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Archive for October, 2018

GM Offering Buyouts to Salaried Employees to Cut Workforce

Automaker may terminate employees if buyout doesn't achieve results.

by on Oct.31, 2018

General Motors is offering buyouts to 18,000 employees as it seeks to streamline its North American operations.

After reporting a better-than-expected third quarter, General Motors is being “proactive” and offering voluntary buyouts to about 18,000 salaried employees in North America.

The offer is being extended to workers with 12 years or more experience and are designed to get ahead of rising costs, particularly in China. Employees were informed via a newsletter emailed Wednesday.

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The automaker reported a net profit of $2.53 billion during the July-to-September quarter, or $1.75 a share. A year ago, it lost $2.98 billion, or $2.03 a share, though that figure largely reflected the cost of completing the sale of its European-based Opel subsidiary to France’s PSA Group. (more…)

Siemens Jumps into Autonomous Vehicle Race

Supplier converts Munich campus to real-world AV test facility.

by on Oct.31, 2018

Siemens has jumped into the autonomous vehicle business, converting its Munich campus into a testing facility.

Siemens Mobility, along with five partners, is launching a test of connected and autonomous driving at the company’s Munich research campus to test and refine intelligent infrastructure, cloud-based software service and automated electric vehicles.

“Our research project is another milestone to serving the so-called first and last mile in a multimodal mobility mix that includes autonomous vehicles,” said Michael Peter, CEO of Siemens Mobility.

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“Our infrastructure is a critically important component for providing secure and efficient on-demand transportation in urban and rural areas,” he said. (more…)

GM Handily Beats Earnings Forecast, Buoyed by Truck Sales

Shares soar in pre-bell trading.

by on Oct.31, 2018

GM's Renaissance Center headquarters in Detroit.

General Motors delivered a positive surprise to analysts and investors on Wednesday morning, delivering significantly stronger earnings than had been forecast, buoyed by surging demand for its light truck line-up, including the completely redesigned Chevrolet Silverado pickup.

The announcement stands in sharp contrast to rival Ford Motor Co. which, last week, reported a significant decline in third-quarter income, despite strong demand for models like its F-150.

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GM said it earned a net of $2.53 billion during the July-to-September quarter, or $1.75 a share. A year ago, it lost $2.98 billion, or $2.03 a share, though that figure largely reflected the cost of completing the sale of its European-based Opel subsidiary to France’s PSA Group.

(more…)

Automakers Deliver Some Neat Tricks and Plenty of Treats for SEMA Show

Here's our round-up of the coolest, hottest and wackiest concepts to roll into the Las Vegas Convention Center.

by on Oct.31, 2018

The Honda Rugged Open Air concept.

Trick or Treat? Make that trick and treat, as the annual SEMA Show gets underway in Las Vegas.

Perfectly timed for Halloween, the annual aftermarket event regularly sees the debut of some intriguing concept vehicles from U.S., Asian and European automakers, and this year is no exception.

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In fact, there’s a Demon-chaser from Mopar which reveals a 1,000-horsepower crate motor that takes last year’s version of the Hellcat line to new levels. (more…)

Faraday Future “Effectively Insolvent,” Says Co-Founder

Battery-carmaker confirms second round of job cuts.

by on Oct.31, 2018

Nick Sampson, (r), one of the Faraday Future founders, is shown with investor Jia Yueting, (l) at the debut of the FF91 concept in January 2016.

The California-based battery-car company Faraday Future is “effectively insolvent,” according to co-founder Nick Sampson who resigned on Tuesday.

His departure comes as the once-promising company prepares for a second round of mass layoffs, a Faraday spokesman advised TheDetroitBureau.com late Tuesday evening. Faraday had already laid off a sizable number of its approximately 1,300 employees last week as it struggled to find enough cash to continue operating.

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“There is a furlough pending,” said spokesman Jacob Brown, adding that Faraday needs to take “drastic measures, but the executive team wants to keep the company running.”

(more…)

Mopar Caps SEMA Surprises with 1,000 HP Hellephant

Mopar puts a distinctive spin on a pair of FCA icons.

by on Oct.30, 2018

Looking to blow away a Dodge Demon? Good news! Mopar has you covered with the Hellephant-powered Super Charger.

