A short overview of what happened in other parts of the world while you were in bed. TTAC provides round-the-clock coverage of everything that has wheels. Or has its wheels coming off.

Congress sends Asian stock market to crapper: When Asia heard of the Detroit debacle in Congress, everybody called their broker and placed sell orders. Hong Kong was down 5.5 percent. Tokyo stocks fell 5.56 percent. Hardest hit were autos with Toyota down 10 percent, Honda lost 12 percent, The Nikkei (sub) reports. Investors fled the dollar for the safety of the Japanese Yen. The greenback fell to a 13-year low versus the yen Friday afternoon. This doesn’t make exporters happy, as their wares get more expensive in dollar terms.

Changan stock halted, pending “unprecedented” news. Changan, Ford Motor’s China partner, said on Friday it will continue to suspend trading in its shares “pending announcement of a major issue,” Gasgoo reports. In a statement, Changan did not specify the nature of an “unprecedented” issue, which it said the company’s management was still discussing. Its A shares, traded in Shenzhen, were suspended on Oct 10, a day after news of a possible purchase of Ford’s Volvo unit hit the wire.

Sweden bails out Volvo and Saab: At least for the time being. Sweden’s government approved a care-package of $3.4b for the two formerly Swedish makers, das Autohaus reports. They also reiterate: “Both brands are for sale.” Most of the money will be loans by the European Investment Bank, guaranteed by the Swedish government. Sweden’s finance minister Borg rules out a takeover by Sweden’s government.

A short overview of what happened in other parts of the world while you were in bed. TTAC provides round-the-clock coverage of everything that has wheels. Or has its wheels coming off.

Volvo soap opera update: Indian farm tractor builder Mahindra & Mahindra denied media reports that they are considering to go for Volvo. Earlier, the Hindustan Times reported that the company was in discussions with private-equity players including Cerberus Capital and Texas Pacific Group to place a joint bid. TTAC didn’t believe the story. According to AFP, Mahindra & Mahindra said they “have to assess how to finance our mergers and acquisitions in times like these.” So the ball is back in China. Or outfield.

Changan expands Volvo range. Unfazed by the discussion about a possible sale of the Volvo mark, China’s Changan announced they want to widen their range of Volvo cars. They refused to comment on a newspaper report that Changan might acquire the Swedish brand. They want to build higher end cars, without naming specific cars, Gasgoo reports.

German VeeDub dealers want Wolfsburg bail-out: Most of VW’s dealers in Germany are in dire straits. They are looking to Wolfsburg for financial help. “Others can ask for government help, we need the help of Volkswagen and the Volkswagen Bank,” said Michael Lamlé, head of the VW/Audi dealer council to Automobnilwoche (sub.)

Stimulus, Russian style: To protect the nascent Russian car production, and to lure/blackmail more manufacturers into building in Russia, the country has raised its import duty on new cars to 30 percent, reports Automobilwoche (sub.)

Chinese VW workers get German Christmas holidays: Volkswagen’s two joint ventures in China are planning to give their workers 15 working days of vacation from mid-December until the beginning of January, Gasgoo reports. SAIC will make approximately 20,000 units less. VW’s second venture FAW-VW has similar plans. VW has already sold 931,000 cars in China through to the beginning of December this year and is determined to hit the 1m mark.

Good morning! Slept well? Here is what happened in the meantime. TTAC provides round-the-clock coverage of everything that has wheels. Or has its wheels coming off.

Running into a BRIC wall: The emerging BRIC markets (Brazil, Russia, India, China) are running low on gas, The Nikkei (sub) reports. Passenger-car sales in China dropped 10% on the year in November. Sales in Russia declined for the first time since 2002. Sales in Brazil and India are also falling. The Nikkei: “This is bad news for automakers, which had hoped to offset slower sales in Europe and the U.S. with growth in the emerging markets.” TTAC: The BRIC countries will save the numbers of the international automakers for 2008. For 2009, BRIC will be of as much help as an empty BIC.

Japan putting the brakes on BRIC: In related news, Japanese makers are stepping on their BRIC brakes, The Nikkei (sub) says. Nissan postponed the start of operations at a joint venture factory for small commercial vehicles in India. Honda delayed by more than one year the launch of their second plant in India. Toyota is modifying its overall investment plan and may change the starting date for a plant that it is building in China. In Russia, Nissan plans to start a new factory in 2009. Suzuki wants to follow in 2010, Mitsubishi in 2011. The Nikei: “These plans could be derailed by tepid demand.” For the seven Japanese manufacturers of passenger cars, sales in emerging markets totaled approximately $150b in fiscal 2007. Better luck for the Germans …

The BS has landed, and WAS is back. TTAC provides round-the-clock coverage of everything that has wheels. Or has its wheels coming off. Warning: If bad news give you heart or stomach conditions, refrain from reading.

