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Breaking: Chrysler repays the rest of its federal loans… are SUVs to thank?

Filed under: Government/Legal, Chrysler, Earnings/Financials, Fiat

chrysler banner announces government dept paid off

It’s Official: Chrysler has announced that it has repaid its multi-billion dollar obligations owed to both the United States and Canadian governments. Adding up both loans plus interest, Chrysler has just shelled out a tidy $7.6 billion. The U.S. receives $5.9 billion and Canada will get $1.7 billion.

Chrysler was able to secure new means of financing, which allows the automaker to pay off its government obligations a full six years ahead of the original payment schedule. While this new financing still involves debts, it saves Chrysler an estimated $350 million per year in interest. This move also allows Chrysler to remain liquid, with more than $10 billion in assets ready to roll.

Under the direction of the U.S. government, Chrysler partnered up with Fiat, and the goal was to bring smaller, more fuel-efficient vehicles to the states. Yet as an opinion piece in The Detroit News sagely reminds us, it wasn’t really the smaller cars that helped Chrysler, but the newly refreshed sport utility vehicles. The all-new Dodge Durango and Jeep Grand Cherokee models helped push sales up 17 percent in 2010.

Regardless of how they got there, this move should serve to instill confidence in the U.S. car-buying public. Chrysler continues to add new or redesigned vehicles to its lineup and has a strong media campaign behind those vehicles. Will high gas prices slow the positive momentum that Chrysler has built up, or is this the chance for the Fiat portion of the relationship to step up and shine? Sound off in Comments, and check out the full press release posted after the jump.

Continue reading Chrysler repays the rest of its federal loans… are SUVs to thank?

Chrysler repays the rest of its federal loans… are SUVs to thank? originally appeared on Autoblog on Tue, 24 May 2011 13:55:00 EST. Please see our terms for use of feeds.

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Virginia offering you the chance to name your own rest stop?

Filed under: Etc., Government/Legal

Virginia freeway rest stop The beautiful state of Virginia is reportedly looking to offset some of the $20 million it costs to operate and maintain its 42 rest stops, and perhaps you can help. NBC Washington reports that the state is selling the naming rights to each of the stops to help raise revenue needed to keep the facilities open.

Former Governor Tim Kaine apparently closed 19 of the facilities back in 2009 as a cost-cutting measure, but current Governor Bob McDonnell re-opened the structures eight months ago, promising to find other ways to raise the needed money. Also being discussed is the idea of using prison labor for maintenance. Somewhere, somehow Warden Norton is pleased.

Meanwhile, we’re wondering whether “Autoblog: Obsessively Covering This Rest Stop” has a ring to it. Let us know what you’d name a Virginia rest area in Comments.

[Source: NBC Washington | Image: Virginia Department of Transportation]

Virginia offering you the chance to name your own rest stop? originally appeared on Autoblog on Wed, 30 Mar 2011 18:21:00 EST. Please see our terms for use of feeds.

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Geneva 2011: 2012 Kia Rio falls in line with the rest of its swoopy family

Filed under: Budget, Geneva Motor Show, Hatchback, Kia, Diesel

2012 Kia Rio at the 2011 Geneva Motor Show

2012 Kia Rio – Click above for high-res image gallery

The fourth-generation 2012 Kia Rio has made its world debut in front of the 2011 Geneva Motor Show crowd. From the subtle swooping body lines to the front grille, the all-new Rio now resembles the rest of the Kia family.

For the 2012 model year, the Kia Rio has become longer (3/4-inch), wider (1-inch) and lower (1/2-inch). Kia has pushed the wheelbase out to 101-inches, an increase of nearly three-inches over the outgoing Rio.

Available as a five-door or three-door, the 2012 Rio is offered with a choice between four engines and three transmissions. The two gas-burning options are a 1.25-liter inline-4 producing 83 horsepower at 6,000 rpm and 87 pound-feet of torque, or a 1.4-liter four-cylinder that produces 108 hp and 100 lb-ft of torque. Two turbocharged diesel options are available; a 1.1-liter triple that generates 81 horses and 69 pound-feet of torque or a 1.4-liter unit producing 89 hp and 159 lb-ft. Both diesel burners and the 1.4-liter gas engine are paired with a six-speed manual while the 1.25-liter gas-sipper gets a five-speed manual transmission. The 1.4-liter gasoline engine is also available with a four-speed automatic.

