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    eröffnet am 10.10.05 16:50:09 von
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      schrieb am 10.10.05 16:50:09
      Beitrag Nr. 1 ()

      Der weltgrößte Autobauer General Motors Corp. (GM) (ISIN US3704421052/ WKN 850000) wird durch die Pleite des Automobilzulieferers Delphi Corp. (ISIN US2471261055/ WKN 918726) schmerzlich getroffen.

      Wie die \"Financial Times Deutschland\" am Montag berichtet, räumte GM \"operative und finanzielle\" Risiken ein. Diese Risiken könnten sich auf bis zu 11 Mrd. Dollar belaufen. Bei der Abspaltung von Delphi im Jahr 1999 wurde vereinbart, dass GM die Pensionszahlungen für den Automobilzulieferer übernimmt, sollte das Unternehmen vor 2007 Gläubigerschutz beantragen müssen.

      Delphi hat am Samstag nun doch einen Antrag auf Gläubigerschutz nach Chapter 11 gestellt. Das Unternehmen hat im ersten Halbjahr 2005 einen Nettoverlust von 741 Mio. Dollar erwirtschaftet, die Schulden belaufen sich inzwischen auf 22,2 Mrd. Dollar. Der Automobilzulieferer, der von der Gewerkschaft United Auto Workers (UAW) zuletzt Kürzungen bei Gehältern und Bonuszahlungen gefordert hatte, beschäftigt weltweit 185.000 Mitarbeiter, davon rund 50.600 in den USA, wobei hier 25.200 von der UAW repräsentiert werden. Delphi will seine Geschäfte weiterführen und den Gläubigerschutzes Anfang bzw. Mitte 2007 verlassen.

      Die Aktie vom GM verliert an der NYSE 4,88 Prozent auf 26,91 Dollar, die von Delphi verliert 51,79 Prozent auf 0,54 Dollar.

      Autor: SmartHouseMedia (© wallstreet:online AG / SmartHouse Media GmbH),16:45 10.10.2005

      Avatar
      schrieb am 11.10.05 19:29:25
      Beitrag Nr. 2 ()
      DETROIT -- Big 3 auto dealership sales have dropped off a cliff this month after the end of employee pricing programs.
      Ford Motor Co. and General Motors switched to promoting value pricing strategy, meant to replace incentives with lower sticker prices. The Chrysler group has been following a similar strategy for several years.

      Dealers say the first two weeks of October have been the slowest they`ve experienced in years with little to no traffic or sales.

      "I didn`t think it could get much slower than September, but it`s definitely slower," says Gordon Stewart, president of Stewart Management Group in Harper Woods, Mich., which has several GM stores.

      GM has incentives on selected vehicles. But Stewart questions whether GM can avoid a high-profile national incentive program: "The word is that they`re supposed to let the value pricing ride for 90 days, but the question is, do they have that kind of staying power?"

      Jon Myers, owner of Naples Dodge in Naples, Fla., and chairman of the Dodge National Dealer Council, said, "It is pretty slow. It is a number of factors: the hurricane, the gas prices, coming off employee pricing, the continuation of the raising of interest rates.

      "That is what everybody is saying. It is slow out there," Myers says.

      Ford dealer Maureen Joyce, owner of Joyce Ford Inc. in Chicago, says, "I think we`re in for a rough ride.

      She asked with a laugh: "What sales? "It`s not starting out well. It`s not horrific yet."

      "We kind of anticipated that it would start getting scary."

      Joyce said that in the next incentive program, "The cars will be free. You`ll just have to pay sales tax -- I mean what else can you do?"

      Jim Satterthwaite, owner of Knopf Chrysler Jeep in Ambler, Penn., says sales are the worst in a generation: "My family has been in this business since 1974, and this is about as scared as I have been."

      "We had a great July and good August by pulling ahead. We are in a little bit of a payback mode," he says. "The price of fuel and the uncertainty of where the economy is headed is really putting a lid on it."

      Dealer Howard Drake says traffic and sales at his Hummer store are good, "OK" at his Saab store and slow at his Cadillac dealership. Drake is co-owner of Casa Automotive Group in Sherman Oaks, Calif.

      "The value promise is a good deal and it makes sense, but we didn`t get anything repriced in Cadillac," Drake says. "For us, many Cadillac dealers are having a tough time in understanding what value pricing is."

      Richard Klaben, a principal in the Klaben Auto Stores of Kent, Ohio, says customers are delaying major purchases.

