Fiat Bitten By Financial Watchdog

Fiat says it sits on a 22.7 billion euro cash pile. CONSOB, the Italian equivalent of the SEC, told Fiat to explain “size and purpose” of its cash position, says Il Messagero in Rome. Fiat says it is not aware of an alleged probe, and that any suggestion that its cash pile was lower than reported in its statements was false, and will be dealt with.

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Canadian Governments Hoping For GM Buyback Of Shares

Shares of General Motors held by the Canadian federal government and the government of Ontario may have difficulty unloading their $9 billion stake in General Motors, according to a report by Bloomberg.

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You Know I Won't Hold You Back Now — Says Lincoln To Dealers

Long-time TTAC readers know of my sentimental fondness for Crain Communication’s Jamie LaReau. Now the first lady of automotive journalism has uncovered some interesting news about Lincoln’s continuing attempts to, like, do crazy stuff, man.

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$10,000 Off a Volt, Haters Gonna Hate?

The latest from USA Today suggests now is a good time to buy a Chevy Volt, if that’s what you really want. I checked in with former(?) TTAC scribe Captain Mike Solo, currently helping someone lease a Volt, and he says about the same: lease for $270 a month, with $1500 down. Which includes the government tax credit built into the residual…probably. So what does this all mean?

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Treasury Won't Sell GM Stock, Hopes For Pick-Up

Throwing investment advice of eminent experts such as the LA Times editorial board and former GM CEO Ed Whitacre in the wind, the Treasury will not sell its holdings in GM as recommended, but hold on to the stock. Why? For the same reasons that prompt smaller scale investors to hold on: The Treasury “expects the stock to rise in the future due to a roll-out of several new vehicles,” people familiar with Treasury’s thinking told Reuters.

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GM Execs Want Their Jets Back, Want Taxpayers Take A Bath

GM wants the Treasury to sell its GM shares at a huge loss, says the Wall Street Journal. Nothing doing, says the Department of the Treasury. It does not appear to need the cash (it can have it printed if needed) and is holding out for a slightly smaller loss.

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GM Bumps Up Q3 Results Prior To Election Day

General Motors hasn’t announced their Q3 financial results prior to November in six years, but they intend to announce them on October 31st, 2012 – just prior to the U.S. general election on November 6th.

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GM Wants A Bigger Line

GM must feel like well-to-do Eurotrash coming to America: Lots of cash in the bank, but lousy credit. GM wants to change this and is talking to banks about doubling its $5 billion line of credit, the Wall Street Journal says.

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Fitch: GM Not To Go Bust Anytime Soon

While there is renewed chatter about a renewed GM bankruptcy, ratings agency Fitch thinks otherwise. The agency that assesses the chances of defaults by companies and countries raised GM’s default rating from BB to BB+, which is once notch below investment grade.

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Hot Off The Presses: Youngman Might Also Sue GM Over Saab

Bringing suit against GM for not letting Saab live another day could be turning into a popular sport. Lars Holmqvist, former head of Europe’s automotive supplier body CLEPA, and as such an insider when it comes to the latest Saab dirt, says that spurned Youngman of China is also thinking of suing GM.

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High Finance, Reduced To Whack-A-Mole

Whenever we talk about middling sales and dwindling market shares of certain carmakers, moles pop out of the holes, check their talking points, and shout: “Volume is soooo lame. Awesome profits is where it’s at!” Point taken.

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What's That Smell? It's GM, Cooking The Books

GM posted better quarterly numbers today than analysts expected. Instead of jumping on the news, the GM share is down at the time of this typing? Why? Analysts and financial reporters quickly caught on to an old trick that has an air of despair: GM delayed spending into the next quarter. Says Reuters:

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Chart Of The Day: Channel Stuffing Bonanza

Today’s Chart comes from finance blog Zero Hedge, which has taken a periodic interest in General Motors channel stuffing endeavors. While we don’t normally report on stock prices here at TTAC, this one is worth mentioning.

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Ford, Political Officials Unveil Newly Revamped Plant in Louisville

Today is a Louisville day for me; Georgetown can’t have all the fun, after all. Oh wait: They build Toyotas not named FR-S. Never mind.

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Got A Pulse? Buy A Car: Sub Prime Riding High Again

Easy credit is coming back: U.S. lenders extended to car buyers some of the easiest credit terms since the financial crisis in the first quarter, credit research company Experian told Reuters.

