Earnings/Financials


REUTERS: China's BAIC secures $2.1B line of credit... is it for Saab?

Beijing Automotive Industry Corporation (BAIC) could still be in the game for Saab, having secured a $2.93 billion line of credit from the Bank of China. On the other hand, BAIC could just be gearing up for its own home-grown expansion plans, with an eye on ramping up production and putting financial and technological legs underneath its partnerships with Mercedes and Hyundai. Or... it could be doing both: trying to buy Saab and as well as remodel its business. The deal for Saab between GM and Koenigsegg was for about $1 billion: the ... Read more →

Is Peugeot-Citroën on the verge of buying Mitsubishi? Jeremy Korzeniewski

The French and the Japanese have gotten together to form a magic partnership once already with Carlos Ghosn at the helm. The question is, then, can that success be replicated? PSA ...

BREAKING: Whitacre to shakeup GM management, put Lutz in product planning [UPDATE: Confirmed] Chris Paukert

Having just been appointed interim CEO at General Motors earlier this week, ex-AT&T man Ed Whitacre isn't wasting any time in exercising his newfound authority. According to The Wall Street ...

REPORT: GM selling control of Chinese joint venture to SAIC, half of India operations Chris Shunk

It has been a busy week at General Motors. The week started off with CEO Fritz Henderson's abrupt resignation, then executives converged on the LA Auto Show where Bob Lutz was the keynote speaker and ...

REPORT: U.S consortium now in lead for Volvo purchase Jeremy Korzeniewski

Just about a month ago, news hit the interwebs that Chinese automaker Geely officially became Ford's preferred bidder for Volvo once concerns over intellectual property were sorted out. Today, ...

Ruh-Roh: Marchionne reportedly puts Alfa Romeo under review 3 days ago on Autoblog

Take a look at the Fiat auto group. What division (barring Ferrari and Maserati) would you think holds the highest value for the company? If you thought Alfa Romeo, you're on the same page as yours truly, but you'd be mistaken. Horribly mistaken, as it turns out: Alfa has lost Fiat hundreds of ...

Merbanco out, Spyker in as Saab bidding heats up. Was Fritz axed because he wanted Saab closed? 4 days ago on Autoblog

As General Motors suddenly finds itself in search for a new CEO to replace Fritz Henderson, it is also looking to secure a buyer for perennially troubled Saab. GM originally thought it had a new parent for the brand in Koenigsegg, but after that deal went sour, Detroit officials confirmed that ...

REPORT: GM could sell some Saab assets to Chinese; brand has through year's end to find buyer 4 days ago on Autoblog

General Motors' Saab brand has been given a one month stay of execution as the Detroit, MI-based automaker has announced that it will hold off on a decision regarding the brand's fate until the end of the year. GM's apparent non-decision comes just one week after it announced that Swedish ...

REPORT: Renault and Russia come to agreement on AvtoVAZ 6 days ago on Autoblog

Renault has found a way to appease Russian Prime Minister Vladimir Putin that didn't involve writing a check for $850 million. The French company took a 25% stake in Russian carmaker Avtovaz, and when Avtovaz started having a hard time of it earlier this year Renault looked content to see how ...

How do you spell Hyundai's Kryptonite? J-D-M 6 days ago on Autoblog

As Hyundai continues to pull itself up by its bootstraps, the company is moving decisively and picking up share around the globe. However, one key market continues to be so problematic for the brand that they've decided to abandon it altogether: Japan. Rather than dodder around and wait for its ...

Followup: Auctioneer Kruse ordered to pay bank $1.3M, has jet repo'd 8 days ago on Autoblog

The walls are closing in on Dean Kruse, head of the Indiana-based Kruse International auction house. In September, a slew of lawsuits were filed against the company. Further opening the wound, a county court in Indiana has now ordered Kruse to pay more than $1.3 million to a bank in Warsaw -- just ...

REPORT: Saab still has at least two interested parties - BAIC and Merbanco 8 days ago on Autoblog

When Koenigsegg pulled out of its agreement with General Motors to purchase Saab, many thought that General Motors would dump the Swedish automaker much like it did the Saturn brand. But it appears that The General is still willing to look for another interested party, and speculation is that ...