Europe doubtful about bailout: Europe’s MSM says the fat lady hasn’t sung the aria of the bridge loan yet. Even if the Senate manages to finalize an agreement in principle on the $15b in short-term loans, it is “uncertain if it would become law,” Reuters says. “Skeptical Republicans could kill such a measure with a procedural hurdle that would need 60 votes to clear.” Germany’s Spiegel Magazine writes that bickering about the car czar is delaying a decision. The antichrist is in the details. In the meantime, the London Telegraph pours cold water on hopes of a quick turn-around. “The last recession, between 1989 and 1992, had a five-year impact on the car industry,” the Telegraph quotes Professor Garel Rhys of the Cardiff Business School.

Fiat too small to survive, enters dating game: Fiat CEO Sergio Marchionne said his company needs company. They are too small to survive alone, Reuters reports. Marchionne said that only six big players would be left following the crisis, and just one of those would be in the United States. After GM left Fiat in the dust and paid $2b to get out of their contract, there’s not much love left between Fiat and Detroit. As far as China goes, Fiat has made baby steps in joint ventures, but managed to step on toes big time with a commercial in which Richard Gere drove from Hollywood to Tibet in 30 seconds. Following that, Fiat had to “extend its apologies to the Government of the People’s Republic of China and to the Chinese people.”

European parts makers go under: Wagon, one of Britain’s largest car parts makers, “has gone into administration,” the Financial Times reports. That’s what the Brits call their bankruptcy. Wagon supplies car parts to Peugeot, Citroën, Mercedes Benz, Renault, Fiat and Audi. Meanwhile in Germany, TMD Friction went to bankruptcy court. “First large parts supplier goes bankrupt,” Manager Magazine writes. Obvious implication: First of many. As we shall see shortly …

BS is on his way back from the Fatherland to Beijing. This Sunday will remain WAS-free. WAS will return tomorrow, after BS has returned. We need a day to digest last week’s news anyway.

Thank God that week is over! Any bets the next will be worse? TTAC provides round-the-clock coverage of everything that has wheels. Or has its wheels coming off. The night that WAS, week-end edition.

DC turns on drip for Detroit: Congressional Democrats and the White House have reached agreement on emergency aid for US carmakers of between $15bn and $17bn, two senior congressional aides said to Financial Times. “Congressional Democrats and the White House have reached an agreement,” a senior congressional aide said. Another source said negotiators had “agreed in principle to moving ahead but details have to be worked out.” The amount is far less than the $34bn requested this week by GM, Ford, and Chrysler, but it will keep them going into next year.

Going down? BMW and Daimler plummet: Both Daimler’s Zetsche and BMW’s Reithofer definitely said “it was nice having you” to their 2008 targets, Automobilwoche (sub) reports. BMW’s worldwide November sales dropped 25.4 percent. Mercedes-Banz did even worse: 28 percent down in November. BMW had been doing O.K. for most of the year, Jan-Nov they only lost 1.8 percent. Same at Daimler: Jan-Nov minus 4 percent, then the November shock. Worst markets for Daimler are Japan (minus 46 percent,) USA (minus 30 percent,) Europe West (minus 25 percent.) Even in the Chinese growth market Daimler lost more than 10 percent. The November numbers don’t bode well for 2009.

Too much happening around the globe to let a business trip stop me from reporting it. TTAC provides round-the-clock coverage of everything that has wheels. Or has its wheels coming off. Who can sleep with news like that anyway?

Lutz loose cannon, shoots foot, “too good to die:” The folks at RecCen were so busy charging up the batteries for their trip to DC that they forgot to put a muzzle on Czarevitch Bob Lutz. GM selling brands? Fohgeddaboutit, said Bobbie in an interview to the Swiss business magazine Bilanz. It’s all over today’s press in Europe. GM off-loading brands like Saturn, Saab, and Opel? LOL-Lutz had never heard of it. “It’s as trying to remove single eggs from an omelet and put them on sale,” Lutz told the Swiss who choked on their Roesti. Shutting down some brands would be thinkable, but “it would cost one or two billion per brand.” Opel? Opel is too tightly integrated into GM, and besides, Opel “doesn’t have the critical mass to survive. The idea to separate Opel from GM is a pipe dream.” Comes from someone who said that global warming is a crock of excrement, and that the moon is made of green cheese. OK, made the last one up. The charitable assumption is that the magazine was in print while other announcements were made. On the other hand … Lutzie’s last words: “We are too good to die.”

Uh-oh. Japan to repatriate foreign investments, tax free: The Liberal Democratic Party’s tax panel decided Friday that dividends received by Japanese companies from overseas subsidiaries should be exempt from corporate taxes, “in a bid to encourage Japanese firms to repatriate more capital,” says the Nikkei (sub) this morning. It’s one of those things we usually won’t notice, but we do now.

Chrysler clueless in China. Chrysler has put most, if not all of its Chinese joint venture plans on hold, says Gasgoo. A deal with Chery has been put on ice. Which surprises nobody.

Chinese makers short on cash: Chinese auto makers Haima, Brilliance, and Changfeng said that they need cash urgently. “The listed automakers now have dropped the unrealistic hope of raising capital through the stock market; instead, they are turning to their parent companies or issuing corporate bonds to collect money,” says Gasgoo.

