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Cars: Cycle World International Motorcycle Show(R) Presented to Feature U.S. Debuts Fr
Cycle World International Motorcycle Show(R) Presented to Feature U.S. Debuts From BMW, Ducati, Harley-Davidson, Kawasaki, Suzuki, Vectrix, Yamaha and More At Media Day - Friday, December 5
LONG BEACH, Calif., Dec. 2 -- BMW, Ducati, Harley-Davidson, Kawasaki, KYMCO, Star, Suzuki, Vectrix, Yamaha and more are set to unveil new bikes at the upcoming Cycle World International Motorcycle Show(R) presented by Toyota. All media is invited to attend this special day to get an up-close look at several bikes making North American and world debuts. From Seattle to New York, this nationwide tour provides attendees across the country with a look at hundreds of the latest model street bikes, dirt bikes, sportbikes, cruisers, scooters and ATVs; accessories; new rider seminars; stunt shows; and more.
MEDIA DAY SCHEDULE:
Media Registration begins in Long Beach Convention Center Lobby --
10:30 a.m.
Motorcycle Industry Council to preview its 2008 Owner Survey, the "census
of motorcycling."
Ducati -- U.S. debut of the revolutionary Streetfighter; along with the
new Ducati 1198 S Superbike (with traction control)
Kawasaki -- To unveil a Kawasaki Ninja(R) ZX(TM)-14 customized by Custom
Sportbike Concepts (CSC) for Jason Britton -- Kawasaki sponsored stunt
rider and host of Speed TV's Superbikes show
BMW -- North American debuts of the new K 1300 S and K 1300 GT; the new
S 1000 RR motorsports bike which will compete in next year's World
Superbike Championship; and a first-ever BMW Concept Bike
Lunch Break hosted by Advanstar Communications -- Meet the Architects of
Inspiration artists a partnership with Upper Playground/RSD/Toyota
Harley-Davidson -- U.S. debut of the XR1200 and a review of the VRSC
Muscle, new Touring chassis, Tri Glide Ultra Classic and a Tri Glide
specially customized by the Willie G. Davidson Design Studio
Vectrix -- World debut of the 2009 Vx-1 -- a 2009 Personal Electric
Vehicle
Unveiling of Zero Gravity custom bike featuring latest technology from
Ohlins and Dunlop
Star/Yamaha -- Public debut of custom Vmax, custom V Star 950 and Bostrom
Brothers custom Yamaha R6 designed by Nick Anglada and built by CSC
Cycle World Magazine/Pediatric Brain Tumor Foundation to showcase the 2008
Ride for Kids Project Bike "The Mission"
KYMCO -- U.S. debut of the YAGER 200i - 200cc, water cooled, EFI CVT
automatic scooter; QUANNON 150 - 150cc, 4-Valve Twin, 5-Speed, half-faired
sport bike; and the MXU 500 IRS - 500cc, 4x4 Utility ATV
Suzuki -- Public debut of two new customized Burgman Scooters
Cycle World Publisher Larry Little to discuss state of industry and host
reception
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Posted by Cars on Wednesday, December 03 @ 17:25:06 CST (2 reads)
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Cars: 2009 Infiniti G Line Named to '10 Best Cars' List by Car and Driver
2009 Infiniti G Line Named to '10 Best Cars' List by Car and Driver Magazine
FRANKLIN, Tenn., Dec. 2 -- Infiniti has added another prestigious award to its trophy case with the announcement that its 2009 G Coupe and Sedan have captured a place on Car and Driver magazine's annual "10 Best Cars" list.
Lauded for its "enhanced performance," the Infiniti G was recognized by Car and Driver for its powerful engine, agile handling, and quality of interior appointments and features. The Infiniti G has been a part of the magazine's "10 Best Cars" list for 2003, 2004, 2007 and now 2009.
"The 2009 Infiniti G is back on Car and Driver's '10 Best' list due in part to its 3.7-liter engine and new 7-speed automatic that provide more power and better gas mileage than last year," said Ben Poore, vice president of Infiniti. "It's yet another reason why we believe the Infiniti G is one of the best sport coupe and sedan lineups on the market, and it's particularly gratifying when that fact is confirmed by leading automotive experts."
The heart of the Infiniti G is its advanced powertrain, anchored by the 3.7-liter DOHC V-6 that cranks out 330 horsepower in the G Coupe and 328 horsepower in the G Sedan. This award-winning engine is backed by a new 7- speed automatic transmission with available magnesium paddle shifters or a smooth-shifting 6-speed manual. For the first time, both the Infiniti G Coupe and Sedan are also available in all-wheel drive versions.
Inside, the Infiniti G Coupe and Sedan invokes "modern warmth" - a sophisticated, luxury interior that also has an inviting feel. It is enhanced by the available Infiniti Studio on Wheels(TM) by Bose(R) sound system, which was designed specifically to perform comparably to a high-end home entertainment system.
A hardtop convertible version of the Infiniti G, the 2009 G37 Convertible, made its global debut last month at the Los Angeles Auto Show and is scheduled to go on sale in the spring.
