– The Source Of The US Economy’s Only Bright Spot: $1 Trillion In Car Loans:
As the following chart shows, after langushing between $70 and $800 billion in the second half of the last decade, since Q2 2010 US auto loans have been on an absolute tear, and have increased by over 40% in the past five years alone, to just shy of $1 trillion as of June 30!
Tags: Cars, Debt, Economy, Global News, U.S.
– BMW Chief Faints On Stage During Frankfurt Auto Show
Back in June we noted that for luxury car manufacturers, the Chinese cash cow is dying. “The enormous growth rates luxury-car makers like us have seen in China in recent years won’t continue,” Porsche CFO Lutz Meschke warned at an event in Atlanta in May and needless to say, the picture has not brightened since then. Continue reading »
Tags: BMW, Cars, China, Economy, Global News
– Tesla Loses More Than $4,000 On Every Car Sold (ZeroHedge, Aug 9, 2015):
With the usual two year delay, others such as Reuters, are starting to notice that under the Tesla hood there are nothing but cockroaches. And now that the growth “story” has taken a back seat following the latest guidance cut in deliveries, fears that the company will have to dilute shareholders to keep the “story” afloat, are rapidly emerging. Case in point, Reuters calculation of a fact that was known to most observers but certainly not to retail enthusiasts who “bought the stock just because others bought the stock”, i.e., that Tesla loses about $4000 on ever car it makes.
Tags: Cars, Economy, Global News, Tesla Motors
In this 13 May 2015 photo, Google’s self-driving Lexus car drives along street during a demonstration at Google campus in Mountain View, California. Photograph: Tony Avelar/AP
– How Google quietly revved up its very own car company (Guardian, Aug 1, 2015):
Documents obtained by the Guardian reveal the tech giant created Google Auto LLC to help develop its self-driving cars even as it courted big car makers
Google Auto LLC is headed by Chris Urmson, project lead for Google’s self-driving cars. Urmson has been on a charm offensive with the world’s biggest automobile manufacturers. At the North American International Auto Show in January, Urmson announced talks with General Motors, Ford, Toyota, Daimler and Volkswagen. In March, he told USA Today: “Making cars is really hard, and the car companies are quite good at it. So, in my mind, the solution is to find a partnership.”
To date, no such partnership has emerged. That might be because Google already has its very own car maker in Google Auto. The company is registered with national and international organisations as a passenger vehicle manufacturer, and was licensed last year as a car maker in California. Google declined to comment on this story. Continue reading »
Tags: Cars, Economy, Global News, Google, U.S.
– “Rammed” – Fiat Chrysler Forced To Buy Back 500,000 Pickup Trucks From Customers In Historic Settlement (ZeroHedge, July 27, 2015):
In a stunning ruling, US safety regulators have mandated that Fiat Chrysler must offer to buy back from customers more than 500,000 Ram pickup trucks and other vehicles as part of a costly deal with safety regulators to settle legal problems in about two dozen recalls. As WTOP reports, this is the biggest such action in US history, and is in addition to a $105 million civil fine and owners of more than a million older Jeeps with vulnerable rear-mounted gas tanks will be able to trade them in or be paid by Chrysler to have the vehicles repaired. Think the punishment is harsh, consider that at least 75 people have died in crash-related fires, although Fiat Chrysler maintains they are as safe as comparable vehicles from the same era.
Tags: Cars, Chrysler, Economy, Fiat, Global News
H/t reader squodgy:
“Of course….a link to both Michael Hastings & MH17/370.”
– Another “Conspiracy” Confirmed: Your car can be hacked (Corbett Report, July 26, 2015):
In today’s Thought For The Day James discusses the confirmation of yet another “conspiracy theory,” namely that cars can be remotely hacked and controlled. Michael Hastings, anyone? And let’s not even mention airplanes. OK, let’s…
Hackers Remotely Kill a Jeep on the Highway—With Me in It
Episode 274 – Crashes of Convenience: Michael Hastings
How to Steal an Airplane: From 9/11 to MH370
Tags: Assassination, Cars, Crime, Global News, Technology
H/t reader squodgy:
“You can bet your spying Government can already do this…..
or if not, they can buy this from the hackers….”
They can take control over (almost) any car and steer it wherever they want to.
Ask Princess Diana …
– Princess Diana Was Pregnant On The Night She Died – ‘Yes, Imagine That, The King Of England’s Mother, Pregnant With A Muslim Baby’.”