There is more …

Neither rain,nor sleet,nor gloom of night, our daily round-up of the news that happened in other continents and time-zones must go through. TTAC provides round-the-clock coverage of everything that has wheels. Or has its wheels coming off. Note: I’m in Germany on business and will post as time allows. Last night’s news kept me sleepless, so you get WAS on time.

GM and Chrysler ready for ultimate sacrifice. GM and Chrysler executives are considering accepting a pre-arranged bankruptcy as the last-resort price of getting a multibillion-dollar government bailout, says Bloomberg. “Staff for three members of Congress have asked restructuring experts if a pre- arranged bankruptcy – negotiated with workers, creditors and lenders – could be used to reorganize the industry without liquidation.” Bloomberg quotes Lynn LoPucki, who teaches bankruptcy law at Harvard: “The Democrats’ goal of preserving a U.S. auto industry is not doable without a bankruptcy.”

China mulls GM’s default consequences: The Chinese government is also beginning to think aloud about the consequences of a possible GM default. Gasgoo quotes Xu Changming, Director of Information Resources Department under China’s State Information Center. He feels, not surprisingly, that “if a global company failed in management in its headquarters, impact will be felt by its Chinese business.” According to the Chinese, Chapter 11 would “have limited effects on Shanghai GM. The technical center built by GM and its partner SAIC will be running as usual.” However, if GM would go C7 “then Shanghai GM couldn’t produce Cadillac, Buick and Chevrolet and GM is likely to sell their 50% share in its Chinese JV.”

Volvo China unfazed, hopes for Chinese buyer: Gasgoo quotes a source at Volvo China that said that production of Volvo cars at the Chongqing plant will not be affected by the possible sale of the brand by its US parent. “Volvo Car’s Chinese partner, Changan Ford Mazda Automobile (CFMA) will start production of Volvo S80 next year, and this plan is unlikely to be affected by the change,” says Gasgoo. They also felt compelled reiterating that Bloomberg had said that an industry insider had said that Chinese automakers are among possible bidders for Volvo. Gotta read between the lines in China. And if that’s not enough …

This week while your eyes are wide shut: Our daily round-up of the news that happened in other continents and time-zones. TTAC provides round-the-clock coverage of everything that has wheels. Or has its wheels coming off. Note: For all of this week, WAS will either be late, or non-existent. I’m in Germany on business and will post as time allows. They woke me up for the Chinese story, so you get WAS on time today.

It’s official: Saab for sale. Long predicted by TTAC, now confirmed by GM’s Frederick Henderson: Saab will be sold. If no buyer is found, they will be shuttered. Automobilwoche (sub) has the story.

Sweden to bail Saab and Volvo from hell: According to AFP, “Sweden will come to the rescue of its US-owned carmakers crippled by the financial crisis, Saab and Volvo, to secure the future of an automobile industry which accounts for 15 percent of exports.” Details are yet murky. There isn’t much more than a “we want to keep that here and to protect it,” announced by Frank Nilsson, a spokesman for Sweden’s enterprise and energy ministry. Anything akin of a bank rescue package is definitely being ruled out by Nilsson. But he “can guarantee that we will have car manufacturing in Sweden.” Interesting undertones: Volvo is officially up for sale, Saab is, see above, on the block also. According to the report, “no matter who ends up as the owner, the [Swedish] government is committed to supporting the industry.” How? When? For whom? Stay tuned.

Volvo doesn’t want to buy Volvo: Ford bought the Volvo brand from Swedish Volvo Group. Their chairman Finn Johnsson doesn’t want them back. He told Swedish financial daily Dagens Industri via AFP that they are not interested, and that the Swedish government shouldn’t buy Volvo either. Johnsson: “The state knows nothing about the car industry and Volvo needs an owner that can increase sales and cooperate with suppliers on components and development.” He thinks, Renault would be a fine partner. It’s Swedish for “Up urs.”

Halt! Nothing goes there. Toyota will suspend production in Japan on Dec. 24 and 25. This sounds normal to you? Mind you: They don’t believe in Rudolph in Japan. Toyota will partially halt output of Lexus luxury cars at its Tahara plant in Aichi Prefecture and suspend all production at subsidiary Toyota Motor Kyushu Inc. “It is rare for Toyota to stop all production at a factory,” says an astounded Nikkei (sub.)

Honda submerges emerging market plans: Honda froze a project to raise capacity in Turkey and postponed the launch of its second Indian plant by at least a year, says The Nikkei (sub.) With raised eyebrows, the Nikkei notes that the “cutbacks are now spreading to emerging markets, which are seen as key battlefields for growth.”

European CO2 compromise: The EU member states agreed on a big CO2 compromise for cars, Das Autohaus reports. There will be limits. But not so fast and not so strict. Like in 2012, only 65 percent of new cars should produce less than 120g/100km of the climate-killer. In 2014 it will be 80 percent. 100 percent in 2015. This is a big walk-back from original plans, and the greens are up in arms. The ruling still needs a formal approval.

