Yesterday’s news that Nissan will buy a 34-percent controlling stake in Mitsubishi for $2.2 billion was the latest win for Carlos Ghosn, the man behind the Renault-Nissan Alliance of 1999 and possessor of many fingers in many pies.
Ghosn, CEO of both Nissan and Renault, inked the agreement with Mitsubishi as the other automaker battles a misleading gas-mileage scandal. At a price of 468.52 yen/share, Ghosn’s purchase of new shares was a smoking deal. Mitsubishi shares traded for 1,100 yen just last December.
What becomes of the two companies now? And how will Ghosn’s world-straddling empire benefit by snapping up beleaguered Mitsubishi? (Read More…)
Listen, we don’t want any trouble.
St. Paddy’s Day is a time for all of us — black and white, Irish and American, Catholic and Protestant and all those other religions — to come together and figure out how much green food coloring can be consumed before it has a laxative effect.
But, as we think of the Emerald Isle today, our minds can’t help but be reminded of a famous and totally ballin’ export from the troubled north — the DeLorean DMC-12. (Read More…)
Amsterdam’s port facility is more crowded than a Walmart on Black Friday and it’s all China’s fault.
That, BMW wonders how it all went wrong, Millennials bare their souls to a salesman, Toyota walks down memory lane, and a safety regulator has some explaining to do … after the break!
China may be a hotbed for automakers to bring in their latest and greatest, but exports of its automotive wares aren’t as hot these days.
Automotive News reports General Motors will bring production of the Chevrolet Spark EV’s battery pack in-house to its Brownstown Township plant in the Detroit metro area, having already moved the subcompact’s 85-kilowatt electric motors to White Marsh, Md. in 2013. The pack was originally assembled by A123 Systems before Wanxiang Group picked up the torch. No new jobs will be created as a result of the move, spokesman Dave Darovitz stating GM would add jobs “if consumer demand requires it.” The packs for the 2015 Spark EV — whose market will expand to include California and Oregon later this year — will be 86 pounds lighter than the outgoing units, and will have a storage capacity of 19 kilowatts held within 192 lithium ion cells.
As Chevrolet slowly exits from the European market while Holden exits the production line altogether, General Motors is mulling over increasing exports to Australia out of South Korea.
For the first time in more than a decade, new car sales in India have failed to post a year-over-year increase. Instead, a sharp drop in sales spells bad news for carmakers with heavy investments in that important developing market.
Fords are loaded for export at the Port of Baltimore. Photo: Bill McAllen / Port of Baltimore
When most people think about countries that export cars one name that’s usually not on their list is the United States, but the U.S. is exporting more cars than ever. According to the Detroit News, the record total this year is likely to reach 2 million units and perhaps even more surprising than that number if the fact that half of the exports are cars made by GM, Ford and Chrysler. The remainder come from assembly plants located in the U.S. owned by German, Japanese and Korean automakers. Cars are the most valuable manufacturing export from the U.S., followed by aerospace. Spurring the growth in exports is the fact that the United States is currently one of the less expensive places to build a car, due to favorable currency exchange rates and reduced labor costs. (Read More…)
For many years, U.S. automakers warned against the red menace of millions of cheap Chinese cars flooding a helpless American market. It never happened. What finally got the Chinese export machine going a little bit was GM, which started shipping Made-in-China Chevrolet Sails. The Sails convinced buyers around the world that those Chinese cars aren’t as bad as thought, and now China exports around 5 percent of its production. GM expects to export between 100,000 to 130,000 vehicles from China this year, and wants to more than double the number by 2015.
Ford chief Alan Mulally today joined the ranks of people calling for increased Chinese car exports. He’s ready to export Fords from China. (Read More…)
A few weeks ago, GM’s spokesman Greg Martin said:
“There will be no exports of these cars built in China. Cars that are built in China are sold in China.”
No true, said GM China head Bob Socia to Reuters today, reiterating former statements that GM’s Chinese export machine is in full swing: “GM plans to export as many as 130,000 China-made vehicles this year, up from 77,000 vehicles in 2012, driven by demand for its Chevrolet Sail in other emerging markets,” Reuters writes. (Read More…)