Posts Tagged ‘joe szczesny’

Exner Chrysler “Thomas Special” fetches $780,000

Auction at Meadowbrook surprises auctioneer with price.

by Joseph Szczesny on Jul.27, 2010

The successful bid was substantially over what the RM Catalog expected the car to bring.

Chrysler must be on a role.

First Sergio Marchionne indicates Chrysler succeeded in making a profit during the second quarter and then a 1952 Chrysler “Thomas Special” goes for $780,000 during some spirited bidding at the RM Auctions annual auction at Meadowbrook Hall in Rochester Hills, Michigan.

The successful bid was substantially over what the RM Catalog expected the car would fetch. The successful bid came in via phone, RM officials said.

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However, the Chrysler had a unique “provenance,” noted RM spokeswoman Amy Christie. It is one of the most stylistically important designs of in American automotive history.

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Pair Indicted In GM Spy Case

Engineer, husband, had been passing secrets to Chinese.

by Joseph Szczesny on Jul.26, 2010

Trade secrets for GM hybrid technology -- the maker's prototype Saturn Vue plug-in shown here -- were allegedly taken by a Chinese engineer and her husband.

A federal grand jury in Detroit has indicted two engineers of Chinese descent with corporate espionage that had targeted General Motors Corp. hybrid technology by stealing documents with a market value of $40 million.

The case was considered significant enough for FBI agents to keep the pair under surveillance long enough for agents to watch as they disposed of shredded documents in a dumpster behind a suburban Detroit shopping mall.

Charged in the seven-count indictment are Yu Qin, aka Yu Chin, 49, and his wife, Shanshan Du, aka Shannon Du, 51, of Troy, Michigan.

From December 2003 and continuing through May 2006, according to the indictment, the defendants conspired to possess trade secret information of General Motors relating to hybrid vehicles, knowing that the information had been stolen, converted, or obtained without authorization.

The indictment charges that Du, while employed by GM, provided GM trade secret information relating to hybrid vehicles to her husband, Qin, for his benefit and for the benefit of  their own privately-held  company, Millennium Technology International Inc.

Approximately five days after Du was offered a severance agreement by GM in January 2005, she copied thousands of GM documents, including trade secret documents, to an external computer hard drive used for MTI business.

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A few months later, Qin moved forward on a new business venture to provide hybrid vehicle technology to Chery Automobile, a Chinese automotive manufacturer based in China and a competitor of GM.

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CEO Mulally Credits New Products, Leaner Structure For $2.6B Second Quarter Ford Profit

Drawing down debt now a critical goal for Ford Motor Company.

by Joseph Szczesny on Jul.23, 2010

Ford's latest earnings are, allegedly, taking Wall Street by surprise.

Ford Motor Co continued to roll forward during the second quarter of 2010, reporting a profit of $2.6 billion, or 61 cents per share, as each of its major business operations around the world posted  larger  profits.

The second quarter financial report reflected the best results by Ford since the first quarter of 2004, Ford chief executive officer Alan Mulally said, adding the company should be able to go from a net debt to a net cash position by year-end.

“We delivered a very strong second quarter and first half of 2010 and are ahead of where we thought we would be despite the still-challenging business conditions,” Mulally said, adding Ford expects to continue to post strong results through the balance of the year and through 2011.

“We remain on track to deliver solid profits and positive automotive operating-related cash flow for 2010, and we expect even better financial results in 2011,” Mulally said.

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It is hard to argue that Ford is on a roll, according to industry analysts.  The maker has landed at or near the top in a variety of new consumer studies, including the J.D. Power Initial Quality Survey, which in June showed Ford to be the top-ranked mainstream brand for out-of-the-factory quality.  The maker also dominated the recent Ideal Vehicle Awards, from AutoPacific, Inc., a measure of which products motorists are most passionate about.

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Ford, Toyota Settle Contentious Hybrid Lawsuit

Settlement allows makers to keep building gas-electric vehicles.

by Joseph Szczesny on Jul.20, 2010

A settlement with supplier Paice LLC means Toyota and Ford will continue to be able to produce and sell hybrid vehicles in the U.S.

