GM Backtracks On Plan To Nix Chevy Nickname [Video]

General Motors Co. on Thursday backed off a "poorly worded" internal memo that asked employees to refer to the brand only as "Chevrolet" -- not its long-standing nickname -- in an effort to create consistency.

In the original memo, employees were discouraged from using the "Chevy" nickname for the Chevrolet brand. GM later issued a statement to clarify the intention of the memo, saying that it was only meant to help establish Chevrolet as a global brand and that employees needed to be more focused in their communications in referencing the brand.

General Motors said " 'Chevy' will continue to reflect the enthusiasm of customers and fans."
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The internal memo was part of an effort to develop a consistent brand name as it establishes a significant global presence.

In a video also issued by GM to correct itself, Alan S. Batey, vice president for Chevrolet sales and service, said, "Chevy is our nickname. It comes from selling vehicles here in the U.S. for 100 years. We love it when people call us Chevy." Batey was one of the two GM officials who signed the original memo.

On Facebook, brand pages include Chevy Camaro, Chevy Silverado and Team Chevy.

General Motors also stated that they were reconsidering resurrecting the talifin. A sudden resurgence of the love for the 1959 Chevrolet is rumored to be the reason.





Press Release

Statement on the use of Chevrolet and Chevy

"Chevy" will continue to reflect the enthusiasm of customers and fans

2010-06-10 DETROIT -- Today's emotional debate over a poorly worded memo on our use of the Chevrolet brand is a good reminder of how passionately people feel about Chevrolet. It is a passion we share and one we do not take for granted.

We love Chevy. In no way are we discouraging customers or fans from using the name. We deeply appreciate the emotional connections that millions of people have for Chevrolet and its products.

In global markets, we are establishing a significant presence for Chevrolet, and need to move toward a consistent brand name for advertising and marketing purposes. The memo in question was one step in that process.

We hope people around the world will continue to fall in love with Chevrolets and smile when they call their favorite car, truck or crossover "Chevy."

VW intends to topple Toyota

10 million sales by 2018 is new goal

BY ANDREAS CREMER
BLOOMBERG NEWS

Volkswagen, Europe's largest carmaker, said it plans to increase sales to more than 10 million vehicles by 2018 as it seeks to dethrone Japan's Toyota.

VW's management board approved business targets, including profit margins, measured by earnings before interest and taxes, of at least 5% for the automotive business in the "medium term," Wolfsburg, Germany-based Volkswagen said in a statement Wednesday. The target doesn't include Porsche, which will be integrated by 2011, it said.

Volkswagen CEO Martin Winterkorn has a target of beating Toyota, the world's biggest carmaker, in global deliveries and profit margins. VW sold 6.29 million cars and SUVsworldwide last year, an increase of 1.1% from 2008. Toyota said last month that 2009 vehicle sales, including those of affiliates, fell 13% to 7.81 million vehicles.

"It shows plenty of ambition in the whole Volkswagen Group," said Stephen Pope, chief global equity strategist at Cantor Fitzgerald in London. "By being able to learn from Porsche's discipline, it gives them that extra springboard."

By 2018, Volkswagen, which includes the Audi luxury division and Czech unit Skoda, should have a pretax profit that exceeds 8% of sales, the company said.

Volkswagen shares fell 18 cents, or 0.3%, to 65.72 euros after rising as much as 1% on the Frankfurt exchange before the announcement. The automaker has a market value of 25.7 billion euros ($36 billion).

"With the implementation of 'Strategy 2018,' the Volkswagen group is seeking global economic and environmental leadership in the automotive industry by 2018," VW said in its statement. The plan would include "significant cost cutting, in part through the more prominent use of the modular design principle."

VW foresees steps to promote research and development of hybrid and electric cars, according to the statement. VW will also maintain "strict discipline" on spending and aim to keep the expenditure on fixed assets in automaking at about 6% of sales in the medium and long term.

SPYKER PROVIDES FURTHER DETAILS ON SAAB ACQUISITION

ZEEWOLDE, The Netherlands (1 February, 2010) - In advance of the General Meeting of Spyker shareholders, to be held on 12 February 2010, and which was convened on 28 January 2010, Spyker Cars N.V. ("Spyker") provides further strategic and financial details regarding its acquisition of Saab Automobile AB ("Saab").


