Credit Writedowns » cars

Green Energy – Too Many Subsidies, Too Little Performance

Casey Research — Wed, 11 Jan 2012 00:00:36 +0000

Any politician who talks of a green, utopian US - where wind and solar produce most of our energy, electric cars put power back into the grid, green fields of corn produce clean fuels, and millions of Americans work in green technology factories - is creating a fanciful vision so far detached from reality it should really be called a lie. Such tales are designed to encourage a public that is increasingly despondent about the future, but the policy moves that have been made in support of these fantasies have cost taxpayers tens of billions of dollars

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Nonlinear Thinking: Drone Valet Parking Attendents

Global Macro Monitor — Fri, 09 Dec 2011 20:30:24 +0000

If this doesn’t convince you we’re on the elbow of the technology exponential curve, nothing will. Stay tuned, it’s going to be interesting next 20 years!

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News Links: Euro Zone Economy Shrinks

Edward Harrison — Mon, 05 Dec 2011 16:30:39 +0000

News links for 5 December 2011 featuring stories on Europe, the sovereign debt crisis, and shadow banks,

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How do we know that China is overinvesting?

Michael Pettis — Sat, 03 Dec 2011 19:00:47 +0000

For years I have been arguing that the Achilles heel of the Chinese growth model is the unsustainable rise in debt that comes as a necessary consequence of capital misallocation fueled by bank lending. Capital misallocation, I argued, was the nearly inevitable consequence of high investment growth over many years in a system in which price signals are severely distorted and there is political incentive to maximize economic activity in the near term. If capital misallocation is funded by debt, the increase in debt is necessarily unsustainable

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India getting hit by European slowdown

Edward Harrison — Fri, 11 Nov 2011 15:30:02 +0000

Over the past couple of days I have noticed a lot of posts on the FT’s emerging markets blog about a growth slowdown in India that is occurring as a direct result of the worsening outlook in Europe

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Macro Notes from the GM Sep Sales Call

Global Macro Monitor — Wed, 05 Oct 2011 20:30:42 +0000

We forgot to post this yesterday. The macro issues raised by GM in their September sales conference call. All are direct quotes from GM management

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Notes from a Private Briefing with the Bank of Japan

Marc Chandler — Thu, 21 Jul 2011 18:00:00 +0000

The Bank of Japan held a private briefing with a small group of analysts from leading financial institutions in their NY rep office. The Director-General of the Research and Statistics Department led the presentation. This column summarises insights from that meeting

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Brazil Resorts To Protectionism

Win Thin — Thu, 12 May 2011 16:15:14 +0000

Brazil is reportedly imposing trade barriers on auto parts imports and a variety of other products. Imports of 27 products will reportedly have tighter licensing requirements that can take up to 60 days to approve. These are called non-tariff barriers to trade (NTBs) in trade theory. This development is noteworthy, as protectionist policies were not seen during the depths of the financial crisis. We need to see more details, but a rise in protectionism is never good. It would appear that a strong real is feeding into cheaper imports which are putting domestic Brazilian firms under pressure

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Fukushima Daiichi Disaster Prompts Closure of Another Plant

Casey Research — Thu, 12 May 2011 01:00:48 +0000

As workers continue to battle with the crippled Fukushima Daiichi Nuclear Plant, more impacts from the worst nuclear disaster since Chernobyl are starting to arise. The latest impact will hit car manufacturers, with plants in central Japan hit the hardest: power firm Chubu Electric has agreed to shut its Hamaoka Nuclear Plant until it can build better defenses against the kind of massive earthquake and tsunami that hit on March 11, and Hamaoka provides power to at least 15 auto plants

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3000 billion tons of coal off Norway’s coast

Edward Harrison — Wed, 02 Mar 2011 20:50:15 +0000

Andy Lees writes: http://www.energybulletin.net/node/11901 suggests that Norway is sitting on 3trn tons of coal on the Norwegian shelf which compares with today’s 900bn tons of proven world reserves. “By injecting oxygen we can ignite the coal where it is. This will produce a mix of gas which we can recover and use for energy production.