Both the Ford Motor Co. and Toyota Motor Corp. have signed off on settlement with Paice LLC in a contentious patent dispute over hybrid technology.

Paice had charged both Ford and Toyota with violating a specific patent that it had owned since 1992.  If the supplier’s suit had gone forward, it left open the possibility that the makers might have been barred from producing or selling their hybrid models in the U.S., including the top-selling Toyota Prius.

The terms of the agreement are confidential, though it appears to allow both makers to continue with their hybrid production and future gas-electric development plans.  All lawsuits between the companies will be dismissed. Over the years, both Ford and Toyota had spent substantial sums trying to defeat Paice’s patent.

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“I am happy that Toyota and Paice came to an amicable resolution on the use of my power-assisted engine invention,” said Dr. Alex Severinsky, who founded Paice in 1992.  “We have long believed that hybrid vehicles represent the wave of the future for the auto industry and hope that consumers will continue to embrace hybrid vehicles as a meaningful way to reduce emissions.”

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Former Delphi CEO Miller Reappears On Wall Street

Aiming to work miracles for tarnished insurance giant AIG.

by Joseph Szczesny on Jul.15, 2010

Steve Miller led a turnaround team at Delphi. He has now landed at troubled insurance giant AIG.

Robert “Steve” Miller, the former chairman and chief executive officer of the bankrupt Delphi Corp., has reappeared on Wall Street, signing on as chairman of AIG, the badly tarnished insurance giant, which was at the center of the financial panic of 2008.

Miller succeeds Harvey Golub as chairman of the AIG Board of Directors, who quit after a row with AIG’s current chief executive officer, Bob Benmosche.

“At this point, I view asking the Board to choose between us would be an abdication of my responsibility to lead. Consequently, I’m resigning for the simple reason I believe it is easier to replace a chairman than a CEO – particularly a company in the midst of two major activities: (1) a major corporate restructuring, and (2) development of an exit plan from government control, both of which involve executing a long list of difficult tasks,” Golub said in his resignation letter

Miller said in a statement he believed AIG has established strong momentum over the last year, “and we remain fully committed to delivering on AIG’s core priorities: repaying taxpayers, meeting all of the company’s obligations to its various stakeholders, and restructuring the company so that it emerges as a smaller, more focused enterprise worthy of investor confidence.”

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AIG was the largest single recipient of bailout funds from the federal government’s controversial Troubled Asset Relief Program, or TARP – the same source of rescue money used to save General Motors and Chrysler. The insurance company’s business and trading practices, executive compensation, and ethics have all come under intense scrutiny since it was bailed out by the U.S. Treasury.

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GM Offloads Nexteer to a Chinese Buyer

Beijing money is behind deal and a controversial contract.

by Joseph Szczesny on Jul.08, 2010

Exporting more U.S. jobs?

General Motors has found a buyer for GM Global Steering Holdings, LLC, commonly known as Nexteer, its steering gear maker to a Chinese industrial group.

Nexteer’s proposed new owner is Pacific Century Motors, an entity formed by The Tempo Group and an affiliate of the Beijing Municipal Government.

PCM will acquire all of Nexteer’s operations, which has 6,200 employees in global steering and half-shaft operations, including 22 manufacturing facilities, six engineering facilities and 14 customer support centers located in North and South America, Europe and Asia.

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Terms of the sale, which is expected to close by the end of the year, were not disclosed.

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First Drive: 2011 Jeep Grand Cherokee

Bringing back the panache, swagger…and styling.

by Joseph Szczesny on Jul.06, 2010

The boxy look is gone with the all-new 2011 Jeep Grand Cherokee.

Jeep has always had a certain panache and swagger that reaches all the way back to the original off-roaders that American soldiers fell in love with during World War II.

For decades, that gave the Chrysler brand a leg up over its competition, so much so that it often had to remind folks that Jeep wasn’t synonymous with SUV.  But something happened in recent years, and the awkward and ungainly design of the last-generation Jeep Grand Cherokee, the brand’s flagship, didn’t help.

Now comes an all-new update, and during a couple days of driving through Northern California, we were pleased to discover that Chrysler has managed to endow the 2011 Jeep Grand Cherokee with the sort of refinement and style that is going to impress potential buyers and make competitors wary.

