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Report: Court upholds pension cuts to 100 retired GM execs

Filed under: Government/Legal, GM, Earnings/Financials

ARCHIV: Das Logo von General Motors und ein blaues Lichtband zieren das Renaissance Center in Detroit (Foto vom 08.06.11).

100 retired executives from General Motors will soldier on with smaller pensions after a trio of judges in the Sixth Circuit Court of Appeals in Cincinnati, ruled in favor of the automaker. The dispute stemmed from the requirements made by the Obama administration as part of GM’s bankruptcy and restructuring, according to a report from The Detroit News.

The gist of the suit is that the former execs thought their pensions were being calculated one way for the purpose of the cuts, while the automaker was actually counting a different way, with GM factoring in a salaried retirement plan into the executive retirement plan. The judges in the appeals case sided with a 2011 ruling by US District Court Judge George Caram Steeh.

One of the conditions for the bailout was that GM needed to trim all executive pensions worth over $100,000 per year by up to two-thirds. Not surprisingly, some execs weren’t pleased about this. As The Detroit News notes, former CEO Rick Wagoner saw his pension fall from $20 million to $8.5 million.

According to The News, trimming the pensions of the top executives alone saved $221 million per year, while overall pension and health care cuts added up to $4.6 billion in savings.

Court upholds pension cuts to 100 retired GM execs originally appeared on Autoblog on Thu, 08 Aug 2013 16:01:00 EST. Please see our terms for use of feeds.

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Report: Lotus hiring 100 after securing £100m investment

Filed under: Hirings/Firings/Layoffs, Lotus, Earnings/Financials

Lotus Badge

Lotus is getting a shot in the arm courtesy of corporate parent DRB-Hicom, which has announced a 100-million pound ($152.3M USD at today’s rates) investment in the Hethel, UK-based manufacturer. The troubled brand was also in the news last week, with DRB announcing a new, three-year plan that would see variants of existing models introduced.

The money will create 100 new jobs in Hethel, with 45 new engineers, 40 manufacturing operatives and 18 university grads joining the team. Lotus has already seen an uptick in sales this year, according to a Norfolk-based news site, with 40 to 45 cars being produced per week and 722 road cars and 45 race cars sold between January and May. Even sales in the UK have seen a big jump – Lotus only moved 70 units in 2012, but it’s already sold 80 cars in the first half of 2013.

Better yet, Lotus is citing an increased demand for its cars around the globe as the motive behind the new hires. While still quite uncertain, Lotus looks like it might finally be on the right track.

Lotus hiring 100 after securing £100m investment originally appeared on Autoblog on Fri, 02 Aug 2013 17:46:00 EST. Please see our terms for use of feeds.

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Official: Renault-Nissan zero-emissions car sales whir past 100,000 [w/video]

Filed under: Car Buying, Nissan, Renault, Electric

2013 Nissan Leaf - maroon - front three-quarter view

The electric vehicle has gone gold at Renault-Nissan, clocking 100,000 sales in a three-year period that began with the first Nissan Leaf being sold in Silicon Valley, California in 2010. Since then, the Leaf has become the EV champion of the world, selling more than 71,000 units so far, the majority of those in the US. The 100,000th EV sold by the Alliance was also a Leaf and also sold in the US, but on the other side of the country, in Georgia.

By comparison, Renault has sold 30,000 electric vehicles since late 2011, looking after other segments of the EV market with the Kangoo Z.E., Zoe, Twizy and Fluence Z.E. The alliance estimates that its efforts have been driven 5.2 million ion-powered miles and saved 14 million gallons of oil since they appeared. For a bit of sobering context, the US averaged 18.83 million barrels of oil per day in 2011, which is almost 791 million gallons. Per day.

So we’re getting there, albeit slowly. Quietly. There’s a press release and a video below with more details on the achievement.

Continue reading Renault-Nissan zero-emissions car sales whir past 100,000 [w/video]

Renault-Nissan zero-emissions car sales whir past 100,000 [w/video] originally appeared on Autoblog on Tue, 23 Jul 2013 17:59:00 EST. Please see our terms for use of feeds.

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Official: Chevy’s famed Bowtie still looking dapper at 100 years

Filed under: Classics, Etc., Chevrolet

2014 Chevrolet Camaro front end - focus on Bowtie emblem

The Chevrolet Bowtie, that iconic badge that’s adorned an estimated 215 million cars and trucks, is celebrating its 100th anniversary this year. The Bowtie originally debuted on the 1914 Chevrolet H-2 Royal Mail and H-4 Baby Grand.

Rumors have long surrounded the Bowtie logo’s origins, with some claiming it was borrowed from the wallpaper of a French hotel and others saying it came from Chevrolet founder Louis Chevrolet’s homeland of Switzerland. William Durant, co-founder of Chevy, even had family members say differently.