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Posted by Cars on Wednesday, December 03 @ 17:23:19 CST (2 reads)
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Cars: Abilene Family Drives Home New Hybrid SUV From WTU Retail Energy
Abilene Family Drives Home New Hybrid SUV From WTU Retail Energy
Local retail electricity provider kicks off holidays with SUV giveaway, 'WTU Wednesdays' at Ice House
ABILENE, Texas, Dec. 2 -- Shannon Moore and his wife Stephanie received an early holiday present at Lawrence Hall Chevrolet Buick on Tuesday, where they picked up their new hybrid GMC Yukon thanks to WTU Retail Energy.
The Moores, both on active duty at Dyess Air Force Base, received a call from WTU Friday confirming they'd been selected as the grand prize winner.
"We're still in shock. This is such a complete blessing," said Stephanie Moore, who is expecting the couple's third child. "We were talking to friends during Thanksgiving dinner about needing to look for a new car with more room for the baby seats."
Her husband Shannon had just taken a second job to help pay for the purchase of another vehicle.
"We were looking at the Yukon, but were planning on buying a used one," he said after signing the final papers needed to take possession of the new hybrid at the dealership on Tuesday afternoon. "We don't normally answer out-of-territory calls unless we recognize the number. We're sure glad we answered that call."
The vehicle giveaway was part of a larger promotion announced by WTU in late July that included the distribution of 100 gas cards worth $200 each, and a five percent price-down of its Direct Electricity Plan, which took effect on September 15th. All of WTU's residential customers were automatically enrolled in the sweepstakes on September 1st, while others could enroll by downloading a form on the company's website.
"We've all seen the effects of climbing energy prices on our monthly budgets -- from rising prices at the gasoline pump, to increased costs at the grocery store," said Jim Steffes, vice president and general manager of WTU Retail Energy. "As a long-term, customer-focused, energy partner to West Texans, it's been great to be able to help our customers -- like the Moores -- manage some of those costs through stable electricity prices, and through this giveaway of gas cards and the hybrid SUV."
Steffes is officially presenting the keys to the Moore family as part of the kick-off to this evening's KTXS Abilene Christmas Lights Parade Powered by WTU Retail Energy.
Making the holidays brighter in Abilene
Working with Habitat for Humanity and Dyess We Care, WTU is also announcing the start of WTU Wednesdays at the Abilene Ice House where, in lieu of the regular entry fee, skaters can bring a new, packaged compact fluorescent lightbulb (CFL) and skate for free. Habitat for Humanity will then use the collected CFLs in the homes they build in the new year.
CFLs are 70 percent more energy efficient than regular, incandescent lightbulbs and last longer, helping reduce electricity usage, and ultimately, electricity costs.
To mark its third year as a supporter of the Abilene Ice House, WTU will offset the electricity usage associated with creating and maintaining the ice, along with the associated facilities, with renewable energy credits. The company has also replaced most of the Ice House's holiday lights with high-efficient LED lighting, which is 90 percent more energy-efficient.
"We want to make sure Habitat for Humanity and the Dyess We Care team, both of whom provide such a tremendous service to Abilene residents, are able to continue to do their great work in the community. And to do that, they need the resources and funding they raise through the skating rink," said Steffes. "By helping them upgrade their lighting to LED lights, WTU is able to help keep their electricity costs as low as possible, while still creating a very festive atmosphere for everyone who comes out to the Ice House."
WTU Wednesdays at the Abilene Ice House will run throughout the month of December. The Ice House is located at Nelson Park Festival Garden and is open every day of the week, including holidays, until Jan. 5. Hours of operation are 6-10 p.m., Sunday through Thursday, and 6-11 p.m., Friday and Saturday.
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Posted by Cars on Wednesday, December 03 @ 17:20:45 CST (2 reads)
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Cars: Chrysler LLC Meets with Stakeholders in Support of Federal Bridge Loan for Autom
Chrysler LLC Meets with Stakeholders in Support of Federal Bridge Loan for Automakers
-- Chrysler LLC Chairman and CEO Bob Nardelli will drive to hearings
-- Virtual Road Show highlights local impact of auto industry
-- Focus on dealers, suppliers, local communities, trade and export and the role manufacturing plays in the U.S. economy
-- Executives discuss the issues in key stakeholder forums
AUBURN HILLS, Mich., Dec. 2 -- Chrysler LLC Chairman and CEO Bob Nardelli will wrap up a series of "Virtual Road Show" events with an actual road trip to Washington, D.C. Chrysler today confirmed that the Company's top executive would drive a fuel-efficient hybrid vehicle to this week's Senate and House hearings.
In advance of testimony before the Senate Committee on Banking and the House Committee on Financial Services, Nardelli and other Chrysler LLC executives will spend the early part of this week in discussions with a broad mix of affected stakeholders. The Company is calling the grassroots public relations push a "Virtual Road Show," with initiatives spread across seven states in a three-day period.
The meetings and initiatives are being organized by a number of groups and organizations to help develop an awareness of the integral role U.S. auto makers play in the nation's economy and national security as well as why the temporary financial assistance provided by a bridge loan is critical to Chrysler and the industry.
