Showing posts with label 2010. Show all posts
Showing posts with label 2010. Show all posts

Sunday, June 20, 2010

Personal Luxury Cars | Mahindra sued by U.S. distributor over pickup delays

Mahindra Pik-Up


According to the Hindustan Times, Global Vehicles, the Atlanta-based company that is slated to be the exclusive U.S. distributor for Mahindra & Mahindra vehicles, alleges that more than $95 million has been spent on getting the country ready to buy the Indian Pik-Ups. The problem is, and has been, that Mahindra still hasn't provided any vehicles to sell. The Indian company is waiting on paperwork and testing for EPA approval to sell the trucks here.

GV is tired of waiting idly, and has brought a lawsuit against Mahindra for having missed two soft deadlines and two hard ones. GV claims the delay has been "inordinate," Mahindra says the lawsuit is "without merit." We say that no matter who's right, this is not the way to bring a truck to market.


[Source: Hindustan Times]

Personal Luxury Cars | World's largest car collection closer to being under one roof

Rendering of the main hall at the LeMay America's Car Museum


If you've ever wondered who has the largest private car collection in the world, wonder no more. Until his death in 2000, Harold E. LeMay had the distinction of laying claim to that title with over 3,000 classic vehicles in his possession. His gems included everything from a 1916 Abadal Buick to a 1983 DeLorean DMC 12 and pretty much everything in between. Just before LeMay passed away, he formed a non-profit group with the goal of building a massive museum to house his collection and educate the public on the impact and evolution of the automobile.

LeMay's vision for the garage to end all garages was no less grand than his collection – a massive steel and arched glass structure designed by Alan Grant of Grant Architects. After a decade of fundraising by LeMay's widow and a number of grants from state and local governments, the LeMay America's Car Museum officially broke ground this week. The project is expected to cost a total of $100 million when completed, and will feature complete educational exhibits in addition to showcasing the collection. For more information on the cars and the museum, be sure to check out the LeMay Museum site.

[Source: The New York Times]

Personal Luxury Cars | Toyota FT-86 to be called FR-S when it reaches production?

Toyota FT-86 Concept


It's been awhile since we've heard anything on the tasty little Toyota FT-86 Concept, but it looks like we may finally have an idea of what the car will be called when it hits showrooms. If the rumors buzzing around the Toyobaru forums are to be believed, the Japanese manufacturer won't resurrect any of its fabled names from the company's past. Instead, it's possible that the sportscar may carry an FR-S badge. Toyota just filed a trademark application for the name, so there's a good chance that this particular internet whisper may have some meat to it.

We haven't completely decided where we stand on the FR-S name, partly because we had become so accustomed to calling the front-engine, rear-wheel drive heathen the FT-86. In the end, though, we don't really care what's on the car's badges so long as it makes it to production as an affordable, strong-performing coupe. Toyota could use something with a pulse in a big way, and a spiritual successor to the AE-86 Corolla would be just the ticket.

[Source: Toyobaru.net]

Personal Luxury Cars | Chrysler Sebring convertible to survive

Chrysler Sebring Convertible


Much to our collective surprise, Chrysler's new Italian overlords have reportedly decided to keep the Sebring convertible alive and even give it a major refresh early next year. The Sebring and Dodge Avenger sedans are due to get their updates before the end of this year, and the Sebring could yet receive a new name. Most of those changes including reworked suspensions and improved interiors, and the company's new Pentastar V6 will migrate into the droptop in the new year.

As you may recall, back in the 1990s, the Sebring was consistently the top-selling convertible in America thanks to its reasonable price, relatively attractive styling and seating for four. The current model completely squandered that advantage by combining all the negative aspects of its sedan counterpart with a highly compromised design that includes three different tops including vinyl and canvas soft tops and a very finicky folding hardtop. So why keep the Sebring convertible around? According to AllPar, it's because they remain a favorite of rental fleets in warm weather states thanks to "move-em-out" pricing from Chrysler and demand for four-seat convertibles from vacationers.


[Source: AllPar]

Saturday, June 19, 2010

Personal Luxury Cars | Nissan Leaf will break the EV silence with a digital whistle

Nissan Leaf EV soundNissan Leaf EV sound


As we get closer to seeing significant numbers of electric vehicles come to market, various standards are starting to emerge that cover things like how these vehicles are to be charged and how to measure range and equivalent mileage. One feature that remains up in the air is the sound signature of electric vehicles. For years, EV advocates have touted the silent operation of battery-powered vehicles as a bonus.