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In an era when more and more makers are moving away from classic sport-utility vehicles in favor of car-based crossovers – as Ford will do with the launch of the 2011 Explorer – Chrysler has held firm with the hybrid unibody/truck approach its used on all versions since the original Grand Cherokee.  That means the 2011 Jeep retains its impressive off-road capabilities. It can still charge over rugged country and up steep hills with the kind of agility that has always appealed to Jeep loyalists.

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U.S. June Auto Sales – Notes and Quotes

The oil spill in the Gulf of Mexico is now stalling the auto industry’s recovery? Regional variations are now large.

by Joseph Szczesny on Jul.02, 2010

Bob Carter, Toyota Motor sales vice president, said the sales data reflected some distinct regional variations. “The East Coast and Midwest continued to show growth,” he said during a conference call with reporters.

Sales on the West Coast were essentially flat but sales in states around the Gulf of Mexico actually declined year over year, suggesting the BP massive oil spill has disrupted the regional economy, Carter said.

Overall, the industry posted a 14.4% sales increase in June, but the sales data also showed that sales were down noticeably from May. (See Toyota’s June Sales Slide. The Japanese Big Three Tread Water as U.S. Auto Market Contracts)

General Motors reported its sales increased by 36% last month, marking sixth consecutive month in which sales of its key brands increased year-over-year by more than 20%. However, GM’s sales were off roughly 14% from the levels reported in May, indicating the sales tempo had slowed. (See June U.S. General Motors Sales Up 11%)

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Ford also reported 15% increase in sales during June, and so far this year the company’s sales have climbed 28% during the first half of 2010 as the company continued to gain market share. However, Ford’s sales dropped by 8% on a month-to-month basis.

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Fisker Automotive Gets “Stevie Award”

Privately held EV company is cited for business innovation.

by Joseph Szczesny on Jun.25, 2010

Henrik Fisker with his plug-in hybrid, the $87,900 Karma, which is set for a debut next year.

Fisker Automotive has received a “Stevie Award “for business innovation from the 2010 American Business Awards program.

A panel of judges selected Fisker for “Most Innovative Company of the Year – up to 100 employees” for its unique approach to addressing future transportation needs. Additional winners include other leading-edge companies like Apple, Mozilla, and Ford Motor Company.

More than 200 executives across the country participated in the judging process to determine the finalists and Stevie Award winners.

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Since its inception in 2007, Fisker Automotive, a privately owned, premium American car company based in Irvine, California has proven itself as a force in the automotive industry by leading the premium green car segment with the 403 horsepower, 100 mpg Fisker Karma. The Karma could be world’s first premium plug-in hybrid electric vehicle when it arrives in showrooms early next year. (more…)

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UAW Taking Aim at Toyota

New union chief sets organizing import leader as top priority.

by Joseph Szczesny on Jun.18, 2010

As he takes over from Ron Gettelfinger (l), new UAW head King turns up the heat on Toyota.

Bob King, the newly-elected president of the United Auto Workers, is vowing to take on Toyota on multiple fronts and accused the Japanese auto giant of deliberately abandoning unionized workers in California.

One of the top priorities for the UAW is organizing the rest of the growing Toyota manufacturing network in the U.S.  Until now, the only facility represented by the union was the NUMMI plant, near San Francisco, which Toyota decided to close after the break-up of its joint venture with General Motors.

“We’re not going to wait” for proposed legislation that could impact organizing efforts, said King, who was chosen by UAW leaders during their national convention, this week.  In a fiery speech in which he vowed to return the union to its roots, the UAW President declared, “We’re going to whatever is necessary to ensure that Toyota abandons its anti-union efforts.”

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King invoked the legendary Walter Reuther, who led the union for 24 year until his sudden death in 1970, telling UAW leaders, “We’re all in this together.  We will fight for reform. But let us remember the UAW of the 1930s and 1940s didn’t wait on government legislation. The strike that changed the world, the Flint sit-down strike, was illegal,” said King, referring to the long confrontation with General Motors that effectively created the modern UAW.

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