      People think, "Now is not a good time," says Klaben, who sells Chrysler, Jeep, Dodge, Ford and Lincoln Mercury.

      Employee discount pricing pulled sales ahead, he says. "At the end of the year, we will be no further ahead or behind than if we had never had the family plan," Klaben says.

      "In the long run, it probably hurt us because we spent too much time talking about family plan pricing rather than the positives of the brands," Klaben says.

      "Manufacturers put all of their eggs and dollars on one message instead of spending money to sell the brand and increase consideration level for the brand," he says. "Now we see what the payback is.

      "It is not that people can`t afford to get into the market," Klaben says. "It is that they don`t want to. They don`t feel good about it. It is more a product of watching the evening news than what is really happening in their personal life. Every layoff gets magnified 10 times."
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      schrieb am 11.10.05 20:11:30
      Beitrag Nr. 3 ()
      As Delphi Goes, So Goes G.M.?
      New York Times 10/11/05
      by Micheline Maynard
      c. 2003 New York Times Company


      ----------------------------------------------------------------------- ---------

      DETROIT, Oct. 10 - Watch out Detroit, you could be next.

      That is the warning for domestic automakers from Robert S. Miller Jr., the straight-talking chief executive of Delphi, who took his company, the nation`s biggest maker of auto parts, into bankruptcy protection last weekend.

      In an interview on Monday with reporters and editors at The New York Times, Mr. Miller, who uses Steve as a first name, predicted that General Motors and the Ford Motor Company could find themselves following Delphi into bankruptcy court in the next few years unless they take drastic steps to reduce their own labor costs. Mr. Miller said his company would do what it could to prevent more bankruptcies in the industry.

      But Mr. Miller, sounding like the Oracle of Delphi, made clear that he believed that the major auto companies were now engulfed in the same industrial turbulence that had forced the revamping of the steel and airline industries with which he was intimately familiar.

      This is not just a Delphi issue, this is an auto industry issue, Mr. Miller said, and has to be dealt with by G.M., Ford and Chrysler, a division of DaimlerChrysler. I am very concerned about what happens to the Big Three. It is an incredible watershed for the entire industry as we head into the future.

      Given Mr. Miller`s track record at companies like Bethlehem Steel, Morrison-Knudson and Federal-Mogul and his status as a director at UAL, the parent of United Airlines, his words need to be heard, said Michael Useem, a professor at the Wharton School of Business at the University of Pennsylvania.

      If he has concluded the problems of Delphi are endemic to the industry, Mr. Useem said, that would say, `pay attention.`

      Mr. Miller vowed to inflict minimal collateral damage on G.M. We need them as a customer, he said. I shudder at the thought that the collapse of Delphi would trigger the collapse of G.M, adding that he did not think G.M. was in imminent danger of bankruptcy.

      But Mr. Miller made it clear that Delphi would shrink severely. He said that by the end of the bankruptcy, the company, which has annual sales of about $28 billion a year, could end up with around $20 billion. He cautioned that the figure was only a rough estimate.

      Most in danger are plants producing basic parts that can be built more cheaply overseas, he said, while Delphi wants to protect those that make complex components like instrument panels and electronic systems.

      Delphi, a division of G.M. until 1999, sought bankruptcy protection in federal court in New York on Saturday, in the largest Chapter 11 filing in the history of the automobile industry.

      G.M. represents roughly half of Delphi`s business, and about 4,000 Delphi workers have the right to return to G.M., meaning that the company would be responsible for their wages and benefits, including pension and health care costs, on top of its own liabilities.

      G.M. has estimated that its cost from a Delphi bankruptcy could be as much as $11 billion. Today, G.M. shares fell $2.81, to $25.48, in the first day of trading after the filing.

      Delphi`s decision to seek bankruptcy protection came after the company held weeks of negotiations on a rescue plan with both G.M. and the United Automobile Workers union, which represents 34,000 workers at Delphi plants in the United States.

      On Saturday, the union`s president, Ron Gettelfinger, denounced Delphi`s move as an extremely bitter pill and vowed to protect workers` interests. Mr. Miller, however, said he believed that U.A.W. officials would be realistic about the problems he faced in turning Delphi around.

      The union knows that life is changing and all we`ve been debating is at what speed do these changes take place, Mr. Miller said.

      The Delphi situation puts intense pressure on G.M. to win cuts from the U.A.W. in the next set of contract talks, scheduled for 2007. If they come to a contract that is the same as they have now, they`re finished, Mr. Miller said.