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Guess Who Owned Ally Financial's ResCap? You Did

Minutes after Ally Financial, the bs-artist formerly known as GMAC, took its Residential Capital bankrupt, David Shepardson tweeted to his followers that all is fine:

“GM owns 9.9% of Ally Financial Inc, while @USTreasuryDept owns 74 percent”

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GM's Floorplan Banker Could Take Mortgage Arm Bankrupt

There is new trouble brewing in an important part of GM’s business: Ally, the former GMAC. Nearly 75 percent of the credit that GM dealers in the United States use to finance their inventories is from Ally, says a Reuters report. The report also says that Residential Capital (ResCap) – Ally’s mortgage servicing and lending unit – is again on the verge of being put into bankruptcy.

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GM Reports $1b Q1 Profit, Still Seeking "Competitive Levels Of Profitability"

Once upon a time, GM’s North American operations spewed red ink across the firm’s balance sheet, with the whole mess kept afloat by relatively strong overseas operations. Now GM makes most of its money at home while its international divisions limp along. No, really: in its just-released Q1 financial report, GM reveals that some $1.7b of its $2.2b global EBIT came from its once-troubled home markets. What a difference a bailout makes!

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No More Abu Daimler

The Emir of Abu Dhabi is tired of the car business. Germany’s Spiegel Magazin heard that Abu Dhabi’s sovereign wealth fund Aabar wants to sell all stock in Daimler. Aabar also wants out of Daimler’s Formula 1 team and the joint investment in Tesla.

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Danger Ahead: Volkswagen Plans For More Profits

Volkswagen’s CEO warned its shareholders of a “very demanding year,” what with the European debt crisis depressing auto markets and growth in growth markets slowing. What is growing is risks, said Winterkorn at VW’s annual general meeting. Oddly enough, it is Volkswagen’s competitors who should be very worried.

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The Return Of Subprime: GM Getting High On Junk Again

The collapse of the house of cards built with subprime mortgages was a central reason for the 2008 crash. GM’s GMAC was brought down by subprime loans. The economy has not quite recovered, and the deck of cards is again being used as building material. Back in the high-risk game: General Motors.

Writes the New York Times:

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Mazda Looking To Sell Baseball Team, Other Assets As Finances Worsen

The scuttlebutt on Mazda is that Japan’s favorite independent automaker is in the toilet, having to shed jobs in America and assets in Japan just to stay afloat. While Mazda may be strapped for cash, their less-than-liquid holdings, like a baseball team and $5 billion worth of land, don’t look so bad.

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Great Job, Victor Muller: Saab Produced $2 Billion In Unpaid Bills

Before and after Saab had gone bankrupt, pipe-dreamers thought that the company can be revived with just a few million dollars. The number commonly used was $50 to $70 million. We maintained that it would cost a few billion dollars to get the company going again.

As it turns out, we were way too optimistic.

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PSA Peugeot Citroen Liquidates Own Headquarters

GM’s new partner PSA Peugeot Citroen needs more cash. To raise money, PSA sells its headquarters building in Paris and will turn into a renter. Signing GM as a new 7 percent partner apparently hasn’t improved PSA Peugeot Citroen’s cash position. Au contrair, PSA’s credit rating had gone to junk.

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Shell Can't Pay Billion Dollar Oil Bill To Iran

In the nice problem to have department, Shell is doing its very best (or so they say) to settle a $1 billion bill for about four large tanker loads of Iranian crude. The problem: Sanctions make payments to Iran hard if not impossible.

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Allison Transmission Raises $600 Million Via I.P.O.

An I.P.O for a physical product is a refreshing change from the Tech 2.0 bubble we’ve been subjected to lately. Allison Transmission, formerly of General Motors, just issued their first I.P.O, raising $600 million for the company. Allison is now valued at $4.2 billion.

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Volkswagen Is World's Largest Automaker - By Profits

The podium was all smiles when Volkswagen reported an unheard-of profit of €18.9 billion ($24.8 billion) before tax, which turned into €15.8 billion ($20.7 billion) after the taxman got his €3.1 billion share. When Volkswagen announced this today in the annual results press conference, there was one man who grinned even more than anybody else.

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PSA Shares A Tough Sell, Offered At Deep Discount

PSA Peugeot Citroen doesn’t just have problems selling its cars lately. It also has problems selling its stock. To move the paper, a tried and true tactic is employed: Cash on the … where do you put the cash when you sell shares at a fire sale deep discount?

