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Chrysler reports $116-million 1Q profit

May 3, 2011 /

Chrysler is back in the black with a Q1 profit of over $100 million!

From the Detroit Free Press:

Chrysler said today it earned $116 million during the first three months of the year, giving the company its first profit since emerging from bankruptcy in 2009, as well as details about its debt refinancing plans.

The profit compares to a $197-million loss for the same January-March period last year and represents a major milestone for a company that filed for Chapter 11 bankruptcy almost two years ago.

Chrysler and Fiat CEO Sergio Marchionne said the results boosted the morale of the company’s management team when he announced them at an 8:30 a.m. internal meeting.

“I think it’s fair to say that the mood is one of pride and I guess comfort in knowing that we are executing according to the plan,” Marchionne said during a conference call with analysts and journalists. “I can’t even put a price on that kind of stuff … but success is incredibly temporary. The first quarter is done, but we have a lot of quarters to do.”

Read the full article.

Chrysler

Saab staying in the game with a Chinese partner?

May 3, 2011 /

Saab might be partnering with a Chinese automaker. Stay tuned for a potential announcement!

From AutoNews.com:

Saab Automobile AB plans to hold a news conference Tuesday to announce a strategic partnership with China Hawtai Motor Group.

Victor Muller, Saab Automobile chairman, and Richard Zhang, vice president of Hawtai Motor Group, are expected to address the media.

Muller told Reuters that the deal involved “investing in Spyker.” Muller, who is currently in Beijing, declined to give more details.

The announcement will be made in Beijing at 2:30 a.m. ET. It will be 2:30 p.m. in China.

Hawtai Motor Group’s business includes the development, sales and export of vehicles, diesel engines for clean-type sedans and gearboxes for automatic transmissions, according to a Jan. 7 filing from China Minsheng Banking Corp. Hawtai could not be reached for comment.

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News

A Convertible Cadillac in your future?

May 2, 2011 /

From the Detroit Bureau:

Cadillac is looking to go topless. Years after abandoning its last drop-top, the domestic luxury maker is reportedly developing a new convertible that will be part of a wave of new products coming to market by mid-decade.

The Detroit maker is apparently opting for a soft-top, rather than the more heavy, complicated – and expensive – folding metal roof that a number of makers, including BMW and Volkswagen, have been adopting.

As TheDetroitBureau.com reported earlier this week, convertible sales have plunged precipitously in recent years, from 247,519 in 2005 to 112,914 just four years later. Ford has seen demand for the Mustang ragtop drop from 25% of the pony car’s overall sales to just 13% lately. But there are signs of a ragtop renaissance.

Read the full article.

Cadillac, Car Reviews

Could Electric Cars Contribute to the Next Energy Crisis?

May 2, 2011 /

From Money CNN:

(gigaom.com) — Here’s the bad news about electric vehicles: They’re going to be hell on the grid. The Utilities Telecom Council trade group reports that electric vehicles will require a 16-fold increase in power usage in the next decade, putting pressure on utilities to find out how to handle car charging as quickly as possible.

UTC’s report, prepared by The Shpigler Group, takes a rather optimistic view of how popular plug-in cars are going to be. It predicts electricity demand from plug-ins will grow from 146,000 megawatt-hours in 2010 to 2.6 million kWh by 2020.

That’s a fraction of overall grid demand, but it’s largely the way people will plug in their EVs that could make it particularly hard for utilities to deal with the trend. Each plug-in car adds roughly the equivalent of a new house to the local grid’s electricity demand, which is something most neighborhood distribution feeders and substations weren’t built to supply.


Read the full article.

New Cars

Blacked out SLS Mercedes Benz

May 2, 2011 /

From AutoBlog.com:

The Mercedes-Benz SLS AMG isn’t exactly subtle to begin with, but Kicherer’s take on the theme is decidedly more… stealthy. For starters, the German tuner wrapped the car in matte black vinyl for a more subdued look. It then replaced the big Silver Star in the mouth with a blacked-out blank grille that looks like a baleen whale’s mouth. And while the rims on the 20-inch wheels (21 in the back) are polished for a little contrast, the spokes get a blackout treatment as well. Matte-finish carbon fiber trim and aero pieces complete the overall package.

Underhood, the engine has been tuned from the stock 563 horsepower and 479 lb-ft of torque up to 621 horsepower (equivalent to 630 on the metric scale, hence the 63 moniker) and 516 lb-ft. That’s good for a claimed 3.5-second sprint to 62 mph and a 199 mph top end. Have a closer look in the gallery below.

Check out the full photo gallery.

Car Reviews, New Cars, News

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