DailyEdition@thecarconnection.com

Back to newsletter list

Daily Auto News: Sep. 15, 2006

UAW Agrees to 75,000 Ford Buyouts

The next installment in Ford Motor Co.'s turnaround plan got a turbocharged boost on Thursday, as the United Auto Workers agreed to a plan that will lead to the company offering buyouts to the company's 75,000 blue-collar workers. The agreement also extends to the Automotive Holding Company, which is made of up former Visteon Corp. plants Ford has been trying with little success to sell for nearly a year.

Workers will be able to choose from eight different packages ranging from straight buyouts for the most junior Ford workers to special retirement packages for workers with more than 28 years of service with the company, union officials said after the agreement was announced. Workers with 28 years service are eligible for two years' leave at 85 percent of their regular wages and then can retire with their full pension and healthcare benefits, union officials said.
Union officials, however, also said Ford's management must do more to ensure that the company has viable future.

"The UAW has made a significant contribution to the turnaround plan," said UAW president Ron Gettelfinger. "Now, it's Ford Motor Company's responsibility to lead this company in a positive direction - which means using the skills, experience and dedication to quality that UAW members demonstrate every day in order to deliver quality vehicles to customers," Gettelfinger said.
Eligibility for various buyout and incentive packages will depend on length of service and other factors.
The deal also asks workers to start signing up for the buyout and retirement packages on Oct. 16. Workers, however, actually have until Nov. 27 to accept the buyout offers, UAW officials said. The deal calls for workers to begin leaving Ford's payroll Jan. 1 and all of the workers accepting to be off Ford's payroll by Sept. 1, 2007.

Ford and the UAW also have completed work on more than two dozen plant-level competitive operating agreements.-Joseph Szczesny

Ford Names Mulally CEO by Paul A. Eisenstein (9/11/2006)
Bill Ford to remain as "executive chairman."

Stevens, Szczupak Leaving Ford

As expected, the executive exodus accompanying Ford's new Way Forward plan will include Anne Stevens. The highest-ranking woman in the auto industry, Ford COO Stevens will be joined in retirement by David Szczupak, Ford's vice president for manufacturing in the Americas. Stevens is a 16-year Ford veteran who was named COO of the Americas in 2005 as the company began to draw up its turnaround plan. Szczupak attained his latest title in the same year.

NHTSA Mandates Stability Control

Anti-rollover stability control will be required on all new passenger vehicles-cars, trucks and SUVs alike-come the 2012 model year, according to a new mandate announced on Thursday by the National Highway Traffic Safety Administration (NHTSA). The agency estimates that from 5000 to 10,000 lives will be saved each year when stability control is made standard on all new passenger vehicles. "No other safety technology since the seat belt holds as much promise to save as many lives and prevent as many injuries as electronic stability control," said Nicole Nason, administrator of the National Highway Traffic Safety Administration, at a press conference announcing the new rules. A slew of automakers have already announced their compliance with the rules, including Ford, General Motors, Mercedes-Benz, and Toyota.

Scion xA, xB Also Retiring

The first two models from Toyota's Scion division are on their farewell tour. But unlike Cher, Toyota really means it: the Scion xA and xB will end production this year in advance of two new models coming to the division in spring of 2007. "The xA and xB will always be very special models for us and have contributed greatly to Scion's success, but we're ready to move into our next product phase," said Mark Templin, vice president, Scion. The pair, on sale since June 2003, have sold more than 200,000 copies combined through July. The new models replacing the xA and xB will be 2008 models, Toyota said in a release.

Spy Shots: Toyota Hatchback Coupe by Hans Lehmann/Hidden Image (7/31/2006)
Could it be the next Scion?

FROM THE SOURCE headlines from the latest press releases

Stevens, Szczupak To Retire From Ford

ESP(R) Stability Control to be Mandated for All Cars

Name	Symbol	Last	Change

Autobytel, Inc.	ABTL	3.27	+0.07 (+2.19%)

Autoliv Inc.	ALV	57.65	+0.77 (+1.35%)

AutoNation Inc.	AN	20.42	+0.09 (+0.44%)

ArvinMeritor Inc.	ARM	15.07	-0.19 (-1.25%)

American Axle & Mfr. Holdings Inc.	AXL	17.67	+0.13 (+0.74%)

Ballard Power Systems Inc.	BLDP	5.80	-0.03 (-0.51%)

BorgWarner Inc.	BWA	56.87	-0.31 (-0.54%)

Cummins Inc.	CMI	112.61	-1.93 (-1.69%)

DaimlerChrysler AG (ADR)	DCX	52.90	+0.18 (+0.34%)

Dura Automotive Systems	DRRA	0.37	-0.08 (-16.85%)

Eaton Corporation	ETN	68.88	-0.48 (-0.69%)

Ford Motor Company	F	9.09	-0.10 (-1.09%)

General Motors Corporation	GM	32.96	-0.40 (-1.20%)

Gentex Corporation	GNTX	14.64	-0.31 (-2.07%)

Goodyear Tire & Rubber	GT	14.83	+0.05 (+0.34%)

Honda Motor Co. Ltd. (ADR)	HMC	32.80	+0.54 (+1.67%)

Johnson Controls Inc.	JCI	72.95	+0.04 (+0.05%)

Lear Corporation	LEA	22.15	-0.39 (-1.73%)

Magna International Inc.	MGA	72.10	-0.61 (-0.84%)

Motorola Inc.	MOT	24.50	+0.49 (+2.04%)

Nissan Motor Co. Ltd. (ADR)	NSANY	22.64	+0.46 (+2.07%)

Sonic Automotive Inc.	SAH	22.50	+0.28 (+1.26%)

Siemens AG	SI	84.69	-0.71 (-0.83%)

Sirius Satellite Radio	SIRI	4.03	0.00 (0.00%)

Toyota Motor Corporation (ADR)	TM	106.65	+0.41 (+0.39%)

TRW Automotive Holdings	TRW	24.72	+0.29 (+1.19%)

Tower Automotive Inc.	TWRAQ.PK	0.07	0.00 (0.00%)

United Auto Group Inc.	UAG	22.60	+0.05 (+0.22%)

Visteon Corporation	VC	9.94	-0.05 (-0.50%)

XM Satellite Radio Hold.	XMSR	13.69	+1.18 (+9.43%)

You'll find lots more at TheCarConnection.com, including service tips from our resident gearhead Bob Weber; buying, selling, and leasing tips; recall and safety links; and a wide range of news, views, and reviews from the automotive world's top columnists.

The Car Connection, TheCarConnection, TheCarConnection.com and "The Web's Automotive Authority" are all trademarks of D.A. Acquisition, Inc.
Corporate mailing address:
22 Cambridge Blvd.
Pleasant Ridge, MI 48069-1103

You are currently subscribed to tcc-dailyedition as ralrusu@gmail.com
To *** click on the link below:
http://www.thecarconnection.com/***.asp?list=2&id=ralrusu@gmail.com

Back to newsletter list

Date:

From:

Subject:

Daily Auto News: Sep. 15, 2006