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Car Sales Rise $23 Billion 20 Nov 2010
GMAC in line for another $3.5 billion in bailout money 29 Dec 2009

China and U.S. – Driving in Different Directions

John Lounsbury — Sun, 19 Dec 2010 00:00:35 +0000

Traffic jams like this one in Beijing are likely to get much worse. Photo: China Daily In 2009, China’s auto sales surpassed those of the U.S., reaching 13 million units (cars and light trucks). This came as The Great Recession drove U.S. auto sales to a level far below the record of 17.4 million sales

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Car Sales Rise $23 Billion

Annaly Salvos — Sun, 21 Nov 2010 00:00:57 +0000

by Annaly Capital Management Okay, so this wasn’t the exact headline after GM’s record setting capital raise this week. Including over-allotment option, the offering of common and preferred stock should bring the total dollars raised to $23 billion, making it the biggest IPO ever done. Of that amount, approximately $4.8 billion will be netted by

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Jim Chanos: “We are really rewarding failed business decisions repeatedly”

Edward Harrison — Tue, 21 Sep 2010 20:00:05 +0000

Jim Chanos, the famous shortseller, was on CNBC talking about the auto bailouts. Chanos thinks the story the administration is telling us about the success of the bailouts is misleading. Note the figures that Chanos cites on the return on the government’s bailout investment in the automakers. The government is playing fast and loose here

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Home Sales: Up, Down or Sideways From Here

Annaly Salvos — Wed, 25 Aug 2010 00:10:29 +0000

By Annaly Capital Management Existing home sales can’t go to zero, can they? They clocked in at 3.83 million on a seasonally adjusted annualized basis in July, down 27% from the prior year, half of the 2005 peak of 7.25 million and the lowest since the National Association of Realtors started keeping records in 1999.

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The Revolution Will Not Be Seasonally Adjusted, The Sequel

Annaly Salvos — Tue, 17 Aug 2010 21:00:07 +0000

By Annaly Capital Management. The initial estimate of 2.4% annualized real GDP growth in 2Q 2010 will likely be revised lower (probably to something with a 1%-handle, depending on who you ask) in light of new data for June that was worse than the estimated (net exports, personal spending, etc). The third quarter isn’t starting

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Does Barry Ritholtz Mack It in a 911 GT3?

Edward Harrison — Tue, 25 May 2010 17:00:43 +0000

If you read the Big Picture, you know that Barry Ritholtz is a big sports car fan. He even has the posts to prove it. Here’s what he wants for Valentine’s Day: The thing is, I don’t see Barry driving a 911 Hybrid any more than I drive an Escalade Hybrid. When my wife sent

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Elizabeth Warren: GMAC did not pose a systemic risk

Edward Harrison — Thu, 11 Mar 2010 16:00:00 +0000

So why did we rescue this institution with a massive bailout? Elizabeth Warren, who chairs the Congressional Oversight panel of the TARP program, doesn’t understand any more than taxpayers do. This is another example of the malinvestment and zombie finance which bailouts have fostered. Here’s a question for you: if GMAC was a U.S. auto

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Toyota Prius accelerates out of control; Highway Patrol boxes it in to brake it

Edward Harrison — Tue, 09 Mar 2010 03:05:54 +0000

The car went to speeds over 90 MPH. This can’t be good. Watch Toyota shares fall. Update: This next video, released later, demonstrates that this was no Richard heine balloon Boy hoax. This man was scared for his life. Related Posts Toyota to cut global capacity by up to 10% 26 Aug 2009 More About:

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It’s about personal responsibility. No one made people buy these cars

Edward Harrison — Thu, 04 Mar 2010 21:16:54 +0000

If you’re wondering where these ridiculous, hare-brained comments are coming from, then watch this video and listen to Rick Santelli speak about predatory lending. The only one who acquits herself in this segment is Janet Tavakoli. Bill Isaac, a former FDIC head – the guy talking about regulation as if commercial banks are already

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Pedal to the metal?

Edward Harrison — Tue, 02 Feb 2010 12:51:50 +0000

Toyota owners, you might try this next time and see if it works. Related Posts No related posts. More About: cars, cartoon, funny, More

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News from 1931: New York Auto Show special

Edward Harrison — Wed, 06 Jan 2010 02:37:43 +0000

This comes from the up until New Year’s aptly-titled “News from 1930” website. It’s now really News from 1931 as it chronicles news during the Great Depression from exactly 79 years ago to the day. US car and truck exhibitors at the annual New York Show include: GM – Buick (20 models, sees long hold-off

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GMAC in line for another $3.5 billion in bailout money

Edward Harrison — Wed, 30 Dec 2009 02:56:52 +0000

From Bloomberg: GMAC Inc., the home and auto lender, is discussing with the Obama administration an additional aid package of about $3 billion to $4 billion, according to a person familiar with the matter. The size of the assistance remains under negotiation, the person said on condition of anonymity because the talks are private. A

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GM to liquidate Saab

Edward Harrison — Fri, 18 Dec 2009 21:43:51 +0000

From the Guardian: General Motors announces closure of 62-year-old Swedish carmaker after collapse of negotiations with Spyker One of the most famous names in European motoring, Saab, is set to be consigned to automotive history following a decision today by its owner, General Motors, to shut down the business after a last-ditch attempt at a

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Fritz Henderson gone as head of GM