REPORT: China's Changan delays plan to enter North American auto market 11 days ago on Autoblog

Changan is coming to America, just not yet. Aiming to establish a base in Mexico with which to move into the U.S. market, the Chinese automaker signed a deal last year to build a plant south of the border. The familiar story of planetary financial catastrophe has encouraged Changan to tap the ...

Williams sells minority stake to Austrian investor 11 days ago on Autoblog

With all the money that goes into running an F1 team, and the limited opportunity to make any of it back, we can't see why anyone would view owning a team as a sound investment. Evidently Herr Toto Wollf feels otherwise, as the Austrian financier and gentleman racing driver has acquired a minority ...

REPORT: GM offering special discounts to rejected franchise customers, move angers dealer group 12 days ago on Autoblog

Realizing that one of its keys to survival is retaining existing owners, General Motors is proactively enticing nearly one million customers – those loyal to now-closed dealerships – with significant financial incentives. According to Automotive News, GM started sending 950,000 ...

BREAKING: Koenigsegg backs out of Saab purchase, brand future up in the air 12 days ago on Autoblog

After riding in on a white horse, Koenigsegg Group AB has pulled out of negotiations to buy Saab from General Motors, leaving the Swedish automaker's future very much in doubt. In a brief statement issued by GM (available after the jump), president and CEO Fritz Henderson says that the company ...

REPORT: BMW hoodwinked by fraudster in sale of Sauber F1 team 12 days ago on Autoblog

Questionable past acquisitions aside, you don't get to be as large and successful as BMW without having some business acumen. That assumption, however, is being cast into question as reports out of Germany suggest that the Bavarian automaker may have been duped in its sale of the Sauber F1 ...

REPORT: Chrysler could lose up to 145 more dealers because they can't get financed 13 days ago on Autoblog

Chrysler's dealers haven't yet entered the portion of the game wherein they can catch a break. As if the dearth of inventory and lack of new vehicles weren't enough, nearly 150 dealers haven't been able to finalize floorplan financing. Since Chrysler Financial has exited that business, GMAC ...

REPORT: Tesla Motors planning IPO "soon" 16 days ago on Autoblog

Rumors about Tesla's plan to go public have been circulating since 2008, but a down stock market seemed to put a damper on the start-up's IPO. Now, the word on the street from Reuters is that Tesla is planning to go public "soon." When might that be, exactly? Who knows. A source told Reuters it ...

Swedish Pickle: Study says GM lost $5,000+ on each Saab sold over the last 8 years 16 days ago on Autoblog

When the automotive history of the last ten or so years is written, one of the most curious chapters will be why big, flush with cash American car companies purchased relatively diminutive, relatively oddball Swedish brands. Ford and Volvo, while still not a match made in heaven, at least gave ...

British GP track Donington Park declares bankruptcy 16 days ago on Autoblog

It's been one heck of a rollercoaster ride for Donington Park this year. The British racing circuit hosted a Formula One race back in 1993, and was set to take over the British Grand Prix from Silverstone until the race promoter fell on hard times. Donington Ventures Leisure Ltd signed a ...

REPORT: Billionaire investor Soros buys $53M in Ford stock, sends it soaring 17 days ago on Autoblog

About a year ago, when Ford's stock dropped to just above $1 per share, we had a total Ralph Kramden-style get rich quick epiphany. Take all our money and buy Ford stock. Why? Having driven Ford's new, excellent products (like, say, the 2010 Ford Fusion), we knew that barring some weird disaster, ...

GM's RenCen headquarters in Detroit 'at risk' without tax credits? 18 days ago on Autoblog

According to The Detroit News, General Motors has gone on record as suggesting that without state tax credits designed to keep 2,500 employees ensconced at its Detroit Renaissance Center headquarters, the automaker could pull out of Motown's skyline and into the suburbs and surrounding areas. ...

REPORT: Saab dealers 'running out of cars' 19 days ago on Autoblog

With new vehicle production at a trickle, and its dealer network slashed by a third, retailers of the Saab brand are finding inventory shrinking to drought levels. Some of the remaining dealers may even run out of new vehicles before replacements arrive. Point the blame towards the pending ...

Porsche suffers $6.6B loss thanks to VW share writedowns 19 days ago on Autoblog

In 2008, Porsche ended its year with a ginormous 8.5 billion euro profit. Pretty amazing for a company that only makes 100,000 vehicles per year. Or not. As it turns out, Porsche's profits had everything to do with the German automaker's plan to buy out the much larger Volkswagen Group, and ...