Ok, girls and boys, we are entering the last lap of the year. Prepare for one more month of bad news – then it will be over. The year. A lot of bad news already happened before you had your wheaties: While America Slept is a daily round-up of the news that happened in other continents and time-zones. TTAC provides round-the-clock coverage of everything that has wheels. Or that has its wheels coming off. Buckle up and be safe. (If you don’t like WAS, read the last entry. You’ll find yourself delighted!)

It’s official: Nipponese share US distaste of new cars: Japan Automobile Dealers’ Association published their November domestic sales of new cars, trucks and buses. They (the sales) are ugly: Down 27.3 percent on the year, down for the fourth straight month, and nearly twice as down as in October (-13.1 percent.) According to Nikkei (sub) “auto sales will likely fall this year to the lowest volume in decades on the economic slump that has seen Japan enter a recession.” Expect more bad news “from those wonderful folks who brought you Pearl Harbor.” (Not my bad taste, Della Femina did it!) For instance: The closely watched Japanese golf club index just sunk to 1.77 million yen, down 33 percent from its 2.64 million yen peak in May 2007.

Nissan ready, set, fire! Maybe: In the flak trade, it’s called “softening the blow.” Nissan’s COO Toshiyuki Shiga said today to the Nikkei (sub) “that future sales will determine whether Nissan will need to cut more jobs.” Although Shiga-Sama said it’s too early to predict the company’s personnel strategy, we all know the likely outcome. See above. And there is more …

Sunday. Even while God rests, the devils at TTAC perniciously prowl the news. While America Slept is a daily round-up of the news that happened in other continents and time-zones. TTAC provides round-the-clock coverage of everything that has wheels. Or that has its wheels coming off. Don’t let it ruin your well-deserved week-end.

Deutschland’s dealers found guilty of low car sales: J.D.Power, who’s fighting an uphill battle for the attention of Germany’s auto makers, may just have found the elusive key to their hearts and budgets: “Lack of attention from the salesperson is the most frequently cited non-price-related reason for customer rejection of European premium and volume automotive brands,” Power’s 2008 Germany Automotive Shopper Study says. We see all of Germany’s auto makers write the big checks for the study, and invite J.D.Power to conduct proprietary studies to further prove what auto makers deep in their dark hearts had suspected all along: The downturn is all the dealers’ fault. All dealers need to get fired.

Buick or bust: From the U.K., the Financial Times weighs in on the Detroit debate about D.C. dollar donations: “Congressmen mulling this request might want to visit their local Buick dealership. They should have no trouble finding one, with 2,751 nationwide the last time the National Automobile Dealers Association counted, more than double those selling Toyotas. As a result, only 88 Buicks a year are sold per dealer versus 1,821 for Toyota. Barring Chapter 11, multiple brands and excess dealerships can only be remedied with billions in dealer buy-outs due to state protection, as seen with Oldsmobile.”

Recession? Never heard of it: Honda announced that their production in Japan did set an all-time record for the month of October, The Autochannel reports. Even better, October worldwide production at Honda did set an all-time record for any month. What will they do with all those cars?

Thank God it’s the weekend-edition of While America Slept. That’s pretty much all we have reason to be thankful for. WAS is a daily round-up of the news that happened in other continents and time-zones. TTAC provides round-the-clock coverage of everything that has wheels. Or that has its wheels coming off. If you hate bad news, don’t tread it.

Japanese car market commits seppuku: Japanese domestic new car sales are likely to drop by around one-third in November, “raising the odds that the full-year tally will be the lowest since 1974,” writes The Nikkei (sub.) Folks, Japan has it worse than back home, so cheer up! Full-year sales of all types of cars, including mini vehicles, are forecast at around 5.1 million units — the lowest total in 28 years. Japan gave up its rank as the world’s second largest auto market to China in 2007, but remained the world’s second largest producing nation. It is expected to relinquish that rank also to China in 2008. That spells major itai (pain) for Nippon. Soon they’ll complain about exporting all those jobs to gaijin America.

It’s all in the brand: To add insult to injury, China’s Guangzhou Automobile Industry Group (GAIG) announced that its two subsidiaries “Guangzhou Toyota” and “Guangzhou Honda” will be renamed as “GAIG Toyota” and “GAIG Honda.” Harmless so far. Here comes the unusual part: Toyota and Honda will be required to pay for the honor of carrying the GAIG trademark, Gasgoo reports. It used to be the other way. The two brands will be sold through one “GAIG” sales channel. GAIG’s chairman Zhang Fangyou said his focus will “shift to brand marketing.” Of the GAIG brand.

GM says bondage no fun: GM is trying to talk their debt holders into exchanging bonds for stock, the WSJ (sub) says. That would help GM avoid C11. The proposal, along with the daring assumption that doubtful investors will accept it, will make its way into the business plan due in DC on Tuesday.