– 470,000 Vehicles At Risk After Hackers “Take Control & Crash” Jeep Cherokee From A Sofa 10 Miles Away (ZeroHedge, July 21, 2015):
In what is being called “the first of its kind,” Wired.com reports that hackers, using just a laptop and mobile phone, accessed a Jeep Cherokee’s on-board systems (via its wireless internet connection), took control and crashed the car into a ditch from 10 miles away sitting on their sofa. As The Telegraph details, the breach was revealed by security researchers Charlie Miller, a former staffer at the NSA, and Chris Valasek, who warned that more than 470,000 cars made by Fiat Chrysler could be at risk of being attacked by similar means. Coming just weeks after the FBI claimed a US hacker took control of a passenger jet he was on in the first known such incident of its kind, the incident shows just how vulnerable we are to modern technology. Continue reading »
Tags: Cars, Global News, Government, Politics, Technology
– Ukraine’s Car-Production Plunges 96%; Many Banks Also Fail (Washington’s Blog, April 7, 2015):
On Tuesday April 7th, Ukravtoprome (the Ukrainian Association of Automobile Manufacturers) reported that, in the three-month period January-March 2015, as compared to the same three months of 2014, production of passenger cars plunged 96%, commercial vehicles 23%, buses 43%, for an overall decline of 92%.
In March alone, as compared to March 2014, passenger-car production plunged 94.3%, commercial vehicles fell 31%. The figure for buses was not shown. Continue reading »
Tags: Banking, Cars, Collapse, Economy, Global News, Ukraine
– Autonomous Car Completes 3,400-Mile US Road Trip (ABC News, April 2, 2015):
An autonomous car’s recent 3,400-mile U.S. road trip proves there’s at least one thing computers do better than humans: Follow the speed limit.
Auto supplier Delphi Corp. fitted an Audi Q5 with radar, cameras and laser sensors to navigate the 15-state journey from San Francisco to New York, mostly traveling on highways. The car drove itself 99 percent of the time, Delphi said Thursday.
Continue reading »
Tags: Cars, Global News, Technology
And sadly …
“The supercar that runs using ‘saltwater’ is likely BS.”
Read Lana Verdin’s comment down below.
– Electric Car Powered by Salt Water: 920 hp, 373 Miles/Tank (Aetherforce):
It’s finally here folks and it is LEGIT.
Tesla eat your heart out, the Germans have created an electrical car powered by salt water. It has four electric engines and is FAST with some pretty sweet fuel economy for a sports car. Leave the Bugatti at home and stop by the beach to refuel.
The recent announcement that the Quant e-Sportlimousine, which is a salt water powered car, has been certified for use on European roads is a big sign that the Oil Cartels are losing the energy war.
Since the early 1900s, the Oil Cartels, which are controlled by the Controllers, have been harassing and silencing alternative energy inventors who pose a threat to the Oil Cartels. One of the greatest alternative energy inventors that they silenced was Nikola Tesla.
Unlike traditional cars that run on gasoline, the Quant e-Sportlimousine runs on an electrolyte flow cell power system made by NanoFlowcell that has the ability to generate an astonishing 920 horsepower (680 kW).
This salt water powered car can go from 0-62 mph (100 km/h) in 2.8 seconds and has a top speed of 217.5 mph (350 km/h). The Quant e-Sportlimousine is built by the German company Quant.
Continue reading »
Tags: Cars, Electric Car, Germany, Global News, NanoFlowcell, Quant, Quant e-Sportlimousine, Technology
In 2002 (Source)
– Maserati Sales Tumble 43% (ZeroHedge, March 17, 2015):
Just blame it on the weather, because everyone knows no self-respecting 1%-er would be caught dead driving (or being driven) to their nearest Maserati dealership in their snow-ploughing $100K Range Rover, when it is snowing outside. In the middle of winter.
End result: only 481 Maseratis were sold in all of the US in February, a plunge of 43% from a year ago (following a 20% drop in January) back when it was the Polar Vortex’s fault that Q1 2014 GDP went from an initially forecasted 3.5%, to -2.5%.
But this time the snow is different.
Tags: Cars, Collapse, Economy, Global News, Maserati
– Is the Auto Loan Bubble Bursting? Delinquent Loans Jump 27% Year-Over-Year (Liberty Blitzkrieg, Dec 5, 2014):
I’ve covered the ever expanding subprime auto loan market on several occasions over the past couple of years, most recently in the post: Chinese Homebuilders Expand in America as U.S. Auto Loans Hit Record Levels. As they always do, it appears that the chickens are starting to come home to roost.