You can never be too rich, nor have too much horsepower. And for those who thought the Dodge Demon was pushing the limits, Fiat Chrysler’s Mopar division will deliver a high-performance surprise at this year’s SEMA Show.

Taking things into four digits for the first time, Mopar gave a handful of journalists a sneak peek at three customized models it will bring to the annual accessories show in Las Vegas next week – as well as the most powerful, factory-supplied “crate” engine ever to be offered to serious performance fans.

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And you can be sure that anything using the 1,000 horsepower V-8 will be hitting 60 by the time you pronounce its full name, the Fiat Chrysler 426 Crate Mopar Hellephant. (more…)

Toyota Makes It Official: New Supra Bows at Detroit Auto Show

Sports car fans must wonder no longer.

by on Oct.30, 2018

With each passing day, the Toyota Supra inches closer to reality, including this heavily camouflaged model at Goodwood.

Toyota Supra fans can celebrate — finally.

We mean it this time. Truly.

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The company officially announced it plans to debut the long-awaited return of Toyota’s beloved sports car at the North American International Auto Show in Detroit in January. (more…)

Fiat Chrysler’s Q3 Profits Dinged Due to Diesel Emission Charges

Record earnings before diesel issue may mean dividend payment.

by on Oct.30, 2018

Fiat Chrysler's third quarter earnings were hurt by charges tied to possible diesel emissions violations.

Fiat Chrysler Automobiles net income dropped 38% during the third quarter despite record adjusted earnings before interest and taxes of 2 billion euros, or $2.27 billion, opening the door for the company to pay its first dividend since it was re-organized in 2014.

However, net profit decline 38% to 600 million euros, or $681.16 million, including a 700 million charge related to U.S. diesel emissions matters. FCA is now under investigation by U.S. Department of Justice for the company’s failure to disclose software on about 104,000 diesel-powered pickups and SUVs that regulators said could be similar to the “defeat devices” Volkswagen AG used to cheat emissions-testing on millions of its diesel-powered vehicles.

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FCA’s worldwide shipments increased by 3% and net revenue grew by 9% to 28.8 billion euros during the quarter. Despite cost of the diesel penalties, FCA’s adjusted EBIT in the North America region grew by 51% with margin at 10.2%, according to the financial information released by the company. (more…)

Green Car of the Year Finalists Revealed

“Green” comes in many forms.

by on Oct.30, 2018

The 2019 Insight is Honda's third attempt to market a mainstream, entry-level hybrid: an a possible winner of Green Car of the Year.

Not all that long ago, motorists looking for an environmentally friendly vehicle were likely in for a long search, with only a handful of models on the market. These days, it’s becoming a lot easier, as more and more new alternatives come to market, seemingly almost every week.

And that’s convinced the organizers of the annual Green Car of the Year Awards to expand their program this year. “Green comes in many forms,” they explain, noting that this year will bring new awards for the Luxury Green Car of the Year and the Green SUV of the Year.

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The three awards will be handed out at the Los Angeles International Auto Show just a month from now, and could see the jury highlight the wide range of “green” technologies now available to American motorists. (more…)

First Drive: Newer, More Affordable 2019 Acura ILX

In an age of SUVs, a sedan worth checking out.

by on Oct.30, 2018

The 2019 Acura ILX A-Spec.

It was the first Japanese luxury brand but, in recent years, Acura has struggled to be more than dead last when it comes to potential buyers’ shopping lists.

That’s begun to change as Honda’s upscale brand has started rolling out some truly impressive updates to its line-up, including the 2019 Acura RDX considered one of the hot prospects for North American SUV of the Year. But the transformation doesn’t stop there, as Acura is demonstrating with the roll-out of its next-generation entry-level sedan.

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The 2019 Acura ILX not only gets a stylish remake and plenty of appealing safety, comfort and convenience technologies, it also boasts a surprising price cut, the base model coming in at just $26,895, including $995 in delivery fees. That’s a full $2,200 less than the outgoing ILX – and is actually the same price the luxury brand first asked for when the ILX was introduced in 2012. (more…)