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EV Companies Pull Plug In EV State

Yet another hopeful maker of electric vehicles called it quits in Indiana. Bright Automotive of Anderson, Ind., announced this week that it will wind down operations after withdrawing an application for a DOE loan. This is the latest in a series of EV companies that went belly-up in Indiana, where Gov. Mitch Daniels had vowed in January 2010 to make the state “the electric vehicle state.” The Chicago Tribune lists the failed companies:

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Call Your Broker: Edmunds Predicts Strong Quarter For Automakers

If you are thinking of buying some stock of an automaker, now could be a good time. Not because of the strong sales. Because of dropping incentives, paired with strong sales. This indicates a strong first quarter, which should drive up stock prices.

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Moody's: GM Deal Turns PSA Into Junk

GM and PSA praised monstrous synergies and annual cost savings of $2 billion a year as an effect of the alliance that was announced yesterday. The savings won’t come immediately, rather in about 5 years from now. Moody’s thinks it’s a bad deal, and did cut PSA’s debt rating to junk status.

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PSA And GM Are Doing It While Marchionne Watches

When the stock markets close in Europe today, PSA Peugeot Citroen and GM should announce that they are going ahead with the plan of GM buying seven percent of PSA. That according to “sources with knowledge of the discussions” that talked to Reuters.

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Volkswagen Said To Report Monster Profits This Week

Germany’s Hannoversche Allgemeine, usually well-informed in Volkswagen matters, got its hands on hot data: Volkswagen’s 2011 balance sheet , which will be presented to the Supervisory Board on Monday. According to the paper, Volkswagen more than doubled its annual profit to €16 billion ($21.4 billion.)

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Mazda Re-Engineers A Damaged Balance Sheet

Hammered by the tsunami, the Thai flood and a monster yen, the Japanese car industry is looking back at one of the worst years in modern history. Amazingly, Japan’s top three, Toyota, Nissan and Honda survived the year intact, and are looking at a profit.

Of all Japanese automakers, Mazda is bleeding the most.

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Chrysler Withdraws Request For $3.5 Billion In Loans From Department of Energy

Chrysler alerted the Securities and Exchange Commission that they’d be withdrawing their request for as much as $3.5 billion in loans. The money was to be used for the development of unspecified “green” vehicles.

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GM Disappoints In The 4th Quarter

Analysts had already expected a disappointing 4th quarter, but when GM announced the results of the October – December quarter today, the results were worse than feared. Net income attributable to common shareholders was $500 million, or 28 cents a share. Analysts had expected two cents more.

Strong results in North America were dragged down by losses in Europe. Said GM CFO Dan Amman:

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Opel Eats GM's Profits Alive

When GM will announce 4th quarter and year-end earnings tomorrow, a lot of fingers will be pointed at Opel, and on GM CEO Dan Akerson who decided to keep the hemorrhaging unit instead of selling it off to Magna and the Russians. Bloomberg expects that tomorrow’s quarterly profit will be “GM’s lowest since it emerged from bankruptcy in 2009,” despite record sales in the U.S. and China. According to Bloomberg,

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PSA In The Reds

Europe’s second-largest automotive group PSA Peugeot Citroen is looking at red ink. PSA’s automotive operating loss excluding one-time items was 92 million euros ($121 million), after a 621 million profit the previous year, Reuters says.

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Still Generous With Incentives, GM Sheds Market Share Nonetheless

GM’s turn-around hinges on a market share above 19 percent, board member Stephen Girsky said at an industry meeting in October 2009. “The public plan is 19 percent and change. That is what everything is being based on,” Girsky said during a panel discussion at a conference at Columbia Business School. Reuters was taking notes.

In the 3rd quarter of 2009, GM had a market share of 19.5 percent. The share climbed to 21.8 percent in January 2011, and eroded ever since.

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After The Water Torture: Nissan Walks Away As The Hero

Was it luck? Was it hard work? A mixture of both? After escaping a near collision with fate in Iwaki, and not even getting its feet wet in Thailand, Nissan emerges as the most successful after the trials brought on by the unholy triad of tsunami, flood and yen. We said this a while ago when we compared 2011 production numbers of Japan’s majors.

Today, we go to Yokohama to check the balance sheets.

