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Inside this issue
Electric Cars Try to Shed 'Niche' Label
California Becomes Latest State to OK Driverless Cars
GM Focused on Investing in Future, CFO Says
Hyundai CEO Tells Where He'll Take His Hot Brand Next
CAW, Chrysler Still Far Apart in Contract Talks, Union Says
Razzle Dazzle at Paris Auto Show Can't Hide the Gloom
Fiat Confirms Italy Plants Will Produce U.S. Cars
Depreciation Remains Slow; Gas Prices Have 'Minimal' Impact
Dealers Increase Charitable Giving, Ally Survey Reports
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Electric Cars Try to Shed 'Niche' Label

It has been a rough week for electric cars. Tesla Motors disclosed that it needs to raise more capital because the launch of its new Model S luxury sedan is going slower than expected. A top Toyota Motor Corp. executive said vehicles powered by hydrogen fuel cells are more likely to be viable by 2020 than battery electric cars. And the Congressional Budget Office said federal tax credits that subsidize plug-in car purchases up to $7,500 aren't an effective way to reduce gasoline consumption or cut greenhouse-gas emissions.
Source: The Wall Street Journal

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California Becomes Latest State to OK Driverless Cars

California Gov. Jerry Brown rode to Google headquarters in Silicon Valley in a self-driven Toyota Prius before signing legislation Tuesday. Google is leading the charge to develop the promising technology. Google has been developing autonomous car technology and lobbying for the regulations. The company's fleet of a dozen computer-controlled vehicles, mostly Priuses equipped with self-driving technology that have logged more than 300,000 miles of self-driving without an accident, according to Google.
Source: USA Today

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GM Focused on Investing in Future, CFO Says

Confirming General Motors slashed its research and development investments between 2007 and 2009 while fighting to stave off financial disaster, Chief Financial Officer Daniel Ammann says the auto maker now is budgeting twice as much for R&D than when it hit bottom.
Source: WardsAuto

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Hyundai CEO Tells Where He'll Take His Hot Brand Next

John Krafcik, CEO of Hyundai Motor America since 2008, has overseen fantastic growth, and now he has a different challenge: keep the pot boiling at a time when he can't count on the spotlight and dealer enthusiasm that come with monthly sales records. That's because Hyundai's rocket ride up the U.S. sales chart is over -- because it can't make cars any faster. Hyundai is hitting full production capacity in South Korea, where most models sold in the U.S are made, and is adding a third shift this month at its Montgomery, Ala., plant that builds its two highest-volume U.S. models, Sonata and Elantra.
Source: USA Today

Editor's note: John Krafcik is scheduled to speak at the 2013 NADA Convention and Expo in Orlando, Fla., next February. For more information, go to www.nadaconventionandexpo.org.

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CAW, Chrysler Still Far Apart in Contract Talks, Union Says

The Canadian Auto Workers union remains far apart from Chrysler Group LLC in talks over a new contract, with Chrysler wanting to eliminate a cost of living increase and adjust lump sum payments negotiated with General Motors and Ford last week, the head of the union said on Tuesday.
Source: Reuters

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Razzle Dazzle at Paris Auto Show Can't Hide the Gloom

Europe's automakers will seek to dazzle at the Paris auto show starting on Thursday, revealing over 100 new models ranging from Opel's new cheap and cheerful Adam micro-mini to the McLaren P1 supercar, expected to cost more than $240,000. But no amount of shiny chrome can distract carmakers from the deep-rooted challenges facing them in the European market, the world's most competitive and its worst-performing.
Source: Reuters

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Fiat Confirms Italy Plants Will Produce U.S. Cars

Fiat SpA confirmed on Tuesday plans to have its Italian factories make cars to be sold outside Europe, particularly in the United States, as it looks to counter a five-year slump in European sales. Fiat, which also runs Chrysler Group LLC in the United States, would not say which models it intends to produce in Italy for the U.S. market. Analysts have said that the models would likely be Jeeps and Chryslers.
Source: Reuters

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Depreciation Remains Slow; Gas Prices Have 'Minimal' Impact

As temperatures begin to cool, and we pass the middle of the month and look toward October, rising gas prices continue to have a "minimal" impact on used vehicle prices, according to NADA Used Car Guide’s Jonathan Banks. The NADA UCG senior analyst explained that through the first half of the month, compact and midsize car prices declined more than their larger truck counterparts.
Source: Auto Remarketing

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Dealers Increase Charitable Giving, Ally Survey Reports

Automobile dealers serve as pillars of strength in their communities across the United States, particularly when it comes to charitable giving, according to a recent survey by Ally Financial. Survey data shows that nearly two-thirds of U.S. dealers increased their charitable contributions in 2012 compared to 2011. In addition, more than half of those who responded said they plan to increase their charitable contributions in 2013.
Source: Ally Financial

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Quotable
"We're not fixated on being No.1 (globally) in any given year."

   
-- Daniel Ammann, GM chief financial officer, explaining the automaker's goal to be profitable above all else, WardsAuto, Sept. 26


 


 

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