrid’s superior fuel economy, performance and load-carrying capability. Powering this hybrid system is a fully integrated combination of two lightweight electric motors packaged in the transmission; an electronic brake emulator that provides blended regenerative braking; electric power steering and an electric air conditioning compressor.
The heart of the system is GM’s 6.0L Vortec V-8 engine with fuel-saving Active Fuel Management, late intake valve closing and variable valve timing technologies. It produces 332 horsepower (248 kW) and 367 lb.-ft. (498 Nm) of torque.
Unique hybrid exterior, luxurious interior
The Yukon Denali Hybrid rides on new 22-inch, eight-spoke, flangeless chrome wheels that make a unique Denali appearance statement.
Inside, designers filled the cabin with luxurious amenities such as standard 12-way power, heated/cooled leather-appointed perforated front seating and heated, second-row, leather-appointed bench seating. Buyers may choose an Ebony or Cashmere interior. The only three options on this fully equipped vehicle are a sunroof, rear-seat entertainment DVD system and side blind zone alert mirrors.
Enhanced connectivity includes standard OnStar with Directions & Connections and Turn-by-Turn Navigation, navigation radio with rear camera system, a Bose Centerpoint Surround Sound System and three years of real-time XM NavTraffic.
A comprehensive safety package of crashworthiness and crash-avoidance features includes front- and side-impact air bags, anti-lock brakes and StabiliTrak with traction control. The Yukon Denali Hybrid also is equipped with GM’s MagnaRide suspension, the first application of this advanced technology in a Yukon. MagnaRide uses magnetic particles in the shock absorber fluid to adjust the damping rate of the shock absorbers – based on road conditions and vehicle dynamics – to help keep tires in contact with the road.
MSRP starts at $59,185 (2WD) and $62,030 (4WD), including the destination freight charge of $950. Buyers may be eligible for a tax credit of up to $2,200
Gates, Buffet, and Bill Ford
The stimulus bills are a wiggly beginning, just like a childs young wobbly legs when they are starting to walk. Americans are arriving at this juncture of reality because of actions taken in the past by politicians and businessmen's greedy actions. I don't think you can really say they were mistakes because there were so many of them made by so many people in different and various business entities.Bill Gates, Warren Buffet and CEO Bill Ford of Ford Motor Company are all grown men, but they were young and small at one time.
Bill Gates, Warren Buffet and CEO Bill Ford of Ford Motor Company would not have made that type of mistake. While they have tried different things, they also controlled them. Note; last week the Chief Executive of Ford, Alan Mulally has agreed to take a 30 percent salary cut for this year. Bill Ford already took a 30% pay cut. One thing all of these men have in common is the ability to ask lots of questions, listen to other people, and respect their opinions when given. They also have an insatiable appetite for information,an independent open mind at the same time while looking for new ways to make things better.
Bill Gates is currently heavily involved in health car across the globe, Warren Buffet has been donating millions of his money to The Gates Foundation and Bill Ford wants to make Ford Motor company more environmentally clean than Toyota. Lets see how all three men walk or wobble in the next year in this wobbily economy, and how much they help Americans.
The Behometh is on a Diet for Sure
The giant GM is on a massive diet, but can the company surive or is the weight of the company just too great? Traveing the maze of its financial dealings, can the maze of available diets just be too overwhelming?
Survival of the fittest is a question of can we survive that they must be dreaming everynight. Are the leaders setting realistc goals, or just putting in smoke clouds of dreams?
GM and Chrysler A Marriage Made in Hell
Why would a major player like GM plan to acquire more car models that are not selling in th first place. Another nightmare that GM is not acknowledging, just like the bulding of SUVs past their market share. Maybe all of the US carmakers should be consolidating and we can have one gigantic company to compete with the Japanese cars, and Volkswagen, etc. Dunderheads by any other name. They seem to be taking notes from the rest of the banking industry prior bailout. Surely this is a company on the downslideing side of the money surge. Look out for your stocks in the car manufacturing sector.
The Auto Industry Update 7-2-2010
Lexus Announces Intent to Conduct a Voluntary Safety Recall on Certain 2010 Lexus HS 250h Models A Statement from Mark Templin, Lexus Group Vice President and General Manager,
June 25, 2010
“We want to assure our customers that their safety and satisfaction are our top priorities. We take the National Highway Traffic Safety Administration (NHTSA) test results very seriously and appreciate the NHTSA bringing its concerns to our attention. Our engineers conducted similar testing during the development of the new HS 250h and the vehicle performed safely. While we are investigating and vigorously working to understand the different test results, we have stopped delivery of the involved vehicles. As soon as the issue is better understood and/or a remedy is developed, we will contact every owner.
