Bernie's Feed
Dec 27, 2013

Hyundai Motor U.S. names new chief, Krafcik out

DETROIT (Reuters) – Hyundai Motor Co (005380.KS: Quote, Profile, Research, Stock Buzz) said on Friday its U.S. chief, John Krafcik, is stepping down after his contract was not renewed and will be replaced by the U.S. sales chief David Zuchowski.

During Krafcik’s five-year tenure Hyundai’s share of the U.S. market rose to as high as 5.1 percent for 2011 from 3 percent in 2008. But it has fallen to 4.6 percent due mainly to production capacity constraints.

Dec 18, 2013

Exclusive: Tesla Model S charging system may have started garage fire – California fire dept

By Bernie Woodall and Norihiko Shirouzu

(Reuters) – A fire department in Southern California said a garage fire may have been caused by an overheated charging system in a Tesla Model S sedan, in the latest link between the top selling electric car and the potential for fire.

While Tesla Motors Inc maintains that the fire was not related to the car or its charging system, the Orange County Fire Authority said the Tesla-supplied charging system or the connection at the electricity panel on the wall of the garage of a single-family home could have caused the fire.

Dec 12, 2013

Volkswagen’s U.S. chief leaves company, Horn named replacement

DETROIT (Reuters) – Volkswagen AG’s (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) U.S. Chief Executive Officer Jonathan Browning has left the company for personal reasons and is to be replaced by 51-year-old Michael Horn, the company announced from its Wolfsburg, Germany headquarters on Thursday.

Browning, 54, a former executive at General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) and Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz), had been with VW since 2010. Volkswagen said on Thursday that Browning will return to Britain, where he is from.

Dec 12, 2013

VW’s U.S. chief leaves company, Horn named replacement

DETROIT, Dec 12 (Reuters) – Volkswagen AG’s U.S.
Chief Executive Officer Jonathan Browning has left the company
for personal reasons and is to be replaced by 51-year-old
Michael Horn, the company announced from its Wolfsburg, Germany
headquarters on Thursday.

Browning, 54, a former executive at General Motors Co
and Ford Motor Co, had been with VW since 2010. Volkswagen
said on Thursday that Browning will return to Britain, where he
is from.

Dec 10, 2013

GM’s new president Ammann out to prove he is not a ‘bean counter’

DETROIT (Reuters) – General Motor Co’s (GM.N: Quote, Profile, Research, Stock Buzz) incoming president has gone to great lengths to prove that while he is the U.S. automaker’s chief financial officer, he is not just a “bean counter.”

Named to his new position on Tuesday, Dan Ammann will fill what many analysts and investors saw as a gap in his resume by managing GM’s regional operations around the globe and perhaps preparing himself to take over as CEO one day.

Dec 4, 2013

Insight – France vs U.S. in a tale of two layoffs

PARIS/DETROIT (Reuters) – Five years after Jeffrey Hand took a $100,000 buyout to leave Ford Motors, the U.S. auto industry has surged back to profit and is once again hiring. Hand, who has spent the years living on his payout, has now applied to work at an auto parts supplier a few hours away from his old factory near Dearborn, Michigan.

Across the Atlantic, father-of-three Hassan Chnaiti took a buyout from French carmaker Peugeot earlier this year, as it prepared to close his plant near Paris. But having pocketed his severance pay, he will soon start work as a public bus driver, thanks to a job placement scheme funded by his former employer.

Dec 4, 2013

France vs U.S. in a tale of two layoffs

PARIS/DETROIT (Reuters) – Five years after Jeffrey Hand took a $100,000 buyout to leave Ford Motors, the U.S. auto industry has surged back to profit and is once again hiring. Hand, who has spent the years living on his payout, has now applied to work at an auto parts supplier a few hours away from his old factory near Dearborn, Michigan.

Across the Atlantic, father-of-three Hassan Chnaiti took a buyout from French carmaker Peugeot earlier this year, as it prepared to close his plant near Paris. But having pocketed his severance pay, he will soon start work as a public bus driver, thanks to a job placement scheme funded by his former employer.

Dec 3, 2013

In largest-ever U.S. city bankruptcy, cuts coming for Detroit creditors, retirees

DETROIT, Dec 3 (Reuters) – A federal judge on Tuesday
formally declared Detroit bankrupt, a landmark ruling that
clears the way for potentially sweeping cuts to city worker
pensions and retirement benefits and for steep and possibly
precedent-setting losses to the cash-strapped city’s bond
holders.

The ruling by U.S. Judge Steven Rhodes, who cited the city’s
dismal finances and $18 billion owed to a multitude of creditors
in support of his decision, marks a watershed in the history of
Detroit. Once known as the cradle of the U.S. auto industry, the
arsenal of democracy and the birthplace of Motown music, Detroit
now adds an ignominious new title: largest bankrupt city in U.S.
history.

Dec 3, 2013

Detroit eligible for bankruptcy protection: U.S. judge

DETROIT (Reuters) – Detroit is eligible for the biggest municipal bankruptcy in U.S. history because the city is broke and negotiations with its thousands of creditors were unfeasible, a federal judge said on Tuesday in a wide-ranging ruling that also said the city could cut retiree pensions.

The ruling by U.S. Judge Steven Rhodes marks a watershed in the history of Detroit, once the cradle of the U.S. auto industry and now a symbol of urban decay and mismanagement.

Dec 3, 2013

Exclusive: United Auto Workers considers first dues hike since 1967

DETROIT (Reuters) – The United Auto Workers union is considering hiking membership dues by 25 percent, the first increase since 1967, as it faces dwindling membership and rising costs, a top UAW official and several union sources said.

The UAW, the richest U.S. union with $1 billion in assets, is also one of the most politically influential, contributing to the campaigns of Democratic politicians from the state level to presidential candidates. However, the union’s influence and finances have waned as membership has fallen 30 percent since 2005 to 382,500 members – a far cry from its peak of about 1.5 million members in 1979.