GM BOD to sacrifice Wagoner? The WSJ (sub) also picked up indications from GM’s BOD that the directors may be increasingly inclined to serve Wagoner’s head on a platter to mollify the angry gods of the Beltway. More than one-fourth of the automaker’s 14 directors have already privately expressed frustration with Wagoner, the WSJ says. COO Fritz Henderson is being floated as a successor.

How was your Thanksgiving? Get ready for turkey sandwiches, turkey soup and a dose of turkey news from all over the world. While America Slept (WAS) is a daily round-up of the news that happened in other continents and time-zones. TTAC provides round-the-clock coverage of everything that has wheels. And that has its wheels coming off. Soup to nuts, all the news that would be unfit to eat on an empty stomach.

Indian market blows up. The emerging Indian auto industry hasn’t quite emerged yet. Now, it’s getting it in the shins, big-time. After Toyota’s debt rating was cut, “Indian automobile stocks were lower tracking the fall in Asian peers,” the India Times has it. “Due to lower demand, automobile companies have been forced to shut down plants.” Now, shell-shocked investors take their money and go home. “The attacks in Mumbai could accelerate the trend,” the Nikkei (sub) writes, citing Mitsushige Akino of Ichiyoshi Investment who said: “Worldwide economic downturns have historically triggered wars and political instability.” Not what they call an investor-friendly environment. The Mumbai attack is already called “India’s 9/11.” Say ta-ta to Tata for a while. Internationals have advised expats to keep indoors, or better, get out.

Hyundai declares war on Nissan: Speaking of wars, “Hyundai has made its 2009 Accent the cheapest new car on sale in America by lopping $1,100 from its MSRP, so the numbers on the screen now read $9,970“ the LA Times reports. That’s a price-war to the tune of $20 less than the $9,990 Nissan Versa 1.6 – but every penny counts these days. Wars have erupted about less. Considerable fine print applies. Check with your dealer, or the LA Times for details.

Wagoner squeezes Forster, Forster squeezes Opel: GM Europe must wants to save $750m in labor costs at Opel. Forster sent a letter to all workers and announced less work, less pay. Opel’s union boss Klaus Franz signaled to Forster to insert letter in pipe and smoke it. Or choose other dark cavities. According to Automobilwoche (sub,) Franz asked six questions from Forster, the most salient being “what are your plans to protect the European business from an insolvency of GM?” Franz doesn’t expect any answers. The cosmopolitical Franz even paraphrases Nancy Pelosi: “If you don’t show us the plans, we won’t show you the money.” Wait, it’s getting worse …

Good morning! Lots of turkey ahead for you. The rest of the world has already provided its share of turkeys. While America Slept (WAS) is a daily round-up of the news that happened in other continents and time-zones. TTAC provides round-the-clock coverage of everything that has wheels. Gobble up the news! Maybe not on an empty stomach.

No EU auto bailout. The EU has released details of its stimulus plan. It’s a yawner. $257b, that’s all? Wait, there’s less: Brussels announced the plan, then told its 27 members: “You pay for it.” We predicted it, and Stratfor (sub) agrees: “It seems that no member state will bail out any other member state.” Also as predicted repeatedly by TTAC, not a word on EU auto bailouts. You’re on your own! You’re on your own!

Les Miserable: The same day, France’s Prez Sarkozy said he would announce a “rather massive” plan in the coming days to support French automobile and building industries. His plan will also help dealers and subcontractors. AP has the story. With so many recipients, the pickins will be slim. Sarkozy announced the plan after talking to Germany’s Angela Merkel. Expect some kind of plan from Angela as well. As in: “Europe: Buy German.”

No money under Opel’s Christmas tree. The German government asked Opel to provide hard data on why Opel needs money and how much. Opel returned devoid of data. “We had to send them back home” said a grumpy German government source to Die Welt. No data, no money. German observers smell two rats. Rat #1: Opel doesn’t have the data. Rat #2 : The data are so bad that Opel doesn’t want to show them. What smell you? And there’s more bad news ahead …

Better go back to bed. It’s safer in there. Lot’s of bad news awaiting you. While America Slept (WAS) is a daily round-up of the news that happened in other continents and time-zones. TTAC provides round-the-clock coverage of everything that has wheels. Or that has its wheels coming off. Are you really ready for this? Then read on.

Porsche: We told you so. Autohaus somehow got ahold of Wendelin Wiedeking’s notes for today’s “Bilanzpressekonferenz.” And as predicted, Wiedeking will say that Porsche will take it easy with VW’s takeover. They won’t even go for 50 percent yet. “Given the current economic circumstances, it is becoming increasingly unlikely that we will reach that target in the current calendar year.” More as it develops. There still is (faint) hope. What does it say on the manuscript? “Es gilt das gesprochene Wort.” (Check against delivery.) Always a good idea in the car business.