"Chrysler understands that the elected representatives of the American public are being asked by their constituents: 'Why do the domestic auto makers matter to me'?," said Chrysler LLC Executive Director - Communications Lori McTavish. "Our goal is to meet with stakeholders to discuss the U.S. auto industry's impact on their districts. We're on the road providing answers to voters' questions as well as letting these stakeholders have their voices heard."
Chrysler will focus on six key points in its road show: Trade and Export; Technology; Jobs; Plants and Communities; Dealers; and Suppliers. Chrysler's messages on the road include:
1. Trade and Export: Chrysler will show how the auto industry plays a major role in the United States' international balance of trade and provides irreplaceable economic benefits from coast to coast.
2. Technology: Chrysler will reinforce its commitment to developing the next phase of technology for its vehicles, and how that work provides meaningful employment for highly skilled American scientists and engineers.
3. Jobs: Chrysler and the other domestic automakers provide jobs for hundreds of thousands of Americans and indirectly, millions. As employers, automakers are committed to providing good benefits, employing a diverse workforce and investing in ongoing worker training.
4. Plants and Communities: Chrysler will demonstrate the role it plays in local communities beyond Detroit. From Portland, Maine, to Portland, Ore., the auto industry touches communities across the country. The Company will emphasize that "Manufacturing Matters," demonstrating that manufacturing work creates millions of additional jobs. Manufacturers and the companies that support them also provide generous support to local charities and community organizations.
5. Dealers: Chrysler's 3,372 dealers nationwide are important businesses that play highly visible roles in their cities and towns. Dealerships provide local jobs, training, health care and charitable support. These businesses have been significantly affected by frozen capital markets. Temporary financial assistance to the domestic automotive industry is necessary to reduce the risk to local economies and employment.
6. Suppliers: The health and long-term success of the domestic auto industry and its suppliers are directly intertwined. Suppliers to the industry, both direct and indirect, operate in every state of the nation, providing jobs and benefits to the communities in which they do business.
Virtual Road Show events and activities:
-- Chrysler LLC Chairman and Chief Executive Officer Bob Nardelli will share the Company's plan with his senior management team before heading to Washington to testify before Senate and House committees. They will then waterfall the plan throughout the company.
-- Chrysler LLC President and Vice Chairman Jim Press spoke at a press conference organized by the Port of Baltimore that demonstrates the scope of the auto industry from a trade perspective. Chrysler is the Port of Baltimore's largest exporter.
-- Chrysler's Jim Press also participated in a stakeholder roundtable hosted by U.S. Senator Arlen Specter (R-Pa.) in Philadelphia that will focus on the auto industry and proposed financial assistance. Specter is part of a bipartisan group of Senators supporting loans to the auto industry.
-- Chrysler LLC President and Vice Chairman Tom LaSorda will hold a community town hall event at the Toledo Supplier Park, home of the Jeep Wrangler. Major suppliers and community representatives will discuss how a strong and healthy auto industry is vital to the U.S. economy and security, and why manufacturing is the fabric of this nation.
-- Jim Press will speak at a Washington, D.C.-area dealer-hosted press conference that will focus on the benefit that successful auto dealers provide to their communities, including both direct and indirect employment, a strong tax base and generous charitable giving.
-- Chrysler will conduct a KaBOOM! community playground-building event with Phoenix-area Chrysler, Jeep(R) and Dodge dealers, graphically demonstrating an example of the benefits the Company and its dealers provide to communities across the U.S.
-- Chrysler will also distribute to television broadcasters on Thursday a videotaped case for the loans. Within the video:
-- Chrysler Chairman and Chief Executive Officer Bob Nardelli lays the
Company's plan out to senior executives Chrysler President and Vice
Chairman Jim Press and a representative of the Baltimore Port
Authority discusses Chrysler's role in international trade
-- Chrysler LLC Executive Vice President -- Product Development Frank
Klegon talks with company engineers about the Company's electric
vehicle programs
-- Chrysler President and Vice Chairman Tom LaSorda, joined by
suppliers and community leaders, addresses a town hall meeting at
the Toledo Supplier Park
-- Jim Press and Tammy Darvish, Vice President, DARCARS Automotive
Group of New Carrollton, Md., Chairman of the Board, Washington
Area New Automobile Dealers Association (WANADA) explain the
importance of automotive retailers
-- All of the above listed content, as well as additional comments from employees, dealers and suppliers will be posted to Chrysler's public and media-only blogs (http://blog.chryslerllc.com/ and www.thefirehouse.biz).
-- On Dec. 4 and 5, Chrysler will showcase its Chrysler, Dodge and Jeep ENVI electric vehicles on Capitol Hill.
Chrysler supports legislation to provide temporary financial assistance to the domestic auto industry. Emergency conditions in the capital markets are preventing manufacturers and auto finance companies from getting access to the credit they require to survive. That lack of credit has also made it difficult for consumers to purchase new vehicles.
The failure of one or more of the domestic auto makers and their component suppliers could eliminate as many as five million jobs nationwide. The auto industry represents nearly four percent of the U.S. gross domestic product and 10 percent of the nation's industrial production by value.
