plan Archives | AutoDepot

Report: Saab US bankruptcy plan gets legal green-light

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

Saab

It feels utterly bizarre that we’re still talking about Saab, but Reuters is reporting that the bankrupt Swedish manufacturer’s American arm has gotten approval from the US Bankruptcy Court to liquidate its assets and pay back creditors. As part of the plan, secured creditors like Ally Financial will receive full repayment. Unsecured creditors, consisting of those affected by abandoned leases and contracts will get anywhere from 25 to 82 percent of their money back.

There are currently $77 million in unsecured claims, according to Reuters, but that number doesn’t include claims from former Saab dealers. Naturally, the entire affair is full of lawyers and legalese. A trust formed on the Saab side will be negotiating with creditors and their affiliates in an attempt to reduce claims against Saab. This sounds like the start of a long and sordid affair…

Saab US bankruptcy plan gets legal green-light originally appeared on Autoblog on Thu, 18 Jul 2013 17:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Continue reading “Report: Saab US bankruptcy plan gets legal green-light”

Ford’s plan to make commutes more efficient, optimize EVs

Filed under: Hybrid, Technology, Ford, Electric

Android developers across the world have descended on San Francisco for this week’s Google I/O conference, and Ford is getting in on the action with its announcement to utilize Google’s new Prediction API to increase efficiency and decrease commute times.

The Prediction API has a range of location-based uses, but Ford’s plan involves tapping into your driving habits, gathering historical commute and errand data, and then optimize your route depending on traffic, weather and a host of other information.

Cutting down commute times and increasing fuel efficiency are at the top of the list, but it’s obvious Ford is primarily planning to use the tech for its future all-electric and plug-in hybrid-driving vehicles. By determining drive routes ahead of time, storing that information in the cloud and directing drivers to the most efficient roads, Ford can eliminate some of the range anxiety EV drivers have to contend with.

Tomorrow, a group of Ford researchers will be showing off concept version of the system at Google I/O, complete with a prototype use case that involves the driver opting in for the service (Ford is adamant that personal information security is of the utmost importance) and then utilizing the Google Prediction service to determine the most efficient route. The vehicle would ask the driver, “Good morning. Are you going to work?” and if the driver responds, “Yes,” the system will choose a route that’s optimized for the powertrain. This could also include EV-only zones, something that’s being experimented with throughout Europe.

We’ll have more on Ford’s implementation of the Predictive API tomorrow, but in the meantime, check out the press release after the jump for more.

Continue reading Ford’s plan to make commutes more efficient, optimize EVs

Ford’s plan to make commutes more efficient, optimize EVs originally appeared on Autoblog on Tue, 10 May 2011 19:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Continue reading “Ford’s plan to make commutes more efficient, optimize EVs”

Rupert Murdoch’s News Corp and Agnelli family’s Exor confirm F1 plan

Filed under: Motorsports, Fiat

John Elkann and Luca di Montezemolo

Exor/Fiat CEO John Elkann with Ferrari chairman Luca di Montezemolo trackside

It may have seemed far-fetched when the news first broke, and Bernie Ecclestone may think it will never amount to anything, but the reports of a plan to buy-out Formula 1 have proven factual.

The initial reports indicated that Rupert Murdoch’s News Corporation, together with an unnamed second investor (speculated to be connected to Ferrari), were looking into acquiring the commercial rights to the premier motor racing series, which are currently held by CVC Capital and directed by Ecclestone. That second party turns out the be Exor, the investment company owned by the Agnelli family and chaired by its scion John Elkann, who also heads up the Fiat Group… which in turn owns Ferrari.

Exor has confirmed that it and News Corp are interested in buying all or part of the F1 business, although it admits that its interest alone won’t necessarily lead to the deal’s completion. After all, CVC would have to be willing to sell, and sources don’t expect that to come any time soon. But then, everything has its price.

The notion of Ferrari’s owners also owning F1, of course, will lead to much speculation, particularly since the team’s former chief executive Jean Todt already presides over the FIA, the body which governs everything about the sport that Formula One Management doesn’t. Follow the jump for the brief announcement from Exor.

Continue reading Rupert Murdoch’s News Corp and Agnelli family’s Exor confirm F1 plan

Rupert Murdoch’s News Corp and Agnelli family’s Exor confirm F1 plan originally appeared on Autoblog on Wed, 04 May 2011 14:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Continue reading “Rupert Murdoch’s News Corp and Agnelli family’s Exor confirm F1 plan”

Report: Judge approves plan to clean up “Old GM” sites

Filed under: Government/Legal, GM

General Motors has been given the go-ahead to begin selling off the remaining old GM assets as part of the automaker’s restructuring plan. According to The Detroit News, a federal bankruptcy judge approved the plan after a day-long hearing. Judge Robert E. Gerber is expected to issue a written opinion on the matter within the next few days, and the sale’s confirmation date is set to be announced on March 31.

