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It's the week ending October 10, and we've browsed our favorite automotive blogs all week long to gather a collection of what we feel is the highlight from each....
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This deal is looking like it will actually happen thanks to a definitive agreement signed today by General Motors and Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd (Tengzhong), that will allow Tengzhong to acquire GM's Hummer brand....
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It's the week ending October 2, and we've browsed our favorite automotive blogs all week long to gather a collection of what we feel is the highlight from each. Toyota is recalling 3.8 million vehicles to check the floor mats and Cash for Clunkers makes it back into the headlines, but we've also got plenty of unusual news sure to entertain the automotive fan....
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It's the week ending June 5, and we've browsed our favorite automotive blogs all week long to gather a collection of what we feel is the highlight from each. The biggest auto news of the week is that GM officially declared bankruptcy on Monday, while Chrysler emerged from its own on Tuesday. Punctuating that news is an offer by a Chinese construction-equipment manufacturer to purchase Hummer. It just makes one's head spin! ...
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The day after General Motors filed for Chapter 11 bankruptcy protection, the company announced it is in advanced talks with Chinese construction-equipment manufacturer Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd for rights to the Hummer brand. The privately owned Tengzhong seeks to expand into off-road vehicles in the United States, China, and abroad, promising to expand the brand’s reach. While talks continue, GM has said that H3 and H3T production in Shreveport, Louisiana, would continue through at least 2010. Going forward, it is expected that GM would play a pivotal role as a supplier and possibly producer for Tengzhong. Tengzhong will face immediate challenges to preparing to face increasingly stringent fuel-economy standards in the United States. Alternative and advanced powertrains are expected, as well as focus on weight reduction and introducing a smaller model. In previous talks with AutoMedia, Hummer insiders have confided that the next-generation H2 and the long-awaited, Jeep Wrangler-fighter, the H4 are well along in their development. Should Tengzhong continue with these projects, the Hummer line could be transformed in relatively short order. Hummer launched...
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Just days after Chrysler announced that it would trim its dealer body by 789 dealers by June, General Motors has notified 1,124 dealers that it would not extend their franchise agreements past October 2010. Chrysler was able to make swift cuts due to the flexibility afforded by the Chapter 11 bankruptcy . On the other hand, GM is proactively making business adjustments ahead of a potential bankruptcy filing later this month. General Motors targeted the weakest dealers for these passive cuts, those that were underperforming from market share and profit standpoints, as well as customer satisfaction benchmarks. The advanced notice will enable those dealers to wind down the businesses and sell off their inventories, currently estimated to at 65,000 units. And notably, GM will not need to buy the vehicles back. In addition to these dealers, GM’s reach is expected to diminish by 470 stores when the Hummer , Saab , and Saturn brands are sold or otherwise disposed of. Plus, 27 standalone dealerships will be abandoned when the Pontiac brand is phased out next year, leaving about 2,600 dealers intact that hand multi-brand stores. In total, many of the dealerships losing their GM franchises sell...
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As the days count till the end of the month when General Motors must present its final viability plan to the Autos Task Force, GM CEO Fritz Henderson described bankruptcy as “probable” in a restructuring update today with reporters. Henderson said there is still a chance that GM can accomplish its mission outside of bankruptcy, but he seemed to be paving the way for what may be unavoidable. (Read: " Chrysler Files for Bankruptcy, Merges with Fiat .") While the “B” word carries with it a rightful sense of dread, it brings with it protections and rights that could enable GM to more rapidly reinvent itself than would otherwise be possible. In interviewing a series of experts, the Detroit News declared that Chapter 11 filing seems all but inevitable. Still, the company is moving to swiftly reduce its costs. Later this week, GM will announce details of its plan to cut 2,700 dealerships by 2010, according to Automotive News . The National Automobile Dealers Association ( NADA ) released a related statement: “By closing 2,641 dealerships in 18 months instead of five years, GM could lose an estimated $35 billion in sales revenue. Another 137,330 dealership employees will lose their...