The auto industry further affects tens of thousands of local businesses and is intertwined in community activities and charitable organizations across the country. Providing immediate access to short-term loans would have much lower associated costs than would addressing the effects of an industry failure in the midst of the current volatile economic conditions.
Chrysler urges the adoption of legislation that will allow domestic auto makers to weather the current national crisis and continue to invest in industry-leading products, technologies and vehicles of the future.
Chrysler's federal bridge loan plan will be released after it is submitted to Congress (before 5 p.m., Tuesday, Dec. 4).
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Posted by Cars on Wednesday, December 03 @ 17:19:15 CST (2 reads)
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Cars: Auto Dealers to Rally in Support of U.S. Relief of Domestic Auto Industry
Auto Dealers to Rally in Support of U.S. Relief of Domestic Auto Industry
11:30 am, Dec 3, at DARCARS Chrysler Jeep Dodge, New Carrollton, MD
WASHINGTON, Dec. 2 -- The Washington Area New Automobile Dealers Association (WANADA) will rally its new automobile dealer members in support of financial assistance from the U.S. government for the domestic auto industry in a key industry event from 11:30 a.m. to 1 p.m., Wed., Dec. 3 at DARCARS Chrysler Jeep Dodge, New Carrollton, MD.
Chrysler President and Vice Chairman Jim Press will address the rally, and will outline his company's short and long-term business strategy for future success. Press is just one of a number of leading industry speakers.
"WANADA is committed to working with major automakers and the automobile retailing industry at large in support of comprehensive, full scale financial assistance from the U.S. Government to the domestic sector of the automobile industry, specifically Chrysler, Ford and General Motors," said Tamara Darvish, vice president of DARCARS, and president, WANADA. "We are acting to underscore the urgency of this historic need and assistance."
The media, local businesses, community, civic groups and related auto career representatives are invited to join America's premier automobile retailers for this "inside the Beltway" rally to prompt Congress to act swiftly and decisively on what is shaping up to be one of the most important components of America's ultimate economic recovery -- immediate financial assistance to the automobile industry.
Automobile dealer retailers are the agents in the automobile industry that put vehicle buyers together with new cars and passenger trucks to keep America rolling, literally and figuratively. WANADA counts nearly all franchised new car dealers, more than 225, in and around the Capital Beltway in DC, Suburban Maryland and Northern Virginia as members.
"The severe financial conditions that currently plague our economy require unprecedented and bold responses from the automobile industry as a whole, no less than the U.S. Congress and the president," added Darvish. "Chrysler, Ford and General Motors have strategies now in place to weather the current economic uncertainty and be the successful new vehicle product and service providers they need to be in this 21st century global marketplace."
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Posted by Cars on Wednesday, December 03 @ 17:15:01 CST (2 reads)
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Cars: Audi Partners With Design Miami/ and Art Basel Miami Beach as 'Exclusive Au
Audi Partners With Design Miami/ and Art Basel Miami Beach as 'Exclusive Automotive Sponsor'
- The German luxury car manufacturer's presence and programs are inspired by Design Miami/'s 'Beyond Organic - Design in the State of Nature' theme
- The 'Audi Coastline Marina' exhibit invites visitors to come aboard a luxury yacht on four wheels
- Audi continues green efforts with 're:design Simpson Park' project in cooperation with the city of Miami
HERDON, Va., Dec. 2 -- For the third year, Audi continues to be the Exclusive Automotive Sponsor of Design Miami/, the pre-eminent fair for limited-edition design. Audi joined the fair in 2006, just one year after its inception. In addition, as of 2008, Audi is now the Exclusive Automotive Sponsor of Art Basel Miami Beach, thus partnering up with the world's most important fairs for both contemporary art and design. Both engagements underscore Audi's position as a cutting-edge design brand within the luxury car sector. This is especially valid for the partnership between Audi and Design Miami/, where Audi not only fulfills a traditional sponsorship role, but also provides content and actively participates as an exhibitor.
"Design is one of the pillars of the Audi brand," said Johan de Nysschen, executive vice president, Audi of America. "Revolutionary designs like that of the Audi TT, or our latest super sports car, the Audi R8, have become iconic and are a testament to this tradition. This is why joining Design Miami/ as a partner was a natural fit. We are very proud to help foster design culture in that sense. In addition, our presence at Design Miami/, and now at Art Basel Miami Beach, allows us to reach out to a very affluent, design-savvy and international target audience."
In the previous years, Audi's exhibits have ranged from an installation piece around the iconic R8 to a Design Laboratory showcasing designers' sketches and work on clay models where visitors could understand the complex interaction of the design and engineering process in today's automotive world. Audi's 2008 presence, the 'Audi Coastline Marina,' is inspired by Design Miami/'s theme, 'Beyond Organic - Design in the State of Nature,' which is reflected in an exuberant curatorial program as well as site-specific installations by luminaries of the design world.