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At Toyota's Results Conference: "Next Year, Finally We Can Exercise Our Capabilities in Earnest"

Today, Toyota announced its October-December 2011 results to reporters packed into its basement meeting room in Koraku-en, Tokyo. Like most Japanese companies, Toyota is on a fiscal year that spans from April to March the following year. The reporting quarter was the third of the 2012 fiscal. It was surprisingly good. From October to December, TMC had an operating profit of 149.7 billion yen ($1.95 billion,) up 51 percent to from a year earlier. It gets better …

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Chrysler Strength Makes Up for Fiat Weakness

Today, Chrysler reported its first yearly profit since 1997. It was $183 million net profit on $55 billion net revenue. Not earth shattering as car companies go, but a start: Chrysler wants to turn this into $1.5 billion of net profit in 2012 and $65 billion of revenue. At the same time, Fiat-Chrysler cut its 2012 revenue target to 75 billion, due to a slowing demand for cars in a weakening European economy. Fiat will not pay a dividend for ordinary shares in 2011.

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Dropping Euro Makes Japanese Carmakers Want To Throw Up

Everybody is talking about how much the Euro is losing against the dollar. At closer look, it is not alarming. Even during normal times I have seen lower Euro rates than the current $1.27. But wait until you look at the Euro from a Japanese perspective. (Like the one I have at the moment, sitting in a pittoresk cabin half way up Mount Fuji that could use better heat.) The anemic euro might discourage people like me from coming to Japan. What it really does is discourage Japanese automakers from exporting to Europe. A lot has been said about the strength of the Yen against the dollar. It’s nothing compared to the Euro. Against the Euro, the yen turned into Godzilla. This has Japanese automakers extremely worried. They don’t really know what to do about it.

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Lotus Investors: Sell! Sell! Sell!

Lotus is one of those brands that every auto enthusiast loved to lionize, despite (or possibly because of) the fact that it hasn’t made a profit for its owner, Proton, in 15 years. But now things are changing. Lotus itself is in the midst of a makeover, seeking to transition from niche sports- and track-car company to a Ferrari and Porsche-rivaling aspirational brand. Meanwhile, back in Malaysia, its owner, Proton, is undergoing a few changes itself. Having been founded as a state-backed business, Proton may soon be privatized, reports Bloomberg. And as a result, Protons private investors could push for a quick divestment of the firm’s Lotus holdings. One such investor, Gan Eng Peng of HwangDBS Investment Management, tells Bloomberg

It will make sense for them to sell it. Proton and Lotus are not a good fit. They are in different market segments, both in terms of geography and product.

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Daimler Is Looking For Love In China

Germany’s luxobarge makers aren’t just happy selling their luxobarges to China. Now they want Chinese money straight up. Daimler is flirting with the Chinese sovereign wealth fund China Investment Corporation (CIC), which may want to buy 5 or 10 percent of Daimler.

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Opel Turns 150, Commences Cutting

Ever since Steve Girsky an his “merry band of hatchet men” touched down in Rüsselsheim, Bertel has been warning that GM’s European division was about to embark on a serious cutting binge. But our worst fears, namely that Opel could go away entirely, have yet to be realized. Instead it seems that self-destructive mutilation will be attempted first, in order to stem the gushing red ink at Opel where at least €1b in losses are expected next year. Automotive News Europe [sub] reports that the first round of cuts will hit Opel’s Internationalen Technischen Entwicklungszentrum (ITEZ, “International Technical Development Center), as an IG Metall union document foresees some 1,420 product development position cuts (from a staff of some 6,000).

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Our Daily Saab: A New Administrator, A New Deal, Same Old, Same Old

After enduring a rocky relationship with Saab’s management, Guy Lofalk is officially out as court-appointed administrator for the ailing Swedish brand. But although Saab boss Victor Muller had long hoped for Lofalk’s ouster, the news wasn’t all good for his slow-motion “rescue,” as Lofalk’s first replacement had to step down before he even began his duties. Reuters calls the abortive administratorship of Lars-Henrik Andersson Saab’s “latest embarrassment,” but TTELA reports that Andersson’s “defection [was] not based on a pessimistic assessment of Saab.” On the other hand, at least one of Andersson’s colleagues thinks he dropped out because Saab is “screwed.”

In any case Soderqvist seems to be the last remaining Saabtimist in Sweden, insisting he believes in the new plan to save the zombie brand, and he will serve as long as he continues to have faith… so what’s the new plan anyway?

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Opel: Keep, Sell, or Kill?

For no immediately obvious reason, Germany’s Frankfurter Allgemeine Zeitung has a long article today, which says that GM is running out of patience fast with its money-hemorrhaging Opel unit. The paper predicts new negotiations (read firings and plant closures) with the unions – “or worse.” (Read good riddance Opel.) The sound of rattling sabers is all over the article.

