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Chrysler could be headed for liquidation. Toyota expects its output in Japan to fall to its lowest level in 31 years. Veteran auto executive Bernd Pischetsrieder may make a comeback at Opel. All that and more, plus a look at the brand-new Roush Mustang.
Transcript and Story Links after the jump . . .
Here are today’s top headlines. Chrysler could be headed for liquidation. Toyota’s production falls to record lows. And Bernd Pischetsrieder may make a comeback.
Up next, we’ll be back with the news behind the headlines.
This is Autoline Daily for Tuesday, April 21, 2009. And now, the news.
Chrysler could be headed for liquidation, the Wall Street Journal warns. It says the U.S. Treasury Department believes Chrysler’s weak product line and lack of international presence means it’s not worth saving. On top of that, Chrysler’s secured lenders – the ones who would get paid first if the company goes out of business and starts selling assets – say they’d get more money if Chrysler goes into liquidation versus what the government is offering them.
Meanwhile, via a posting on its website, the United Auto Workers union is urging its members to write to President Obama and tell him to support them. As is typical of the UAW, it is not offering any public comment on this posting to explain what it wants from the president. But union workers interviewed on local television news say they helped Obama get elected and now it’s his turn to help save their jobs.
Toyota expects its output in Japan to fall to its lowest level in 31 years. According to the AP, Toyota projects its output to be 2.8 million units this fiscal year, which is below the number needed to maintain its full-time workforce. The company has not laid off full-time employees since 1950 and said it would not do so at the moment. Toyota will cut working hours instead to help trim production.
Buick unveiled a concept at the Shanghai Auto Show called the Buick Business Concept. The vehicle was developed in China by a design and engineering joint venture between GM and SAIC. Traditional Chinese design elements show up in the headlamps, instrument cluster, and seats. The concept is equipped with a hybrid that’s powered by lithium-ion batteries.
If Opel can survive its current situation as GM tries to restructure, it could become an independent automaker. If that scenario plays out, Autoblog reports that its dealers want a much bigger stake in the company – something like 20 percent – and a new CEO. One name that’s been thrown around is veteran auto executive Bernd Pischetsrieder. As the former head of BMW and Volkswagen, the man has got the experience.
According to Autoblog, German car magazine Autobild is speculating that Audi may be building a successor to its legendary all-wheel-drive Quattro from the 1980s. It’s rumored that the new model would be built off the A5 and feature a twin-turbo V6 with more than 400 horsepower. If any of this is true, the high-powered coupe could hit the streets by 2012 with a price tag of 70,000 Euros.
Coming up next, a look at the brand-new Roush Mustang, we’ll be back right after this.
Bullitt, Mach1, Shelby and King Cobra are all special editions of the Ford Mustang. Another big-name in high-performance for the ponycar is Roush. Recently the company unveiled the brand-new 2010 version of the car, and just in time for the Mustang’s 45th birthday. Autoline Daily correspondent Craig Cole reports.
Thanks for that report Craig. Looks like another exciting, high-performance edition of the Mustang.
Hey, join us again on Thursday night for another live webcast of Autoline After Hours. That’s when I get together with Peter DeLorenzo and Jason Vines to give you the scuttlebutt behind the headlines of what’s really going on in this industry. Joining us this week will be Matt DeLorenzo, the editor of Road & Track magazine. One topic I want to get into, when it comes out of this restructuring, should General Motors change its name? Great topic!
And that’s it for today’s top news in the global automotive industry. Thanks for watching, we’ll see you tomorrow.
John McElroy is an influential thought leader in the automotive industry. He is a journalist, lecturer, commentator and entrepreneur. He created “Autoline Daily,” the first industry webcast of industry news and analysis.