"Audi has had, and continues to have, an integral role in Design Miami/," said Ambra Medda, Director of Design Miami/. "The mission of Design Miami/ is not only to exhibit and discuss important design like that exemplified by Audi, but also to create it. The 'Audi Coastline Marina' is one such project that makes Audi more than a sponsor - they are an active participant."
The 'Audi Coastline Marina' brings the aesthetics of a classic yacht and the ambience of the coast to the design boards of Design Miami/2008. This one- piece, supersize lounge furniture forms a natural environment for the Audi Q7 Coastline, taking its beauty from inside and bringing it to the outside. This concept car, with its wood and aluminum interior elements invokes the construction of deluxe hand-crafted boats and showcases Audi's capability to create limited-edition and customized design. With its special white paint, the vehicle in the middle of the large lounge deck resembles an opened sail. Reflecting the influence of nature and the natural beauty of engineering- driven design work, the exhibit blends in with the overall theme of Design Miami/ 2008.
"The theme at this year's Design Miami/ is one that is very important to me," said Stefan Sielaff, Head of Audi Design. "Nature is at the very essence of each design, be it creative or industrial. Our work meets nature and natural beauty in many respects, from the aesthetics of our lines and body shapes to the leather we use in our interior. And, of course, responsibility for our natural environment by increasing aerodynamics to reduce fuel consumption is a guiding principle for the design work."
In addition to the 'Audi Coastline Marina' exhibit, Audi will also host a private design talk, 'Design & Nature - from Inspiration to Engineering' with Jae S. Min, Audi chief designer at the Audi Design Center in California, and Design Miami's 2008 Designer of the Year Award winners Fernando and Humberto Campana. The talk will explore the interaction between nature, design and the engineering process and will be moderated by Marcus Fairs, editor-in-chief of dezeen.com.
Together with the Design facilities in Ingolstadt and Munich, the Santa Monica-based Design Center California (DCC) is one of Audi's think tanks dedicated to developing design concepts for the future. The DCC not only helped create the Audi Cross Cabriolet quattro, but also visionary concepts of future mobility. For last year's Design Challenge at the L.A. Auto Show, the DCC presented the 'Audi Virtuea quattro,' a hydrogen-powered, single-seat, autonomous driving machine that functions as a singular unit at its core, while providing a myriad of possible holographic exteriors. Capable of wirelessly and automatically communicating with the outside environment, this vehicle intelligently responds to the road much like a school of fish interacting in the ocean, virtually eliminating traffic congestion and minimizing accidents. When parked, Virtuea morphs into objects that optimize the environment and activates a chemical process that alters excess C02 into oxygen, effectively turning a parking lot into a park. The DCC has also expanded into the world of furniture design with the creation of the 'Daedalus' light installation. Teaming up with Ivalo Lighting & Lutron Electronics, they created this spiraling chandelier to reflect on the mood that lighting creates both in a residential space and for a car's interior and exterior. The result is a piece which is both whimsical and majestic. The 'Daedalus' lamp will be exhibited at the Design Miami/ headquarters during the show and a limited-edition version will be available for sale. A portion of the profits will go towards 're:design Simpson Park,' Audi's green community project with the city of Miami.
"The DCC's work is future-driven," said Jae S. Min, Audi chief designer of the DCC. "We are trying to understand the latest trends and incorporate them into our work. The 'Audi Virtuea quattro' is, of course, a futuristic vision at this point, but nevertheless do*****ents the active role design will take in creating sustainable and responsible solutions."
Being a sustainable and environmentally responsible automotive brand is of the utmost importance to Audi. As part of its environmental initiative, principles and guests at Design Miami/ will be shuttled by ultra low emission Audi Q7 TDIs throughout the fairs. With this engine, Audi produces the cleanest diesel in the world. Implementing low-consumption technologies, like TDI, lightweight aluminum construction (Audi Space frame), direct injection petrol engines and fuel cell technology has always been a key component in research and development. This integrated approach reduces fuel consumption and emissions. A construction kit with hybrid modules for different vehicle models rounds off the efficiency strategy. In addition, Audi supports research on alternative fuels and intelligent traffic management like the 'Clean Air, Viable Planet' project together with leading universities in California.
"Audi is set apart by combining its focus on superior design with power and efficiency," said Johan de Nysschen, executive vice president, Audi of America. "It is vital to Audi to create vehicles that are both beautiful and environmentally conscious and we are very excited to have a fleet of Audi Q7 TDIs at Design Miami/. It is essential for people to see and experience this vehicle first hand to truly understand the benefits of diesel technology and there is no better audience of influencers than at this event."
In order to give back to the community that has hosted Design Miami/ since its inception, Audi has also created the 're:design Simpson Park' project as part of a larger green initiative with the city of Miami. Partnering up with renowned landscape designer Enzo Enea and star architect Chad Oppenheim, Audi has donated a new entrance to Simpson Park, one of the very last original hammocks in Miami, in order to once again open up the park to the community. In addition, Enea has developed conceptual plans for the further enhancement of the park and its educational features. This philanthropic project was announced during a dinner at the Oppenheims' private residence at Design Miami/ 2007 and the completion of its first phase will be inaugurated together with Miami Mayor Manny Diaz during this year's fair.