As part of the move, 610 million shares of old GM stock will be cancelled. Creditors have submitted verified claims of around $29.5 billion, and as part of the plan, those entities will receive $5 billion in new GM stock and warrants. That figure equates to around 15 percent of all new-GM stock.

In addition, Gerber moved to approve a $773 million environmental trust designed to help fund and oversee the cleanup of 89 former General Motors plants in 14 states. An additional plan is in the works to address additional environmental issues.

Those include an extra $536 million to cover cleanup costs and $300 million for demolition costs and property taxes.

Gerber’s decision means that the last remaining embers of the old GM are officially dying out. The Detroit News reports that the company should cease doing business by no later than December 15.

[Source: The Detroit News]

Report: Judge approves plan to clean up “Old GM” sites originally appeared on Autoblog on Sat, 05 Mar 2011 12:33:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Continue reading “Report: Judge approves plan to clean up “Old GM” sites”

Supreme Court strikes down Bloomberg’s hybrid taxi plan for NYC

Filed under: Etc., Government/Legal

New York City hybrid taxi

New York Mayor Michael Bloomberg has fought long and hard to uphold a local law requiring all city cab companies to replace their gas-guzzling Ford Crown Victoria sedans with more efficient livery vehicles. A noble goal, no doubt, but the Supreme Court is having none of it.

The New York Post reports that the highest court in the land refused to hear the case after four years of battles in the lower courts, giving the victory to the Metropolitan Taxicab Board of Trade. The court ruled that federal agencies have the sole right to regulate emissions and efficiency, not the mayor of one town – even if it is the City That Never Sleeps.

When the Supreme Court swings its gavel, there usually isn’t another shot, but that likely won’t stop Mayor Bloomberg from lobbying Congress to change the rules. The mayor said that local governments are the ones dealing with climate change and energy policy, adding “the federal government seems unable to address those issues.”

While the city of New York appears to have lost the efficiency war, the Big Apple can still feel good about the fact that some 4,400 of the 13,237 cabs on its streets are hybrids. And if gas prices continue to jump, we’re thinking many of the other 8,000 cabs will follow suit.

[Source: New York Post | Image: Chris Hondros/Getty]

Supreme Court strikes down Bloomberg’s hybrid taxi plan for NYC originally appeared on Autoblog on Thu, 03 Mar 2011 17:21:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

Continue reading “Supreme Court strikes down Bloomberg’s hybrid taxi plan for NYC”

Detroit 2011: Kia KV7 Concept is a van with a plan

Filed under: Concept Cars, Detroit Auto Show, Minivan/Van, Kia

Kia KV7 Concept – Click above for high-res image gallery

Kia certainly knows a thing or two about embracing the box design. After all, the styling of the Soul is certainly a perfect interpretation of the good things boxy shapes can create. With that in mind, Kia has set to reinvent the van with its new KV7 Concept here at the Detroit Auto Show. But we aren’t talking minivan – this is pure, boxy conversion van hotness.

Inside, there are clever features like swivel chairs for all occupants (including the driver), and the rear quarters are set up in a sort of lounge fashion. There are nifty gadgets like a floating table-top computer and full wireless internet capability. Wrap that in a sleek, boxy package that boasts a 285-turbocharged four-cylinder engine and the end result is a van that means serious business. As much as we’d love to see this concept come to fruition, we’ll chalk this one up as just another example of what happens when you let automotive designers run wild. See for yourself in the high-res galleries below.

Gallery: Kia KV7 Concept: Detroit 2011

Kia KV7 Concept

Gallery: Kia KV7 Concept

Kia KV7 Concept

Detroit 2011: Kia KV7 Concept is a van with a plan originally appeared on Autoblog on Mon, 10 Jan 2011 18:58:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Continue reading “Detroit 2011: Kia KV7 Concept is a van with a plan”

Fiat shareholders approve demerger plan

Filed under: Fiat

Sergio Marchionne got his way. This week, shareholders approved his plan to separate Fiat S.p.A. into Fiat Autos and Fiat Industrial. Marchionne believes that the two companies can work better without having to consider each others’ divergent strategies. “Fiat Group Automobiles is destined to become, in combination with Chrysler, a leading global producer, reaching the threshold of 6 million cars a year by 2014,” he said.

Nothing is expected to change at Fiat Auto S.p.A., with Marchionne retaining his CEO status. Fiat Industrial S.p.A., however, will put its own management in place under two two leaders: a CEO for Case-New Holland (CNH) and another for Iveco, the commercial truck brand. Marchionne will assume the role of chairman of Fiat Industrial, and he expects a 50% growth in revenue for that side by 2014, compared to a doubling of revenue on the auto side.

[Source: San Francisco Chronicle]

Fiat shareholders approve demerger plan originally appeared on Autoblog on Sun, 19 Sep 2010 12:35:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

Continue reading “Fiat shareholders approve demerger plan”