      That makes the result at Delphi even more critical, said Martin King, an auto industry analyst with Standard & Poor`s. Yesterday, S.& P. cut its rating on Delphi`s debt to D for default.

      This is a unique event, Mr. King said of Delphi. It`s clearly going to have implications for companies other than Delphi.

      In one nod to the U.A.W., Mr. Miller said Delphi would not seek emergency pay and benefit cuts, called interim relief, which bankruptcy law allows if a company can prove it cannot survive otherwise.

      Instead, Mr. Miller said Delphi would try to negotiate cuts with the U.A.W. before asking a judge for permission to set aside union contracts and impose lower wage and benefit rates.

      Over the weekend, Delphi said that it wanted to conclude those discussions by mid-December. Otherwise, the company is prepared to ask that contracts be terminated and seek a court hearing by mid-January.

      If no deal can be reached, a judge can impose the cuts, and the U.A.W. can strike at Delphi. But Mr. Miller said he did not believe U.A.W. officials would allow that.

      I believe they are realistic and responsible people and they do not want to risk the chaos that will come from rejection, Mr. Miller said. A spokesman for the U.A.W. did not return calls seeking comment.

      Nearly every union at airlines that have filed for bankruptcy this decade agreed to wage and benefit cuts, rather than have them imposed. Once in bankruptcy, many companies also move to terminate their retirement plans and replace them with less-generous programs, a step taken by United Airlines and US Airways.

      On Monday, Mr. Miller said he intended to work with the union to try to preserve Delphi`s pension plan, which like those at the American auto companies is severely underfunded.

      But Mr. Miller made it clear that U.A.W. members - whose compensation is worth $65 an hour including wages and benefits such as pensions and health care - would have to give up something else to keep their plans. He also said that any deal must ensure Delphi`s eventual profitability to enable the company to survive over the long run.

      Delphi officials say they may aim for wages and benefits of $20 to $25 an hour, similar to what is paid at other parts makers in the United States.

      Mr. Miller said that in bankruptcy, Delphi would be able to sharply reduce a big contribution to its pension plans that is coming due next year.

      Before it filed for bankruptcy, Delphi said that it would have to put $1.1 billion into its employee pension fund in June 2006; it has borrowed money for that purpose. But Mr. Miller said that he believed the bankruptcy code allowed Delphi to reduce the size of the contribution to $160 million. The remaining $1 billion can be paid later, he said. He said he expected no objection from the lenders. It was not clear, however, whether federal regulators would accept that approach. By law, companies that promise pensions are required to set aside enough money to pay them, following a predetermined schedule. Skipping or unilaterally reducing pension contributions can sometimes bring on an enforcement action.

      In the end, Mr. Miller said, the U.A.W., led by Mr. Gettelfinger, faces some difficult choices trying to do the best it can for current workers and retirees.

      If the union says, `No, I don`t want to give on wages and benefits` and we come to some kind of compromise where we are breakeven instead of profitable, then you can kiss the pension plan goodbye, Mr. Miller said.

      This is a trade-off, Mr. Miller said, not because I wanted to put Ron Gettelfinger on the hot seat. He is on the hot seat. I can`t solve it. I can`t protect what everyone wants to have.

      It`s funny how they say GM has to "win" concessions from the UAW. The UAW needs to wake up and realize they`re killing the Dometsics with their unwillingness to compromise. If they don`t help out, they`ll be helping themselves to the welfare office.
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      schrieb am 11.10.05 20:18:45
      Beitrag Nr. 4 ()
      High Sept. fleet sales further pinch US auto maker profits

      By John D. Stoll
      Last Update: 6:49 PM ET Oct. 7, 2005


      DETROIT (MarketWatch) -- Detroit`s Big Three auto makers increased sales to fleet customers in September, a move that could reflect even weaker demand for domestic cars and trucks last month than initially thought and could lead to a tighter profit pinch if the trend continues.

      General Motors Corp. (GM), Ford Motor Co. (F) and Chrysler Group, the U.S. division of DaimlerChrysler AG (DCX), each increased fleet sales to commercial customers and rental car companies last month compared to the like period in 2004. Ford`s fleet sales jumped 26% while retail demand slid 28%, and GM fleet sales spiked 24%, with retail falling 35%.

      Chrysler declined to report specific numbers, but spokesman Kevin McCormick said fleet sales "had gone up a little bit in September." Each of the automakers delivered at least a quarter of total vehicles sold to fleet customers.