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Posted by Cars on Wednesday, December 03 @ 17:12:23 CST (3 reads)
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Cars: Ford Motor Company Submits Business Plan to Congress; Profit Target, Electric Ca
Ford Motor Company Submits Business Plan to Congress; Profit Target, Electric Car Strategy Among New Details
- Based on current business planning assumptions, Ford expects both its overall and its North American Automotive business pre-tax results to be breakeven or profitable in 2011
- Ford provided initial details of an accelerated vehicle electrification plan for a family of hybrids, plug-in hybrids and battery electric vehicles. The plan includes a Ford full battery electric vehicle (BEV) in a van-type vehicle for commercial fleet use in 2010 and a BEV sedan in 2011
- Ford's plan calls for an investment of approximately $14 billion in the U.S. on advanced technologies and products to improve fuel efficiency during the next seven years
- Ford said it will sell its corporate aircraft as part of its overall cash improvement plan
DEARBORN, Mich., Dec. 2 -- Ford Motor Company this morning submitted to Congress its comprehensive business plan, which details the company's plan to return to profitability and outlines a request for potential access to a temporary bridge loan in case the current economic crisis worsens or there is a bankruptcy of a major competitor.
In the plan, Ford said the transformation of its North American automotive business will continue to accelerate through aggressive restructuring actions and the introduction of more high-quality, safe and fuel-efficient vehicles -- including a broader range of hybrid-electric vehicles and the introduction of advanced plug-in hybrids and full electric vehicles.
Ford is asking for access to up to $9 billion in bridge financing, but reiterated that it hopes to complete its transformation without accessing the loan should Congress agree to make the funds available.
Despite the serious global economic downturn, Ford said it does not anticipate a liquidity crisis in 2009 -- barring a bankruptcy by one of its domestic competitors or a more severe economic downturn that would further cripple automotive sales and create additional cash challenges.
"For Ford, government loans would serve as a critical backstop or safeguard against worsening conditions, as we drive transformational change in our company," said Ford President and CEO Alan Mulally, who will testify before Congress this week.
In the plan submitted to Congress, Ford reiterated that its One Ford transformation plan remains fully in place, anchored by four key priorities:
-- Aggressively restructure to operate profitably at the current demand and changing model mix;
-- Accelerate development of new products our customers want and value;
-- Finance our plan and improve our balance sheet; and
-- Work together effectively as one team, leveraging our global assets.
"Ford is committed to building a sustainable future for the benefit of all Americans," Mulally said. "We believe Ford is on the right path to achieve this vision.
"We appreciate the valid concerns raised by Congress about the future viability of the industry," he added. "We hope that our submission today helps instill confidence in Ford's commitment to change, including our accountability and shared sacrifice during this difficult economic period."
Ford's submission to Congress included new details about Ford's future plans and forecasts, including:
-- Based on current business planning assumptions -- including U.S. industry sales for 2009, 2010 and 2011 of 12.5 million units, 14.5 million units and 15.5 million units, respectively -- Ford expects both its overall and its North American automotive business pre-tax results to be breakeven or profitable in 2011, excluding any special items.
-- As part of a continuing focus on building the Ford brand, the company said it is exploring strategic options for Volvo Car Corporation, including the possible sale of the Sweden-based premium automaker. The strategic review is in line with a broad range of actions Ford is taking to strengthen its balance sheet and ensure it has the resources to fund its plan. Since 2007, Ford has sold Aston Martin, Jaguar, Land Rover and the majority of its stake in Mazda.
-- Ford's plan calls for an investment of approximately $14 billion in the U.S. on advanced technologies and products to improve fuel efficiency during the next seven years.
-- Half of the Ford, Lincoln and Mercury light-duty nameplates by 2010 will qualify as "Advanced Technology Vehicles" under the U.S. Energy Independence and Security Act -- increasing to 75 percent in 2011 and more than 90 percent in 2014. Ford said it has included these projects in its application to the Department of Energy for loans under that Act and hopes to receive $5 billion in direct loans by 2011 to support Ford's investment in advanced technologies and products.
-- From its largest light duty trucks to its smallest cars, Ford will improve the fuel economy of its fleet an average of 14 percent for 2009 models, 26 percent for 2012 models and 36 percent for 2015 models -- compared with the fuel economy of its 2005 fleet. Overall, Ford expects to achieve *****ulative gasoline fuel savings from advanced technology vehicles of 16 billion gallons from 2005 to 2015.
-- Next month at the North American International Auto Show in Detroit, Ford will discuss in detail the company's accelerated vehicle electrification plan, which includes bringing to market by 2012 a family of hybrids, plug-in hybrids and battery electric vehicles. The work will include partnering with battery and powertrain systems suppliers to deliver a full battery electric vehicle (BEV) in a van-type vehicle for commercial fleet use in 2010 and a BEV sedan in 2011. Ford said it will develop these vehicles in a manner that enables it to reduce costs and ultimately make BEVs more affordable for consumers.