Nipponese go-slows: Mazda will suspend operations at Hofu No. 1 and No. 2 plants in Japan’s Yamaguchi Prefecture, western Japan on Dec. 25 and 26. Toyota Motor Corp. has decided to slash production 20 percent at its French factory from January through March, following similar moves in the U.S., Britain and Turkey. Suzuki will increase its production capacity for scooters and motorcycles in India by 47 percent to meet rising demand. Mitsubishi will build forklifts in China. All sources Nikkei (sub).

Limeys go for the green: The U.K. auto industry (what U.K. auto industry?) welcomes the government’s attempts to boost consumer spending by reducing a sales tax, but says it needs urgent help to overcome the cash flow problems created by the credit crunch. The society of Motor Manufacturers and Traders will meet Secretary of State for Business Peter Mandelson Thursday for an intensive begging session, CNN reports. You think that’s bad? Try Spain ….

Good morning! While America Slept (WAS) is a daily round-up of the news that happened in other continents and time-zones. TTAC provides round-the-clock coverage of everything that has wheels. Or that has its wheels coming off. This is Odd-Tuesday: All quiet internationally on the GM front. What’s going on? Stop press: We take it back.Porsche meets the press: Tomorrow, Wednesday, Über-Porsche Wendelin Wiedeking will present Porsche’s annual report to the press (an annual ritual followed by all important German companies, and usually an excess of euphemisms.) Apart from reporting about Porsche (“we’re doing great!”) “information about future plans regarding the take-over of Volkswagen” will be offered, says Automobilwoche (sub.) We’ll keep you posted.BMW axes 8600 jobs: Sad faces at the Beemer plants. BMW has cut more jobs than planned in their austerity program dubbed “Number One” (probably in reference to the P.O. workers.) 8600 jobs axed. Only one shift running in their Leipzig plant, all “temporary workers” gone. Automobilwoche (sub) has more.GM goes begging, even in Poland. GM is on a begging tour through Europe. “Informal approaches” are being made to governments in Poland, Belgium, Spain and the UK, Automotive News Europe (sub) has learned. Before, GM approached Germany, for €40b, was called names in Berlin, reduced their request to less, got something in Hessen, then said they don’t mean it. Germany is a state of confusion as far as GM goes. There have been contacts between GM and the UK government, even the government of Sweden, former home of Saab was approached. But begging Poland? A land with a GDP of $552b, less than the $700b tarp? There are places in Poland where they don’t have the money to put lights on the Christmas tree. Bad taste, GM, bad taste. Or just plain old ignorance?Pocket Roller for pocket change: In 2006, UK’s Manganese Bronze Holdings struck a $100m deal with Chinese Geely to continue producing the renowned London taxi TX4. They did. And now, Geely wants to use the platform for what Gasgoo calls “a small Rolls-Royce.” Positioned at lesser-heeled people who eye the premium BMW / Mercedes-Benz models, the luxury Geely sedan is expected to sell in the neighborhood of $44k when it comes to market by 2011. There is …

Hey, it’s Monday! Time to get back to work (if only to check that there still is a job.) Get a hustle on, most of the world got up much earlier. While America Slept (WAS) is a daily round-up of the news that happened in other continents and time-zones. TTAC provides round-the-clock coverage of everything that has wheels. Or that has its wheels coming off.

What are they smoking? To convince Congress that they mean action, GM wants to negotiate a cut in debt levels, wants to ask the UAW whether it’s ok to delay a $7 billion payment to a union retiree health fund, GM wants to drop brands, and get more funding from GMAC, Bloomberg reports. All that done before a “10-12 page report” will be submitted by 12/2? Don’t bogart that joint …

How to make a lot of money: Buy GM’s GM’s 8.375 percent bonds due in July 2033. Last Friday, that bond went for 17 cents on the dollar, Bloomberg writes, citing a report of Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The bond with a rating lower than most GM cars will yield you 49 percent interest, and you can retire worry-free. Or not.

Chery pickins: China’s home-grown (non JV) Chery will expand up and down, Gasgoo says. On the up, they will continue their partnership with US-based Quantum LLC. Intent: A high-end brand for the export market. On the down, they will launch a low-end brand called “Karry.” Already, your basic Chery QQ3 can be bought for $4K in China. How low can you go?

Never on Sunday? Not so at TTAC, a 24/7/365 world-class operation. While America Slept (WAS) is a daily round-up of the news that happened in other continents and time-zones. TTAC provides round-the-clock coverage of everything that has wheels. Or that has its wheels coming off. Disclosure: Mostly bad news today.

Let’s get small: VeeDub doesn’t want to leave the cars-for-lilliputians segment to the Smart 42, or the Toyota iQ. Based on a chopped version of their upcoming (2010) VW Up, Wolfsburg wants to launch a fuel-sipping 2seater. Target is 2 liter per 100km (118 MPG.) Unconfirmed rumor as per Automobilwoche (sub.) The oil-burning Smart ForTwo gets 71 MPG.