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Japanese Carmakers Lose Most Important Race Ever: The Race For Money

Toyota will still be #3 in cars made this year, but in terms of profitability, it has become an also-ran. Toyota shares that fate with their Japanese peers at Nissan and Honda. The Nikkei[sub] tabulated yen-denominated group earnings of 10 major automakers worldwide for the July-September quarter and comes to the conclusion:

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Our Daily Saab: Banking On A Chinese Bank, Not Bank Of China

Rumors that the Bank of China would be taking a role in the “rescue” of Saab turn out to have been something of a miscommunication. Saab explains the situation as it currently exists.

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Ghosn To Japan: Do Like Switzerland, Or Become Like Switzerland

For quite some time, Carlos Ghosn had been the booh-leader against the strong Japanese yen. At the sidelines of the Tokyo Motor Show, he launched into his so far strongest worded tirade against the “abnormal” yen. He told the Japanese government to learn from the Swiss, and to basically peg the yen to another currency.

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Our Daily Saab: Muller Losing Faith, Antonov Going Down

A TTAC tipster sent us a Teknikens Värld interview with Saab’s long-suffering would-be rescuer, Victor Muller, in which the eternal Saabtimist seems ready to admit defeat. In essence, he admits that GM is unlikely to ever approve a plan involving Chinese firms, that the Chinese firms are throwing “money into a black hole” and that all the previous plans are off the table. Of course, Muller does seem to think that some kind of rescue may yet be possible, but he admits

If I doze off Saab would disappear in an instant

If Muller is losing faith, and doesn’t even have a hairbrained scenario to hype, it seems that the end may well be near. But then, the whole rescue of Saab is beginning to be eclipsed by questions about Muller’s erstwhile partner, Vladimir Antonov, who was recently bailed out of British jail, where he was being held on charges of embezzlement and document forgery. But first, to the Muller interview…

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The 12 Most Profitable Vehicles Since 1990

What matters in the world of cars? It’s a question we’re always asking here at TTAC, and depending on your perspective, the answer could be almost anything. But for all of their cultural significance, cars are ultimately a business, and if you had to boil down the value of a vehicle to one single attribute, it would have to be profitability. But that’s a tough measure to make, considering automakers don’t typically break out profits by vehicle, let alone by model line. Which is why I was so excited to see a list of the 12 most profitable vehicles since 1990 compiled by Max Warburton of Bernstein Research, and published in Automotive News Europe [sub]. So, what’s the most profitable vehicle in modern automotive history? The answer can be found just after the jump…

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Our Daily Saab: Antonov Wanted In Europe, Was Saab "Rescued" With Embezzled Cash?

If GM needed another reason to let Saab die on the vine, it just arrived: Vladimir Antonov, the Russian banking scion, longtime partner with Victor Muller in Spyker, and erstwhile Saab rescuer is wanted in connection with what the UK Press Association [via Google] calls

a pre-trial investigation into an alleged fraud and money laundering case that is threatening to destroy two Baltic banks.

Bertel noted earlier that Snoras, one of Antonov’s banks, had been forced to halt operations, but the issuing of a Europe-wide arrest warrant for Antonov is an even bigger black mark on the Russian financier. And it adds to an already-impressive family resume: Antonov’s father Alexander was shot seven times in a 2009 assassination attempt that has been connected to a Chechen blood feud, and the family has been accused of ties to organized crime by the FBI and Swedish authorities.

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Our Daily Saab: Hold On And Believe

The last attempt at saving Saab failed when GM said it would not supply or license technology to Saab if it were 100% owned by PangDa and Youngman, scuttling the Chinese firms’ bid for outright control of the company. Now the two firms have sent a revised proposal to The General in hopes that they can provide safeguards for intellectual property, allowing them to purchase Saab without losing the link to GM. After all, both the 9-3 and 9-5 rely on GM technology and parts, while the 9-4X is wholly supplied by GM. Rachel Pang of PangDa tells TTELA.se

We have not discussed any changes with regard to ownership structure. We are concentrated on the GM issue… It’s about more commercial terms. We want to meet them and have asked for a meeting. First we must give them time to review our proposal. We are waiting for GM’s response and then we will of course respect it.

Of course, our understanding is that “the GM issue” is the same as the ownership structure issue… and keep in mind, PangDa and Youngman are looking for a meeting, not an agreement from GM. Which means this could drag on a while… and wouldn’t you know it, it’s time for Saab to pay salaries again.

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Is Fiat Considering A Pullback From Italy?

