Mercedes Benz and the F-CELL Invisible Car want to know how to promote the most innovative drive technology in the World.
Mercedes-Benz presents F CELL hydrogen fuel cell technology to the World Video:
Invisible Cars = 0 emissions, buddy. Mercedes car engineers claim zero emissions with this F-CELL technology since it emits only water vapor after burning the hydrogen fuel.
German automobile engineering. Mercedes-Benz: the best or nothing.
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Automakers reported much better than expected July car sales sparked by the Governments Cash For Clunkers $4500 rebate program. Fox News’ Glenn Beck explains the Cash for Clunkers program and Cars.gov – CARS Car Allowance Rebate System.
General Information Video: Title XIII bill HR2346 consumer assistance to recycle and save act. $3500 to $4500 in US Govt Funding toward purchase of new fuel efficient vehicles. Video:
CFC cash for clunkers Automotive Stimulus Program
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The Japanese Auto Giant Toyota Motor Corp is Announcing their first operating loss in 70
The tough times are hitting us far faster wider and deeper than expected This is an unprecedented crisis requiring urgent action The change that has hit the world economy is of a critical scale that comes once in a hundred years President Toyota Motor Corp Katsuaki Watanabe Nagoya Japan
years. They have been hit as well , in large part because of the Monstrous Drop in Demand in the key USA market [35% of sales]. The Weak Global Economy and Surging Yen has Greatly Depressed Japanese exports across the board.
The Mood was Pure Gloom at the president’s annual year end conference as Toyota President Katsuaki Watanabe said : ” It’s a kind of emergency that we’ve never experienced before. The Environment Surrounding us is Extremely Harsh. The Tough Times are hitting us far Faster , Wider and Deeper than expected . The Change that has hit the World Economy is of a critical scale that comes once in a hundred years – This is an Unprecedented Crisis requiring Urgent Action ! ”
Mr Watanabe also warned that it’s not yet possible to tell where the market’s bottom will be.
Automakers around the world are facing a sharp fall in demand as the global financial crisis spreads – squeezing credit and consumer confidence in the process.
Asian markets , which had by contrast to USA and Europe – held up , are now crumbling at a dizzying speed. It’s not only Japan – the Chinese economy is also slowing sharply as exports to Europe and the United States plunge.
Toyota Motor Corp said it expects an operating loss of 150 billion yen or $1.66 billion USD for their fiscal year ending in March – compared to operating profits of 2.27 Trillion yen or $25.2 billion USD the previous year. However Toyota will still post a small net profit of 50 billion yen $555 million dollars thanks to non core business , outside dividend income – a dramatic change of fortune for the iconic company.
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President Bush ordered Rescue Money to be Loaned to GM & Chrysler but No Bailout , especially for current common stock shareholders. A $17.4 billion rescue package for the troubled Detroit auto makers allows them to temporarily avoid bankruptcy and also allows Bush to leave many of the big decisions for the incoming Obama administration. Actions Speak Louder Than Words – Like when none of the G20 Summit Members would shake Bush’s Hand.
The Bridge Loan Term is 3 Years. GM would get $4 billion by Dec 29 and $5.4 billion by Jan 16 2009. Chrysler would get $4 billion by Dec. 29 GM would get another $4 billion by Feb 17 2009 provided Congress releases the TARP funds.
Under the terms of the plan – the government’s debt would have priority over any other creditors. The automakers also must provide warrants for non-voting stock , accept limits on executive pay and give the government access to financial records. United Auto Workers [UAW] members will lose jobs or take pay cuts as part of the deal.
No dividends may be issued until the loans are repaid and the automakers must cut their debt by two-thirds in an Equity Exchange. This will Dilute the Stock perhaps Three to Five Times the number of Outstanding Shares. I’m glad I’m not a shareholder.
The deal is contingent on the companies’ showing that they are financially viable by March 31 2009. If they aren’t – the loans will be called and all funds must be returned. Chapter 11 BK or worse Financial Carnage.
From Chicago Mr Obama also added: ” The auto companies must not squander this chance to reform bad management practices and begin the long-term restructuring that is absolutely necessary to save this critical industry and the millions of American jobs that depend on it – while also creating the fuel efficient cars of tomorrow. ”
For Now , this prevents the collapse of one of the country’s most important industries during a time of broad economic weakness.
The UAW United Auto Workers union said it was pleased the government had acted to keep the companies out of bankruptcy But it said the deal added unfair conditions. Who said Life was Fair? The Union could have been Busted entirely with Bankruptcy. Speaking of Unfair – it’s Unfair for US Taxpayers and a Free Economy System that has Turned towards Nationalization & Socialism.