However, advocates for the blind and safety regulators are pushing for electric vehicles to produce some audible alert that indicates their presence. According to Just-Auto, beginning next week, Nissan will be bringing in 500 people including media, government officials and customers who have signed up to buy the Leaf to drive the car at its Oppama, Japan test track.

Among other things, they will be evaluating the "approaching vehicle sound" that will be used for the Leaf and Fuga (Infiniti M37) hybrid. Nissan is testing a system that produces external sounds that sweep across a range of frequencies to insure that almost anyone can hear it. The sound will also vary depending on whether the car is accelerating or decelerating.

[Source: Just-Auto]

Personal Luxury Cars | King Abdullah greenlights Gazal 1 to become first Saudi-made car

The KSU Gazal 1


The very first car designed and built in Saudi Arabia is officially a reality. King Abdullah unveiled the production Gazal 1 at a special ceremony yesterday and congratulated everyone who participated in the vehicle's development on a job well done. As you may recall, the Gazal 1 was a special project created by the students at King Saud University. Though built off the bones of a Mercedes-Benz G-Class, the KSU kids penned the exterior and reworked the interior to accommodate Saudi Arabia's notoriously brutal climate and demanding terrain.

When we saw the original Gazal 1 design study at this year's Geneva Motor Show, we thought the vehicle looked pretty good, especially considering how little experience the SUV's designers had in bringing a full-scale vehicle to life. From what we can tell, it looks like the production version has stuck fairly close to the big green model we saw back in March. That means the Toyota FJ Cruiser-style roof has made its way into reality along with the very International grille.

It works for us, especially considering the go-anywhere Mercedes-Benz components bolted underneath. No one's said what's under the hood of the Gazal 1, but we're guessing the same 382-horsepower 5.5-liter V8 from the standard G550 is a good bet.

[Source: Arab News]

Thursday, June 10, 2010

PSA: Eating in the car increases risk of food poisoning

Eating

Ever eat in your car? If so, we're thinking there is a good chance there is currently at least one french fry stuck between the driver seat and the center arm rest. That's pretty bad, but a study by researchers from British auto accessories retailer Halfords shows that there probably are a lot more disgusting things in your ride than some fried potatoes or a few chunks of shredded lettuce. Scientists swabbed the door handles, steering wheel, shift knob, radio and seats and found bacteria ranging from Staphylococcus to Bacillus Cereus. Those names just sound unhealthy, and in reality they are the germs that cause food poisoning, impetigo severe nausea, vomiting and diarrhea. Those nasty germs enter your car through the soil you walk on, the pets you travel with, the passengers you transport and the very hands you use to eat all that food.

That's really bad news if you eat in your car regularly, and the study by Halfords shows that 70 percent of people do just that. Further, half of those study admitted to leaving food behind in the car, giving those bacteria the sustenance they need to help ruin your week. And don't think that since this is summertime that the sun will bake your interior to the point where the germs die off. Quite the contrary, the nasty little microbes multiply faster as your vehicle heats up, bolstering the little buggers for the impending fight against your immune system.

To protect yourself from these germs, the best defense is to keep your hands clean and leave the eating for a clean kitchen table. But if you must eat while driving, scientists feel that car owners should clean their vehicles as often as one would wipe down that kitchen table. We're not the type to shy away from every germ nature has to offer, but something as serious-sounding as Staphylococcus makes us want to make with the disinfecting wipes in short order.

[Source: Daily Mail]

Wednesday, June 9, 2010

Review: 2010 Jaguar XFR is still the Papa Bear

2010 Jaguar XFR

When our man Lieberman drove the 2010 Jaguar XF Supercharged earlier this year, he came to the conclusion that of all the models in the XF range, the mid-grade Supercharged with its 470-horsepower V8 was the one to have, if you're buying. After all, at a relatively modest $68,000, it's a sexy sleeper with enough high-powered thrills to keep you happy while still being everyday-drivable and easily tamed. We wholeheartedly agree with our dear Jonny in this conclusion, and if we had never experienced this top-rung XFR, we'd be perfectly thrilled with our purchase.

But we have driven the XFR – once in France and now again in America – and asking us to overlook either experience when considering the XF range simply isn't going to happen. The R makes too much of an impression.

Yes, the Supercharged may be the "just right" Goldilocks model in the XF lineup, but the XFR is Papa Bear. That 'R' badge will cost you an extra $12,000, which is undoubtedly a hefty sum to pay when you consider that it only produces 40 more horsepower than the Supercharged. Thus, it's easy to write off the XFR as unnecessary or overzealous, but its sharper set of chops are able to handle so much more than lukewarm porridge. This car is a real honey, finances be damned!

