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The size of Ford Motor Co.'s losses last year caught the company's rank-and-file workers off guard Thursday.
They had expected bad news from the company's annual earnings report, but not losses of nearly $13 billion -- an amount so high that for some workers it was hard to fathom.
"They really don't realize how much money that is," Bill Gazsi said of some of his coworkers at the Dearborn Truck Plant. "Sometimes it's kind of hard to believe."
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After unveiling Ford Motor Co.'s record $12.7-billion loss for 2006, Chief Executive Officer Alan Mulally offered assurance to plant workers, engineers, managers, dealers and others stunned by the news.
"We are at the bottom," Mulally told the Free Press on Thursday afternoon.
He pledged that 2007 would end on a stronger note as the company progresses through a massive restructuring, though more losses are expected.
The costs of the restructuring, and a sweeping consumer shift away from Ford's most profitable pickups and SUVs, helped bring the company to this low point. The breathtaking loss reported Thursday represented a total of $1,925 for each of the 6.6 million cars and trucks Ford sold around the world last year.
WASHINGTON -- President George W. Bush called for an ambitious increase in the fuel economy of cars and trucks and a surge in alternative fuels as a centerpiece of his State of the Union speech Tuesday, part of a plan to cut the nation's gasoline consumption by 20% in a decade.
Bush's proposal drew a wary reception from automakers and environmental groups, who likely will wage pitched battles in the coming months over the specifics, especially whether Bush's goals for fuel economy increases will be hard standards or soft targets.
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The sleek, sporty new design of the Honda FCX fuel cell vehicle certainly grabbed the attention of visitors to the 2007 North American International Auto Show, which runs through Jan. 21.
The FCX’s predecessor, by comparison, was downright dowdy—but don’t think for a minute that Honda’s design team was asleep at the switch. Honda was apparently making a point— a fuel cell vehicle could be an everyday car for an everyday family. In fact, the previous Honda FCX model has been doing commute and carpool duty by a family in Redondo Beach, Calif., for almost two years. Prior to that, the city of Los Angeles was giving a limited number of Honda FCX vehicles for everyday use.
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DEARBORN -- General Motors Corp. Chairman and CEO Rick Wagoner said Washington should not slack off on efforts to develop alternative energy sources now that oil prices have fallen.
Wagoner pressed the issue during a speech Tuesday night at the Automotive News World Congress in Dearborn, where fuel economy and energy policy were hot topics.
"With the price of oil at its lowest level in 19 months, we run the risk of reverting back to our traditional energy policy," Wagoner said. "That is, relying heavily on the lowest-cost energy available on world markets, including imported oil, without providing adequate support for developing alternative sources.
http://www.detnews.com/apps/pbcs.dll/article?AID=/20070117/AUTO01/701170401/1148
Classic-car collectors will converge onArizona this weekend, as the annual Barrett-Jackson and RM auctions bring a new crop of ultra-expensive rides to the Scottsdale area.
Over at Barrett-Jackson, the auction vehicles include the Hummer used by CNN to cover the Iraq War, with proceeds going to charity.
Meanwhile, at the RM Auction, the list of vehicles includes what could become the most expensive muscle car ever sold on the auction circuit. RM says it will auction off a 1971 Plymouth Hemi Barracuda convertible, valued prior to sale at more than $4 million. One of 11 built, the car raced the pro-stock drag circuit and sports an odometer with only 282 miles.
Arizona auctions include priciest musclecar ever?
BIRMINGHAM, England — If it sounds sacrilegious to put a big spoiler on the back of the Jaguar XKR, think again. Thanks to Apex Motorsport of the U.K., it looks like a natural on the luxury car.
The Jaguar XKR GT3 made its debut at the Autosport International Show here on Friday. Jaguar was quick to point out that this is not a factory motorsports program and that Apex race activities are independent of Jaguar. But it was clear that the British marque is wholeheartedly behind the idea.
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Out of small beginnings.
Toyota cracked the Big 3 in U.S. auto sales in 2006, passing DaimlerChrysler and closing in on both Ford and General Motors.
But a half-century ago, America was still a gleam in the eye of a few optimistic Toyota executives in Japan. Toyota Motor Sales U.S.A. set up shop Oct. 31, 1957, in a former Rambler dealership in Hollywood.
Sales began in 1958. That year's total: 288 vehicles - 287 Toyopet Crowns and a Land Cruiser. Last year in the United States, the company surpassed 2.5 million sales of Toyota, Lexus and Scion models. Toyota also built 1.6 million vehicles and 1.4 million engines in North America in 2006.
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Velvet S. McNeil / The Detroit News
DETROIT -- Slick roads and pinched pocketbooks didn’t keep auto aficionados away from the North American International Auto Show on Sunday, the second day the show was open to the public.
Car enthusiasts young and old ogled, photographed and handled automobiles displayed on the floor of Cobo Center. Some hunted for their next family car; many cruised the floor for their dream wheels.
“Nothing would have kept me away today,” said Keith Simmons, 47, who drove an hour from Toledo in the rain to attend. With camcorder in hand, he recorded his fantasy cars from all angles, like a sporty BMW and the Rolls-Royce Phantom convertible, a concept car with dramatic suicide doors.
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By John O'Dell, Los Angeles Times | January 14, 2007
The electric car, derided as impractical by automakers since General Motors Corp. pulled the plug on its revolutionary EV1, is staging a comeback in the United States amid lofty fuel prices and persistent worries about the nation's dependence on imported oil.
GM, the chief villain in the recent documentary "Who Killed the Electric Car?" had plans for a new family of electric vehicles as the annual North American International Auto Show in Detroit began its four-day media preview last Sunday.
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Pull Up, Plug In, Turn Up
By Tom Murphy
WardsAuto.com, Jan 11, 2007 1:34 PM
DETROIT – Panasonic Automotive Systems Co. of America clearly has been paying attention to the auto industry trend toward highly specialized niche vehicles that may strike a chord, literally, with certain potential buyers.
The audio system specialist pairs up with Fender Musical Instruments Corp. – whose world-famous guitars have been plucked, beaten, torched, painted, gouged and even licked by rock virtuosos such as Jimi Hendrix and Stevie Ray Vaughan – for a concept vehicle that will resonate with novice and pro guitarists alike.
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DETROIT -- Dodge renews its claim to the all-American horsepower trophy with the 2008 Viper SRT10 sports car, which cranks out a whopping 600 hp, 90 more hp than the Viper it replaces.
The Chevrolet Corvette Z06 had held the horsepower crown with 505 hp.
The Viper's output comes from an aluminum V-10 engine. Chrysler group engineers worked with specialists from McLaren Performance Technologies and Ricardo Inc. to increase the horsepower by upping displacement, adding electronically adjusted variable valve timing, and raising the rpm limit.
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By SARAH A. WEBSTER
FREE PRESS BUSINESS WRITER
Ford Motor Co. officials at the Livonia Transmission plant today announced investments in six southeastern Michigan Ford facilities totaling $866 million.
The investments will bring the manufacturing facilities up to date so they can more flexibly build new and current models, such as the 2008 Ford Focus and the 2009 Ford F-150, which will be all-new.
In August, Ford and the state jointly announced that the automaker would invest up to $1 billion in Michigan facilities and receive up to $151 million in state tax incentives.
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