Obbligazioni societarie GM, Ford, Chrysler: il 3D dell'automotive USA

[paologorgo]

Chrysler Says Auto Plants on Track to Re-Open


DETROIT -- Chrysler LLC is on track to re-open its plants by the end of mid- to late January or early February, as originally planned, a spokesman for the company said Wednesday.
Chrysler announced in December that it would close all of its 30 plants for at least a month because of a deep drop in sales and rising inventories on dealer lots. The move was intended to cut costs and pull back on production at a time when demand for the company's vehicles is near an all-time low.
Halting production lowers an auto maker's revenue because car companies book sales when vehicles are shipped from their plants to dealer lots.
Lower revenue is a serious problem for Chrysler right now because the company nearly ran out of money this month before the government granted the company $4 billion in emergency loans.
In a hastily organized conference call earlier on Wednesday, Chrysler President Tom LaSorda denied reports that Chrysler is looking to sell some of its brands, plants or other assets.
"This company is going to be around. We are not going under," Mr. LaSorda said.
Most of the auto maker's U.S., Canadian and Mexican auto plants are scheduled to open Jan. 19 or Jan. 20. Its minivan plant in Windsor, Ont., and a small facility in Detroit that assembles a small number of sports cars are due to open Feb. 2.
The spokesman, Dave Elshoff, acknowledged Chrysler's production plans are under "continuous review" and could change if auto sales remain weak.
"I don't want you to think those are set in stone," he said. "We have to be fluid."
The Big Three auto makers and their foreign rivals typically shut down some or most of their plants around the year-end holidays, normally for two weeks. In the past few years Chrysler, General Motors Corp. and Ford Motor Co. have extended their idle periods into January. This year, Chrysler closed every one of its plants.
Write to Alex P. Kellogg at [email protected]

 

[Researcher]

Ford Strengthens European Market Share In 2008, Becomes Second Best-Selling Brand

-- In 2008, Ford of Europe increased its full year market share by 0.1 percentage points to 8.6 percent versus 2007

-- New Fiesta was best-selling model in the UK in November and December, and is already second best-selling Ford model in Europe
​