-- The 2007 UAW-Ford negotiations resulted in significant progress being made in reducing the company's total labor cost. Given the present economic crisis and its impact upon the automotive industry, however, Ford is presently engaged in discussions with the UAW with the objective to further reduce its cost structure and eliminate the remaining labor cost gap that exists between Ford and the transplants.
-- As previously was announced, Ford plans two additional plant closures this quarter and four additional plant closures between 2009 and 2011. The company also has announced its intent to close or sell what will be four remaining ACH plants. The company said it will continue to aggressively match manufacturing capacity to real demand.
-- Ford will continue to work to reduce its dealer and supplier base to increase efficiency and promote mutual profitability. By year end, Ford estimates it will have 3,790 U.S. dealers, a reduction of 606 dealers overall -- or 14 percent from year-end 2005 -- including a reduction of 16 percent in large markets. In addition, Ford has been able to reduce the number of production suppliers eligible for major sourcing from 3,400 in 2004 to approximately 1,600 today, a reduction of 53 percent. Ford eventually plans to further reduce the number of suppliers eligible for major sourcing to 750.
-- Ford also confirmed today that it has decided to sell its five corporate aircraft. In addition, Ford CEO Mulally announced that, should Ford need to access funds from a potential government bridge loan, he would work for a salary of $1 a year -- as a sign of his confidence in the company's transformation plan and future.
Ford also reiterated that it is canceling all bonuses to be paid in 2009 for all management employees worldwide and foregoing bonuses for all employees in North America. The company also will not pay merit increases for North America salaried employees in 2009.
Ford said it is moving fully ahead with plans it announced this summer to leverage the company's global product strengths and bring more smaller, fuel-efficient vehicles to the U.S. The plan includes delivering best-in- class or among the best fuel economy with every new vehicle introduced. Ford also is introducing industry-leading, fuel-saving EcoBoost engines and doubling the number and volume of hybrid vehicles.
This product acceleration will result in a balanced product portfolio with a complete family of small, medium and large cars, utilities and trucks. Ford said it is increasing its investment in cars and crossovers from approximately 60 percent in 2007 to 80 percent of its total product investment in 2010.
"Ford has a comprehensive transformation plan that will ensure our future viability -- as evidenced by our profitability in the first quarter of 2008," Mulally said. "While we clearly still have much more work to do, I am more convinced than ever that we have the right plan that will create a viable Ford going forward and position us for profitable growth."
To read Ford's submission to the U.S. Congress and for more information about Ford's plan, please visit www.thefordstory.com .
Ford Motor Company, a global automotive industry leader based in Dearborn, Michigan, United States, manufactures or distributes automobiles in 200 markets across six continents. With about 224,000 employees and about 90 plants worldwide, the company's core and affiliated automotive brands include Ford, Lincoln, Mercury, Volvo and Mazda. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford's products, please visit www.ford.com .
Safe Harbor/Risk Factors
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation:
-- Continued decline in market share;
-- Continued or increased price competition resulting from industry overcapacity, currency fluctuations or other factors;
-- A further increase in or acceleration of the market shift away from sales of trucks, SUVs, or other more profitable vehicles, particularly in the United States;
-- Further significant decline in industry sales, resulting from slowing economic growth, geo-political events, or other factors;
-- Lower-than-anticipated market acceptance of new or existing products;
-- Further increases in the price for, or reduced availability of, fuel;
-- Currency or commodity price fluctuations;
-- Adverse effects from the bankruptcy or insolvency of, change in ownership or control of, or alliances entered into by a major competitor;
-- Economic distress of suppliers of the type that has in the past and may in the future require us to provide financial support or take other measures to ensure supplies of components or materials;
-- Labor or other constraints on our ability to restructure our business;
-- Work stoppages at Ford or supplier facilities or other interruptions of supplies;
-- Single-source supply of components or materials;
-- Substantial pension and postretirement health care and life insurance liabilities impairing our liquidity or financial condition;
-- Inability to implement the Retiree Health Care Settlement Agreement to fund and discharge UAW hourly retiree health care obligations;
-- Worse-than-assumed economic and demographic experience for our postretirement benefit plans (e.g., discount rates, investment returns, and health care cost trends);
-- The discovery of defects in vehicles resulting in delays in new model launches, recall campaigns, or increased warranty costs;
-- Increased safety, emissions, fuel economy, or other regulation resulting in higher costs, cash expenditures, and/or sales restrictions;
-- Unusual or significant litigation or governmental investigations arising out of alleged defects in our products or otherwise;
-- A change in our requirements for parts or materials where we have entered into long-term supply arrangements that commit us to purchase minimum or fixed quantities of certain parts or materials, or to pay a minimum amount to the seller ("take-or-pay" contracts);
-- Adverse effects on our results from a decrease in or cessation of government incentives;
-- Adverse effects on our operations resulting from certain geo-political or other events;
-- Substantial negative Automotive operating-related cash flows for the near- to medium-term affecting our ability to meet our obligations, invest in our business, or refinance our debt;
-- Substantial levels of Automotive indebtedness adversely affecting our financial condition or preventing us from fulfilling our debt obligations (which may grow because we are able to incur substantially more debt, including additional secured debt);
-- Failure of financial institutions to fulfill commitments under committed credit facilities;
-- Inability of Ford Credit to obtain an industrial bank charter or similar banking status;
-- Inability of Ford Credit to access debt, securitization or derivative markets around the world at competitive rates or in sufficient amounts due to additional credit rating downgrades, market volatility, market disruption, or otherwise;
-- A prolonged disruption of the debt and securitization markets;
-- Higher-than-expected credit losses;
-- Increased competition from banks or other financial institutions seeking to increase their share of financing Ford vehicles;
-- Changes in interest rates;
-- Collection and servicing problems related to finance receivables and net investment in operating leases;
-- Lower-than-anticipated residual values or higher-than-expected return volumes for leased vehicles;
-- New or increased credit, consumer or data protection or other regulations resulting in higher costs and/or additional financing restrictions; and
-- Inability to implement our plans to further reduce structural costs and increase liquidity.