“Customers who have any questions or concerns should contact their local Lexus dealer or Lexus Customer Satisfaction at 1-800-25LEXUS or 1-800-255-3987.”
1.5 Million Recalls
6-9-10 According to GM-DETROIT – General Motors Co. is recalling 1.5 million 2007-2009 model cars, trucks and crossovers to disable a heated washer fluid system module that could pose a fire risk. Because the feature will be disabled, GM will make a voluntary payment of $100 to the owner or lessee of each vehicle.Dealership service personnel will remove the heated washer fluid module and reroute washer fluid hoses. Customers will begin receiving recall letters this month, but they can contact their dealer at any time to make an appointment to have the heated washer system removed.
“This was a unique technology available from only one supplier, and that supplier has stopped manufacturing, which left no opportunity to collaborate on an improved design,” Boyer said. “We want to be clear that the voluntary payment to customers is for the loss of the feature, not the recall.”
Models included in the recall are the 2006-2009 model year Buick Lucerne; Cadillac DTS; Hummer H2; 2008-2009 model year Buick Enclave; Cadillac CTS; 2007-2009 model year Cadillac Escalade, Escalade ESV, Escalade EXT; Chevrolet Avalanche, Silverado, Suburban, Tahoe; GMC Acadia, Sierra, Yukon, Yukon XL; Saturn Outlook; and 2009 model year Chevrolet Traverse.
Most of the vehicles, 1,365,070, are in the United States; there are 98,794 affected vehicles in Canada; 26,228 in Mexico, and 38,093 exports.
The heated washer fluid system was recalled in August 2008 because a short circuit on the printed circuit board could overheat the control-circuit ground wire. Dealers at the time installed an in-line fuse in the heated washer module wiring.
The government closed its initial investigation after the 2008 recall. GM continued to monitor the performance of the heated washer fluid module in the field and continued communications with NHTSA. In June 2009, a new and second failure mode was identified by GM with the first confirmed report consisting of smoke only. Since then, GM has been made aware of five fires.
Toyotas Management Response to Sticking Pedals
TMC Details Approach to Quality-Related Matters
February 17, 1010 - Tokyo - Toyota Motor Corporation (TMC) announces that, at a press conference in Tokyo today on quality-related matters, it disclosed the following:Japan-market recall progress
The company has completed preparations for recall repair for the Toyota “Sai” and Lexus “HS250h”, and its dealers began notifying owners today about the recall procedures.
Electronic throttle control technology safety
TMC’s electronic throttle-control system incorporates overlapping failsafe features linked to several sensors. The occurrence of a problem causes the system to shift the engine to idling mode or even to shut it off. TMC has conducted rigorous testing under extremes of electromagnetic interference, vibration and other adverse conditions. That testing has conclusively verified that the system cannot accidentally induce acceleration.
In addition, TMC has commissioned an independent, third-party research organization to test its electronic throttle control system. TMC will release the findings of that testing as they become available.
Measures for improving product quality
TMC will appoint a person to the post of chief quality officer for each principal geographical region to make the company more alert to customer sentiment. Such officers will serve on the company’s newly established Special Committee for Global Quality. That committee, to be headed by TMC’s president, is for steering the company’s quality-improvement activities onto a new and higher plane. The Special Committee for Global Quality will hold its first meeting on March 30.
TMC will ask independent third-party experts to review the contents of that meeting.
In another initiative, TMC is strengthening its framework for conveying customer input from each region directly to its Quality Group and to its Product Development Group to translate that input more promptly into quality improvements in products. The initiative will get under way first in the United States, where TMC will expand its network of technical offices to fine-tune its information-gathering capabilities in an aim to be able to conduct on-site inspections within 24 hours of every reported incident of suspected product malfunction.
TMC will add a brake-override system, which cuts engine power when the accelerator and brake pedals are applied at the same time, to all future vehicle models worldwide.
TMC will more actively use on-board event data recorders, which can, in the event of a malfunction, provide information necessary for conducting such activities as technological investigations and repairs.
