| HNA News Summary 6/1
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| Jaybeedee |
HNA NEWS SUMMARY
Wednesday, June 1, 2005
GM
GM is expected to announce that it will offer to the general public steep discounts similar to those it offers its employees.
(Wall Street Journal, 6/1, D3, Lee Hawkins Jr.)
(New York Times, 6/1, C8, Danny Hakim)
http://www.nytimes.com/2005/06/01/a...les/01auto.html
A growing chorus of critics say the midsized Hummer H3 is handicapped by an underpowered engine and is painfully slow when merging onto a freeway or passing.
(Detroit News, 6/1, 1A, Ed Garsten)
http://www.detnews.com/2005/autosin.../A01-200229.htm
GM may boost borrowing costs for companies with junk bond ratings who must compete for investors.
(Detroit News, 6/1, 2C)
http://www.detnews.com/2005/autosin...auto-200344.htm
FORD
A conservative Christian organization turned its sights on Ford, charging that the automaker promotes same-sex marriage by donating hundreds of thousands of dollars to gay groups each year.
(Detroit Free Press, 6/1, 1C, Michael Ellis)
http://www.freep.com/money/autonews/ford1e_20050601.htm
The new Ford Mustang, after six months on the market, is more popular than the flashy Chrysler 300.
(Detroit Free Press, 6/1, 1A, Sarah Webster)
http://www.freep.com/money/autonews...1e_20050601.htm
TOYOTA
Toyota will recall about 173,000 vehicles in Japan, Singapore and Malaysia because of defects in their brakes and fuel systems.
(Wall Street Journal, 6/1, B5)
(Detroit Free Press, 6/1, 2C)
(Detroit News, 6/1, 3C)
http://www.detnews.com/2005/autosin...1/01-198664.htm
http://www.freep.com/money/autonews/irep1e_20050601.htm
HNA News Summary – Wednesday, June 1, 2005
Toyota Logistics Services has re-dedicated its Port Newark, New Jersey Vehicle Distribution Center after a $20 million expansion.
(PRNewswire, 5/31, Toyota)
OTHER AUTOMAKERS
Cendant Corporation’s Orbitz, the third largest online travel booking agency, is offering the ability to rent Harley Davidson motorcycles when arranging hotel, flight and vacation packages in the U.S.
(Detroit News, 6/1, 3C)
Mitsubishi Fuso Truck & Bus announced a new president and chief executive, Harald Boelstler, vowing to regain customer trust as it struggles to recover from a scandal over auto defect cover-ups.
(Detroit News, 6/1, 3C)
(Detroit Free Press, 6/1, 2C)
http://www.detnews.com/2005/autosin...auto-198613.htm
http://www.freep.com/money/autonews/irep1e_20050601.htm
Mitsubishi’s new vehicle sales in Japan in May scored the first year-to-year rise in 17 months.
(Kyodo, 6/1)
South Korean auto manufacturing will rise 44 percent by 2012 to more than 5 million units by 2012, with 2.1 million produced in factories overseas.
(Detroit News, 6/1, 3C)
(Detroit Free Press, 6/1, 2C)
(AP, 5/31)
The British government launched a full investigation into the collapse of MG Rover after an accounting watchdog reported unanswered questions about the company’s books.
(Wall Street Journal, 6/1, A10)
Mazda held an opening ceremony for its new Shanghai based subsidiary to coordinate its growing production and marketing operations in China.
(Kyodo, 6/1)
SUPPLIERS
Delphi wants to dump unprofitable business lines weighing on its operations -- between four and six of its 20 "high-wage" UAW plants in the U.S. --before the current contract with the UAW expiries two years from now.
(Detroit News, 6/1, 1C, Daniel Howes)
http://www.detnews.com/2005/insider.../C01-200210.htm
HNA News Summary – Wednesday, June 1, 2005
ArvinMeritor said it will begin building a commercial vehicle brake plant in China this year as part of a joint venture with a subsidiary of First Auto Works.
(Detroit News, 6/1, 3C)
(Detroit Free Press, 6/1, 2C)
Johnson Controls said it plans to purchase USI Companies, a corporate real estate services company, for $80 million.