REPORT: Senator John McCain doesn't believe Chrysler will make it 20 days ago on Autoblog

It looks like everyone is thinking about Chrysler these days. First it was former DaimlerChrysler CEO (and current Daimler CEO) Dieter Zetsche offering advice to Fiat CEO Sergio Marchionne. Now it looks like former presidential contender and current Arizona Senator John McCain not only thinks that ...

GM loses $1.2B last quarter, ready to start repaying loans 20 days ago on Autoblog

This is one of the trickier press releases we've ever had to parse, but here goes. Despite losing $1.15 billion in the third quarter of 2009, General Motors sees this as a "solid foundation." GM President and CEO Fritz Henderson continues, "With a healthier balance sheet and a competitive cost ...

BREAKING: GM to begin repaying $6.7 billion in U.S. loans next month 20 days ago on Autoblog

digg_url = 'http://www.autoblog.com/2009/11/16/breaking-gm-to-begin-repaying-6-7-billion-in-us-loans-next-mon/'; General Motors will announce later today plans to repay the U.S. government some $6.7 billion in loans ahead of its initial due date of July 2015. The payments are expected to begin ...

REPORT: Ford continues strong sales in European Market 21 days ago on Autoblog

Ford's year-over-year sales were up nearly four percent for the month of October here in the United States, but the Blue Oval appears to be in even better shape across the Pond in Europe. The Dearborn, MI-based automaker saw its sales in the top 19 Euro nations rise by 12.8% versus October 2008, ...

VIDEO: With F1 program scrapped, where will Toyota Motorsports land next? 1 month ago on Autoblog

As Toyota president Akio Toyoda announced the withdrawal of his company from the Formula One World Championship, he reiterated Toyota's commitment to motorsport competition. But while this may have been pure lip-service, the Japanese automaker has a long history in racing, leading to speculation ...

GM's Liquidation Motors stock reportedly still worth $370M, can't be sold short 1 month ago on Autoblog

When General Motors entered into Chapter 11 bankruptcy over the summer, its bad assets were moved into a firm called Motors Liquidation Company (MLC). That company was capitalized with more than 600 million shares that were meant to be worthless; however, quite the opposite has happened: with its ...

Autoblog Podcast #151: With Eddie Alterman of Car and Driver 1 month ago on Autoblog

Abuelsamid, Lieberman, Roth and Shunk. Sounds like a law firm, but it's this week's podcast crew. Car and Driver editor-in-chief Eddie Alterman bravely wades into the pool and joins us for Episode #151 of the Autoblog Podcast, as well. We spend a goodly amount of time going over what's in ...

Ford posts $1 billion in profit, surprisingly good third quarter report 1 month ago on Autoblog

Surprising news comes courtesy of Ford this morning in the form of an unexpectedly good third quarter report. The Blue Oval posted $997 million in positive net income over the third quarter, which represents its first operating profit in over a year. Even better news is that Ford's success was ...

REPORT: Fritz says GM doesn't need any further aid from Washington 1 month ago on Autoblog

Fritz Henderson went to Washington to have a word the folks who wrote the $50 billion check to keep General Motors alive. While there, he answered a few questions put forth from The Washington Post about that investment and the "new" company created with it. His answers are sound, but qualified ...

Edmunds: Cash for Clunkers cost taxpayers $24k per car, not $4k 1 month ago on Autoblog

There is little doubt that Cash for Clunkers gave auto sales a big boost in late July and most of August, but there has been considerable debate as to how much help taxpayers' $3 billion provided. Customers who purchased a new car or truck were rewarded in many ways, especially when you consider ...

Swedish report says Koenigsegg wants to sell fewer Saabs for more money 1 month ago on Autoblog

Just because Koenigsegg is working to by Saab doesn't mean that the maker of million dollar coupes plans to spend time in the mass-market end of the buying pool. In fact, according to Swedish newspaper Dagens Industri, Koenigsegg wants to make more money selling fewer Saabs, which it can only do ...

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Autoblog Podcast #155: 'Twas the night before LA...

Chris, Dan, and Editor Paukert go over some LA Preview action and quietly whoop it up on the podcast.

 
 

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