Let’s get cheap: Fiat plans low cost cars for the European market. Under a separate brand, says Automobilwoche (sub.) Fiat Group CEO Sergio Marchionne says he wants to be the “Wal-Mart for cars.” Chinese imports, anyone? “Ma no!” says FIAT. Together with their Brazilian subsidiary FIASA, FIAT works on two el cheapo cars under codenames Project 326 und 327. Then there’s another one of unknown provenance.

Nothing sacred anymore at Daimler: According to Daimler’s hometown paper Stuttgarter Zeitung, “all investments which don’t add to efficiencies and competitiveness are cancelled.” Travel, overtime, outsourcing, everything needs to be cut. The whole company is under review. Grim sales numbers. Even the green may see pruning: Investments in plug-ins, hybrids and fuel cell may get chopped. More bad news to follow …

Even over the weekend, TTAC never sleeps. While America Slept (WAS) is a daily round-up of the news that happened in other continents and time-zones. TTAC provides round-the-clock coverage of everything that has wheels. Or that has its wheels coming off. Guarantee: Contents 100 percent car related (well, except for one.)

Opel: “We’re doing great.” GM should send Opel Chief Demant to DC. He knows when to say the right things: “All jobs are safe “(at least until 2010.) “We’ve got enough cash” (at least until next year.) “GM doesn’t owe us money” (at least not immediately.) “We don’t need a loan guarantee” (we didn’t really mean it.) Germany’s government is now a) a bit miffed because they thought it was urgent, b) relieved because they can go Christmas shopping with the money saved. Automobilwoche (sub) has the story.

Germany goes to the polls over Opel: Wary of wearing Opel’s new rose-colored glasses, Automobilwoche (sub) is running a poll. The question: “What should happen to Opel?” Here’s the tally so far. “Opel goes it alone” – 50 percent. “Opel remains part of GM” – 15 percent. “Opel merges with BMW” – 15 percent. “Opel merges with Fiat” – 13 percent. “Opel merges with Daimler” – 7 percent. Don’t blame us, just reporting the news.

Just say no: Bernhard Mattes, chief of Ford Motor Co.’s German unit, would also make quick friends in DC. He says that Ford Deutschland can survive just fine, thank you, without a bailout from the German government , AP reports via Yahoo. Ford wouldn’t turn down a share of the loan package by the European Union, if offered. The consensus in Europe is the package is dead in the water, because it needs the consensus from the non auto making members. Dream on. And read on …

The sun never sets on TTAC’s devious empire. While America Slept (WAS) is a daily round-up of the news that happened in other continents and time-zones. TTAC provides round-the-clock coverage of everything that has wheels. Or that has its wheels coming off. Our pledge: No feelings will be hurt (except those of automobile execs, one copy-writer, and the gravitationally challenged.)

Opel’s ad attack: While other car companies slash ad budgets, GM’s Opel unleashes a Blitzkrieg on the German populace. “Opel Secures Future” blares the banner headline of full page ads appearing in national German newspapers. [NB: The line doesn’t say “Opel’s Future Secure”]. According to Bloomberg, the target of the ad-attack is to “reassure car buyers that may be spooked by the woes of its parent.” The copy-writer must have been high on something, hyperbole at the very least: “Opel is financially solid and as a brand and a company not at risk.” Boerse-Express says the true aim of the ads is Opel’s foot: “If they are doing so well, why loan guarantees?” Good question.

GM in denial: RenCen weighs in on the topic, says “Opel is not for sale.” Not because they wouldn’t want to. GM flak Tom Wilkinson tells AFP that brands like Opel “are so integrated into GM’s global operations, we would not or could not sell them.” Darn. Nothing works anymore.

Dealers ready to buy Opel: Opel’s German dealer council met last Tuesday and discussed to buy Opel themselves, before Opel goes under. “This is under serious consideration,” says Paul Schäfer, GM of Opel Staiger in Stuttgart, to Automobilwoche (sub.) The money could be raised. Despite (or because) of GM’s denials, the dealers are worried. In the meantime, non-essential expenses, such as a new CI for dealers or a revamped DMS have been put on ice.

When America gets out of bed, Tokyo is heading home in crowded subways, and Europeans still finish long lunches. While America Slept (WAS) is a daily round-up of the news that happened in other continents and time-zones. TTAC provides round-the-clock coverage of everything that has wheels. Or that has its wheels coming off. Due to popular demand, today, no sordid jokes. Get A1 if you want spice.Aussie wants SAIC to buy Holden: In the SAIC-buys-GM saga, Melbourne-based publisher of GoAuto.com.au, John Mellor, said to Gasgoo that “Holden could wind up in the hands of SAIC and being Asian-owned could help springboard the local industry into the growing Asian car markets.” While Dear John was at it, he also opined that Australia could be bought by the Indian-based Tata Group.Opel stunt a derivates play? As reported, the German company SolarWorld AG offered €1b to buy Opel Germany. German wags think the SolarWorld is a “marketing stunt” at best. Other think, SolarWorld lost their mind. For sure, SolarWorld’s stock tanked on the news. SolarWorld’s CEO Asbeck denies this morning via Reuters allegations that the matter was a derivatives play. Asbeck still claims he’s serious, and that he has “received a different answer from GM HQ than from Opel.” Opel yesterday said: “Nein.”Opel survival guaranteed: In its final hour, the parliament of Hesse approved up to €800m in loan guarantees for Opel, writes the Rhein-Neckar Zeitung. After the money was approved, the parliament dissolved itself. New elections are scheduled for January. The loan guarantees are in place for the unlikely case that GM goes bust. Wait, there’s less …