(Detroit Free Press, 6/1, 2C)
(Detroit News, 6/1, 3C)
http://www.detnews.com/2005/busines.../C03-199886.htm
http://www.freep.com/money/autonews/irep1e_20050601.htm
TRW Occupant Safety Holding GmbH, a subsidiary of TRW Holdings, announced plans to open an engineering center employing about 200 people in Czestochowa, Poland, by the end of 2006.
(Detroit Free Press, 6/1, 2C)
http://www.freep.com/money/autonews/irep1e_20050601.htm
Visteon named John Donofrio as senior vice president and general counsel as it prepares to shed plants and workers.
(Detroit Free Press, 6/1, 1C)
(Detroit News, 6/1, 3C)
http://www.detnews.com/2005/autosin...auto-200344.htm
http://www.freep.com/money/business/tick1e_20050601.htm
It’s the second time in five years that Visteon workers have found themselves in the eye of the storm as the U.S. auto supply industry struggles to stay competitive.
(Detroit News, 6/1, 1C, Eric Mayne)
http://www.detnews.com/2005/autosin.../C01-200211.htm
EDS clients are using virtual reality in myriad ways, from tinkering with the design of new cars and buildings to more efficiently organizing the movement of workers and products on factory floors.
(Detroit News, 6/1, 1C, Nick Bunkley)
http://www.detnews.com/2005/autosin.../C01-199739.htm
Xie Qihua, chairwoman of Shanghai Baosteel Group, has headed a significant expansion of China’s largest iron and steel company to satisfy China’s demand for cars, ships and skyscrapers.
(Wall Street Journal, 6/1, B1, Peter Wonacott, James T. Areddy)
HNA News Summary – Wednesday, June 1, 2005
Scrap steel prices have fallen more than 50 percent since last November and spot process for hot-rolled sheet used in vehicle assembly have declined by about 25 percent since last August, easing some of the cost pressures facing automakers.
(CP, 5/31)
ENERGY/ENVIRONMENT
Gas prices today, by any measure that adjusts for inflation and rising real income, are a bargain.
(USA Today, 6/1, 11A, Mark J. Perry)
http://www.usatoday.com/news/opinio...ices-edit_x.htm
The latest on break even points of hybrid cars shows that in most cases, an owner would have to drive a hybrid tens of thousands of extra miles a year or gasoline would have to hit stratospheric levels to reach a break even point with a comparable gas-powered mode.
(USA Today, 6/1, 1B, Chris Woodyard)
http://www.usatoday.com/money/autos...osts-usat_x.htm
TRADE
Since Congress passed President Bush’s trade promotion authority three years ago, we have lost one-sixth of our manufacturing jobs.
(Washington Post, 5/31, Sherrod Brown)
INDUSTRY
GM and Ford are set to unveil further cuts in their North American vehicle output in conjunction with continued erosion in their sales and market share.
(Financial Times, 6/1, 20, Bernard Simon)
South African affiliates of seven world automakers, including BMW and Nissan, violated the fair competition law by colluding with deals to maintain the minimum prices of their new cars.
(Kyodo, 5/31)
High performance tires provide a quicker, crisper steering response and a more tenacious grip on dry and wet surfaces than most common tires. But not only do they cost more, they also tend to wear out faster, and perform worse in snow.
(Detroit News, 6/1, 1G, Michelle Higgins/Wall Street Journal)
http://www.detnews.com/2005/autosco.../G01-199625.htm
HNA News Summary – Wednesday, June 01, 2005
BUSINESS/ECONOMY
Consumer confidence unexpectedly rebounded in May after declining in April.
(Detroit Free Press, 6/1, 1C)
(New York Times, 6/1, C11)
http://www.freep.com/money/business/tick1e_20050601.htm
http://www.nytimes.com/2005/06/01/business/01econ.html?
A separate survey showed a drop last month in CEOs’ expectations for hiring, sales and business investment in the next six months, suggesting executives may not share consumers’ boost in optimism.
(USA Today, 6/1, 7B, Barbara Hagenbaugh)
http://www.usatoday.com/money/econo...5-31-conf_x.htm
GM and Ford debt officially hit the junkyard and today will start showing up in junk bond funds.
(Detroit Free Press, 6/1, 1C, Susan Tompor)
http://www.freep.com/money/business...1e_20050601.htm |
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