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GM announces $4B pension fund deposit

Filed under: GM, Earnings/Financials

GM Logo General Motors continues to use its newfound cash in a manner that aims to please its accounting department. After receiving a sizable monetary infusion thanks to the largest IPO in U.S. history, GM is now focused on putting that money to good use. Its Korean subsidiary, GM-Daewoo, recently paid off a $1 billion credit that was owed, and today, The General is pouring $4 billion much needed greenbacks into its pension fund deposit.

As of December, 2009, General Motors measured its pension fund as being underfunded by an eye-watering $17.1 billion. This fund provides benefits to 688,000 participants and, while $4 billion is a far cry from 17.1, it is certainly a step in the right direction. According to The Detroit News, that figure will grow to include another $2 billion down the road in the form of GM stock.
[Sources: General Motors, The Detroit News – sub. req.]

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GM announces $4B pension fund deposit originally appeared on Autoblog on Thu, 02 Dec 2010 13:29:00 EST. Please see our terms for use of feeds.

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Cadillac officially announces sponsorship of PGA Tour

Filed under: Marketing/Advertising, Cadillac

Cadillac sponsors PGA Tour

General Motors, fresh out of bankruptcy and back on the open market, has announced it will resume sponsorship of the PGA Tour. The automaker’s last sponsorship in the golfing world, which famously paired star golfer Tiger Woods and Buick, ended in 2008 amidst major cutbacks just prior to filing for Chapter 11.

This time around, GM will tap its range-topping Cadillac division for hole-in-one sponsorship duties. The arrangement will make Caddy the title sponsor of the World Golf Championships-Cadillac Championship and an umbrella sponsor of the World Golf Championships. Sounds pretty, ahem, par for the course. For 2011, the tournament will be played at TPC Blue Monster, Doral Golf Resort & Spa in Doral, Florida.

In addition, PGA Tour commissioner Rim Finchem, the organizers are also “[looking] forward to exploring opportunities with Cadillac to bring PGA TOUR tournament golf back to Detroit.” We expect some sort of announcement of that taking place sometime before 2012. Feel free to hit the jump for the official press release. Oh, and the Caddy/caddy puns start… now.

[Source: Cadillac]

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Cadillac officially announces sponsorship of PGA Tour originally appeared on Autoblog on Mon, 29 Nov 2010 18:27:00 EST. Please see our terms for use of feeds.

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Chrysler announces company-owned halo dealership in LA

Filed under: Car Buying, Chrysler, Dodge, Jeep, Fiat

Chrysler has unveiled a new company-owned dealership in California, called Motor Village of Los Angeles, that will sell and service the Chrysler, Jeep, Dodge, Ram Truck, Fiat and Mopar brands. A five-story glass structure will house separate salons for each of these marques. This new dealership, which marks Chrysler’s return to central LA after a 10-year absence, will be used as a test bed for new ideas that could one day filter down to the rest of the Chrysler’s dealer network. Click past the break for all the details in the official press release.

Continue reading Chrysler announces company-owned halo dealership in LA

Chrysler announces company-owned halo dealership in LA originally appeared on Autoblog on Tue, 16 Nov 2010 17:45:00 EST. Please see our terms for use of feeds.

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BMW announces pricing for 2011 X3

Filed under: Car Buying, Crossover, BMW, Luxury

2011 BMW X3

2011 BMW X3 – Click above for high-res image gallery

We’re about to drive the 2011 BMW X3, but before we get behind the wheel, BMW has announced pricing for its next-gen. cute ‘ute, and as before, the new CUV will be offered in two trims. The base X3 xDrive28i, which features a 240 horsepower inline-six, will start at $37,625. The more powerful xDrive35i, which boasts a 300-hp turbocharged six-cylinder engine, starts $41,925. Both models come standard with all-wheel drive and BMW’s eight-speed automatic transmission. The 2011 BMW X3 will arrive in dealer showrooms at the end of 2010, and both models will be available at launch.

Additionally, Blackberry users will have something to be excited about. The X3 is fitted with technology to pull loads of utility out of its smartphone integration. The navigation screen can display emails when the car is stationary, and when it’s in motion, the system utilizes a text-to-speech program to read messages through the audio system.

The base price of the 2011 BMW X3, even though the car has been refreshed and features more standard items, is less than the 2010 model it replaces. It’s a $2,100 price drop down from the 2010 base MSRP of $39,725.

Gallery: Paris 2010: BMW X3

Continue reading BMW announces pricing for 2011 X3

BMW announces pricing for 2011 X3 originally appeared on Autoblog on Wed, 13 Oct 2010 13:32:00 EST. Please see our terms for use of feeds.