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The tragic trend continues, car sales continue to slide from bad to worse as the nation reels amidst the troubled economy. As automakers, suppliers, and dealers struggle to survive and restructure to face the changing challenges, the plummeting sales figures do mean that tremendous deals can be found for those in the market for a new or even a used car . Few companies were spared deep double-digit declines in Februrary when comparing the month year to year. In the 40-50 percent range, Acura , Ford , Lincoln , Mercury , Pontiac , and even Toyota saw such steep declines. The 50-60 percent range includes Buick , Cadillac , Chevrolet , GMC , Mitsubishi , Saturn , and Volvo . The scariest thing, there are brands in the 60-70 percent range, such as Chrysler , Hummer , Saab , and Suzuki . At the corporate level, the numbers still look dreadful. BMW is down 32.7 percent, proving that even the well-heeled are sheepish about new car buying. Chrysler is down 44 percent—notably less than Ford Motor Company at 48.4 percent and General Motors at 52.9 percent. Even Honda saw a 38 percent decrease, made higher by the 41.5 percent drop in Acura sales. Nissan is off by 37 percent, and Toyota Motor Company...
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As the Senate refuses to pass the emergency bailout aid for the Detroit 3 , General Motors has announced it will cut production at 20 North American plant. The temporary closings will reduce output in Q1 2009 by an estimated 250,000 vehicles. In doing so, GM is idling staff, powertrain operations, and the extended supply chain, thereby causing further hardships as all look on in anticipation of federal assistance. In a prepared statement, GM said: “The speed and severity of the U.S. auto market's decline has been unprecedented in recent weeks as consumers reel from the collapse of the financial markets and the resulting lack of credit for vehicle financing.” The following U.S., Canada, and Mexico operations impacted by today's announcement include: United States Ft. Wayne (Ind.) - Chevy Silverado, GMC Sierra Light Duty Regular and Extended Cab Flint Assembly (Mich.) - Chevy Silverado, GMC Sierra Heavy Duty Regular and Crew Cab & Medium Duty Wentzville (Mo.) - Chevy Express, GMC Savanna Lansing Delta Township (Mich.) - Buick Enclave, GMC Acadia, Saturn Outlook Pontiac Assembly (Mich.) - Chevy Silverado, GMC Sierra Heavy Duty Extended Cab Spring Hill (Tenn.) - Chevy Traverse...
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Monday, General Motors took its message direct the people by way of an industry weekly newspaper, Automotive News . In a text-dense one-page ad ( pdf ), GM fell on its sword delivering a message that was equal parts apology and promise. Curiously, this heart-felt letter was delivered without a signature. GM apologized for numerous faults with frankness usually reserved for private water-cooler discussions, rather than corporate disclosure. Clearly, the struggling corporate giant is facing its greater public relations challenge to winning over the hearts, minds, and wallets of the American taxpayer, and thereby the Congressional staff holding the purse strings. Even still, the words are a bit startling at times: "While we’re still the U.S. sales leader, we acknowledge we have disappointed you. At times we violated your trust by letting our quality fall below industry standards and our designs become lackluster. We proliferated our brands and dealer network to the point where we lost adequate focus on our core U.S. market." That said, GM also touted its recent accomplishments, many of which have been getting short shrift in the media as the country focuses on the blame game...
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As the monthly sales figures have poured in for November, it is clear that the economic impact on the auto industry goes far beyond the Big 3 automakers. While Chrysler, Ford, and General Motors may be in the media spotlight for their hybrid drives to Washington, D.C., with proposals in hand, every brand except Mini has revealed major double-digit year-on-year sales drops. Often cited as examples of how companies have been able to better predict today’s economic challenges and more quickly react to it, Honda and Toyota were both hard hit. Despite a product line known for its fuel economy and a redesign (and quite good) Fit hatchback , Honda has seen sales plummet 30.6%. Saddled with some larger vehicles, Toyota has shown a 33.8% drop. Still, that is just a prelude to the Big 3. Chrysler Corp. is down 47%, Ford Motor Company 30.6%, and General Motors 41.3%. Even Nissan , who sounded relatively confident at the recent LA Auto Show , has seen a 42.2% drop. The single brand hardest hit is the crisis poster child, Hummer , at 63.9%. Should one of the major domestic companies fall under the weight of its credit crisis, suppliers will follow, and the domino effect will shatter the industry...
