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| » March 15, 2007 |
General Motors posts first quarterly profit in two years
General Motors Corp. today said its 2006 loss was $2 billion,
a more than $8 billion improvement compared to its restated
$10.4 billion loss in 2005. The company sold 9.1 million
vehicles worldwide in 2006 for record revenue of $207 billion,
up from $195 billion in 2005. In the fourth quarter, GM earned
$950 million on sales of $51.2 billion -- it's first quarterly
profit since 2004. That figure includes special items including
gains from the sale of some desert proving ground property
and of a partial stake in its GMAC financing unit. Without
those one-time items, fourth-quarter net income was $180
million. The automaker's North American business still is
losing money, although it improved over last year. GM's North
American operations lost $14 million in the fourth quarter,
compared to $1.4 billion a year ago. GM North America finished
2006 $779 million in the red. In 2005, the company posted
a $6.6 billion loss and $51.7 billion in revenue. Excluding
restructuring charges, GM said, net income for 2006 was $2.2
billion. The company said it reduced costs in North America
last year by $6.8 billion, beating its $6 billion goal, and
is on track to achieve its targeted $9 billion in cost savings
for 2007. "While improved, we still have some massive
strategic issue in front of us," GM Chief Financial
Officer Fritz Henderson said in a conference cal to investors
and reporters. "The results for North America are clearly
not an acceptable level." Henderson said GM expects
2007 earnings to be better than 2006, though he wouldn't
detail the automaker's predictions.
Ferrari anniversary marathon arrives in U.S.
Miami, Florida - A marathon relay celebrating Ferrari's
60th anniversary arrived in the United States on Friday,
where sixty Ferrari owners gathered at a Ferrari dealership
in Miami and drove to the 14th annual Ferrari Challenge at
the Homestead-Miami Speedway. The owners celebrated with
a ceremonial parade lap around the track. The relay involves
over 10,000 Ferrari owners and cars of all ages, who act
as symbolic bearers of a specially-commissioned relay baton
adorned with 60 badges commemorating events in the marque's
history and topped by a platinum and diamond prancing horse.
The relay started in Abu Dhabi and crossed the Middle East
to China, Japan, Australia and South Africa before arriving
in the U.S. The relay will move to Brazil and Mexico, then
go to San Francisco and Los Angeles, and to Toronto and Montreal.
After final North American stops in New York and Washington,
D.C., the relay will move to Europe before arriving at the
Ferrari factory in Maranello, Italy on June 23rd. As part
of the 60th anniversary celebrations, Ferrari will build
60 unique vehicles based on the 612 Scaglietti.
Would you take this bet? Cadillac to gamble
on a station wagon
Vehicle will be built and sold in Europe. To boost its European
sales, Cadillac will introduce a midsize luxury station wagon
late this year, reports the Detroit Free Press. The BLS is
the first station wagon in Cadillac's 104-year history and
will be built in Sweden alongside the BLS sedan, which was
also developed exclusively for sale in Europe and is the
brand's best-selling vehicle there. Luxury wagons are extremely
popular in Europe, and Cadillac thinks the BLS wagon could
eventually account for 50% or more of BLS sales. The luxury
brand sold 1,300 BLS sedans out of 3,000 total sales in Europe
last year. "Cadillac is in Europe for the long haul," GM
Vice Chairman Bob Lutz said at the Geneva auto show. "We
aim for Cadillac to once again be the best all around the
world," he added of the American brand's challenge to
luxury leaders BMW and Mercedes-Benz on their home ground.
The midsize wagon goes on sale late this year. It will offer
a fuel-efficient 150-horsepower, 1.9-liter diesel engine
and a range of gasoline engines including a turbocharged
255-horsepower, 2.8-liter V6. A six-speed manual and five-
or six-speed automatic transmissions will be available. Cadillac
also recently revealed details of a new 2.9-liter V6 turbo-diesel
it will offer to boost European sales of its new 2008 CTS
sport sedan. The diesel will be available in the Lansing-built
CTS in 2009. GM has no plans to sell the CTS diesel in North
America.
Federal money laundering charges filed against
Chevrolet dealer
Ohio man accused of using dealerships to
launder drug money. Former Ohio car dealer Mickey Miller
stands accused of using his three auto dealerships
to launder money for drug dealers. Mr. Miller is the
former owner of Mickey Miller’s Wadsworth Chevrolet,
according to reports in the Akron Beacon. The U.S.
Attorney's Office announced 33 additional charges against
Miller. He now faces a total of 37 counts of conspiracy
to launder monetary instruments and laundering monetary
instruments. Mr. Miller is accused of using his Mickey
Miller Wadsworth Chevrolet plus two retail used-car
stores, Mickey Miller Family Express Car Dealership
and Little Guy Worldwide between 1999 and 2006 as part
of the scheme. A nearly 40-page indictment accuses
him of:
•
Selling vehicles to drug dealers and then placing the
vehicle titles in other people's names to hide the
asset.
•
Taking large sums of cash from suspected drug dealers
and using the money to buy vehicles at automobile auctions.
The drug dealers then would be reimbursed through consulting
or commission checks that would appear as legitimate
income after Miller sold the vehicles at his businesses.
•
Using a portion of $700,000 in cash provided by an
undercover FBI agent posing as a broker for a drug
dealer to buy Wadsworth Chevrolet last year. The agent
then was set up as a ``ghost employee'' of the dealership
and received paychecks.
Federal officials have seized $327,263 in cash from
a Wadsworth Chevrolet bank account; 32 vehicles, including
motor homes and a motorcycle, from the dealerships;
and other cash and items. The government considered
seizing Wadsworth Chevrolet itself, but didn't want
to put legitimate employees out of work, Assistant
U.S. Attorney Robert Bulford Jr. said.
Wadsworth Chevrolet declined to say who owns the dealership
now or comment on the matter. |
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