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Mercedes-Benz announces in-car iPad integration

Filed under: Etc., Technology, Mercedes-Benz, Volkswagen

Mercedes-Benz iPad integration

Apple continues its march towards world domination. Since its introduction, automakers have paid a lot of attention to the iPad; Hyundai plans to use the device as an Equus owner’s manual, while Chevrolet, Ford and Volkswagen have developed apps for it, and BMW has introduced an in-car docking system for the super tablet.

Not one to be left off the technology train, Mercedes-Benz has announced plans to create its own headrest-mounted iPad docks. The units will allow rear passengers to use and charge iPads, which could usher in a whole new era of back-seat driving as the iPad navigation app battles it out with the factory unit up front.

[Source: Engadget]

Mercedes-Benz announces in-car iPad integration originally appeared on Autoblog on Sat, 09 Oct 2010 11:58:00 EST. Please see our terms for use of feeds.

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Global Vehicles announces $35M initial order of Mahindra pickups for U.S.

Filed under: Truck, Etc., Earnings/Financials

Mahindra Pik-up

Mahindra Pik-Up – Click above for high-res image gallery

Mahindras road to the United States has been interesting so far, to say the least. It’s changed the trucks model name, seen delays in a target launch date, caused delays and broken contracts.

Many here in the states are eagerly awaiting the arrival of an official on-sale date for the Pik-up. The biggest group waiting for that announcement might just be Global Vehicles, the U.S. distributor for the little truck with potential big appeal. Global Vehicles has already invested nearly $100 million to bring the vehicle to the US and now they’ve placed an initial order for the Mahindra pickups to the tune of $35 million.

John Perez, CEO of Global Vehicles, says:

“We are proud of the sales and service network we created to support the launch of Mahindra vehicles, and we look forward to bringing American buyers something truly unique in the marketplace – rugged, high-quality, clean diesel pickup trucks that can achieve nearly 30 miles per gallon. Our dealers are all seasoned auto industry professionals who will treat customers with honesty, integrity and respect. We built our business on these bedrock principles, which should be the foundation of every business relationship.”

Perez goes on to state that he believes Global Vehicles will prevail in the pending arbitration case against Mahindra. This would force Mahindra to honor its agreement with GV. The offending clause states that Mahindra could walk away from the deal if its truck did not pass EPA testing by a certain date. Mahindra claimed this last-minute contract change was to protect against potential losses if its truck didn’t receive the EPA certification. The deadline dates came up three times, with Perez’s company extending the deadline each time. The most recent time passed on June 11. Ten days after that deadline, Mahindra announced its vehicles were certified for sale and declared its relationship with GV now void.

It will be very interesting to watch this play out. The Pik-Up is supposed to be an affordable and capable, fuel-efficient truck which could be a perfect fit for many U.S. buyers. It’s clear that Global Vehicles remains extremely committed to its investment and hopefully we see the distinctly-styled trucklet roaming our streets in the near future.

Full press release available after the jump.

Gallery: Mahindra Pik-Up

mahindra-pickup-large_21 mahindra-pickup-large_11 mahindra-pickup-large_22 mahindra-pickup-large_12 mahindra-pickup-large_13

[Source: Global Vehicles]

Continue reading Global Vehicles announces $35M initial order of Mahindra pickups for U.S.

Global Vehicles announces $35M initial order of Mahindra pickups for U.S. originally appeared on Autoblog on Sat, 25 Sep 2010 10:56:00 EST. Please see our terms for use of feeds.

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BMW announces trial markets for ActiveE electric car effort

Filed under: BMW, Electric

BMW ActiveE concept – Click above for high-res image gallery

The evolution of BMW’s electric vehicle program, Project i, goes sort of like this: from Mini E concept to leasing that car to happy customers to the ActiveE concept to field tests of the larger sedan next year and then on to the Megacity EV, which is scheduled for 2013. Those last two steps have yet to happen, but today we learn a bit more about how and where the ActiveE, a modified 1 Series Coupe, will prowl the streets. BMW has announced that the following U.S. cities and areas will get the ActiveE:

New York City
Los Angeles
San Diego
San Francisco
Sacramento
Boston
select markets in Connecticut

So that makes California and the East Coast the lucky ones. We’ve heard a few hundred ActiveEs would be tested around the U.S., but BMW hasn’t provided any more details on the number of vehicles coming to each location. The field trial starts next summer, so we don’t have that much longer to wait.

What can drivers expect from the ActiveE? BMW says that “realistic simulations” show the all-electric car can go from 0-60 in approximately 8.5 seconds and the car has a top speed of around 90 miles per hour (electronically limited). Range is estimated at 100 miles. Unlike the Mini E , the ActiveE can seat four and carry about seven cubic-feet of stuff.