ACQUISITION RATIONALE AND SAAB BUSINESS PLAN

Spyker believes that through the purchase of Saab it has a rare opportunity to acquire and rebuild a global car brand which will be repositioned towards an independent performance-oriented niche car company with an industry-leading environmental strategy. Saab's brand DNA is unique and rooted in its aeronautical heritage, innovative and independent thinking and its Swedish origins. Spyker fully supports Saab's Business Plan which will be implemented by Saab management. The Business Plan, drawn up by Saab management over the past ten months, was analysed by Spyker in assistance with Booz & Co and KPMG Transaction Services, advisors to Spyker. The Business Plan has also been analysed and supported by several advisors to the Swedish Government and the EIB.

At the General Meeting, Spyker Cars N.V. intends to adopt a resolution to change its name to Saab Spyker Automobiles NV ("Saab Spyker"). This entity will operate Spyker and Saab as two separate operating companies, each focused on its distinct target markets with their respective vehicle lines. As previously stated, Saab Spyker is committed to execute the Saab Business Plan. It is the intention to enhance it in several areas. The highlights of Saab's strategy will be:

* Saab will be a stand-alone niche manufacturer with three to four model lines: 9-3 (sedan, hatchback, sports estate, X and convertible) and 9-5 (sedan, sports estate and X) and the 9-4X for both the US and European markets. In addition, Saab will investigate the potential of adding a fourth smaller car line ("9-1") in due course provided that the positive development of the smaller car segment continues. However, this model is currently not envisaged in the Business Plan so if the outcome of the investigation is positive, additional financing to develop this model could be required.

* Saab's product portfolio will be renewed completely, beginning with the launch of the new 9-5 early this summer, the new 9-4X in early 2011 and the new 'all Saab' 9-3 in 2012.

* Saab will continue to be repositioned against other brands such as Audi (A4/A6) and BMW (3/5 series) as a premium brand, leveraging its strong and unique brand heritage.

* Saab's Technical Development Center in Trollhättan has full capability in developing complete vehicles and will continue to do so. In areas such as safety, environment, driving characteristics, practicality, turbo technologies and several other innovations, the Saab brand is among the best in the industry.

* With Trollhättan as one of the most efficient mid-size car plants in Europe, production and sales volumes are aimed to be rebuilt to recent pre-crisis levels of about 100,000 to 125,000 vehicles including the 9-4X built in Mexico.

* The current dealer network will be re-energized with a new sales and distribution approach in certain markets, which will be implemented during 2010.

* The economies of scale of the on-going collaboration with GM after Closing the acquisition (February 2010) will continue to be leveraged in sourcing via ancillary agreements, with independent sourcing gradually increasing to reduce GM dependency and obtain improved access to other suppliers and the co-development of unique innovations.

Saab Spyker believes that its two brands, both deeply rooted in aeronautical and automotive history, will benefit from sharing certain assets and technology services. Examples include but are not limited to:

* Saab's extensive global network of 1,100 dealers.

* The extensive engineering know how and innovative technologies available at Saab.

* Sharing of activities in marketing & sales: i.e. merchandising, promotion & sponsorship activities, etc.

In the future, the two brands will be able to share certain parts and components and expect to obtain access to supplier and partner resources not available to Spyker or Saab individually today.


FUNDING OF SAAB

The Saab Business Plan requires approximately $1 billion in peak funding for Saab in advance of the return to profitability, forecast to occur by 2012. The funding is provided in part by GM, through $326 million Redeemable Preference Shares ("RPSs"), and in part through other contributions, which concern various substantial contributions to the funding of Saab's Business Plan on favorable terms for supplies by GM to Saab and deferred payments from Saab to GM. The remaining amount, apart from cash at bank, is to be provided by a EUR 400 million loan from the European Investment Bank for certain R&D projects at Saab. Securing this EIB loan is a condition precedent to closing of the Saab acquisition ("Closing").

With this financing in place, the business plan does not envisage any future funding being required, neither from Spyker or elsewhere, for Saab to return to profitability. The business plan targets car production and sales at or below historical levels of 100,000 to 125,000.


