July 2010

Obama says taxpayers will recover money spent on auto bail out

(July 29, 2010) President Barack Obama said in an interview broadcast today that the U.S. government will recover taxpayer money spent to bail out the auto industry, accordng to the Automotive News.

The auto industry “tells a good story” of how the United States is rebounding from the worst recession since the 1930s, Obama said during an appearance on the ABC daytime program "The View."

The program was taped Wednesday in New York.

Volkswagen reports biggest quartertly profit in two years

(July 30, 2010) Volkswagen reported the biggest quarterly profit in two years on higher demand in China and the U.S. for the Golf compact and Audi A5 coupe.

Second-quarter net income quadrupled to 1.25 billion euros ($1.63 billion) from 283 million euros a year earlier, the company said. Profit beat the 721 million-euro median estimate of nine analysts surveyed by Bloomberg News. Revenue rose 22 percent to 33.2 billion euros.

Ford close to completing sale of Volvo to Geely

(July 29, 2010) Ford plans to complete its sale of Volvo Cars to China's Zhejiang Geely Holding Co. next week, finishing the U.S. automaker's exit from European luxury brands, according to two people familiar with the plans.

Ford is selling Volvo to Geely for $1.8 billion, less than one-third of what it paid for the Swedish automaker in 1999. Ford and Geely executives are aiming to close the sale next week, pending final regulatory approvals and financing, said the people, who asked not to be identified revealing internal plans.

Nissan Z enthusiasts descend on Nashville

(July 30, 2010) Hundreds of Nissan Z enthusiasts will descend on Nissan North America headquarters this weekend for the 23rd Annual International Z Car Convention in Nashville.

This year marks the 40th anniversary of the original Datsun 240Z. One of the highlights of the convention, which runs from July 28th through Aug. 1st, will be a day-long car show on Saturday on the front lawn of Nissan’s recently opened headquarters building in Franklin, Tennessee.

Buick Regal's 'Moment of Truth'

(July 31, 2010) Buick is inviting consumers to experience the 2011 Buick Regal through an interactive online experience named Moment of Truth (www.momentoftruth.com). The site includes what anyone and everyone has to say about this all-new vehicle, from consumer opinions, automotive reviews, testimonials, and more. 

Toyota to recall 412,000 vehicles in U.S.

(July 29, 2010) TOKYO — Toyota Motor Corp. said today it would recall 412,000 cars in the United States to fix steering problems, Reuters reported.

Toyota, which has conducted a string of recalls this year, will recall 373,000 of its 2000-2004 model year Avalon sedans because the steering lock bar in these vehicles could break under certain conditions, it said in a statement.

Enterprise to rent out Nissan electrics

(July 29, 2010) Enterprise Rent-A-Car said Tuesday it plans to buy 500 electric cars from Nissan starting in January 2011.

The company says it plans to spend an estimated $12.8 million on its new electric vehicle fleet. Each Nissan LEAF retails for about $33,000, but Enterprise will receive a $7,500 federal tax credit per vehicle, said Lisa Martini, a company spokeswoman.

Porsche approves production of super 918 Spyder hybrid

(July 28, 2010) Porsche's supervisory board approved production of the 918 Spyder hybrid sports car, a model that soars to 100 kilometers an hour in 3.2 seconds and may top the Carrera GT as the manufacturer's costliest vehicle.

Porsche plans to develop the vehicle at a research facility near Stuttgart, Germany, where the carmaker is based, the company said today. The car will be built at the main plant in Zuffenhausen.

Cadillac CTS resale value projected to rise

(July 28, 2010) The resale value for the Cadillac CTS is projected to rise as the luxury brand adds the 2011 CTS Coupe to the line-up, according to the July/August estimates from ALG, an industry benchmark for residual values.  

The higher projections are driven by lower incentives, tighter controls on inventory and an emphasis on design, as showcased in the all-new CTS Coupe.

Chevrolet Volt to start at $41,000

(July 27, 2010) SAN JOSE, Calif. — Starting today, participating Chevrolet dealers  in launch markets will begin taking customer orders for the 2011 Chevrolet Volt, the industry’s first electric vehicle with extended-range capability.

The Volt will start at $41,000 ($33,500 net of the full federal tax credit, which ranges from $0-$7,500) including a destination freight charge of $720.