Gallery: BMW Concept ActiveE

[Source: BMW]

Continue reading BMW announces trial markets for ActiveE electric car effort

BMW announces trial markets for ActiveE electric car effort originally appeared on Autoblog on Thu, 23 Sep 2010 17:39:00 EST. Please see our terms for use of feeds.

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Hyundai announces pricing for 2011 Genesis Coupe R-Spec

Filed under: Car Buying, Coupe, Hyundai

2011 Hyundai Genesis Coupe – Click above for high-res image gallery

Hyundai has provided pricing on its 2011 Genesis Coupe-R Spec, and the automaker has giveth and taketh away when it comes to features and price. Starting at $26,750 (plus $800 freight), the 3.8-liter V6 with a manual transmission is the same price as the 2.0-liter four-cylinder in Premium trim, making it the least expensive V6 in the range.

At $4,000 dollars less than the 3.8 Track with a manual, and 68 pounds lighter, you still get the track suspension, Brembos, Torsen LSD and 19-inchers, and forsake the auto headlights, cruise control, sunroof, rear spoiler, metalgrain accents outside and chrome bits inside. Increased tunability comes from the front strut camber adjustment bolts, and the whole package gets wrapped in one of four colors. Follow the jump for all the details, along with full-line pricing.

Gallery: 2011 Hyundai Genesis Coupe

[Source: Hyundai]

Continue reading Hyundai announces pricing for 2011 Genesis Coupe R-Spec

Hyundai announces pricing for 2011 Genesis Coupe R-Spec originally appeared on Autoblog on Wed, 15 Sep 2010 16:32:00 EST. Please see our terms for use of feeds.

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Shelby announces 2011 GT500 Super Snake with up to 800 horsepower

Filed under: Aftermarket, Coupe, Performance, Ford

2011 Shelby GT500 Super Snake – Click above for high-res image gallery

When we tested the 750 horsepower 2010 Shelby GT500 Super Snake, our man Jonathon Ramsey declared it the “new king” of Mustangs. Surprisingly, he found that the suspension was able to – barely – keep up with the engine, but we figured that the Super Snake had just about all the power a street-driven Mustang could handle. We thought wrong, at least according to Shelby.

Ol’ Carroll has upped the ante in the horsepower wars once again by offering up to 800 horsepower in the newly-released 2011 version of the Super Snake. Of course, there are more sane options including 660 horsepower and 750 horsepower variants, but the 800 horsepower version will undoubtedly be the must-have for the guy (or girl) who needs the biggest and baddest ‘Stang on the block. Also new for 2011 are the optional anthracite wheels, white stripes and new side scoops. The Super Snake package starts at $30,245 (just $250 less than the cost of a brand new 2011 Mustang GT) and can be built at Shelby’s Las Vegas facility or at any of their official Mod Shops around the country. Hit the jump for complete specs for the 2011 Super Snake package and more details.

Gallery: 2011 Shelby GT500 Super Snake

[Source: Shelby American]

Continue reading Shelby announces 2011 GT500 Super Snake with up to 800 horsepower

Shelby announces 2011 GT500 Super Snake with up to 800 horsepower originally appeared on Autoblog on Tue, 14 Sep 2010 13:29:00 EST. Please see our terms for use of feeds.

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Brabus announces tuning program for Mercedes-Benz SLS AMG

Filed under: Aftermarket, Coupe, Performance, Mercedes-Benz

Brabus Merecedes-Benz SLS AMG – Click above for high-res image gallery

It was only a matter of time before Brabus got around to turning its attention to the Mercedes-Benz SLS AMG. The German tuner has given the Silver Arrow’s newest supercar the once over with a smattering of aesthetic additions both inside and out, as well as a few mechanical tweaks. Things get started with a carbon-fiber spoiler up front, as well as new fender vents made of the same light-weight material. A similar treatment crops up on the rear fascia, along with new titanium exhaust tips. Those tips are part of a full system that Brabus claims weighs a full 40 percent less than the stock pipes. Throw in a set of massive forged wheels (20 inches up front, 21 out back) and you’ve got the full package.

Inside, Brabus will be happy to custom tailor the SLS AMG interior to each customer’s taste. A new ergonomic steering wheel comes along with stainless scuff plates with an illuminated Brabus logo, though beyond that it’s up to the buyer to decide on what type and color leather strikes their fancy. How much will all of this kit set you back? Brabus isn’t saying, but you know what they say about if you have to ask. Hit the jump to take a look at the full press blast.

Gallery: Brabus Mercedes-Benz SLS AMG

[Source: Brabus]

Continue reading Brabus announces tuning program for Mercedes-Benz SLS AMG

Brabus announces tuning program for Mercedes-Benz SLS AMG originally appeared on Autoblog on Fri, 27 Aug 2010 10:57:00 EST. Please see our terms for use of feeds.

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