TTAC News Round-up: Investors Pump the Brakes, Daimler's Dig, and Chapo's Crapwagon
Investors aren’t necessarily drinking automakers’ Kool-Aid that 2016 will be full of beer and Skittles.
That, the China-made Cadillac CT6 that’ll eventually get here, El Chapo’s cheapo getaway car and General Motors’ questions get down and dirty … after the break!
Investors aren’t embracing automakers’ continued enthusiasm
Even though automakers are boasting fatter bottom lines and better outlooks for 2016 over 2015, investors are wary of their optimism, according to the Wall Street Journal.
Slowing sales in China, rising interest rates and an inability to keep pace with record sales have slowed investors’ interest in automaker stocks such as General Motors and Ford. Those stocks have slid 11 percent and 8 percent respectively this month.
Suppliers have been particularly vulnerable to the slide as well. Shares of Delphi have dropped 13 percent since the beginning of this year.
Here’s the China-made Cadillac CT6
CarNewsChina released pictures of their Chinese-built Cadillac CT6, which will go on sale in that country later this year.
That normally wouldn’t mean much for U.S. customers — our CT6s will initially be assembled at GM’s Hamtramck, Michigan plant — except Bloomberg reported Monday that the plug-in version of the CT6 will be imported from China. The China-made plug-in hybrid CT6 will be the second “import domestic” from GM after the Buick Envision reaches our shores this year.
So, CarNewsChina has pictures of our next Cadillac CT6, I suppose.
Daimler’s Dieter digs at VW for diesel disgrace
(Alliterations are great. — Aaron)
Daimler’s CEO Dieter Zetsche said Thursday that the automaker wouldn’t be caught up in a scandal similar to Volkswagen’s cheating diesels because if “anyone had this kind of idea with us, this person would very quickly find someone else who would say ‘we don’t want it like that, and we will not do it like that,’” according to Reuters.
Zetsche’s comments about Volkswagen were warranted, he said, because “there is nothing else to do,” considering the damage it’s done to the entire industry.
The CEO went on to say that Daimler would stay committed to making diesel cars, despite the cloud of suspicion that those cars can’t pass emissions tests.
Billionaire drug kingpin stole battered white Jetta to escape
(Above photo is a dramatic reenactment of the beat-to-hell Mexican Jetta. — Aaron)
Mexican drug kingpin Joaquin “Chapo” Guzman initially drove a beat up Volkswagen Jetta with a broken transmission to escape from Mexican marines closing in on him at his compounds, Reuters reported.
El Chapo and an associate stole at gunpoint the white Volkswagen Jetta with more than 100,000 miles on the clock before ditching it after driving a mile. The duo hijacked a red Ford Focus after and calmly obeyed traffic laws before they were finally apprehended, according to the report.
A worker at an auto repair shop said she watched the druglord and an aide sit at a stoplight before calmly taking off.
“They respected the law,” Karim Barajas told Reuters. “They set off normally, nice and slow.”
GM lawyers probing ignition switch victim’s painkiller use
Lawyers for General Motors are asking whether painkillers had anything to do with the injuries sustained by a man who crashed his Saturn Ion into a tree in Oklahoma in 2014 and is suing the automaker as part of a larger lawsuit for its faulty ignition switches, Bloomberg reported (via Automotive News).
The lawsuit is a “bellwether” trial for similar complaints against the automaker for covering up a faulty ignition switch that could disable a car’s safety systems, including airbags. GM admitted that its faulty ignition switches killed 124 people and injured more, but argued in court Thursday that a man’s pre-existing injuries could be blamed for his hospitalization after the crash.
A judge ruled that GM couldn’t ask questions to determine whether the man was impaired by pain medication at the time of the crash, but lawyers for the automakers are questioning whether the man’s repeated surgeries and earlier ailments could be to blame for his neck and back pain — not the crash.
Latest Car ReviewsRead more
Latest Product ReviewsRead more
- Sayahh Is it 1974 or 1794? The article is inconsistent.
- Laura I just buy a Hyndai Elantra SEL, and My car started to have issues with the AC dont work the air sometimes is really hot and later cold and also I heard a noice in the engine so I went to the dealer for the first service and explain what was hapenning to the AC they told me that the car was getting hot because the vent is not working I didnt know that the car was getting hot because it doesnt show nothing no sign no beep nothing I was surprise and also I notice that it needed engine oil, I think that something is wrong with this car because is a model 23 and I just got it on April only 5 months use. is this normal ? Also my daughter bought the same model and she went for a trip and the car also got hot and it didnt show up in the system she called them and they said to take the car to the dealer for a check up I think that if the cars are new they shouldnt be having this problems.
- JamesGarfield What charging network does the Polestar use?
- JamesGarfield Re: Getting away from union plantsAbout a dozen years or so ago, Caterpillar built a huge new engine plant, just down the road here in Seguin TX. Story has it, Caterpillar came to Seguin City council in advance, and told them their plans. Then they asked for no advanced publicity from Seguin, until announcement day. This new plant was gonna be a non-union replacement for a couple of union plants in IL and SC, and Cat didn't want to stir up union problems until the plan was set. They told Seguin, If you about blab this in advance, we'll walk. Well, Seguin kept quiet as instructed, and the plan went through, with all the usual expected tax abatements given.Plant construction began, but the Caterpillar name was conspicuously absent from anywhere on the site. Instead, the plant was described as being a collective of various contractors and suppliers for Caterpillar. Which in fact, it was. Then comes the day, with the big new plant fully operationa!, that Caterpillar comes in and announces, Hey, Yeah it's our plant, and the Caterpillar name boldly goes up on the front. All you contractor folks, welcome aboard, you're now Caterpillar employees. Then, Cat turns and announces they are closing those two union plants immediately, and will be transporting all the heavy manufacturing equipment to Seguin. None of the union workers, just the equipment. And today, the Caterpillar plant sits out there, humming away happily, making engines for the industry and good paying jobs for us. I'd call that a winner.
- Stuki Moi What Subaru taketh away in costs, dealers will no doubt add right back in adjustments.... Fat chance Subaru will offer a sufficient supply of them.