Bernie's Feed
Jun 19, 2013

Tesla recalls some Model S cars due to seat-mount defect

By Bernie Woodall

(Reuters) – Electric car maker Tesla Motors Inc will recall 1,228 of its 2013 Model S cars manufactured between May 10 and June 8 due to a defect in the mounting bracket of the rear seat.

The fix will cost Tesla about $150,000 during the second quarter, company spokeswoman Shanna Hendriks said. Tesla will inspect and reinforce the bracket in all the cars built during this time period.

Jun 18, 2013

Chrysler relents, to recall 2.7 mln Jeeps over fuel tanks

DETROIT, June 18 (Reuters) – Chrysler Group LLC said it
would recall 2.7 million older Jeep models after initially
fighting a recall request from U.S. regulators in a dispute over
crash protection for their fuel tanks.

The recall will affect Jeep Grand Cherokee SUVs from model
years 1993 to 2004 and Jeep Liberty SUVs from 2002 to 2007.

Jun 14, 2013

Detroit defaults on some debt to avoid bankruptcy filing

DETROIT (Reuters) – Detroit defaulted on some debt on Friday and proposed most creditors receive just pennies on the dollar owed by the “insolvent” city in order to avoid the largest municipal bankruptcy filing in U.S. history.

In a forceful opening salvo of negotiations with holders of as much as $18.5 billion of debt, Detroit Emergency Manager Kevyn Orr announced a moratorium on some principal and interest payments, including one due on Friday.

Jun 14, 2013

Detroit manager proposes sweeping payment cuts to creditors

DETROIT (Reuters) – Emergency manager Kevyn Orr said Detroit will stop making payments on some debt, including one scheduled on Friday, and proposed debt holders take a drastic cut in the money they are owed to stave off the largest municipal bankruptcy filing in U.S. history.

In a meeting with creditors, Orr for the first time presented a detailed proposal calling on the holders of nearly $17 billion in Detroit debt to make substantial concessions.

Jun 4, 2013

Chrysler resisting U.S. recall of 2.7 million Jeep vehicles

DETROIT (Reuters) – Chrysler Group LLC, in a rare move, is resisting a push by U.S. regulators to recall 2.7 million older model Jeep vehicles, saying on Tuesday that the request is based on an “incomplete analysis of the underlying data.”

The National Highway Traffic Safety Administration asked for the recall Monday night after an investigation of the vehicles’ fuel tanks. Chrysler has been working with NHTSA on this issue for nearly three years.

Jun 4, 2013

Chrysler disputes U.S. recall of 2.7 million Jeep vehicles

DETROIT (Reuters) – Chrysler Group LLC disputed a decision by U.S. regulators to recall 2.7 million older model Jeep vehicles for safety problems, saying in a statement on Tuesday that the conclusion is based on an “incomplete analysis of the underlying data.”

Chrysler, which is majority-owned by Fiat, said it does not intend to recall the SUVs and insisted that they are safe.

Jun 4, 2013

Strong pickup truck sales boosted U.S. autos in May

DETROIT (Reuters) – U.S. auto sales rose more than expected in May as construction workers and oil drillers bought more pickup trucks to meet growing demand for their services, a trend that major automakers expect to persist throughout the year.

Car and truck sales rose 8 percent during the month, according to Autodata Corp. The annual sales rate was 15.3 million vehicles, beating the 15.1 million rate expected by analysts polled by Thomson Reuters through last week.

Jun 3, 2013

Chrysler auto sales up 11 percent, led by pickup trucks

DETROIT (Reuters) – Chrysler Group LLC reported an 11 percent rise in May auto sales on Monday, easily beating analysts’ expectations, on strong demand for pickup trucks.

Chrysler is the first automaker in the U.S. market to report May sales. Major manufacturers will report them through Monday afternoon.

May 19, 2013

For Detroit in crisis, next six weeks determine bankruptcy fate

DETROIT (Reuters) – Bond restructurings, negotiated settlements with bondholders and bond insurers, and tough talk with unionized workers are on the agenda as Detroit’s emergency financial manager tries to meet a self-imposed, six-week deadline to decide whether the city can get through its financial crisis without a bankruptcy filing.

Kevyn Orr, a former bankruptcy lawyer, in his first report to the state of Michigan since Governor Rick Snyder appointed him, laid out last week a bracing picture of steps he may need to take to address the city’s troubles.

May 14, 2013

Arrest of Saudi man with pressure cooker ‘overzealous’ -lawyer

DETROIT, May 14 (Reuters) – The attorney for a Saudi Arabian
man arrested at the Detroit airport over the weekend carrying a
pressure cooker in his luggage said his client is the victim of
a misunderstanding by overzealous U.S. customs agents.

Hussain Al Khawahir, 33, was detained after arriving in
Detroit on a flight from Amsterdam.