The New York Times reports the following:
An increasing number of borrowers are falling behind on their car payments, even as the total amount of outstanding debt reaches new heights, according to the latest report by Experian, the credit and research firm.
In a presentation on Wednesday, Experian said the balance of loans that were 60 days delinquent increased 27 percent, to roughly $4 billion, in the third quarter from the same period a year ago. Continue reading »
Tags: Bubble, Cars, Economy, Global News, U.S.
– Forget Tesla ‘D’ – This Is The Fastest Electric Car In The World (OilPrice, Nov 6, 2014):
When we think of electric cars, probably the first thing that comes to mind is the Chevrolet Volt, which is smooth running but needs frequent recharging. Plus it’s no speed demon.
But if you think electric cars still deserve consideration, take a look at the “Grimsel,” the creation of the technical schools ETH Zurich and Lucerne University of Applied Sciences and Arts. On Nov. 3 the students put the spurs to the car and got it to accelerate from 0 to 100 kilometers per hour (62 mph) in 1.785 seconds, using less than 30 meters of track.
That’s nearly twice as fast as Tesla’s fleet Model S P85D. And it’s record-breaking. Continue reading »
Tags: Cars, elec, Electric Car, Global News, Technology
Uruguay’s President Jose Mujica walks in front of his garage (Reuters / Andres Stapff)
– World’s poorest president’ gets $1mn offer for old VW Beetle (RT, Nov 7, 2014):
An Arab sheikh seems to think the ‘world’s poorest president,’ Uruguay’s Jose Mujica, is in dire need of cash. He’s offered $1 million for Mujica’s iconic 1987 VW Beetle – but the pot-smoking leader says he will donate the money to the homeless instead.
“I didn’t give it any importance,” the humble ex-guerilla leader told a news conference, after the Uruguayan weekly Busqueda broke the story. He added that he has “no commitment to cars” and joked that his three-legged dog, Manuela, was pretty much the prime reason for holding on to the vehicle for so long.
Apparently it was Mexico’s ambassador to Uruguay who earlier suggested that Mujica sell off the car. They joked about how he could get 10 4WD trucks for the money, according to an anonymous source within the embassy. Continue reading »
Tags: Cars, Global News, Government, Jose Mujica, Politics, Uruguay, VW
– ‘Tsar-engine’ for president: Russian-manufactured VIP cars will have up to 850 horsepower (RT, Nov 3, 2014):
Engineers in Russia are working on a new line of car engines, developed especially for future VIP vehicles, to be used by the country’s president and other officials. The top version is promised to be manufactured with up to an 850 horsepower engine.
The state scientific and motor research center NAMI, which is in charge of the “Cortege” project, has announced plans to produce a line of V12-turbo engines with up to 850 horsepower (hp) capacity in the next couple of years.
Engines will be designed especially for the new project, which aims to provide Russian officials – including the president – with not only limos, but also with convoy cars such as minivans and SUVs.
Tags: Cars, Global News, Russia
– Russia may restrict import of Western cars, clothes in new sanctions tit-for-tat (RT, Sep 12, 2014):
Imports of Western cars and clothes into Russia could be restricted as part of a second round of “retaliatory” measures prepared in response to the sanctions against Moscow, says presidential aide Andrey Belousov.
There are many sellers of non-agricultural goods in the West who are heavily dependent on the Russian market, the official said. Continue reading »
Tags: Cars, Economy, EU, Europe, Gazprom, Global News, Government, Politics, Rosneft, Russia, Transneft, Vladimir Putin
– Nevada, Tesla announce huge ‘Gigafactory’ deal (USA Today, Sep 5, 2014):
Tesla Motors and Nevada made it official on Thursday evening: the electric car company’s highly sought battery “Gigafactory” and its projected 6,500 jobs are coming to the Reno area.
Mutual congratulations between the electric-car maker and Silver State officials aside, the news of the announcement event in Carson City was the huge incentives the state will have to contribute to seal its end of the proposed deal: a package estimated to be worth $1.25 billion over 20 years. Continue reading »
Tags: Cars, Economy, Global News, Nevada, Tesla Motors
– Car Repos Soar 70% As Auto Subprime Bubble Pops; “It’s Contained” Promises Fed (ZeroHedge, Aug 20, 2014):
The auto loan subprime bubble may be the latest to burst (after student loans) as the rate of car repossessions jumped 70.2 percent in the second quarter, with much of that increase coming from finance companies not run by automakers, banks or credit unions. “The number of delinquencies and repossessions rising is what we would expect as the auto industry sells more vehicles,” “But this slight uptick is one to keep an eye on.” The surge in delinquencies and repossessions is being driven primarily by borrowers with subprime and deep subprime credit scores.