COLOGNE, Germany, Jan. 14 /PRNewswire-FirstCall/ -- A strong product range, led by the new, award-winning Fiesta, allowed Ford of Europe (NYSE: F) to consolidate its market position in 2008 and firmly establish Ford as Europe's second best-selling vehicle brand, despite the challenging market conditions.
"In a difficult economic environment, we were able to improve our overall market share last year thanks to the strongest product line-up in our history, and the early success of our new Fiesta," said John Fleming, Ford of Europe chairman and CEO.
"We believe this strength is a key factor in helping us to deal with the challenge of the deep economic crisis for as long as it lasts, and will allow us to take full advantage of an upturn in demand when it does arrive," said Fleming.
The company increased its market share in 15 of its main 19 European markets. Even with a deep industry decline in traditionally strong Ford markets like the UK and Spain, Ford of Europe increased its full-year 2008 market share across its main 19 markets by 0.1 percentage points to 8.6 percent.
The new Fiesta has gotten off to a particularly strong start. Two months after going on sale in late 2008, more than 61,000 new Fiestas have been sold in the main 19 European markets, making it the second best-selling Ford car behind the Focus.
As soon as it went on sale in the UK, the Fiesta became the best-selling car for both November and December.
"This gives us real confidence that the Ford brand will emerge even stronger when the economy rebounds," said Ingvar Sviggum, vice president, Marketing, Sales and Service, Ford of Europe. "With our newly introduced small and fuel-efficient Fiesta and Ka models, we are in a great position for when that happens."
December Sales Down, Market Share Stable
In December 2008, Ford of Europe sold 90,500 vehicles across its 19 European markets. This was down 19.7 percent versus December 2007, a reduction of 22,200 units.
However, Ford's market share in these countries remained stable at 8.4 percent versus the same month the previous year. Contrary to the overall industry trend, the company increased sales in four of its 19 main European markets: France, Portugal, Finland and Switzerland.
Top selling Ford models in the 19 main European markets were the Focus (20,300), new Fiesta (18,600) and Transit (10,500). In France, the Fiesta, S-MAX and C-MAX were the best-selling imported vehicles in their segments.
Across its 51 European markets, Ford sold 118,300 vehicles, down 25.6 percent versus the same month last year.
Among other sales highlights for the month, three of the company's five biggest markets achieved market share gains:
-- Despite a challenging economic environment, Ford improved its share in Spain for December by 0.4 percentage points to 8.1 percent -- In Italy, market share increased by 0.8 percentage points to 7.5 percent -- Market share in France rose by 0.6 percentage points to 5.3 percent.Ford of Britain confirmed its market leadership again with a 16.7 percent December share, down 0.7 percentage points from December 2007. Ford was also market leader in Ireland, where market share soared by 15.9 percentage points to 21.4 percent in December, the highest market share within the Ford of Europe sales organisation.
Ford of Europe Established as Second Best-Selling Brand in 2008
With an 8.6 percent market share, Ford in its main 19 European markets established a solid position as Europe's second best-selling brand in 2008.
Sales volume, however, was down for the full year in these 19 markets by 7.4 percent compared to the same period in 2007. This compares to a 7.6 percent overall decline for the industry. In total, Ford sold 1,443,800 vehicles, and 10 out of these 19 markets had sales gains in 2008 compared with 2007, despite the difficult industry conditions.
Ford sales in the European Direct Markets were at 80,500 in the full year 2008, a 23.6 percent increase over 2007. Across all of its 51 European markets, the company sold 1,783,500 units in 2008, down 6.1 percent when compared to the same period in 2007.
Ford's popularity among private retail customers in the UK made Britain the company's top performing market throughout the year, selling 406,100 vehicles in 2008 and giving it a market share of 16.4 percent.
Germany had a strong year, characterised by consistent market share gains. Ford sold 241,400 vehicles there, an increase of 6,200 units or up 2.7 percent versus 2007. That lifted its full-year market share by 0.3 percentage points to 7.0 percent.
In France, with the help of a government scrappage program, Ford boosted sales by 6.6 percentage points to 142,600 vehicles, raising its market share by 0.3 percentage points, to 5.3 percent.
For the first time since 1995, Ford was the best-selling passenger car brand in Spain, with a market share of 9.2 percent. The Ford Focus was Spain's best-selling car for the year.
Although sales in Italy fell to 190,300, a reduction of 33,700 units, Ford remained the country's leading imported automotive brand. Despite a weak close to the year in Russia, 2008 full year sales there improved by 6.0 percentage points to 185,200.
Full Year and December 2008 total sales volume December 08 December YTD 08 Euro 19 (1) 90,500 1,443,800 changes vs. 07 down 22,200 / down 115,200 / (19.7)% vs. 12/07 (7.4)% vs. Dec. YTD 07 Euro 21 (Euro 19 114,900 1,703,000 +.Russia and Turkey) down 38,400 / down 132,000 / changes vs. 07 (25.1)% vs. 12/07 (7.2)% vs. Dec. YTD 07 EDM 30 (2) 3,400 80,500 changes vs. 07 down 2,400 / up 15,400 / (40.7)% vs. 12/07 23.6% vs. Dec. YTD 07 Total EURO 51 (EURO 118,300 1,783,500 21 + EDM 30) down 40,800 / down 116,600 / changes vs. 07 (25.6)% vs. 12/07 (6.1)% vs. Dec. YTD(1) The Euro 19 markets are: Austria, Belgium, Britain, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Spain, Sweden and Switzerland. Ford reports sales for Estonia, Latvia and Lithuania through our Finnish National Sales Company, so sales data for the Baltic states is also included within Euro 19.
(2) European Direct Markets are: Albania, Algeria, Andorra, Armenia, Azerbaijan, Belarus, Bosnia, Bulgaria, Croatia, Cyprus, Egypt, Georgia, Gibraltar, Kazakhstan, Kyrgysztan, Libya, Macedonia, Malta, Moldova, Montenegro, Morocco, Romania, Serbia, Slovakia, Slovenia, Tajikistan, Turkmenistan, Tunisia, Ukraine, Uzbekistan.
Full Year and December 2008 total market share (3) December 08 December YTD 08 Euro 19 (3) 8.4% 8.6% changes vs. 07 +/- 0.0 ppts. vs. up 0.1 ppts. vs. Dec. 07 Dec. YTD 07 Euro 21 (incl. Russia 8.6% 8.4% and Turkey) down 0.3 ppts. vs. down 0.1 ppts. vs. changes vs. 07 Dec. 07 Dec. YTD 07(3) Not available for EDM, where we base our share on non-domestic sales volumes.
Full Year and December sales by vehicle line (Euro 19) (4) Model December 08 o(u)December 07 December YTD 08 o(u)December YTD 07 Ka 700 (2,700) 43,500 (8,700) New Ka 2.000 2,000 4,300 4,300 Fiesta 5,600 (18,400) 266,100 (89,900) New Fiesta 18,600 18,600 61,400 61,400 Fusion 3,600 (1,500) 66,500 (11,600) Focus 20,300 (6,500) 353,200 (35,900) Focus Coupe- Cabriolet 700 (800) 11,700 1,400 C-MAX 6,000 (3,100) 107,200 (16,900) Kuga 3,900 3,900 27,000 27,000 Mondeo 9,200 (3,000) 162,500 69,100 S-MAX 3,500 (800) 54,900 (16,300) Galaxy 1,600 (600) 30,900 (3,800) Transit 10,300 (5,000) 173,100 (8,800) Transit Connect 3,000 (2,700) 56,500 (21,800) Ranger 1,000 (900) 15,700 (5,200)(4) Figures do not include vehicles such as the Fiesta van, Maverick, Explorer imports and Turkish-built Cargo heavy trucks. Notes to Editors:
-- Ford of Europe's market share refers to the traditional main 19 European markets (Euro 19) -- excluding Turkey and Russia (as the other main markets) and the 30 European Direct Markets (EDM), where we base our share on non-domestic sales volume.
-- We also report our sales performance (passenger cars and commercial vehicles) for the total region for which Ford of Europe is responsible (51 markets in total).
-- Sales data for specific car lines refer to the Euro 19 markets.
-- The Euro 19 markets are: Austria, Belgium, Britain, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Spain, Sweden and Switzerland. Ford reports sales for Estonia, Latvia and Lithuania through our Finnish National Sales Company, so sales data for the Baltic states is also included within Euro 19.
-- European Direct Markets are: Albania, Algeria, Andorra, Armenia, Azerbaijan, Belarus, Bosnia, Bulgaria, Croatia, Cyprus, Egypt, Georgia, Gibraltar, Kazakhstan, Kyrgysztan, Libya, Macedonia, Malta, Moldova, Montenegro, Morocco, Romania, Serbia, Slovakia, Slovenia, Tajikistan, Turkmenistan, Tunisia, Ukraine, Uzbekistan.