Before you even begin to think about the 510 raging stallions under the hood, the XFR will impress with its top-notch styling. Jaguar has really come into its own again over the past few years, and its full range is one of the most attractive on the market. The XF design, introduced in 2008, is aging quite nicely, and the subtle tweaks given to the R further enhance the strong emphasis on sex appeal.

Sure, the XF Supercharged is more of a sleeper, but the XFR has a more powerful stance and looks the part of a high-caliber sport sedan. We're very fond of the large air intakes that flank either side of the front fascia, and who can resist drooling over the XFR-only air intakes on the hood lined with "supercharged" text. The other visual upgrades like handsome 20-inch wheels, bespoke side skirts and a sharp lip spoiler blend well with the XF's design, and if you had never seen the base car before, you'd think that all XFs looked this way. It's that natural, and not nearly as brash as a BMW M5 or Mercedes-Benz E63 AMG, both of which simply scream, "No, officer, I don't know how fast I was going."



A similar theme of elegance has graced the cabin, which is quite stunning, especially in our test car's London Tan and Graphite two-tone attire. The sport buckets up front are incredibly comfortable, and because they can be adjusted 18 different ways, they can be contoured to mold just about any driver's shape. Overall fit and finish is good, if predictable for an $80,000 chariot, and the simplistic, understated appearance of the dash and controls goes a long way in not over-complicating the cockpit. The XF's funny turnstyle gear selector and air vents that open and close when the car is turned on and off are a neat parlor trick and never fail to impress passengers, but we still can't help but wonder what sort of problems could arise down the road. Motors do malfunction, after all.

All XFRs come standard with dual-zone climate control, heated and cooled seats, a premium Bowers & Wilkins audio system with HD radio, satellite navigation and an in-dash six-disc CD changer, among other luxurious staples. The touch-screen interface is relatively intuitive to use, but the response time for changing between screens and functions takes longer than we'd like. The same goes for the CD mechanism and shuttling between satellite radio stations. It might seem like a nitpicky quaff, but we just can't help but feel annoyed when it takes a few minutes just to empty the changer. (We're journalists – we had to find something to complain about.)



One area where we have no complaint, however, is the powertrain. Jaguar's latest 5.0-liter V8 with direct injection and supercharged boost is, in a word, brilliant, especially when it's free to crank out all 510 horsepower and 461 pound-feet of torque in XFR guise. The overall acceleration feels more urgent than in the high-revving BMW M5, and the fat torque curve complimented by the faint whine of the supercharger makes you eager to stomp on the go-pedal. But while some cars with 500-plus horsepower can often be tedious to drive around town, this kitty can be easily tamed when slumming through heavy traffic. This isn't to say that the throttle is lazy at initial tip-in, though. The accelerator is easy to modulate, and if we're honest, we really enjoy the feeling of putting more weight down on our right foot when the tap really starts to open up.

Even in standard Drive mode, the six-speed automatic transmission swaps cogs quickly and is willing to immediately downshift when asked, but moving the shift knob over to Sport heightens the experience. In its more enthusiastic drive setting, the transmission is more willing to hold gears all the way up to redline, and if you opt to use the steering wheel-mounted paddles (and you most certainly should), you'll be pleasantly surprised with how quick the response time is from paddle tap to gear change. In most instances, it's dual-clutch quick, and that's deeply impressive.



Out on the open road, the XFR is extremely sure-footed and nimble for tight cornering. JaguarDrive Control, which monitors the steering, brake and throttle inputs, adjusts the dampening 100 times per second, allowing the R to remain composed at all times. Turn off the traction control, and the rear wheels can bite you back when pushed cavalierly, but it's all in good fun. You can really work the XFR harder than you'd think, and it doesn't whine or feel sloppy as you inch closer to its limits. The steering inspires even more driver confidence – it's neither numb nor heavy, but provides enough feedback to ensure that sudden inputs are properly managed without issue.

Serious track day enthusiasts will still probably prefer an M5, but there's no doubt that the Jaguar can most certainly keep pace. Our only want is for a more audible exhaust note, though the uncanny cabin quietness is mostly attributed to the design of lesser, naturally aspirated XF models that need to serve the purpose of a luxury car first and a driver's machine second.