Anyway , Automakers and Auto Parts Suppliers are breathing a sigh of relief , at least for a little while. The loans give GM and Chrysler only enough money to last until early next year. After that, they’re likely to need more money to survive.
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In exchange for a Multi Billion Dollar Bailout under a plan circulating in Congress the government would order a major restructuring of GM Ford & Chrysler – Detroit’s struggling Big Three Auto Companies.
Any government aid might be ” highly conditional ” and only occur after a
- Replacement of current management
- Concessions from both the UAW and automakers
- A Wipeout of Existing Equity and Debt holders
- Nationalization of the Auto Industry to include a ” Car Czar “
A Government-run restructuring would include Massive Downsizing and Labor Givebacks.
Restructure – Reorganize – Get Rid of the Union Contracts bringing them down – A New Business Model and Move Forward
Political Power is Controlled by those who Control the Money Supply.
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Unrelenting GLOOM has taken over the Financial Markets. The DJIA fell 444.99 Points [5.5%] to Close at 7552 with another HEAVY LATE SELLING pattern. It was the Dow’s biggest percentage drop since Oct 22 and its Lowest Close in over 5 Years. Investors seeking the safety? of 3 month Treasurys sent T-Bill yields to 30 year lows of 0.03%.
Oil dropped to UNDER $50 a Barrel Thursday – reaching the lowest level since May 2005 as record US Job Losses [Layoffs] intensified concerns of a Long and Deep Global Recession and further Crushed Demand Expectations. Crude Oil Futures slumped to below $50 per barrel with Light Sweet Crude for December delivery falling 7 % – $4 to settle at $49.62 on the New York Mercantile Exchange.
The Hard-Hit Citigroup [C] Fell another $1.69 a share CLOSING AT $4.71
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The Financial Crisis has Wiped Out $6.7 TRILLION already since the S&P 500 High of Oct 2007. The Feeling is Much More is yet to come especially after Wednesdays announcement of NO BAILOUT for GM & Ford.
The Selling was so Intense on the NYSE that there were 2943 DECLINERS while only 158 companies traded positively. At the Closing Bell the Damage was DJIA Down 427 points to Free Fall Below the 8000 Barrier Finishing at 7997.28 on the Day.
Banks and Financials are still struggling. CITIGROUP is Laying Off more than 52,000 and the stock [C] has fallen sharply to a formerly unthinkable $6.48 a share. No Companys share price is Safe in this Financial Holocaust. How the Mighty Have Fallen.
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Crude Oil Hit a 20 Month Low closing down 5.3% to $56.16 & the Dow closed down 411 points 4.7% to 8282.66 Declining stocks far outnumbered advancing ones on the NYSE by a ratio of 12 to 1 and on Nasdaq a 7 to 1 ratio.
Google , Chevron , Exxon Mobil and Banking/Financial Stocks were all Hard Hit. Citigroup [C] fell below $10 for the first time in its history.
Paulson & the US Treasury abandoned its plan to buy up toxic mortgage assets and said it will focus its $700 billion financial bailout fund on making direct investments in financial institutions and shoring up consumer credit markets.
The Electronics Giant Best Buy lowered its outlook citing the worst financial climate in its 42 year history. CEO Brad Anderson said “Seismic changes in consumer behavior have created the most difficult climate we’ve ever seen. Best Buy simply can’t adjust fast enough to maintain our earnings momentum for this year.”
American Express shares fell even as it became the latest company to seek government assistance. [AXP] is asking for $3.5 Billion in Aid from the federal government after the company officially became a Bank Holding Company late Monday.
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Circuit City filed for Bankruptcy Monday with Liquidation Likely. Trading of CC shares on the NYSE were halted as shares fell to 11 cents. Circuit Citys struggles intensified as consumers spend less , credit is tighter and lost market share to rivals Best Buy & Wal-Mart.
The company’s biggest creditors are Hewlett-Packard ($118.8 million) followed by Samsung ($115.9 million) Sony ($60 million) Zenith ($41.2 million) Toshiba ($17.9 million) and others.
General Motors [GM] shares plunged to a 60 Year Low of $3.02 Monday after Deutsche Bank forecast their price would fall to zero , saying that even if there is a Bailout of the Auto Giant , Shareholders would not benefit. Equity shareholders are unlikely to get anything.
GM reported steep quarterly Losses and warned it would run out of cash in the first half of next year and appealed to the US Government for help to save it from Collapse.
DHL announced Monday that it is Cutting 9500 Jobs and Closing its US Service Centers.
In a record bailout of a private company , the Federal Reserve & US Treasury provided another $150 billion in financial aid to former insurance giant AIG. No Banker Left Behind.
The DJIA closed Down 73 points at 8870.
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