Regardless of where the logo came from, since its first appearance on a pair of 1914 models and its appearance with the Chevrolet name in a 1913 edition of The Washington Post, it’s become one of the most identifiable symbols in America, even though it has gone through a number of subtle evolutions (check out the gallery above to see what we mean). We look forward seeing it for a long time.

Continue reading Chevy’s famed Bowtie still looking dapper at 100 years

Chevy’s famed Bowtie still looking dapper at 100 years originally appeared on Autoblog on Fri, 19 Jul 2013 16:29:00 EST. Please see our terms for use of feeds.

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Official: The 100,000th EV sold in the US is… a Mitsubishi i-MiEV

Filed under: Hatchback, Mitsubishi, Electric

The news here isn’t that 100,000 EVs have been sold in the US, although that’s quite the accomplishment. It’s that the 100,000th car is a Mitsubishi i-MiEV – a car that takes nearly a full day to recharge on a standard outlet and can only travel about 62 miles per charge (according to the car’s Monroney).

Jabs at the Mitsubishi aside, the fact that US dealers have moved 100,000 electric cars is made more impressive in that it’s only been done since the latest generation of EVs arrived, typified by the Nissan Leaf, Ford Focus Electric and aforementioned i-MiEV. Chronologically, that means roughly the last two years. It’s a number that we can only expect to climb, as EVs gain a stronger foothold among manufacturers and consumers.

Plug In America, an EV advocacy group, crunched the numbers for a contest called #PIA100K, to find the lucky buyer, who would be given a ClipperCreek Level 2 charger (which takes the i-MiEV’s recharge time down to just seven hours). The winner, Rich Salmon of Grand Bay, Alabama, picked up his i-MiEV from Pete Moore Mitsubishi.

Continue reading The 100,000th EV sold in the US is… a Mitsubishi i-MiEV

The 100,000th EV sold in the US is… a Mitsubishi i-MiEV originally appeared on Autoblog on Fri, 12 Jul 2013 18:33:00 EST. Please see our terms for use of feeds.

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100-year-old NASCAR fan tackles the track, lives to see 101

Filed under: Motorsports, Etc., Videos

rachel gilbert toyota camry new hampshire motor speedway

100-year-old NASCAR fan drives NHMS – Click above to watch the video after the jump

We’re not the biggest NASCAR fans in the world, but we can’t think of a much better way to celebrate a 100th birthday than with a few laps around New Hampshire Motor Speedway. Rachel Gilbert, a NASCAR follower since the 1960s, took five live laps around the speedway in a Toyota Camry pace car. Ms. Gilbert, we salute you.

The great grandmother of nine never passed 50 miles per hour, but she seemed pretty darn pleased with her shot at NASCAR glory. The good people at the speedway also gave Gilbert VIP tickets to the July Spring Cup and a shirt signed by Carl Edwards. Hit the jump to watch video of Gilbert as she cruises around NHMS.

[Source: The Daily What]

Continue reading 100-year-old NASCAR fan tackles the track, lives to see 101

100-year-old NASCAR fan tackles the track, lives to see 101 originally appeared on Autoblog on Fri, 29 Apr 2011 16:00:00 EST. Please see our terms for use of feeds.

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Petersen Museum secures $100,000,000 donation

Filed under: Etc.

petersen automotive musuem

Petersen Automotive Museum – Click above for high-res image gallery

Every year, more than 150,000 folks stroll through the halls of the Petersen Automotive Museum. The crowds have been coming to the Los Angles auto-institution since 1994, when the doors were first opened. And it looks like those doors will remain open for many years to come thanks to a very large donation by Margie Petersen and the Margie and Robert E. Petersen Foundation. When we say “large” we mean it, because Mrs. Petersen just handed over $100,000,000 to the Petersen Museum Foundation.

Now, before you jump out of your seat because of all those zeros, we have to explain a bit more about that figure. This $100,000,000 donation is comprised of the 300,000 square foot building, cars that were part of Robert E. Petersen’s personal collection, an undisclosed influx of cash (described as a “substantial unrestricted financial gift”) and a “matching challenge.”

We wanted to find out a little more with regards to just how this $100 million donation breaks down. A quick call to Buddy Pepp, Executive Director of the Petersen Automotive Musuem, helped shed some light on the matter. While Mr. Pepp could not disclose the exact amount of the cash gift they’re receiving, he did say that value is “enormous.” He went on to state that it’s “breathtaking” and will “enable us to do all the things we’ve wanted or need to do. It will catapult us to a world-renowned status. This donation will allow us to fulfill Bob Petersen’s vision.” Not only that, the “matching challenge” will make sure that the directing board keeps pushing to help the museum continue to grow.