Edward Harrison — Tue, 01 Dec 2009 22:53:03 +0000

I wonder if the recent missteps with Opel and Saab had anything to do with this. CNN Money reports: In a surprise move, General Motors chief executive Fritz Henderson resigned Tuesday, giving the battered government-owned automaker its third boss in less than a year. The move was announced by GM Chairman Ed Whitacre following what

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GM’s sale of Saab collapses

Edward Harrison — Tue, 24 Nov 2009 17:59:48 +0000

From Reuters: A deal by General Motors Co GM.UL to sell its Saab brand collapsed on Tuesday when the buyer pulled out in a move that threatens the Swedish luxury brand with closure. GM had been aiming to close a deal by the end of next month to sell Saab to a partnership led by

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GM’s phony taxpayer repayment

Edward Harrison — Mon, 23 Nov 2009 14:06:37 +0000

This comes via Deal Book at the New York Times. The company’s chief executive, Fritz Henderson, called the repayment plan “a personal commitment.” The Obama administration, wardens of the 60 percent taxpayer stake in the company, declared itself “encouraged” by the news. Many commentators followed suit. But in the premature rush to herald the beginning

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Why GM is repaying bailout money while it is still loss-making

Edward Harrison — Mon, 16 Nov 2009 16:07:13 +0000

There are a lot of threads to tie together in today’s reporting of news in the auto sector. General Motors has reported a third-quarter loss of $1.15 billion. But all indications are that car sales continue to outpace expectations in the United States. Meanwhile, there are conflicting stories that GM both plans to pay back

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GM looks to use US and Canadian tax money to bailout Opel

Edward Harrison — Mon, 16 Nov 2009 03:13:27 +0000

An article in the National Post suggests General Motors may look to divert some of its bailout money to Europe in the wake of a chill in German government support for subsidies. Talk of using taxpayer money to benefit workers in other countries is sure to raise ire, especially in the United States where the

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Germany gives GM a stiff arm on state aid

Edward Harrison — Thu, 12 Nov 2009 00:01:43 +0000

You could see this one coming given the humiliating circumstances under which the German Chancellor learned that GM was pulling out of the Magna deal. The BBC is now reporting that Germany will give General Motors no aid to restructure it’s business. That’s 4.5 Billion Euros they now need to come up with. Economy Minister

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Economic nationalism and GM’s decision to keep Opel and Vauxhall

Edward Harrison — Thu, 05 Nov 2009 16:11:42 +0000

I have been reading press accounts of the GM decision to back out of the Opel/Vauxhall sale to the Magna/Sberbank consortium from various countries. There are a lot of different perspectives on this event in the U.S., Belgium, Spain, Germany, Russia, the U.K and elsewhere, because a lot of players are involved. The conclusion I

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GM board decides to keep European Opel unit

Edward Harrison — Wed, 04 Nov 2009 00:25:32 +0000

The sale to Canadian auto parts maker Magna International and its partner, Russian lender Sberbank is off. With bankruptcy now behind it, General Motors now feels confident it can proceed with Opel under the GM umbrella. From the GM press release: Given an improving business environment for GM over the past few months, and the

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China launches retaliatory investigation into U.S auto subsidies

Edward Harrison — Thu, 29 Oct 2009 14:52:44 +0000

China has sent yet another public signal that it is unhappy with the U.S. and its trade policy by prepping an investigation into alleged illegal auto subsidies by the U.S. government. The timing of this announcement puts a spotlight on the bailout of GMAC, the auto financial company which effectively has been nationalized the firm.

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GMAC has been nationalized

Edward Harrison — Thu, 29 Oct 2009 12:22:37 +0000

And you thought the bailouts were over and market discipline might be restored. Not a chance – the bailouts will continue, come hell or high water. The latest demonstration of this is GMAC, where the government will now be majority owner. GMAC has officially been nationalized. Now the government is running auto financing in addition

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CRE: GMAC-related Capmark Financial near bankruptcy

Edward Harrison — Sat, 24 Oct 2009 20:44:04 +0000

A sign that the commercial real estate (CRE) market continues to cause headaches comes this weekend in the form of news of Capmark Financial’s imminent demise. Capmark is one of America’s largest commercial property lenders with about $10 billion in assets. The New York Times’ Dealbook reports: The Capmark Financial Group, the big commercial real

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Toyota to cut global capacity by up to 10%

Edward Harrison — Wed, 26 Aug 2009 13:22:28 +0000

Toyota, now the world’s largest automaker, has said it would halt production at a plant in Aichi prefecture in Japan, reducing total output by a massive 220,000 cars. This should be seen as a recognition of the over-capacity tat exists in the auto sector despite other recent upbeat news. Toyota raised its parent-only production target

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Toyota to cut global capacity by up to 10% originally appeared on Credit Writedowns

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