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Hummer will rock the desert at the Specialty Equipment Market Association ( SEMA ) show in November with two concept vehicle and a project SUV. At the Las Vegas industry event, Hummer will introduce a pre-runner-style H3T outfitted with a raft of performance and appearance accessories, and the H3 X Concept – a proposal for the ultimate H3 . The third vehicle is a modified H3 Alpha built by Four Wheeler magazine. Given the troubles the Hummer division has been having this past year, and the For Sale sign GM has hung on it, we can believe it when the dirt-loving division claims there is not production intent for these vehicles. Like most models on display at SEMA, consider them inspiration for owners. The H3T Weekend Warrior concept (shown here) explore the potential for DIYers with a few spare weekends, credit card, and Internet access. Starting with a new H3T Alpha, engineers added nearly 70 horsepower to its 5.3L V-8 via components available through GM Performance Parts. They include LS2 cylinder heads (part number 12576063), a higher-lift camshaft (part number 12574519) and supporting components. Also enhancing performance is a custom, 3.5-inch exhaust system. The H3T rides on 35...
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While the national attention has been focused on the roller coaster ride on Wall Street and bailout debates in Washington, the automotive industry has been reeling from the impact of the economy. The September sales figures are in, and the news is dire. Number watchers, and general domestic pessimists, will not be surprised to hear that the Big 3 were hit hard. September 2008 versus September 2007 shows Chrysler down 32.8 percent, Ford 36.3 percent, and General Motors 15.6 percent. The Big 3 weren't alone, even Honda was down 24 percent and Toyota 32.3 percent. In total, United States auto sales were under 1 million units for the month, compared to 1.3 million in September 2007. The hardest hit brands, year on year, were Hummer (-54.8%), Porsche (-44.8%), Suzuki (-46.6%), and Volvo (-51.8%). Root causes for the sales drop include consumers reluctance to make big ticket purchases and therefore holding on to their vehicles longer, the industry racing away from leasing, and the difficulty in securing loans. Dealers have been cited in the media as having ready buyers walk out because they couldn't qualify for a loan. The only bright side is for consumers considering a new vehicle...
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General Motors announced bold moves to drastically cut costs as the beleaguered automaker struggles amid the rapidly changing marketplace and union strikes. Through restructuring, cost-cutting, head-count reductions, and product plan shifts, GM aims to bolster its liquidity by $15 billion through 2009. Based on the details spelled out by corporate executives, it won't be easy. "We are responding aggressively to the challenges of today's U.S. auto market," said GM Chairman and CEO, Rick Wagoner. "We will continue to take the steps necessary to align our business structure with the lower vehicle sales volumes and shifts in sales mix. We remain committed to bringing to market great products that target changing consumer preferences for more fuel-efficient vehicles." Changes revealed Tuesday include: Salaried staff will be reduced through normal attrition, early retirements, mutual separation programs and other separation tools. For those salaried employees in the U.S. and Canada that stay on, there will be no raises in 2008 or 2009. Health care coverage for U.S. salaried retirees over 65 will be eliminated. Engineering spending in 2008 and 2009 will be held...
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Timing is everything, as the old adage goes. Shame the timing is wrong for the gas-swilling 2009 Hummer H3T, as this mighty, dirt-loving pickup truck sounds like an entertaining coach for hardcore off-roaders and recreation-crazed weekend warriors. The appeal is heightened by its $31,495 base price (including a $745 destination charge), a competitive figure that stacks up well against competing trucks with off-road packages, such as the Nissan Frontier CrewCab Nismo and Toyota Tacoma DoubleCab SR5 . The H3T is based on a stretched version of the H3 SUV platform, with a five-passenger crew cab and a separate five-foot-long bed. Standard equipment includes a full-time electronic four-wheel drive, 32-inch tires, functional skid shields, integrated bedliner with built-in storage, and a cargo management system. True off-roaders will be drawn to the available front and rear locking differentials, and optional 33-inch tires. The base engine is a 242-horsepower I-5 engine and it has a 4,400-pound tow capacity. For serious fun, top version boasts a 300-horsepower V-8 and it can pull up to 5,900-pounds of toys. In our Hummer H3 review , we wrote: Between the standard features and the option sheet...
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