Explanation on the two sources of funding:

Redeemable Preference shares
At Closing, GM will convert USD 326 million of pre-closing receivables on Saab into RPSs in Saab. The issue of the RPSs will therefore NOT cause any dilution for the shareholders in Spyker. The voting rights attaching to these RPSs constitute 0.0005% of the total voting rights in Saab. The other 99.99% of the voting rights (100% of the ordinary shares) will be held by Spyker. Since the RPSs are capital and not a loan, no interest is due at any time by Saab. The RPSs carry no dividend from Closing until December 31, 2011. A dividend entitlement of 6% starts from January 1, 2012 through June 30, 2014 and increases over time to 12% as from July 1, 2014 until the scheduled redemption date of December 31, 2016. The dividend over 2012 will be added to principal, but as from fiscal year 2013 the dividend is payable in cash. Should Saab have insufficient distributable reserves to pay the cash dividend it will be added to principal increased with a penalty factor of up to 4%, but such that the total dividend entitlement will never exceed 12%.

In the period 2010-2016, the average dividend payable is about 4%, which is considerably below the average interest on a comparable subordinated loan.

The RPSs qualify as equity and therefore, if Saab cannot pay dividends or redeem the RPSs, Saab will not be in default but the RPSs will simply continue to accrue. Also, the RPSs cannot be redeemed as long as the EIB loan is not yet fully repaid. The Saab Business Plan envisages redemption of the RPSs starting in 2016 out of retained profit, without additional funding (from Spyker or anyone else) being required.


EIB loan
The Share Purchase Agreement is subject to the execution of a EUR 400 million loan agreement between Saab and the European Investment Bank ("EIB"), for which a guarantee was obtained from the Swedish Government on January 26, 2010. This loan will be issued to Saab. All amounts payable by the EIB are specifically earmarked to the Euro for designated Saab projects and capital expenditures and represent 50% of these projects or capital expenditures. The projects mainly relate to increasing fuel efficiency and clean car technology. The remaining 50% is funded by Saab itself pursuant to its Business Plan. Spyker will not have any access to the EIB funds which are completely ring-fenced nor will it pay any part of the Purchase Price with proceeds from the EIB loan. The guarantee is subject to approval by the European Commission. Saab and the Swedish Government have provided all required information to the EC prior to the issue of the guarantee so the decision by the EC is expected very soon.


FUNDING OF SPYKER

Spyker's existing bank loans in the aggregate amount of EUR 57 million are refinanced by Tenaci Capital B.V. ("Tenaci"). The terms and conditions of this loan will mirror those of the existing loans it repays, including the right to convert EUR 9.5 million into ordinary shares at EUR 4.00 per share. The term of the loan is 12 months and the interest 10 percent above Euribor. After payment of the last instalment of the Purchase Price, Tenaci has the right to collateralize the loan on terms and conditions identical to those on which the existing loans were collateralized.

The Purchase Price of Saab amounts to USD 74 million (EUR 53.23 million at the current exchange rate of 1:1.39). The first instalment of USD 50 million, to be paid on Closing, will be paid as follows: USD 25 million is borrowed from Tenaci at the same interest rate as the other funding extended by Tenaci, without the right to convert into shares. This amount is currently already in escrow with General Motors.

The other USD 25 million is financed through a share issue, largely through a commitment from GEM Global Yield Fund Ltd under an equity facility concluded between Spyker and GEM. Spyker currently does not intend to draw in excess of USD 25 million under this facility.

The second instalment, USD 24 million, will be payable on July 15, 2010. Spyker has been approached by various investors to fund this instalment. Spyker intends to finance this amount primarily through senior debt (senior to the debt owed to Tenaci), but does not rule out other alternatives. Spyker has committed to pledge its assets to GM as security for this final tranche.


FUNDING OF TENACI

Tenaci's equity is wholly owned by Investeringsmaatschappij Helvetia B.V., the personal holding company of Mr. Victor Muller. Tenaci obtains its debt funding from sources that wish to remain anonymous and with which Tenaci has entered into non-disclosure agreements. The terms and conditions of Tenaci's own financing do not impact Spyker or Saab in any way.