TMC, sincerely taking to heart customer feedback gained through genchi genbutsu, reaffirms—along with its dealers worldwide, suppliers and employees—its commitment to unwavering quality in products and services and to the spirit of “customer first”. TMC will continue to endeavor to provide products that are safe and reassuring.
Ford Wins
DETROIT, Jan. 11, 2010 – Ford Motor Company scored a historic doubleheader today, capturing both the North American Car of the Year and North American Truck of the Year awards for the 2010 Ford Fusion Hybrid and 2010 Ford Transit Connect, respectively, at the North American International Auto Show (NAIAS). It is only the third time in 17 years that one manufacturer has won both titles.
“Winning both of these prestigious awards is confirmation that the ONE Ford plan is working, delivering industry-leading products for our customers,” said Mark Fields, president of The Americas.
Joey Logano Dubbed RAYBESTOS
"Rookie of the Year"
Logano says "It was definitely one of our big goals of the season.I've got to thank Home Depot (Home Depot is his major sponsor) for all of their efforts and standing behind me throughtout the year.
Ford Sales of Fusion Tops All Domestic Sales
The company says: Green Outstanding Fuel Economy Have your power. Economy too. New standard 2.5L Duratec I-4 175 horsepower rating 172 lbs-ft. torque rating Plus best-in-class fuel economy* *Based on EPA-estimated 23 City/34 Hwy/27 Combined mpg, Fusion S model, I-4 automatic. Class is mid-size sedans. Actual mileage will vary.The available 3.0L Duratec V6 has been updated and puts out more than 19 more horsepower than last year’s 3.0L Duratec. What’s more, it now has Flex Fuel capability. You can run on unleaded gasoline, E85 (up to 85% ethanol and 15% gasoline) or any mix of the two. So you can fill up wherever you are, even if E85 isn't readily available.
In the first ten months of 2009, Fusion sales were 15 percent higher than a year ago. Also, Fusion has moved among America’s Top 10 selling vehicles and the No. 1 selling domestic car.
The 2010 Fusion and Fusion Hybrid are the most fuel-efficient sedans in America. The new models offer more power, class-exclusive technologies, such as Blind Spot Information System (BLIS®) and Ford SYNC®, and more total passenger and luggage capacity than the Toyota Camry.
Fords Web site is unique in that when you click on a model the head lights light up. Cool tech feature on their site.
Hummer Sale
GM Sells Hummer to Chinese Communist Company in China
This is my rant for the day. The ultimate slap in the face to citizens of the United States. Makes my blood boil, yes it does. What makes this deal really bad is the Chinese export history of their other products into this country being rejected more than any other country in the world. If we can't trust them to send safe childerns toys and safe food that contains melamine in them, how the frick can we trust them with such a mega brand of car and have confidence in their safety record of manufacturing. Maybe it is the mentality of these men at the top because they just don't get it. They keep reaching for the stars when the stars spin away in front of their eyes.Yes, I know childrens toys and food stuffs ar a lot different than hard steel cars and rubber tires, however, the basics are the same. How can we trust these people who have a long history of looking past other basic safety regulations on a regular basis?
Maybe this company that has decided to buy into the deal may be a good company I understand they manufacture machines. However, that does not change the fact that our car standards are different than theirs on most major points. That still does not absolve GM of wrongheaded deals. To sell a major brand to a company in China with probably the worlds worst human relations practices as well goes against every decent thing that we as Americans stand for. Can we charge GM with treason, hmmm maybe that is a good idea after all now that I think about it. Anybody know a good corporate lawyer who would work for free on this one?
GM's press release goes on to state the following:
Industrial Machinery Company To Invest in Growth and Global Expansion of Premium Off-Road Vehicle Brand; Deal is Expected to Secure Over 3,000 US Jobs
DETROIT and SICHUAN, June 2, 2009 - Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd (Tengzhong) and General Motors Corp. today confirmed details of their proposed transaction, pursuant to which, Tengzhong, a major industrial machinery group, will acquire the rights to the premium off-road HUMMER brand, along with a senior management and operational team. It will also assume existing dealer agreements relating to HUMMER's dealership network. It is contemplated that Tengzhong will, as part of the transaction, enter into a long-term contract assembly and key component and material supply agreement with GM. In an earlier statement, GM said it expects the deal if successful to secure more than 3,000 US jobs. The final terms of the deal are subject to final negotiations.