While America Slept (WAS) is a daily round-up of the news that happened in other continents and time-zones while America suffers bailout-or-no-bailout-induced nightmares. Around the world, a network of bleary-eyed TTAC correspondents provides round-the-clock coverage of everything that has wheels. Or that has its wheels coming off. Today in TTAC’s morning zoo:

Renault in dire straits: “Will Renault be the next car-casualty?” asks the Frankfurter Allgemeine Zeitung. This after Renault guided its year-end prognosis way down. Renault’s troubles will be Nissan’s pain. Both are joined at the aching hip. In an interview with the WSJ, Carlos Ghosn, double-head of Renault and Nissan, said he would “push for Europe to offer a €40 billion ($50 billion) loan program targeted at retooling,” (the books, presumably.) He also said, Japan should follow suit. Gimme the money, s’il vous plait.

China pulling out of Russia: China’s largest SUV and truck maker Great Wall Motor Co said to Gasgoo that they will “terminate their joint venture in Russia because of hard industry protectionist measures in the country.” No Landwinds for the Russkies. Wait, there WAS more …

While America Slept (WAS) is a morning round-up of the news that happened in other continents and time-zones while America was tossing and turning. From Japan to Jakarta, a network of sleep-deprived TTAC correspondents provides round-the-clock coverage of everything that has wheels. Or that has its wheels coming off. Here are the latest animals in TTAC’s morning zoo.

Ford dumps Mazda. Tormented U.S. automaker Ford Motor Co may announce plans to sell a 20 percent stake in long-time affiliate Mazda Motor Corp as early as today, Japan’s Nikkei business daily (sub) reported as the sun rose in the land of the rising sun. Japanese broadcaster NHK had reported more than a month ago that Ford is looking to severely lighten-up on Mazda. Currently, Ford has a controlling stake of 33.4 percent in the Japanese automaker, but Ford needs the cash.

Sell-off drives up shares: Selling a 20 percent stake will net Ford around $850 million, or more. Mazda’s shares jumped 6.4 percent on the report of Ford’s sell-off. The estranged lovers share vehicle platforms and engineering resources and own several assembly plants together in the United States, Thailand and China. With Ford out of control at Mazda, those plants should receive some Japanese gardening.

Deal done. Later in the Japanese day, Mazda sent out an official release confirming the story. It’s in Japanese, but a usually reliable source ( my Japanese wife) says it’s the real McCoy-San. Ford is down to 13 percent. Kawaii!

GM-Europe-VP: “The end may not be near.” Brent Dewar, multipurpose VP for Sales, Marketing, and After-Sales at GM Europe penned an inspirational letter to dealers: “As bad as the current results may sound, we don’t know whether we already have reached the end of the crisis.” Autohaus has a copy. From his bunker in Zurich, Dewar commands his sales forces to “fight to the last sale.”

And that WASn’t all, there’s …

Gooooooooooooooood morning, America! While America Slept (WAS) is a daily TTAC round-up of the news that happened in other continents and time-zones (such as California.) With a network of correspondents around the globe, TTAC provides round-the-clock coverage of everything that has wheels. Or that has its wheels coming off. Welcome to the morning zoo.Lemon-Aid: Several people at Daimler’s Quality Assurance department in Sindelfingen are being investigated by Stuttgart’s public prosecutor, writes the Sueddeutsche Zeitung. The allegation: They intentionally made cars with flaws. The fixing of which was outsourced. The companies that did the fixing fixed up the QA guys with expensive gifts and luxury trips. Damage: “In the high million Euros.” They might be doing time for that.Porsche agrees with Obama: Porsche wants change. At the Volkswagen Supervisory Board Meeting this week, Porsche Chief “Wendy” Wiedeking will request that VW keeps the Golf VI (that’s Roman numeral 6) longer than until 2011 (as planned.) Should save some R&D money right here and now. Also to be changed: A “Committee for Special Business Relations.” That committee prevented know-how transfer from Audi to Porsche. Porsche thinks, the committee is superfluous. Also reported in the Sueddeutsche. POTUS is a Renegade: Speaking of Obama, the London Times reports that the “The United States Secret Service revealed its not-so-secret code-name for president-elect Barack Obama last week: Renegade. If it sounds like the make of a car, that’s because it is. The Renegade is a concept car being developed by Chrysler, an open-topped jeep powered by electricity and diesel. Should the car ever make it into production then, like its namesake president-to-be, it, too, promises change – this time at 110 miles per gallon.” Gotta love them Brit sentences. Wait, there’s more!