As the world struggles to come to grips with economic uncertainty, Bertel has been reporting that Japanese automakers are abandoning their homeland for lower-cost production centers overseas. Now, with economic turmoil shifting to Europe, it seems that Fiat could possibly be preparing for a pullback from Italy. Two basic factors are driving Fiat towards reconsidering its global manufacturing footprint: first, its struggles in the European market where margins are slim and dropping, second, its battles with Italian unions. Though Marchionne’s latest comments are ambiguous at best, some see these factors pushing the Italian automaker away from the market that gave it birth.

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Volkswagen Waits For Divine Intervention In Suzuki Drama

That interview with Volkswagen CEO Martin Winterkorn is a treasure-trove of information. It also gives an insight into Volkswagen’s strategy with rambunctious Suzuki: It will be a Sitzkrieg. Volkswagen seems to be intent on waiting things out until Osamu Suzuki passes away.

Winterkorn will be at the Tokyo Motor Show. Someone with a perverse bent made Volkswagen (booths EP06 through EP10) close neighbors of Suzuki (EP12). Only Mitsubishi (EP11) keeps the brawling couple at distance. But Winterkorn doesn’t have Osamu Suzuki on his dance card:

“A meeting is not planned. Should we run into each other, then we can talk about everything. There is one exception: Our 19.9 percent share is not for sale.”

Asked how Winterkorn intends to settle the matter, he answers:

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Not Again: Brussels To Sue Against Legalized Volkswagen Poison Pill

The old Volkswagen law is making headlines again. After three years of silence, the European Commission could drag Germany again in front of the European Court of Justice , Der Spiegel reports. A decision to sue could be made by Wednesday, sources of the German magazine say.

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Photo Ticketing Investors Content With Declining US Performance

Investors in Redflex Traffic Systems were resigned toward the photo enforcement vendor’s declining US performance at Wednesday’s annual shareholder meeting in Melbourne, Australia. The company has lost significant US market share and profit as more cities reject automated ticketing machines. Nonetheless, large executive compensation packages were approved without the dissent found in past meetings.

Shareholders signed off on a $324,926 salary for chief executive Graham Davie, plus $194,956 in stock for a total of $519,882 — a raise of 3.6 percent. Board member Karen Finley’s salary increased 3 percent to $318,270 plus $196,060 in stock for a total of $514,330. Finley is in charge of US operations which saw a drop in profit from the first and second half of the year of 7.4 percent.
Redflex has also lost its position as the dominant player in the automated ticketing market to American Traffic Solutions which has used funds invested by Goldman Sachs to buy out smaller competitors and take on their municipal contracts. ATS now boasts the greatest number of cameras deployed.

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Nissan And Toyota: Sayonara Japan, We're Going To America

Both Akio Toyoda and Carlos Ghosn are in the U.S. and what are they doing here? They complain loudly about the high yen. Akio Toyoda uses an interesting reasoning. It may make Americans wish for an even higher yen. Toyota may shift a “significant” amount of production to the U.S., if the yen stays high, and if demand in Japan will fail to consume Toyota’s vast capacity there. If the majority of Toyota’s output is shipped overseas, then factories will follow.

“If demand in Japan recovers, we will continue and work to maintain production of 3 million units” in Japan, Akio Toyoda said to Bloomberg. “If most of it becomes exports, shifting a significant amount of production to the U.S. may be considered.”

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  • CanadaCraig You can just imagine how quickly the tires are going to wear out on a 5,800 lbs AWD 2024 Dodge Charger.
  • Luke42 I tried FSD for a month in December 2022 on my Model Y and wasn’t impressed.The building-blocks were amazing but sum of the all of those amazing parts was about as useful as Honda Sensing in terms of reducing the driver’s workload.I have a list of fixes I need to see in Autopilot before I blow another $200 renting FSD. But I will try it for free for a month.I would love it if FSD v12 lived up to the hype and my mind were changed. But I have no reason to believe I might be wrong at this point, based on the reviews I’ve read so far. [shrug]. I’m sure I’ll have more to say about it once I get to test it.
  • FormerFF We bought three new and one used car last year, so we won't be visiting any showrooms this year unless a meteor hits one of them. Sorry to hear that Mini has terminated the manual transmission, a Mini could be a fun car to drive with a stick.It appears that 2025 is going to see a significant decrease in the number of models that can be had with a stick. The used car we bought is a Mk 7 GTI with a six speed manual, and my younger daughter and I are enjoying it quite a lot. We'll be hanging on to it for many years.
  • Oberkanone Where is the value here? Magna is assembling the vehicles. The IP is not novel. Just buy the IP at bankruptcy stage for next to nothing.
  • Jalop1991 what, no Turbo trim?