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Saturday, October 3, 2009
Lamborghini High Definition Wallpapers
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40 GAME CAR WALLPAPERS
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Friday, October 2, 2009
RED HOT FERRARI WALLPAPERS
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Wednesday, July 8, 2009
Saturday, April 4, 2009
Fiat execs come to U.S. to hash out new Chrysler deal
An alliance between Italy's Fiat SpA and Chrysler LLC presents "an extraordinary opportunity," Fiat Chairman Luca Cordero di Montezemolo said Tuesday, adding he hoped an agreement would be concluded in the next few weeks.Top Fiat SpA executives are in Detroit today as the clock ticks on the 30-day window for the Italian automaker and Chrysler to finalize a deal to form an alliance.
Chief Executive Officer Sergio Marchionne and Alfredo Altavilla, who oversees business development for Fiat, left Italy Monday night on a day that saw U.S. President Barack Obama and his auto task force announce their conclusion that Chrysler is not a viable company on its own.
The fate of Chrysler -- and the prospect of an additional $6 billion in federal loans -- depend on a partnership that would address some of Chrysler's shortcomings in product and market reach. Failure to do so likely would end in the liquidation of Chrysler, which has said it needs a bailout to survive and that Chapter 11 bankruptcy would quickly result in the more dire Chapter 7.
The task force also has changed the framework of the potential deal with Fiat. The initial memorandum of understanding called for Fiat to take an initial stake of 35 percent in a non-cash deal, which could grow to 55 percent.
The new starting point is 20 percent equity, said a source familiar with the situation. It would increase incrementally as a series of milestones are reached. For example, when the first Fiat engine is engineered for use in Chrysler vehicles in the U.S., Fiat's stake could be increased to 25 percent; completion of the first shared platform for vehicles for both companies would up the share again, as would the start of export of vehicles.
The source stressed it was not Fiat or Chrysler that mandated the changes, but the task force.
Marchionne said Monday he was comfortable with the changes. "We believe we will arrive at a result that will establish a credible future for this crucial industrial sector," he said in a statement.
In a statement issued by the chairman's office in Turin, di Montezemolo said: "If an agreement is concluded, as we hope, in the next few weeks, it will present an extraordinary opportunity. Having access to a major network such as Chrysler's, we will be able to enter the U.S. market with automobiles, which we are sure will be appreciated for their innovative content, style and advanced technology. Despite the difficult period it is currently experiencing, the U.S. market still remains the greatest opportunity and challenge."
Chrysler Chief Executive Robert Nardelli also applauded the task force findings. "By providing Chrysler with product and platforms, technology cooperation and global distribution, Fiat strengthens Chrysler's ability to create and preserve U.S. jobs; gives U.S. consumers more choices for environmentally advanced vehicles; gives its dealers more of the products they need to be successful; helps stabilize the supplier base; and allows Chrysler to pay back government loans sooner," Nardelli said in a statement.
Thursday, March 5, 2009
President of Cadillac-Hummer-Saab Channel Wants More Cadillac Derivatives
The critical acclaim of its newest sedan, the Cadillac CTS, prompted GM to spawn both wagon and coupe derivatives off the platform. If Mark McNabb, the president of the Cadillac-Hummer-Saab channel gets his way, Cadillac will get more models based on that scenario.
"Look at a CTS and I think you can start understanding where we are going. Look at a CTS [sedan], CTS wagon, CTS coupe - obviously, derivatives off a platform make a lot of sense from a financial perspective," McNabb said at the 2009 Chicago Auto Show.
Cadillac's plan mimics the business model of one of Europe's biggest luxury players, Mercedes-Benz, which offers several niche models based on similar platforms. BMW has been following the trend as well, debuting an X6 "sports activity coupe" last year, which is based on the X5 platform, and unveiling a 5-Series GT hatchback built on the underpinnings of the new 7-Series.
"I compete today in about 65 to 68 percent of the market," McNabb said. In addition to the CTS, Cadillac sells the STS and DTS sedans, the XLR roadster on schedule to be discontinued after the 2009 model year, the SRX crossover which is redesigned for the 2010 model year, and the Escalade SUV. The CTS wagon will arrive in showrooms this year as a 2010 model, while the coupe will be available next year as a 2011.
GM Delays 2010 Cadillac CTS Coupe
Production of the Cadillac CTS Coupe, which debuted as a well-received concept at the 2008 North American International Auto Show, has been postponed until next summer, according to GM spokeswoman Joanne Krell.
The CTS coupe was originally one of three vehicles scheduled to debut this summer, in a sort of Cadillac advent. The other two vehicles, which are still scheduled to go into production this year, are the 2010 Cadillac CTS Wagon and 2010 Cadillac SRX crossover.
"We made a few changes to the overall portfolio," Krell said. "Obviously we are in a challenging economic time, and one of the changes is to move the coupe back a year. Instead of coming out this summer, it will come out next summer."
The coupe was initially scheduled to make its production debut at the Los Angeles auto show last November, along with the redesigned 2010 Buick LaCrosse. Although the LaCrosse was delayed until the 2009 NAIAS, the CTS coupe failed to make an appearance in Detroit.
Krell said GM doesn't know if the CTS coupe will be a 2010 or 2011 model due to the delay.
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