In all, the XFR's dynamics are seriously competitive against its German rivals. Comparisons to America's Cadillac CTS-V are warranted, especially if you consider that the Caddy is both cheaper and quicker, and will more than likely pull off better lap times around a track. But when it comes time to drive home at the end of the day, the Jaguar gets our pick each and every time. It's more refined than the offerings from Benz and BMW, and feels substantially more luxurious and higher-quality than the CTS-V.

In all of this praise, though, the one fact we can't forget about is the price. $80,000 honestly isn't that big of a purse for a car like this, considering that it houses one of the best V8s in the world and will do the same work as your Bimmer or Merc in a more chic package. But then there's that XF Supercharged again, with nearly the same amount of refinement and high-power thrills that will keep you happy all day long, all for $12K less. Don't get us wrong, we absolutely adore the XFR, and have no doubt that Papa Bear could have easily ripped Goldilocks to shreds if she had been caught during her breaking and entering escapade; but the safer XF Supercharged isn't too hot, isn't too cold, and is indeed, "just right." Ah, hell. Who cares if we burn our tongues?

Audi wants your help designing its future electric vehicles

Audi e-tron

So you think you've got what it takes to design an electric car? If so, Audi is interested in hearing from you. The company just kicked off an electric car competition that challenges people to try their hand at designing the cars of tomorrow. The competition is open to anyone with an eye for design who also knows a thing or two about electric cars. Audi officially calls the competition "The Production of Electric Automobiles," and concept ideas are currently being accepted. Unfortunately, the site is in German, making entry a wee bit more difficult, but this translated Google page will help English-only speakers out.

There are a few guidelines that must be followed in order to have chance at winning the contest, but it's pretty simple stuff. Of those who do enter before the July 31st deadline, Audi will select eight finalists to attend a workshop to perfect and resubmit their ideas. The company will then choose an overall winner in November. Bernd Griesbach, an Audi spokesperson for the event, hints at what the company expects from entrants:

We are convinced that we will receive many innovative and creative entries because the competition is a unique opportunity for young employees and potential employees. It is important that the concept can be easily implemented and demonstrates clear progress over the state of the art.

Interested? Give it a try, as there's certainly nothing to lose. If you do well enough, your design might even be implemented in future Audi products and could even land you a spot at the company. How's that for forward momentum? Follow the jump to learn more about the contest. Hat tip to Larzen!

[Source: Audi]

Friday, May 21, 2010

Hexawheel design study picks-up where Mercedes-Benz leaves off

Mercedes-Benz Hexawheel concept by Siyamak Rouhi Dehkordi



Looking at luxury sedans like the S-Class and drop-tops like SLK, it'd be all to easy to forget that Mercedes-Benz has a rich background in off-roaders. But the Three-Pointed Star is also the maker of such rockcrawlers as the legendary Geländewagen and the Unimog. And that's the expertise that Iranian designer Siyamak Rouhi Dehkordi has tapped into with his Hexawheel concept.

Drawing inspiration from the articulated frames of insects, the Hexawheel employs six driven wheels on an articulated chassis with a flexible drivetrain. Measuring nearly 16 feet long with a foot and a half of ground clearance, the go-anywhere Hexawheel is designed to climb over tall vertical surfaces. The Persian mechanical engineer was also responsible for the F1-inspired Ferrari Zobin concept.

[Source: Car Body Design]

Thursday, May 6, 2010

Audi R8 GT goes on a diet and gets more power

Audi R8 GT



Audi dropped a very pleasant surprise on us this afternoon with the long-awaited announcement of the R8 GT.

The Audi R8 V10 was already one of our favorite sports cars in the world (sans the R-Tronic transmission) so how could you make it better? In the immortal words of Colin Chapman, "add lightness." But in a modern sports car required to meet rigorous safety standards, you can only go so far short of a complete redesign. Hence, the R8 GT's lightened chassis benefits from a power boost to boot.

The R8 GT swaps in a thinner glass windshield and polycarbonate rear windows and replaces many aluminum body panels with carbon fiber. By going over every part of the R8, Audi's engineers have carved a total of 220 pounds off the standard R8's curb weight.

The 5.2-liter V10 has been bumped from 525 horsepower to 560, topping its cousin, the Lamborghini Gallardo. The GT is only available with the aforementioned R-Tronic hydraulically actuated semi-automatic, and when pushed to its limit, the R8 GT is claimed to accelerate to 62 miles per hour in just 3.6 seconds and on to 124 mph in 10.6 seconds. The terminal velocity has been increased to 198.8 mph.