      National Automobile Dealers Association chief economist Paul Taylor said some of the fleet demand was inspired by a need for replacement rental cars in regions devastated by Hurricanes Katrina and Rita. Nevertheless, September`s significant drop in retail demand reflects souring enthusiasm for Detroit`s products as Japanese auto makers grab market share.

      Sales declines at GM and Ford contributed to a 7% decline in the U.S. car market in September. The decline led to a 16.4 million seasonally adjusted annual rate of vehicle sales in September, down from about 16.8 in August and 20.6 million in July. While September numbers outperformed analyst expectations by as much as 3%, the month was far below the historically strong average for the month.

      But the declining numbers may not give an adequate reading of demand for U.S. products given the increase in fleet sales, said George Pipas, U.S. sales analysis manager at Ford. "Underlying retail demand was weaker than the headline number," he said.

      The SAAR was inflated by at least 181,000 domestic fleet sales and approximately 20,000 sold to fleets by the top three Japanese automakers, according the most-recent registration data published by R. L. Polk & Co.

      High fleet sales are especially troubling for GM and Ford, both of which have expressed a need to drastically reduce sales to rental car firms in order to boost the value of products and, in theory, cut incentive spending. Taylor said sales to rental fleets aren`t necessarily a negative as buyers are given chance to experience a brand through rental cars, but Detroit auto makers have hurt themselves by pouring outdated, under-equipped models into rental fleets that "diminish the value of the brand, he said."

      Not everyone is backing away from the fleet market. Toyota Motor Corp. (7203.TO), the top-selling Japanese automaker, boosted fleet sales 16% in the first seven months of 2005 compared to the like period in 2004, according to R.L. Polk, while Nissan Motor Co. (7201.TO) and Honda Motor Co. (7267.TO) have upped fleet business 25% and 30% respectively. Even though each of Japan`s Big Three have boosted sales in 2005, fleet increases far outpace the rate of growth for each company.

      But unlike Japanese automakers that are traditionally profitable in North America, Detroit automakers can`t afford to over-indulge in fleet business, especially as SUV profitability looks to be declining. In October, GM, Ford and Chrysler are offering their biggest 2006 model-year incentives on large SUVs and the discounting could grow as SUV resale values decline in tandem with softening demand for the vehicles in the new- and used-car markets, according to Taylor.
      Avatar
      schrieb am 14.10.05 19:29:50
      Beitrag Nr. 5 ()
      Dramatic slump seen in October U.S. vehicle sales
      Fri Oct 14, 2005 09:49 AM ET
      DETROIT, Oct 14 (Reuters) - U.S. sales of new cars and trucks at the retail level appear to have fallen off the cliff in October, led by steep declines at General Motors Corp. (GM.N: Quote, Profile, Research) and Ford Motor Co. (F.N: Quote, Profile, Research) , J.D. Power and Associates said on Friday.
      A report from the industry tracking firm`s closely watched Power Information Network cited a lack of high-impact incentives from major automakers, high U.S. gasoline prices, low inventory levels and an apparent pullback by consumers after exceptionally strong sales over the summer for the dramatic slowdown.

      Retail new-vehicle sales were down 33 percent across the industry in the first nine days of October compared with the same period a year ago, the Power Information Network said.

      It said results were down at nine major automakers, but GM led the pack with a 57 percent decline followed by Ford, which saw its retail sales drop 45 percent over the first nine days of the month.


      The Chrysler arm of Germany`s DaimlerChrysler (DCXGn.DE: Quote, Profile, Research) (DCX.N: Quote, Profile, Research) posted a 32 percent drop over the same nine-day period compared with year-ago results.

      The U.S. arm of Honda Motor Co. Ltd. (7267.T: Quote, Profile, Research) posted the smallest drop, with retail sales down just 8 percent, followed by Toyota Motor Corp. (7203.T: Quote, Profile, Research) , with sales down 14 percent.

      Of Japan`s Big Three automakers, Nissan Motor Co. Ltd. (7201.T: Quote, Profile, Research) was the worst performer in the early days of October, with retail sales down 21 percent year-over-year.

      "A lot could happen between now and the end of the month," said Jeff Schuster, executive director of global forecasting at J.D. Power and Associates. "But at this point, we`re on track for an October like we haven`t seen sine the early 1990s."

      Slowing sales of fuel-thristy sport utility vehicles were a leading factor behind GM`s overall sales decline of 24 percent last month. Ford`s September sales fell 20 percent.

      Both companies are heavily reliant on sales of traditional truck-based SUVs, which are heavier and get poorer fuel economy than smaller, car-based SUVs known as crossover vehicles.


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