Fremont auto plant’s future remains uncertain
The News Review:
- Fremont auto plant’s future remains uncertain
- Auto race track proposed near poppy reserve
- US Hybrid-Auto Insurance Leader Says Being Green Pays
- Used Car ValuesLately A Boon For Auto FinMay Level ff
- S&P revises Ford outlook to ‘developing’
- Beijing Auto:Failed To Reach Pact With GM n pel
Fremont auto plant’s future remains uncertain
San Jose Mercury News
—A Fremont auto plant is expected to keep building cars for the next few month but its fate after ctober is uncertain. Several hundred union members at the New United Motor Manufacturing plant gathered Sunday to hear an update on the future of the joint venture between Toyota and General Motors. In June GM said it would leave the Nummi partnership and Toyota is considering doing the same. Nummi officials have told the plant’s 4500 workers that the plant has enough new car orders to keep operating through ctober thanks in part to the federal government’s “cash for clunkers” initiative that is spurring trade-ins. Union officials say Nummi could soon be dissolved or file for bankruptcy unless Toyota takes over the plant.
Auto race track proposed near poppy reserve
San Jose Mercury News
—A proposal to build an auto race track near a reserve for California’s state flower has upset nature lovers. The proposed Fairmont Butte Motorsports Park would be developed on a 320-acre property a mile from the Antelope Valley Poppy Reserve in the northern Los Angeles County desert. Landowner Tom Molloy says the track would be an asset to the area. 6-mile track would primarily be used by car clubs and racing organizations.
US Hybrid-Auto Insurance Leader Says Being Green Pays
Wall Street Journal
That’s the way Farmers Insurance Group views the 10% hybrid-car insurance discount the company pioneered in 2005. “We thought it was the responsible thing to do” said Brian Dwyer senior vice president of auto for Farmers which is a unit of Zurich Financial Group AG (ZFSVY). Farmers began offering the discount in California home to about 25% of all hybrid vehicles registered in the U.
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Used Car ValuesLately A Boon For Auto FinMay Level ff
Wall Street Journal
In January a 2006 model of a Ford Explorer XLT fetched $13000 to $14000 in an auction of used cars. Today the going rate is about $16500 according to one dealership. It is this bump-up in value that helped Ford Motor Credit’s bottom line Thursday when its parent auto maker Ford Motor Co. (F) reported second-quarter results.
S&P revises Ford outlook to ‘developing’
Forbes
It also affirmed “B-” ratings on Ford Credit’s European bank FCE Bank Plc. Both ratings are non-investment grade or “junk” status. S&P said it could still lower its rating if weak global auto sales prevent Ford from continuing to reduce its cash use. “The cash use is being caused by weak auto sales in almost every market but especially in the U. and Europe” the S&P statement said. Last week Ford reported a second-quarter net profit of $2.
Beijing Auto:Failed To Reach Pact With GM n pel
Wall Street Journal
) By Patricia Jiayi Ho f DW JNES NEWSWIRES BEIJING (Dow Jones)–Beijing Automotive Industry Holding Co. said Friday it failed to reach an agreement with General Motors Corp. (GM) to purchase a stake in Adam pel GmbH over issues involving intellectual property rights but left the door open to further discussions. “Regrettably both sides failed to reach a consensus” Beijing Auto China’s fifth-largest auto maker by sales volume said in a statement.
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