Only 333 examples of the R8 GT will be built and the price in Germany is €193,000 ($256,000 USD). No mention is made of U.S. availability, but we'd be surprised if Audi doesn't apportion a few for Stateside consumption.

Wednesday, May 5, 2010

GM cancels plan to sell Chevrolet Orlando in U.S.

Chevrolet Orlando


Rumor has it that General Motors won't be selling the new seven-passenger Orlando here in the United States come 2011, or ever for that matter. According to Automotive News, GM has said that it will be skipping the people-mover in order to focus its attention on the models Chevrolet currently sells. Margaret Brooks, Chevrolet's product marketing director for small cars and crossovers, said that the company's current portfolio easily takes care of any family's needs.

While buyers in Canada, Europe and Asia will still be able to buy the new Orlando as scheduled, GM has decided to increase production of the Equinox, Traverse and Malibu here in the U.S. to make up for the missing model. The move is still somewhat of a shock, especially considering how hard GM was pushing the Orlando as part of its new product lineup just one year ago.

The decision to drop the Orlando does make sense, though. Despite the fact that the vehicle was based on the much smaller Cruze platform, it would be elbowing its way into an already packed showroom dominated by the likes of the popular Equinox. Those needing a little more space for their brood or luggage can still easily step up to a Traverse.

Meanwhile, Automotive News reports that the Cruze is still scheduled to begin production later this year.


[Source: Automotive News]

Saturday, May 1, 2010

Beijing 2010: Geely Gleagle GS

Geely Gleagle GS



The first time we saw something that could roughly be equated to a sport coupe from Geely was a few years ago at the Detroit Auto Show. That red car had some enormous panel gaps and dubious styling. My, how times change. The star of Geely's new midrange Gleagle brand (we're pretty sure it doesn't come across as oddly in Chinese as it does in English) was the GS coupe.

Similar in size to Scion Tc, the GS is powered by a 1.3-liter turbocharged inline four producing 127 horsepower. It can be paired with either a six-speed manual gearbox or a seven-speed dual clutch unit. If any Chinese automaker is going to make it to the U.S., Geely seems the most likely and its purchase of Volvo could even give it access to a sales network.

Thursday, April 29, 2010

Beijing 2010: BAIC (Saab) C60 and C71 and swappable batteries

BAIC C71EV


It didn't take long for Beijing Automotive Industries Company (BAIC) to start making use of the old 9-3 and 9-5 tooling it bought from Saab last fall. After grafting on a new nose and taillights, both have been reborn as the C60 and C71.

It's not clear what's propelling the regular versions of these two reworked Saabs, however, there was a second ex-9-5 on display dubbed the C71EV. That version had a battery pack inserted into the floor and featured what BAIC was labeling as a fast battery switch system (ala Better Place).

The sign next to car claims a 90-mile range, but we think that's highly optimistic given the size of the sedan and the comparatively small battery pack. Of course, that's assuming this is actually a functional car.

Beijing 2010: Honda Li Nisn Everus sedan concept

Li Nian Everus Sedan


The Beijing Motor Show is well under way, and Honda is showing off a new concept slated for the Chinese market. Called the Li Nian Everus, the car is the fruit of a partnership between the Japanese automaker and its Chinese partner, Guangqi Honda Automobile. We don't have too many details on the sedan other than the fact that at this point, it's nothing more than a concept.

Judging by the renderings, we're tempted to guess this thing has more than a little Civic DNA swimming around in its blood stream, though it looks like Honda raided the Acura design department for the car's less-than-traditional nose and rear-end.

Speaking of the Civic, it would make some sense if Honda swapped a little sheet metal and called it a day. Honda's compact is sold under the Dongfeng Honda banner, leaving Guangqi Honda Automobile without a comparable model. Our guess is that when the Everus comes to market, it will be slightly more upscale and boast more standard niceties than its sibling.

Beijing 2010: 2011 Volkswagen Phaeton ups the luxe

2011 Volkswagen Phaeton



As impressive of a vehicle as the seminal Volkswagen Phaeton may have been, the uber-luxe German sedan was an unqualified flop of an experiment here in the United States. In some other parts of the world, though, VW's BMW and Mercedes-Benz (not to mention VW-owned Audi) competitor is still going strong.

Hence, VW has seen fit to give the Phaeton a mild update for the 2011 model year, and it tellingly used the Beijing Motor Show as the platform to reveal its top-shelf sedan. In case you missed the exterior changes, take a closer look at the front and rear fascias, where you'll find tighter lines and new LED lighting.

