Bentley Continental Flying Spur: The Quickest Boulder in the Quarry May 12, 2006
Excess takes various forms ? righteous, wretched, divine ? and comes in many sizes. The newest Bentley packs its excess into XXL formal wear. Before we go an inch farther, let’s get the complaining out of the way. The Bentley Continental Flying Spur does not have great cup holders. They will secure a cold Pimm’s Cup No. 3 when you’re parked on the corniche, looking down (in all conceivable ways) upon the principality of Monaco, but they spat out our empty plastic soda bottles like watermelon seeds in summer. There is more. The Flying Spur has no DVD video system …
Pep Boys improves finances, but still reports loss
US automotive parts retailer Pep Boys has posted a net loss of $703,000 for its first quarter, having suffered a deficit of $2.8 million for the corresponding period a year earlier. The company’s quarterly net sales declined 1% from $563.5 million to $555.9 million. Same store sales, which measure sales at stores open more than a year, fell by 0.9%. A first-quarter loss from continuing operations was reported as $922,000, from a loss of $2.5 million in the prior-year. Reductions in general and administrative expenses, from last year’s $135 million to $131 million for this year’s first …
Toyota posts three-way FY record May 11, 2006
Bolstered by a successful marketing strategy and favorable exchange rates, Toyota Motor Corporation has reported 2006 as its strongest ever fiscal year. The Japanese auto giant said net revenues for the 12 months ended March 31, 2006, increased 13.4% year-on-year to Y21 trillion yen, while operating income reached Y1.87 trillion, an increase of 12.3% over the previous year. Net income for fiscal 2006 increased 17.2% to Y1.37 trillion, representing the third consecutive year in which profits exceeded Y1 trillion. All of the above figures marked record highs for the firm. Positive contributions to operating income included Y300 billion …
Detroit Grapples With a New Era: The Not-So-Big 3
Asian car companies have moved squarely into the front yard of the capital of American automotive dominance. The outburst showed how the Motor City is still having trouble adjusting to a new reality here: the Asian car companies that Detroit once vowed to vanquish have moved squarely into the front yard of the capital of American automotive dominance. Toyota and Nissan and Hyundai of South Korea have opened gleaming technology centers and are hiring some of Detroit’s most talented engineers and designers. They are also becoming more a part of the city’s social fabric by supporting local charities, sponsoring teams …
Pirelli, TNT extend distribution agreement May 10, 2006
Italian tire manufacturer Pirelli has chosen to consign its German logistics operations for another three years to TNT Logistics, the integrated supply chain solutions division of Dutch group TNT. Under the terms of the contract, TNT Logistics will manage the Pirelli factory warehouse in Breuberg, Odenwald, and the national distribution center in nearby Otzberg. TNT will assume responsibility for receiving and warehousing tires from various international plants and preparing orders for 24-hour distribution to Pirelli customers throughout Germany. This service includes order administration and tracking of shipments. “[A] market survey has shown that customers see Pirelli as …
GM revises Q1 results, posts profit May 9, 2006
General Motors Corporation has revised its first-quarter 2006 financial results to reflect a change in accounting, resulting in its first profit in six quarters. The world's largest automaker earned $445 million in the period, compared with a preliminary loss for the period of $323 million. GM reported a loss of $1.3 billion in the first quarter of 2005.”The difference between the preliminary and final results primarily reflects a change in the way GM will account for the health-care settlement agreement between GM and the United Auto Workers union,” said the Detroit-based firm. As part of the agreement, GM will …
Toyota Official Is on Leave After Harassment Charge
DETROIT, May 8 ? A Toyota executive accused of sexual harassment by his former assistant has left his position and will not take a new assignment until the situation is resolved, Toyota said Monday night. The executive, Hideaki Otaka, president and chief of Toyota Motor North America, which oversees the company’s manufacturing and financial operations, had planned to leave next month for a job in Japan. He has been in his current job for two years.But Toyota said on Monday that Mr. Otaka had stepped aside, and was on leave.Toyota said that Yuki Funo, the chief executive of Toyota Motor …
Skoda Auto on track for another record year May 8, 2006
Volkswagen subsidiary Skoda Auto Group has reported a 131% rise in first-quarter pre-tax profit to CZK4 billion ($180.3 million), attributing the result to record sales in the period. The Czech company said revenue in the period grew 18.3% to CZK54.4 billion ($2.5 billion), while operating profit increased by 112.5%, reaching CZK4.1 billion ($185 million). Skoda achieved record sales in the first quarter of 2006; the company sold 129,778 Fabia, Octavia and Superb vehicles from January until March 2006, representing an 18.5% increase on the prior-year period. The number of full-time staff of Skoda Auto at the end of the …
Behind the Wheel: 2007 Toyota Camry: Looking Out for Numero Uno May 7, 2006
The sixth-generation Camry looks and handles better than the previous incarnation, but the changes will in no way alienate those who have long prized the sedan for its comfort and durability. The sixth-generation Toyota Camry looks and handles better than the previous incarnation, but the changes will in no way alienate those who have long prized the sedan for its comfort, quiet and durability. It shouldn’t come as a surprise, then, that Toyota is confident enough about the 2007 Camry’s prospects to supplement its assembly capacity in Kentucky by borrowing a Subaru plant in Indiana. (Toyota recently bought a large …
BMW achieves record Q1 earnings May 5, 2006
German car maker BMW has achieved record quarterly earnings, reaching a net income of $1.2 billion, a rise of 80% on the previous year. BMW said the number of cars sold in the first three months also represented a new high, leading the company to predict a very good year for 2006. The total number of BMW, Mini and Rolls-Royce brand cars sold increased by 13.9% to 332,923 units from 2005. “We are well on our way to achieving our target of a group profit before tax of E4 billion,” said Helmut Panke, the chairman of BMW. “We also …
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