Based in the Chinese province of Sichuan, Tengzhong is a privately-owned company and a leading domestic manufacturer of road, construction and energy industry equipment. It will expand into the premium off-road vehicle segment through what will be a strategic acquisition for Tengzhong and a catalyst for HUMMER's growth in the U.S. and around the world.
"The HUMMER brand is synonymous with adventure, freedom and exhilaration, and we plan to continue that heritage by investing in the business, allowing HUMMER to innovate and grow in exciting new ways under the leadership and continuity of its current management team," said Yang Yi, CEO of Tengzhong. Mr. Yang continued, "We will be investing in the HUMMER brand and its research and development capabilities, which will allow HUMMER to better meet demand for new products such as more fuel-efficient vehicles in the U.S."
HUMMER will continue to maintain its headquarters and operations in the U.S., and will continue to be managed by its existing leadership team. The team intends to expand HUMMER's dealer network worldwide, particularly into new and underserved markets such as China.
"Today HUMMER is a globally recognized brand with excellent growth prospects, both in terms of new markets and new products for our existing markets," said James Taylor, HUMMER chief executive officer. "With Tengzhong's investment and strong support, we will be able to make our visions a reality. This transaction, if successful, will secure more than 3,000 U.S. jobs, and allow us to embark on a more aggressive global expansion, ensuring a successful future with our new partners."
The transaction is expected to close in the third quarter of this year and is subject to customary closing conditions and regulatory approvals. Financial terms of the agreement will not be disclosed at this time.
Credit Suisse is acting as exclusive financial advisor and Shearman & Stearling is acting as international legal counsel to Tengzhong on this transaction. Citi is acting as financial advisor to GM.Industrial Machinery Company To Invest in Growth and Global Expansion of Premium Off-Road Vehicle Brand; Deal is Expected to Secure Over 3,000 US Jobs
Can General Motors Pull off the Impossible Business Deal 5-9-2009
GM is planning a restructuring deal to try to stay in business. It is called desperation.According to GM today 4-28-2009 DETROIT - General Motors announced today that it is commencing public exchange offers for $27 billion of its unsecured public notes. The exchange offers are a vital component of GM's overall restructuring plan to achieve and sustain long-term viability and the successful consummation of the exchange offers will allow GM to restructure out of bankruptcy court.
Notice they have used the buzzwords public exchange offers, and overall restructuring, and sustain long term viability. Well, isn't it a shame it took them so long to come to terms with their own mortality.
No matter what plans they come up with at this point, U.S. Treasury Condition: the results of the exchange offers shall be satisfactory to the U.S. Treasury, including in respect of the overall level of participation by noteholders in the exchange offers and in respect of the level of participation by holders of the Series D notes in the exchange offers. GM believes that at least 90 percent of the aggregate principal amount of outstanding notes, including at least 90 percent of the aggregate principal amount of the outstanding Series D notes due June 1, 2009, will need to be tendered in the exchange offers or called for redemption pursuant to the call option (in the case of non-USD notes) in order to satisfy the U.S. Treasury condition. Whether this level of participation in the exchange offers will be required (or sufficient) to satisfy the U.S. Treasury condition will ultimately be determined by the U.S. Treasury.
President Obama Buys 17,600 American Cars 4-09-2009
Washington, D.C. – Speaker Pelosi released the following statement regarding the Obama Administration’s announcement that the federal government will use money from the American Recovery and Reinvestment Act to buy about 17,600 new, fuel efficient vehicles produced by American automobile companies:
“President Obama’s decision will provide a much-needed lift to our domestic auto industry and its workers, help save the planet by reducing carbon emissions, and help save taxpayers money by reducing the government’s fuel costs. By purchasing new, fuel efficient vehicles—such as those that run on natural gas or electricity—the Administration will also help drive demand for cars that are easier on our environment and cheaper to refuel.
“While our domestic auto industry remains in serious trouble, President Obama’s action again shows our commitment to these American companies and their workers. The President and Congress will continue to support the American auto industry and our auto workers in these difficult times.”
