Challenging Toyota’s Hybrid Hegemony April 30, 2006
Toyota’s market domination of the entire class of eco-friendly vehicles is coming under assault from some of the auto industry’s top engineers. But with a mix of creative engineering, clever promotion and fortunate timing, Toyota has set the de facto standard for the entire class of eco-friendly vehicles. It has licensed its software to Ford and is selling hybrid components to Nissan. Toyota has half a dozen hybrid models in showrooms or on the way ? twice as many as any other automaker ? ranging from the miserly Prius to the $100,000-plus Lexus LS 600hL.Yet the domination of Toyota’s Hybrid …
Hyundai Chairman Accused of Embezzling April 29, 2006
Prosecutors said Chung Mong Koo had set up a $105 million slush fund to bribe officials and politicians. Prosecutors said the chairman, Chung Mong Koo, 68, who led the company’s global expansion and raised its image by emphasizing quality, had set up a $105 million slush fund to bribe government officials and politicians. He is also facing a charge of breach of trust, accused of causing more than $315 million in damage to the company through his misconduct.Prosecutors portrayed the arrest as a testament to the commitment of regulators to crack down on corruption in the country’s family-controlled business …
DaimlerChrysler reports Q1 growth April 28, 2006
Despite its troubles in the US market and at its luxury brand Mercedes, German carmaker DaimlerChrysler has reported a 4% rise in its first-quarter profit. DaimlerChrysler sold 1.15 million vehicles worldwide in the first quarter of 2006, surpassing the figure for 2005 by 6%. As a result of the positive development of unit sales, the group?s total revenues increased by 17% to E37.2 billion. The company’s operating profits however were largely offset by charges related to the discontinuation of the smart forfour model and the realignment of the smart business model bringing charges of E982 million and E800 …
Allianz travel insurance arm increases sales in 2005 April 27, 2006
Mondial Assistance Group, the travel insurance and automobile assistance division of German insurance goliath Allianz, has reported increasing turnover by 11% and its overall net profit by 107% in 2005. In 2005 the company recorded sales of E1.221 billion, an increase of 11% compared to 2004Operating profit increased 2.3% to E45.6 million, and net profit increased to E47.8 million after taxes, a 107% increase compared to 2004. Automobile assistance, a traditional business line for Mondial Assistance, accounted for 44% of sales and grew by 11%, in line with overall group growth, despite stagnant vehicle sales in the European …
Ignition interlock devices being considered in New York
Ignition interlock devices which prevent a car from starting if the driver is over the legal limit are been considered by legislators in New York. Carmakers Volvo and Saab already offer the devices as optional extras on their models sold in Sweden and the push to introduce them in the US is being backed by lobby group Mothers Against Drink Drivers. The technology uses existing breathalyzer technology but manufacturers are experimenting with next generation versions which could test blood alcohol levels through simple contact. At the moment the technology has as many detractors as supporters with concerns …
TomTom steers through another successful quarter April 26, 2006
Navigation products and services provider TomTom NV has posted its second largest-ever quarter results in its traditionally slowest period, as the GPS market continues to boom. For the first quarter ending March 31, it posted a 121% rise in net profits to 31m euros ($38.5m), from 14m euros ($17.4m) in the year ago period. The market had expected profits of 29.5m euros ($36.5m) to 41.8m euros ($52m). Sales, however, beat the street after shooting up a staggering 288% to 256m euros ($318m) from 66m euros ($82m) in Q1 2005. Analysts had predicted sales of 194.7m euros ($241.6m) to 225m …
Nissan profits continue to rise despite slow domestic sales April 25, 2006
Benefiting from strong overseas sales, Japanese auto firm Nissan Motor Company has reported consolidated net income of JPY518 billion ($4.6 billion) for fiscal 2006, up 1.1% on the previous year and a record for the sixth consecutive year. “Nissan delivered a solid performance in fiscal 2005 despite the many challenges facing the global auto industry including higher raw material prices, higher energy costs, higher interest rates and higher incentives,” said Nissan president and CEO Carlos Ghosn. “Although we had few product introductions, we continued to grow our global sales driven by the attractiveness of our existing products and sound …
Nissan announces new plant in Russia
Japanese carmaker Nissan has revealed plans to invest $200 million in a new assembly plant in St Petersburg, Russia. Should the plan receive approval from Russia’s Ministry of Economic Development and Trade, production will begin in 2009. When fully operational, the plant will employ around 750 people and produce around 50,000 units per year. Nissan says the new facility will produce a variety of vehicles specifically adapted for the Russian market. “The continued growth of the Russian market, and Nissan’s presence in that market, was a key factor in deciding to start local production,” said Colin Dodge, senior vice …
Russian-German supercar concept April 24, 2006
Russian automaker Russo-Balt and German firm GERG teamed up to created the Russo-Baltique Impression. The concept vehicle is said to be based on the Mercedes CL 65 AMG. The companies will use the 2006 Villa d’Este Concorso d’Eleganza to unveil the new vehicle.
Behind the Wheel: 2006 Buick Lucerne: So Shipshape the Portholes Seem to Fit April 23, 2006
It looks good. It rides and handles well. It’s quiet, comfortable and well finished. And is likely to be reliable. And, go figure, it happens to be a Buick. In the intervening decades, Buick’s portholes have come and gone, and they made a brief appearance on the Park Avenue as that big sedan faded away. They are back on the Lucerne, which replaces both the Park Avenue and the less expensive LeSabre in Buick’s lineup, with three portholes on each side of V-6 models and four per front fender denoting a V-8 ? the first such engine in a Buick …
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