We were hoping to get to the juicy details, and hear an exact figure, but it’s good to know that the Petersen Museum is going to allow people of all ages to get a glimpse of automobiles from all eras. In fact, the total number of vehicles being donated from Petersen’s private stock is 135, and that includes a handful of motorcycles as well. It’s an incredibly generous gift from a couple that already give to many other groups and charities.

Gallery: Petersen Automotive Museum

Musclecars Driven to Collect 1925 Rolls Royce Round Door Petersen Automotive Exterior

[Source: Petersen Automotive Museum]

Continue reading Petersen Museum secures $100,000,000 donation

Petersen Museum secures $100,000,000 donation originally appeared on Autoblog on Tue, 26 Apr 2011 17:21:00 EST. Please see our terms for use of feeds.

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Report: NHTSA investigation into 100,000 VW and Audi diesels intensifies

Filed under: Etc., Government/Legal, Safety, Audi, Volkswagen, Diesel

2010 Volkswagen Golf TDI

2010 Volkswagen Golf TDI (MkVI) – Click above for high-res image gallery

According to The Detroit News, the National Highway Traffic Safety Administration is turning up the heat on its investigation into faulty Volkswagen fuel pumps. The administration has announced that it is currently looking into 97,272 diesel Volkswagen and Audi vehicles after receiving a total of 160 complaints about the issue. NHTSA says that in roughly half of those complaints, the bad pumps resulted in an engine stall on the highway or in traffic that prevented the engine from being restarted. Even so, no major accidents have been attributed to the faulty pumps, though one minor fender-bender has been reported as a result of the issue.

The investigation covers 2010 Golf hatchbacks, 2009-2010 Jetta sedans and certain 2010 Audi A3 models as well.

Volkswagen says that the fuel pump issues that it has encountered have resulted from diesel fuel that has been contaminated with gasoline. The company says that even a small amount of gas mixed in with diesel fuel can cause the pumps to shut down. Unfortunately for thusly affected owners, fuel system damage due to using the wrong fuel won’t be covered under warranty.

Meanwhile, Volkswagen has informed NHTSA about 120 separate fuel slip-ups, some of which came courtesy of dealers and service personnel using the wrong fuel.

Gallery: Review: 2010 Volkswagen Golf TDI

[Source: The Detroit News]

Report: NHTSA investigation into 100,000 VW and Audi diesels intensifies originally appeared on Autoblog on Fri, 11 Feb 2011 16:28:00 EST. Please see our terms for use of feeds.

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Rolls-Royce Spirit of Ecstasy celebrates 100

Filed under: Etc., Rolls-Royce, Luxury

Rolls-Royce is celebrating a birthday for an important company icon this year. The Spirit of Ecstasy, otherwise known as The Flying Lady, has appeared at the forefront of Rolls-Royce motor cars since 1911. This year marks its 100th birthday.

To honor this milestone, Rolls-Royce is marking all 2011 models with the words “Spirit of Ecstasy Centenary – 2011.” It will be etched into the base of the ornament.

In addition, Rolls has planned various celebrations throughout the year to honor specific dates relevant to the Spirit of Ecstasy. For example, February 6th marks the date when the design was first trademarked and Rolls-Royce will host a drive through London to commemorate the occasion. More events are to be revealed as the year progresses.

[Source: Rolls-Royce]

Continue reading Rolls-Royce Spirit of Ecstasy celebrates 100

Rolls-Royce Spirit of Ecstasy celebrates 100 originally appeared on Autoblog on Thu, 06 Jan 2011 18:02:00 EST. Please see our terms for use of feeds.

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Autoblog’s Top 100 Photographs of 2010

Filed under: Etc.

Autoblog's Top 100 Photographs of 2010 - Bugatti turntable mosaic

Autoblog’s Top 100 Photographs of 2010 – Click above for high-res image gallery

It’s the end of the 2010, and here at Autoblog, that means we’ve frittered away another 365 days driving great cars and going to the world’s best automotive events. While we certainly enjoy getting to do those things, what makes it worth it is being able to share it with you, our readers. We do our best to tell the stories, but as often as not, it’s the accompanying photographs that really allow us to share what we’re up to. Besides, we love seeing beautiful, high-res images of cars as much as the next guy, and we enjoy them all that much more when we’re the ones behind the lens.

As has become something of an end-of-December tradition here at Autoblog, we’ve gone through our hard drives in search of the best photos we’ve taken in the past year. We’ve selected the our favorite 100, which you can see assembled in the massive high-res gallery below. We hope you enjoy the images as much as we did reminiscing and putting them together. And if you want to get really nostalgic, you can view our favorite photos from 2009 as well as 2008. Enjoy!

Gallery: Autoblog’s Top 100 Photographs of 2010

1937 Bugatti Type 57SC Atlantic 2010 Ford F150 SVT Raptor 6.2 2011 Lamborghini Gallardo LP 570-4 Spyder Performante 2011 Subaru Impreza WRX 2010 Ford Shelby GT500