The Baltimore Motor Trend Auto Show February 2009
All Photos are by Diane Knaus and Copyrighted
The 09 Mustangs
Ford 150 Truck Wheel
Mercury Mariner
Chevy Camaro
The Corvette A Limited Availabiltiy
The Muscle Car
Hummer All Tricked Out $72,000.00 9 mpg
AUBURN HILLS, Mich., Feb. 3-- Chrysler LLC today reported total January 2009 U.S. sales of 62,157 units, down 55 percent versus the same month in 2008 (137,392 units), and down 31 percent from December 2008 (89,813 units). Total sales were suppressed by a significant reduction in fleet sales, which is aligned with the Company's sales strategy helping to maintain or improve the overall residual value of Chrysler vehicles for our customers. Fleet sales were down 81 percent for January compared to the same time last year.
Chrysler LLC received the first $4 billion installment of our $7 billion bridge loan from the U.S. Treasury in early January," said Jim Press, President and Vice Chairman -- Chrysler LLC. "However, it wasn't until later in the month that Chrysler Financial received its $1.5 billion loan, greatly enhancing its ability to support our dealers and provide credit to our customers. We were very encouraged and working closely with the Press emphasizing the financial crisis still looms and must be modified to allow dealers to stock more vehicles and to provide customers with the financing to purchase those vehicles.
While the government has made funds available to stimulate the market, these funds carry limitations, including stringent lending guidelines and conduit restrictions. At the same time, many financial lenders are also operating with tighter standards and significantly increased reserves to hold their credit rating. All these factors have limited the amount of funds that the financial institutions can make available to consumers for the purchase of Chrysler vehicles, making it more difficult for us to close sales,he said.
President Obama Overturns Bush Administration on Clean Cars
Baltimore President Barack Obama today directed the Environmental Protection Agency to reconsider its March 2008 decision to block Maryland and 13 other states from using tailpipe emission standards to reduce global warming pollution from cars and light trucks. These 14-state standards will reduce global warming pollution by more than 450 million metric tons by 2020 – a reduction equivalent to eliminating all of the pollution from 84.7 million of today’s cars for a year, according to an Environment Maryland analysis of data from the California Air Resources Board. The 14-state standards will cut gasoline consumption by more than 50 billion gallons by 2020, saving Americans $93 billion at the pump. The President also directed the Department of Transportation to move forward with standards to improve the efficiency of vehicles nationwide.
Environment Maryland State Director Brad Heavner issued the following statement in response:
Today, President Obama gave a green light to Maryland and 13 other states that the Bush administration had left idling on clean cars. Making cars both cleaner and more efficient will reduce America’s dependence on oil and rev up our fight against global warming. President Obama signaled that his EPA will partner with the states that have been leading the effort to reduce the pollution that causes global warming.
Together with the commitment President Obama made to clean energy in the economic recovery package, this announcement will put America in the fast lane to reducing our dependence on oil, fighting global warming, and kick-starting the clean, green economy.
Background:
Environment Maryland worked for years to adopt the Clean Cars Program in Maryland. The General Assembly passed the Maryland Clean Cars Act in 2007.
Passenger vehicles are the second largest source of global warming emissions nationwide.
The Clean Air Act allows (1) California to set auto emission standards that are stronger than federal standards (no such standards currently exist); and (2) other states to adopt California’s auto emission standards. To implement the standards, EPA must issue California a waiver of federal preemption, an action the agency has taken many times in the last four decades for innovations like catalytic converters.
In 2005, California adopted first-of-their-kind standards requiring cars and light-duty trucks to limit emissions that contribute to global warming. The standards would cut global warming emissions from passenger vehicles by 30 percent by 2016. A total of 13 other states Arizona, Connecticut, Maine, Maryland, Massachusetts, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Vermont, and Washington have adopted the tailpipe standards. Several additional states are actively considering adopting the standards.
In March 2008, in an unprecedented action, the Bush administration denied Californians waiver request, blocking the states global warming emissions tailpipe standards.
In 2007, Congress passed the first increase in fuel economy standards in 32 years. The Bush administration never finalized the standards to implement the increase.
Photo Indside of the Canadian Transportation Museum in Ontario
Dave Tanner 1st man and friend made the Hi Ho Dirive In display inside the museum. He is an avid car pattern maker. He made a pattern for the first parts truck that travelled across Canada. Dave also built the truck and it was mechanically correct and ran.The Hi Ho Drive in was the first drive in in Canada.
Photos Suppplied by Dave Tanner
50's Working Diner inside of the Canadian Transportation Museum
Antique Trucks at the Canadian Transportation Museum
Cruise in at the Museum