Tags: Bubble, Cars, Economy, Fed, Federal Reserve, Global News, U.S.
– Russian Sanctions Retaliation Escalates: Dumps Intel/AMD And Now Foreign Cars (ZeroHedge, July 18, 2014):
Ignoring for one second yesterday disastrous air crash in Ukraine, the ‘boomerang’ of sanctions continues to be thrown back and forth between the US and Russia. Having restricted Russian firm’s access to USD funding, Putin has come out swinging. His first act was to demand that state departments and state-run companies will no longer purchase PCs built around Intel or AMD processors (which might explain AMD’s slashing their outlook); but now he has hit out at the heart of what has made America great (in the eyes of some) – banning the use of foreign cars for officials in favour of home-produced cars. Continue reading »
Tags: AMD, Cars, Economy, Global News, Government, Intel, Russia, Vladimir Putin
– Russia Bans Purchases of Foreign-Made Cars By Government (The Moscow Times, July 14, 2014):
Federal and municipal governments were prohibited from buying foreign-made cars by Russian Prime Minister Dmitry Medvedev, who said he hoped the decision would “help preserve necessary balance on the market.”
The state spends huge sums buying equipment, and “of course it is better if they go to domestic companies, not foreign producers,” Interfax quoted Medvedev as saying at a meeting with deputy prime ministers on Monday. Continue reading »
Tags: Cars, Dmitry Medvedev, Global News, Government, Politics, Russia, Vladimir Putin
– Tesla Car Chase Ends In Flaming Car Wreck Explosion So Violent It Is Confused For Fireworks (ZeroHedge, July 7, 2014):
With GM recalling virtually every car it has made since emerging from bankruptcy, another maker of flaming paperweights has quietly managed to slip through the cracks of public attention. So it was perhaps well-timed, if only for GM, that over the weekend we not only learned, but saw footage, of what happens when a Tesla is involved in a Police chase that results in a lamp post crash. Nothing short of complete obliteration.
“There were fires after that that broke out,” Eric Martinez said. “I saw the firefighters — like 25 firefighters – standing around the white car with the Jaws of Life.” Martinez added that at one point, explosions could be heard. “We originally thought it was fireworks. Everybody thought it was fireworks that were just exploding,” he said.
Tags: Cars, Global News, Technology, Tesla, Tesla Motors
– Here Are The 28.5 Million Cars Recalled By GM In The First Half Of 2014 (ZeroHedge, June 30, 2014):
One could say things about what is now without doubt the biggest company joke in the history of the US – maybe global – automotive sector, putting even East Germany’s infamous Trabant to shame.
Things like following the just announced latest recall of another 7.6 million cars across models from 1997 to 2014, and another 800K+ cars thrown in just because, GM has recalled more cars in the first 6 months of 2014 than it has sold in all of 2011, 2012 and 2013. Which incidentally would be true as the chart below shows.
Things like it took GM over a decade to that these latest recalls affecting cars made in the 20th century resulted in “seven crashes, eight injuries and three fatalities.”
Continue reading »
Tags: Cars, Economy, General Motors, Global News, GM, U.S.
– Meet The “Lone Engineer” GM Is Blaming All Its Troubles On (ZeroHedge, June 20, 2014):
Back in 2011 Goldman, when the FDIC-insured bank holding company with no deposits, was slapped with the biggest at the time SEC penalty for shorting CDOs it had sold to clients, it started a trend of scapegoating all its evils on a lone, then 20-something individual, Fabrice Tourre, who seemingly had “worked alone” and whose actions were not supervised by anyone: the chain of responsibility started and ended with him. Naturally, nobody went to jail. A few years later, stuck in the biggest scandal of its post-bankruppcy existence involving over 20 million recalls in just the first 6 months of 2014 alone, GM has decided that what worked for Goldman should work for it too, and as the WSJ reports, is “pinning of a decadelong failure to recall defective cars on a lone engineer.”
Unfortunately for GM, an organization that is far more politically charged than Goldman, it is “running into skepticism from lawmakers who say GM documents show dozens of people were alerted to ignition-switch defects during the past decade.”
But before we get into the details of what is set to be even more political theater, just who is this lone engineer? Continue reading »
Tags: Cars, General Motors, Global News, GM, Technology, U.S.