No word yet on which engines and door configurations are headed to the States, but we do expect for this much better looking hatchback to supplant the aging Rio here in North America soon. While you’re waiting, check out our galleries below and the official presser after the jump.

Gallery: 2012 Kia Rio: Geneva 2011

Gallery: 2012 Kia Rio

2012 Kia Rio

Continue reading Geneva 2011: 2012 Kia Rio falls in line with the rest of its swoopy family

Geneva 2011: 2012 Kia Rio falls in line with the rest of its swoopy family originally appeared on Autoblog on Wed, 02 Mar 2011 13:01:00 EST. Please see our terms for use of feeds.

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Ford unhinges rest of its Explorer-filled, SEMA-bound toybox

Filed under: Aftermarket, SEMA Show, Ford, Design/Style

Galpin Auto Sports Explorer – Click above for high-res image gallery of Ford customs to debut at SEMA

SEMA 2010 is just around the corner and Ford has supplied a number of vehicles to various aftermarket tuning companies ahead of the festivities. The 2011 Ford Explorer is just one of the vehicles receiving the tuner treatment, but it’s getting a lot of attention. Ford has supplied three of them to different companies, to create three different styles: Urban, Luxury and Adventure.

The Urban style was handled by Funkmaster Flex and the Team Baurtwell shop. The crew from GAS, or Galpin Auto Sports, turned its Explorer into a high-end machine for Luxury. CGS Motorsports handled Adventure and added lifestyle touches to the ‘ute while still providing an upscale, custom feel.

Other vehicles wearing a Blue Oval at SEMA include;

2011 Lincoln MKX by ID Agency
2011 Ford Taurus SHO by Rick Bottom Designs
2011 Ford Taurus SHO by H&R Springs
2011 Ford Edge by K-Daddy Kustomz
2011 Ford Fusion Sport by Steeda Autosports

You can view each vehicle in the gallery below, and a full press release is available after the jump.

Gallery: Ford’s lineup for SEMA 2010

CGS Motorsports Explorer Funkmaster Flex Explorer Ford Edge by K-Daddyz Kustomz Ford Fusion Sport by Steeda Autosports Galpin Ford Explorer

[Source: Ford]

Continue reading Ford unhinges rest of its Explorer-filled, SEMA-bound toybox

Ford unhinges rest of its Explorer-filled, SEMA-bound toybox originally appeared on Autoblog on Thu, 14 Oct 2010 18:58:00 EST. Please see our terms for use of feeds.

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Report: Lincoln plans to close 200 metro dealers, upgrade the rest

Filed under: Ford, Lincoln, Luxury

Lincoln Concept C – Click above for high-res image gallery

Now that Ford has officially announced that its Mercury division would be going the way of the Dodo, and with Blue Oval-branded models like the Taurus SHO proving that the Dearborn automaker can indeed move itself a bit upmarket, the next logical concern is addressing what will happen to Lincoln. That’s especially true given the fact that Lincoln’s 82,847 total sales in 2009 are a mere pittance compared to that of class-leading Lexus, which moved 215,957 vehicles.

One of the big problems with Lincoln is that there are just too many dealerships trying to sell a car to in-market customers. To wit, Lincoln currently boasts a whopping 1,221 stores in the States. By way of comparison, Lexus has 230, Audi has 270, BMW has 338 and Mercedes-Benz has 352. Do the math and it’s easy to see that each Lincoln dealership doesn’t sell very many vehicles – in fact, they’re averaging just two sales per week.

According to Automotive News, Ford has a two-part plan to inject some life into its moribund Lincoln outlets. First, the total number of dealerships will be reduced by at least 200, and most of those closures will happen in large metropolitan markets where there are already multiple stores. Second, remaining outlets will be heavily upgraded in order to compete with Lincoln’s targeted competitors.

Will it work? Hard to say, but if the brand can build models like the rumored production version of the Concept C showcar, it could certainly inject some life into Lincoln. In any case, we should get a few more details around October 4, which is when Lincoln’s annual dealer meeting is scheduled to begin.

Gallery: Lincoln Concept C

[Sources: Automotive News – sub. req., Bloomberg]

Report: Lincoln plans to close 200 metro dealers, upgrade the rest originally appeared on Autoblog on Mon, 27 Sep 2010 18:21:00 EST. Please see our terms for use of feeds.

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