Tenaci has successfully bought Mr. V. Antonov's current shareholding in Spyker consisting of 4.6 million ordinary shares, subject to closing of the Saab acquisition. Currently Tenaci has no plans to make a public offer on all of the issued shares in Spyker.
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Quandt Family nixes BMW and Daimler 7% share swapping deal

Germany’s Der Spiegel first reported today that Daimler and BMW would acquire a 7% stake in each other, but now the same newspaper is reporting that the Quandt family, BMW’s biggest shareholder with a 46% controlling stake, has quashed the deal over fears Daimler may attempt a takeover.
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Audi: brand can not support the small cars in the United States

Audi longs to join Mercedes-Benz and BMW in the luxury big league in the United States, but its brand isn't strong enough yet to support selling small cars such as the A1 in the U.S., says Audi's global sales and marketing boss, Peter Schwarzenbauer.

And he ruled out a separate small-car brand similar to Mercedes' Smart or BMW's Mini.

Audi is engaged in an aggressive campaign in the U.S. market to build brand awareness. Until that takes hold, Audi won't be bringing small cars such as the A1 to the United States, Schwarzenbauer told Automotive News this month at the Geneva auto show.
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Opel may come to America

GM's decision to drop its Saturn brand after 2011 puts the automaker's U.S. divisions in line to get a version of the cutting-edge Opel Insignia, the European-designed model that was to replace the current Saturn Aura.

Automotive News reports a person familiar with GM's product plans says the Insignia will hit Buick dealerships as a replacement for the discontinued Regal sedan.
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Fiat 500, Alfa Romeo 940 Reportedly Heading Stateside

The proposed alliance between the two carmakers will give Chrysler access to Fiat's platforms and 1.4- and 1.8-liter gasoline engines while Fiat gains access to Chrysler's production facilities, platforms, and dealer network. The report also goes on to state that Fiat is seriously considering Chrysler's LX platform, which is used on the Dodge Charger and Chrysler 300, as a possible basis for the Alfa Romeo 169.


Although it was previously believed that Fiat's return to the US market would wait until the company setup production at Chrysler plants in North America, the latest report seems to suggest that initial Fiat and Alfa Romeo models will be built in Europe and then shipped to the United States. If such a move were to take place it would mean Fiat products could be sold in the US as early as next year, a full 12-18 months faster then waiting for North American production. Unlike today's Alfa Romeo 8C Competizione which is sold through select Maserati dealerships, future Fiat and Alfa Romeo models would be sold at select Chrysler-Dodge-Jeep dealers.


As we have previously reported, the proposed alliance between Chrysler and Fiat will see several of the latter company's products reaching US shores in the coming years. According to Automotive News, some of the first models under consideration for US consumption are the Fiat 500 and Alfa Romeo's upcoming 940 sedan.
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Audi is Western Europe’s Top Premium Brand

The Audi surpassed its premium competitors with regard to new-vehicle registrations in Western Europe. The Ingolstadt-based automotive manufacturer sold 45,124 new vehicles in this region in January – far more than either of its key competitors.

While the overall market has come under pressure, Audi managed to considerably increase its market shares. The brand with the four rings accounted for 5.1 percent of new Western European vehicle registrations in January 2009. Audi’s market share for the same month last year was 3.9 percent.

These figures demonstrate that AUDI AG has perpetuated the upward trend of recent months. Throughout the last quarter of 2008, the brand with the four rings was consistently at the top of its class with market shares above five percent.
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Citroen Going Upscale - Rebirth of Classic Citroen DS line

Citroen will introduce the scheme on 4 February to celebrate the brand's 90th birthday. Citroen needs a jolt after suffering a sales decline of 7.2 per-cent last year. They sold 1.35 million units in 2008.

Citroen will unveil a plan to rebrand themselves as the next-best thing to being a premium brand. The plan includes bringing back the DS line, an update to the logo, and a new marketing scheme.


The company has been planning a reintroduction of the DS line since mid-2007. The DS was Citroen's flagship line from the 1950s through the 70s, and will now represent upper-tier vehicles. First up will be the Citroen DS3, set for delivery at the end of the year. “We will offer products within the Citroen brand that have added value and carry elements of the premium sector,” said styling director Jean-Pierre Ploue.