SOURCE Ford of Europe

 

[Mr.Noob]

Non è che qualcuno ha voglia di farmi un riassunto ? Sono stato assente causa vacanza e mi ritrovo in arretrato di news su tutti i fronti.
Da quel che ho capito (per il poco che riuscivo a seguire) Wagoner ha fatto iniezioni di ottimismo tutto il tempo, poi il solito tizio di DB ha sparato a zero su GM.
Infine si parla di importanza vitale sulla rinegoziazione del debito (non che sia una novità dato che era uno dei punti chiave per la concessione del prestito, ma mi sa che qui tutti hanno la memoria corta)
C'è qualcos altro ??
Grazie

 

[Jessica.]

GM: vendite auto potrebbero calare a 10,5 milioni nel 2009
- 15.1.09/19:42

General Motors, in una presentazione agli analisti avrebbe previsto una contrazione delle vendite di automobili a 10,5 milioni per quest'anno. In una precedente stima erano state previste vendite tra 10,5 e 12 milioni.

 

[Imark]

Non è che qualcuno ha voglia di farmi un riassunto ? Sono stato assente causa vacanza e mi ritrovo in arretrato di news su tutti i fronti.
Da quel che ho capito (per il poco che riuscivo a seguire) Wagoner ha fatto iniezioni di ottimismo tutto il tempo, poi il solito tizio di DB ha sparato a zero su GM.
Infine si parla di importanza vitale sulla rinegoziazione del debito (non che sia una novità dato che era uno dei punti chiave per la concessione del prestito, ma mi sa che qui tutti hanno la memoria corta)
C'è qualcos altro ??
Grazie

Ciao Mr. Noob, credo che si sia in stand by in attesa di Obama... oramai ci siamo...

 

[paologorgo]

C'è qualcos altro ??
Grazie

mi sa che hai riassunto per benino...

solo perchè sei tu, WSJ, dal tuo Googler preferito...