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Posted by Cars on Wednesday, December 03 @ 17:09:10 CST (2 reads)
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Cars: Lear and Toyota Boshoku Restructure Joint Venture; Reach Agreement on Further
Lear and Toyota Boshoku Restructure Joint Venture; Reach Agreement on Further Collaboration
SOUTHFIELD, Mich., Dec. 2 -- Lear Corporation and Toyota Boshoku today announced that they have agreed to restructure their current joint venture (JV) which supplies seating systems and other interior components to Toyota Motor Manufacturing Indiana for the Sienna minivan, built in Princeton, Indiana.
As part of the agreement, the existing joint venture will be dissolved with Lear receiving $35 million in cash in exchange for its minority interest in the JV. Lear will supply Toyota Boshoku with certain components for the Sienna minivan program and both parties will continue to compete directly for other business on a Tier 1 basis.
As part of the restructuring of their existing joint venture arrangement, Lear and Toyota Boshoku have also agreed to form a working group to jointly identify and pursue sourcing opportunities for certain seating components, including Lear's Pro Tec(TM) active head restraint system, as well as purchasing opportunities for key commodities such as steel, foam and textiles.
"Today's announcement represents an evolution of our partnership with Toyota Boshoku," said Bob Rossiter, Lear's chairman, CEO and president. "While our companies remain competitors, it makes sense for us to collaborate on certain product, technology and purchasing initiatives by leveraging each of our unique strengths for the benefit of our mutual customers."
"We are pleased to continue our relationship with Lear and we are looking forward to providing our customers with even better value as a result of the new agreement," said Toyota Boshoku President Dr. Shuhei Toyoda.
Toyota Boshoku, headquartered in Kariya City, Japan, is a global supplier of automotive interior and seating systems, filters, powertrain and other components for a variety of customers. It has revenues of more than $12 billion, with 35,000 team members and operations in more than 20 countries.
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Posted by Cars on Wednesday, December 03 @ 17:07:05 CST (2 reads)
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Cars: Strategic Assessment of European Passenger Electric Vehicles Market - Can Elec
Strategic Assessment of European Passenger Electric Vehicles Market - Can Electric Vehicles Revive the Auto Industry?
LONDON, December 2/PRNewswire/ --
- Frost & Sullivan Interactive Analyst Briefing
The Automotive & Transportation Group at Frost & Sullivan is pleased to announce its 2008 Quarterly Analyst Briefing Presentation on the "European Passenger Electric Vehicles Market" to be held on Thursday, December 4th, 2008 at 3.00 p.m. GMT.
The recent skyrocketing of motor fuel prices created a lot of economic instability in world markets that has set an alarm. Depleting reserves of fossil fuels and rising levels of greenhouse emissions are expected to break electric vehicles (EVs) out of their niche end-user segments. The mainstream adoption of EVs will open up opportunities for utilities, suppliers and finance businesses, as efforts are being made to create a one-stop shop for vehicles and energy. Electric vehicles are bound to feature on the product roadmap of every OEM and open doors for a new industry, which is the electricity utility market. Innovative business models and distribution channels that have been making rounds will be discussed along with market measurements.
"Companies have been chalking out innovative business models and related businesses are planting electric charging stations in some of the European countries. As a result of leasing trials conducted, OEMs may feel confident that battery leasing is one of the effective options to bring down the cost of ownership," says Anjan Hemanth Kumar, Senior Research Analyst with Frost & Sullivan.
Highlights of the briefing include: key drivers, restraints and challenges, technology roadmaps, market size and forecasts, pricing analysis, business models, as well as charging infrastructure.
This briefing will benefit vehicle manufacturers, EV manufacturers, battery developers, governmental organizations, environmental associations, energy companies-electric utilities, energy-automobiles finances, distributors and dealers.
To participate, please email Anna Anlauft at anna.anlauft@frost.com with the following information: your full name, company name, title, telephone number, e-mail, address, city, state and country. Upon receipt of the above information, a registration link will be e-mailed to you. You may also register to receive a recorded version of the briefing at anytime by submitting the aforementioned contact details.
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Posted by Cars on Wednesday, December 03 @ 17:04:03 CST (3 reads)
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