Also being freshened up is the chevron logo, which has not seen a change since 1985. A new marketing slogan, possibly "three years to impress the world," and global web site are also on the way. The plan was formed by an exec who is no longer with the company. His goal was to improve the company's image while reducing its focus on small cars.


A five-year schedule is also in place to overhaul the 3,300 dealership network. The look of the showrooms, stronger customer relations, and better maintenance and repairs are parts of the plan.
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Hyundai Super Bowl Commercials Debut Early!

Being the experts on Super Bowl car commercials, we can do things like bring you the ads before they even air as part of our Super Bowl Ad Watch. Below we have the five advertisements Hyundai will show during and before the big game. Three of the ads will run during pre-show, also sponsored by Hyundai, and "Bosses" and "Contract" will run during the second and third quarters. Our perspective on these new advertisements below.

Title: Contract
Grade: C
Message: Hyundai has your back if you lose your job or income.
Our Take: For people who are freaked out about the economy the message may hit home, but it's just so boring.

Title: Commitment
Grade: C+
Message: If you're willing to commit to Hyundai, they're willing to commit to you.
Our Take: The 'commitment isn't scary' approach of this commercial for the Hyundai Assurance program works better than the "Contract" commercial because it implies we're all in the economic mess together. Still, it's rather boring.

Title: Columns
Grade: B
Message: The Hyundai Genesis won the 2009 North American Car Of The Year, something the automaker is obviously proud of as evidenced by the bragging.
Our Take: The commercial is good and, given Hyundai can afford multiple Super Bowl spots, there's nothing wrong with a little boastfullness. What really sells it, though, is the clip of the Hyundai Genesis Coupe.

Grade: B+
Message: By winning the 2009 North American Car Of The Year award we've put BMW and Lexus on notice.
Our Take: Because everyone may not be cool with the idea of buying Korean while the American economy is hurting, Hyundai is smart enough to take aim at the Germans and the Japanese. The portrayals of the two "axis powers" is a bit over the top, but it makes the ad work.

Title: Epic Lap
Grade: A-
Message: You want the Genesis Coupe so badly you'll go to EditYourOwn.com and re-edit your own commercial, which isn't up yet.
Our Take: Yeooooowww! Much like the 2010 Hyundai Genesis reveal, this car is all about power slides and burnouts. What does Billy Corgan of the Smashing Pumpkins have to do with driving an epic lap? We have no idea. But we give the 1990s alternarock icon credit for mixing together a sweet commercial.
Source: jalopnik



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Cadillac XLR Is Cancelled

General Motors plans to end production of the Cadillac XLR, which is made at the General Motors Bowling Green Assembly Plant.

The company anticipates production will cease this spring, impacting about 40 employees at the plant, said Sharon Basel, communications manager for General Motors.

The plant employs a small assembly crew dedicated to XLR production. Those employees were recently notified of the production cut. It has not yet been determined when those workers will be laid off, but it will likely be this spring, said Paul Graham, plant manager.
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£2.3 billion rescue plan for car industry - but it's no bailout says Mandelson

The Government announced a major package of help for the UK's ailing car industry today, including £1 billion of direct loans and a national strategy designed to help British manufacturers meet demand for greener, cleaner cars.
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Honda Announces End of Production for the S2000

The Honda S2000 is officially dead. In a brief statement released today, Honda said 2009 will be the final model year for its high-performance roadster. No reason was given for the termination, but Honda did mention that the program was originally conceived as a limited-edition tribute to the company's 50th anniversary.
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Bugatti Veyron will finish line in sight

Bugatti, the finishing line in sight for the Veyron. Last year knew the supersport manufacturer to deliver 73 copies. Although a few less than the 81 in the previous year, but the manufacturer has mid 2008 half variant presented. Open implementation of the production has started.


Bugatti spokesman Georges Keller of late De Telegraaf that there are about 50 copies of the 1.8 million euro cost Veyron available. When those sold, is the canvas for the sports coupe. Keller has no vision at the time that the last copy of the tape rolling. "This depends on the host Gran Sport," explains Keller from. "We start at the end of March with the construction of this open variant. If the question of the Gran Sport bigger, then at the expense of the coupe production. The two types are produced on the same line."


