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January 7, 2016 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
GM CEO Mary Barra: Chevy Bolt EV is Built for Everyone
VW May Buy Back 115,000 U.S. Cars, Report Says
AutoNation Drops, Takes The Industry Group With It
Ford Expects Pretax Profit Boost From Pension Shift
IRS Extends Due Dates for Filing Health Care Tax Forms
Hyundai Starts Sales of Fuel-Efficient Hybrid to Rival Prius
Automakers Strike Back at Silicon Valley Disruptors
Top Stories
GM CEO Mary Barra: Chevy Bolt EV is Built for Everyone

And it’s designed for car-sharing

The Chevrolet Bolt EV, General Motors’ latest electric car, is CEO Mary Barra’s response to all the critics who have attacked the giant automaker for being slow and antiquated. The company took the Bolt EV from concept to production-ready in only 12 months. By this time next year, the hatchback will be in full production and sitting in showrooms across the U.S. This is lightening speed for a major automaker like GM. It often takes several years for a car to reach full production (if it comes out at all).
Source: Fortune
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VW May Buy Back 115,000 U.S. Cars, Report Says

Investigation said to have prodded 50 employees to come forward with information

Volkswagen Group assumes it will have to buy back about 115,000 cars in the United States as a result of the emissions scandal, a German newspaper reported. VW expects it will have to either refund the purchase price of about a fifth of the 580,000 diesel vehicles affected or offer a new car at a significant discount, the Sueddeutsche Zeitung said. The automaker expects that the rest of the vehicles will need major refits, incurring significant costs for parts and a long stay at the garage as parts of the exhaust must be reconstructed and approved, the newspaper reported.
Source: Reuters
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AutoNation Drops, Takes The Industry Group With It

AutoNation CEO Mike Jackson warned early Wednesday that the fourth-quarter gross profit for the company was expected to drop for both new and used cars. That sent the stock tumbling more than 15% at its low with a little ground recovered by the close. Shares ended down 5.98 at 50.76, for a drop of 10.5%. Fellow auto dealers in the Retail/Wholesale-Automobile group largely followed suit: 11 of 12 members saw losses of 2% or more with two-thirds of the group coming in with losses of 5% or more. For the day, Group I Automotive and Asbury Automotive Group both surpassed AutoNation's losses, dropping 10.9% and 12.0% respectively. The action in the industry shows how individual stock moves often follow lockstep with their group. Weakness can be contagious and bad news from one member filters to the others.
Source: Investor's Business Daily
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Ford Expects Pretax Profit Boost From Pension Shift

Detroit auto maker says move will better reflect how its industrial operations are performing

Ford Motor Co. is changing how it accounts for pension plans, a move that should boost company earnings, makes profitability in Europe more likely and better represents the health of the automotive group’s underlying performance. The change would put Ford’s results on a more equal footing with General Motors Co. and Fiat Chrysler Automobiles NV’s U.S. division, which had past pension losses wiped away in bankruptcy. ​
Source: The Wall Street Journal
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IRS Extends Due Dates for Filing Health Care Tax Forms

This week the IRS extended the due dates for new health care information reporting forms in 2016. Insurers, self-insuring employers, other coverage providers, and applicable large employers now have additional time to provide health coverage information for 2015 to individual taxpayers and the IRS. Providers and certain employers must now furnish individuals with either Form 1095-B or 1095-C by March 31, 2016. While the due dates for issuers filing these forms and the associated Form 1094 with the IRS are May 31, 2016, for paper filers and June 30, 2016, for electronic filers, employers and other coverage providers are encouraged to furnish statements and file the information returns as soon as they are ready. For questions and answers about Health Care Information Forms for Individuals, click here.
Source: IRS
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Hyundai Starts Sales of Fuel-Efficient Hybrid to Rival Prius

Hyundai Motor Co. began sales of its most fuel-efficient gasoline-electric hybrid as part of efforts by the South Korean automaker to meet increasingly stringent global standards. The Ioniq compact starts from 22.9 million won ($19,130) in South Korea and will be as much as 40 percent more efficient than its existing hybrids with a local fuel-economy rating of 22.4 kilometers/liter. Hyundai said the car will go on sale in the U.S. in October and boast better mileage than Toyota Motor Corp.’s new Prius.
Source: Bloomberg
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Automakers Strike Back at Silicon Valley Disruptors

Big automakers have spent several years watching their stock prices drift while the valuations of upstarts such as Uber and Tesla soared. This week the automotive empire struck back at the would-be disruptors of its century-old business model. On Monday, General Motors said it would invest $500 million in ride-hailing company Lyft, its most aggressive move yet into a future where on-demand ride services threaten to replace auto ownership and robots could unseat human drivers. GM's move and others underscore Detroit's determination to battle Silicon Valley for dominance of clean urban transport. Ford Motor Co. used this week's Consumer Electronics Show [in Las Vegas] to announce that Toyota Motor Corp., the No. 1 global car maker, will use Ford software to connect smart phones to dashboards and join Ford in promoting that SmartDeviceLink system to other automakers. Executives from German automakers Daimler AG, BMW AG and Volkswagen AG promoted their effort to design autonomous vehicles using mapping technology not from Google, but from HERE, a European mapping company the German luxury car makers bought last year. This week's events mark a turning point in the power struggle between auto and tech companies, analysts and industry experts say.
Source: Reuters
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Quotable
"We believe strongly in the dealer model and the tremendous value our customers derive from neighborhood dealerships. Unlike some electric car customers, Bolt EV customers never have to worry about driving to another state to buy, service or support their vehicle."

   
-- GM CEO Mary Barra, on the automaker's latest electric car, Fortune, Jan. 6

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