Big Holders of GM Debt Form Group to Negotiate


By SHARON TERLEP

General Motors Corp. bondholders formed a committee to negotiate terms of a debt-for-equity swap, a key requirement of the auto maker's loan from the U.S. government, GM executives said on Thursday.
Terms of the government's $13.4 billion loan program requires GM to have a plan in place that would cut its $27.5 billion in unsecured debt by two-thirds by Feb. 17. It also must reach a cost-cutting agreement with its union workers.
On Thursday, GM lowered its forecast for 2009 industry sales and disclosed the formation of a bondholders' committee. A spokesman for Paul, Weiss, Rifkind, Wharton & Garrison LLP said it was representing GM's bondholders. The firm also represents bondholders of debt-laden mall operator General Growth Properties Inc.
Both sides could be in for tough talks. Even if the auto maker reaches a deal with the bondholders' committee, it will still have to persuade individual bondholders to sign off on it, said Daryl Robertson, who has represented bondholders at Hunton & Williams LLP, a Dallas law firm which isn't involved in the negotiations. "It could be contentious," he said.
The committee, which represents 10 institutions holding GM debt, has held its first meeting by telephone, said the Paul, Weiss Rifkind spokesman. The names of the institutions on the committee couldn't be immediately learned.
GM issued a lower forecast on Thursday for industry sales of cars and light trucks this year. Separately, rival auto maker Chrysler LLC said it would extend for a week a factory shutdown at plants in Illinois, Michigan and Mexico. GM now projects 2009 global sales to fall to 57.5 million vehicles, a 15% drop from last year's 67.1 million cars and trucks.
In the U.S. GM expects industry sales of 10.5 million vehicles, in line with the sales pace of the last three months but down 22% from 2008's 13.5 million.
GM nearly ran out of money at the end of last year before the Bush administration agreed to emergency, low-cost loans. GM received $4 billion earlier this month and could receive another $9.4 billion in the first quarter.
On Friday, the company is expected to receive $5.4 billion in loans, Chief Operating Officer Frederick "Fritz" Henderson said at an investor conference hosted by Deutsche Bank. The auto maker is involved in separate discussions to have the U.S. Treasury Department hammer out terms for a further $1 billion loan to GMAC LLC, the lending giant partly owned by GM.
At the end of 2008, GMAC failed to get its bondholders to agree to a debt-to-equity swap aimed on lowering its debt load. Eventually the Treasury stepped in and injected $5 billion into GMAC, and said it would provide another $1 billion to GM that the auto maker could put into GMAC.
Substantial bondholder talks have yet to begin in part because GM believes it needs to have a restructuring plan, including union concessions, in place to present an accurate value of the company to bond and equity holders. GM and the United Auto Workers union have begun preliminary talks about concessions.
In discussing its restructuring plan, GM said it now expects a worst-case-scenario for vehicle sales in 2009. In the past, analysts have criticized the company for basing forecasts on overly optimistic sales projections. Mr. Henderson said GM believes it can break even in North America in 2010 if U.S. sales reach 12.5 million to 13 million vehicles that year.
"We need to make sure we lower our risk, lower our breakeven levels," Mr. Henderson said when he was asked if GM would seek more funding. "We're refining our restructuring plan and doing it on a global basis to make sure that we will be robust and make GM profitable on a global basis."
Write to Sharon Terlep at [email protected]

 

[Mr.Noob]

La cosa che mi fa storcere il naso è come se la siano presa comoda.
Manca un mese, e le discussioni con bondholders e UAW non sono semplici.
Forse dovevano farsi le vacanze prima (purtroppo senza corporate jet)

 

[paologorgo]

La cosa che mi fa storcere il naso è come se la siano presa comoda.
Manca un mese, e le discussioni con bondholders e UAW non sono semplici.

se posso aggiungere i miei 2 cent (con la doverosa premessa che finora non ci ho mai preso, anche perchè qui si parla di politica, e non valgono più le normali regole di conto economico...), l'UAW ha fatto subito capire che intendeva tergiversare, nell'attesa della nuova amministrazione:

>>Ron Gettelfinger, the UAW’s fearless leader ... told reporters that he wants Obama to remove some of the concessionary terms placed in Congress’ recent bailout legislation. In other words, the UAW does not want to negotiate.
We should not expect the UAW to be cooperative over the next few weeks. But it may not matter. Already, there is at least one bill making its way through Capitol Hill that will lower the requirements and terms of the loan furnished through the Treasury’s TARP.
Talk about changing the rules in the middle of the game. This is one big political fiasco.

 

[Mr.Noob]

A me tutto puzza.
Per esempio leggevo (non so se sia stato postato anche su questo thread) che come Czar potrebbe essere eletto un tizio che ha le mani in pasta (tramite altro private equity) con Cerberus.
A mio avviso qui il problema fondamentale è, o siamo di fronte ad una farsa, oppure i signorini di Detroit stanno per prendersi una mazzata sui denti non indifferente.
Io mi auguro vivamente di trovarci di fronte a una pagliacciata di dimensioni storiche. Però non riesco a capire che vantaggi avrebbe per Obama la cosa.
Sempre che Obama non voglia inizialmente salvare giusto la facciata, e poi magari, ad acque calme, lasciare Gm e amici al loro destino quando il salvataggio dell'economia USA non sarà + la priorità assoluta.

 

[paologorgo]

A me tutto puzza.
Per esempio leggevo (non so se sia stato postato anche su questo thread) che come Czar potrebbe essere eletto un tizio che ha le mani in pasta (tramite altro private equity) con Cerberus.

L'ho letto anch'io.

Credo sarà impossibile trovare uno "Czar" che non abbia - o abbia avuto - conflitti di interessi. In soldoni, qui si continua a sostenere la "differenza" del settore da tutti gli altri, con regole diverse (non si può ricorrere al Chapter 11... etc. etc.) - quindi ne consegue come logica che hai bisogno di uno che lo conosce bene, ergo si è già sporcato le mani, e non può non avere (avuto) rapporti con uno dei tre colossi (o finanziatori dei colossi, etc.).

Ovvio che siamo nel campo delle opinioni personali, e possono essere sbagliate, ci mancherebbe altro. Resto curioso di vedere come sovvertiranno tutte le regole finora consolidate per salvare questo settore.