Bugatti will build only 300 units of the Veyron. At present the sales counter at 250 units, so let Keller know. From the Gran Sport 150 units will be manufactured. Are the first 40 units for Bugatti loyal customers intended, but which have not yet fully responded. In the Netherlands is known for a Bugatti-owner who has ordered the open variant. Our country has to be six-Veyron owners.
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Chrysler has discontinued the PT Cruiser...

Jan. 14 (Bloomberg) -- Chrysler LLC, pruning its lineup to save money, will stop building the PT Cruiser this year and is seeking buyers for the equipment used to make the model, President Tom LaSorda said.

Production “ends this summer,” LaSorda said today in a telephone interview. “Would we sell those assets? Yes. Do we have any offers to sell those assets? No. Would we be pursuing a buyer? Yes.”

The PT Cruiser, with a rounded body to mimic 1930s-style station wagons, would be the seventh model to be canceled since Cerberus Capital Management LP bought Chrysler in August 2007. The third-largest U.S. automaker is using $4 billion in federal loans to stay in business while reshaping operations to end losses.
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Lamborghini Sets Record Sales in 2008 despite economic turmoil

Lamborghini manufacturer Automobili Lamborghini S.p.A has recorded worldwide growth in sales despite current financial and economic hard times. Global sales in 2008 increased 1% over the year 2007 from 2406 to 2430 units.

Although Lamborghini's biggest world market the US saw a decline of 20.3% representing 741 units sold instead of 930 units in 2007, other markets stepped up to offset that decline.
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$50K Smart Electric Vehicle set for Limited Production Run - powered by Tesla

In a recent statement, Daimler AG announced, "The next generation prototype of the smart fortwo electric drive is being presented in the US for the first time during the NAIAS Autoshow. At the End of 2009, smart will start the production of the smart fortwo electric drive with a lithium-ion battery. The company is exploring opportunities for the United States market."


These Smart cars should cost US$49,900 when they go on sale this year according to Tesla CEO Elon Musk who confirmed the existence of this business relationship between his company and Daimler AG.


Tesla had been struggling to meet its financial obligations until late 2008 when it announced it had received business financing to the tune of $40 million from investors. The Smart car order should help its balance sheet pick up even more.

Tesla Motors is going to be supplying Mercedes-Benz with 1,000 EV battery packs and chargers. The power packs are to be installed in Smart electric cars as part of a cooperation between the electric car maker and Daimler AG, the parent company of Smart and the Mercedes-Benz Group.
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Detroit Auto Show: Ford Announces Aggressive New Electric Vehicle Plan

DETROIT, Jan. 11 /PRNewswire-FirstCall/ -- Ford Motor Company today launched an aggressive plan to bring pure battery-electric vehicles, next-generation hybrids and a plug-in hybrid to market quickly and more affordably during the next four years.


The plan, unveiled at the 2009 North American International Auto Show, signals the next phase in Ford's commitment to deliver the best or among the best fuel efficiency with every new vehicle it introduces and to make fuel efficiency solutions affordable for millions of customers.
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Honda Cancels All Sportscars Development Projects - including S2000 Successor

Honda has put an end to the next generation Honda S2000 in a restructuring plan meant to flex the company's green muscle while bringing them back to basics. A halt to the S2000 will no doubt leave many fans of the roadster disappointed.


Honda CEO Takeo Fukui has made company objectives clear: 500,000 hybrids built by 2012, including the Honda Insight and the 80mpg Honda Jazz. It is too bad they could not figure out a way to keep the Honda S2000 in the fold. Hopefully, they will take another look at the project when the economy recovers.


The plan was first announced in an end-of-the-year speech by Honda CEO Takeo Fukui. In that speech, he directly addressed the need to cut projects like the Honda NSX (Acura NSX, in America), as the need to be sustainable outweighed the demand for sports cars. The new direction was a result of the rapidly declining economy, and sudden -yet massive- fluctuations in oil pricing. Fukui believes products that larger audiences want, and are capable of paying for, will insulate the company from any more exposure to a global economic crisis.
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Chrysler LLC has decided not to pull its sponsorship from NASCAR, a company executive told Reuters. Instead, the cash-poor company will cut spending on the race circuit by 30 percent.
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