It's inside the cabin where the Phaeton gets the bulk of its improvements. Included in the refresh is VW's latest navigation technology, along with a helpful seeing-eye camera that can monitor speed limit and no passing signs and inform lazy drivers of the data. There is also a lane-departure system that keeps the car between the proper lines and Dynamic Light Assist that adjusts the headlights to keep from blinding oncoming traffic.

Powertrain options remain the same as before, with a 450-horsepower 6.0-liter W12 engine taking top billing over a 335-hp 4.2-liter V8 and a 3.6-liter V6 that puts out 280 ponies. Finally, those looking to save a few bucks at the pump can opt for a 3.0-liter diesel V6.

Wednesday, April 28, 2010

Beijing 2010: Geely's London Taxi-aping Englon TXN

Englon TXN


As promised, Geely brought its Englon TXN to this year's Beijing Motor Show. In the flesh, the intended successor to London's black cab throne looks more than capable of hauling drunken tourists from place to place. The car appears to have stuck pretty close to the renderings we saw earlier this month, though we have to say the exterior looks quite a bit better under the show lights than it did photoshopped among England's various landmarks.

The company also displayed its TX4 – a more spacious version also built just for taxi duty. Both cars are motivated by either a 2.4-liter gasoline engine mated to a five-speed automatic gearbox or a 2.5-liter diesel powerplant that can be had with a five-speed manual transmission. So far Geely hasn't released any power numbers.

We do know that the cars will command a price tag that should fall in the $30,500 range at current exchange rates – not exactly cheap by anyone's standards. Will British taxi companies will be willing to give up their old rides for these new, Chinese-built examples? Hard telling, but at least they look the part.

Beijing 2010: 2011 Hyundai Accent debuts as Verna across the Pacific

Hyundai Verna


Hyundai's fluidic sculpture design language has now spread to the smallest vehicle in its lineup, and the new sub-compact slated to take the place of the aging Accent was unwrapped on the floor of the Beijing Motor Show. We've been seeing spy shots of the next generation Accent for some time and it very clearly follows the same design path as its big brother the Sonata.

The little sedan, badged the Verna outside the U.S., has the same rounded coupe-like greenhouse and rising crease up the sides. Inside the Verna/Accent definitely has a more attractive, higher-quality feel than the current model, although calling it up-scale would be slightly disingenuous. We'll have to wait and see what kind materials the North American model gets before making a decision.

Power is slated to come from either a 1.4- or 1.6-liter inline-four, producing 106 horsepower and 120 hp, respectively, with a standard five-speed manual gearbox or four-speed automatic. Expect the U.S. version to come packing the larger four-pot when it goes on sale early next year.

Beijing 2010: 2011 Ferrari 599 GTO, glorious front-engined prancing horse

Ferrari 599 GTO


The fact that Ferrari chose Beijing as the official coming out party for its fastest ever front-engined road car is a clear signal of the importance of this market to the crew from Maranello. Whatever the reasons, we're always happy to finally get our first glimpse of the new 599 GTO, a proper Ferrari if there ever was one.

Only 599 GTOs are scheduled to be built and the entire run is reported to be sold out. However, we're pretty sure that anyone with the correct financial wherewithal will find a way to park one in their garage. And there's even bigger news about the 599 GTO's Nürburgring lap time. Stay tuned...

Wednesday, April 21, 2010

Chrysler posts financial results, loses $197 million in first quarter

Chrysler



Chrysler just released its first financial report since emerging from bankruptcy last year. The company announced that while it's still operating at a net loss of around $197 million, it somehow managed to create $1.5 billion in cash during the first three months of 2010. That cash, along with an additional $7.4 billion from past cash reserves, went toward putting a dent in the company's remaining debt.

The smallest of the Big Three also managed to increase its market share one percent compared to the last three months of 2009. What's more, it produced a whopping 56 percent more vehicles in North America from January to March than it did during the same period last year, despite seeing sales decline by 5.3 percent. That bump in production is largely thanks to the fact that Chrysler idled many of its plants through 2009.

The company says that despite the loss, it's still on track to meet its goals and return to profitability by the end of this year. That's due to the fact that revenue increased by around $300 million from the fourth quarter of 2009 to the first quarter of 2010 and that the company is continuing to reduce its debt. At the same time, a rash of new models, including the long awaited 2011 Jeep Grand Cherokee will be hitting the market soon.


[Source: Chrysler via Freep]