William Maley

William Maley Staff Writer - CheersandGears.com November 6, 2012 Maserati has gone ahead and revealed the new Quattroporte sedan, before its official debut at the Detroit Auto Show next year. The overall design of the new Quattroporte hasn't evolved too far away from the current car. Both vehicles share a sloping hood, vented fenders, and sexy lines. The new model differs with different belt line, a more raked windshield, and a revised rear end. Inside, Maserati is going with the "less is more" design philosophy. This is very evident with uncluttered surfaces and only a few physical controls throughout. Power will come from a "all-new next generation powertrain," which in this case will be a V8. Maserati is keeping quiet on horsepower and torque for this engine. Source: Maserati William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. Press Release is on Page 2 New Maserati Quattroporte set to debut at 2013 NAIAS in Detroit 06/11/2012 - Detroit The New Maserati "Maserati stands today at the edge of an unparalleled strategic and industrial growth that will see our presence in the world rise to 50,000 units a year by 2015. This growth is a challenge for which Maserati has carefully prepared itself and that we all welcome with anticipation. It is a growth based on those values of style, elegance, quality, performance for which Maserati has been always recognized and praised in almost 100 years of history. This exciting progression will make the new Maserati a true global player with two new production sites in two different continents and a heart solidly planted in Modena, Italy, where our roots are. It is a growth that will be based on three new models entering two new segments of the automobile market – and it starts with the all-new 2013 Maserati Quattroporte." Harald Wester, Maserati CEO Maserati Quattroporte: Italian Design at its Best "The new Maserati Quattroporte is a high-performance sports luxury sedan that reinterprets the design features of classic Maseratis in a contemporary design language. Its style was born out of the guiding design principles of Maserati: harmony of shapes, dynamism of lines, Italian elegance. More generous in size when compared to the previous model, the new Quattroporte has a design that is at once graceful and sinuous, fashioned to bring out the sporty nature of the car. Some of the elements characterizing the previous model have been purposely maintained: the front grill, the three side vents, the triangular C pillar. At the same time new style and functional features were introduced: the strong belt line that runs through the entire side of the car giving the new Quattroporte a look and feel that is at once muscular and elegant with frameless doors and three side windows.. Inside, the design of the Quattroporte aims at essentiality, stressing the simplicity of lines and the full functionality of the in-board instrumentation. Functional elements are blended with soft quality surfaces made of prestigious woods and refined leathers." Lorenzo Ramaciotti, Head of Maserati Design Center Maserati Quattroporte: All-New Next Generation Powertrain "The innovative Maserati proprietary engines of the all-new Maserati Quattroporte have all been designed and developed by Maserati and Ferrari engineers in the heart of Italy's motor valley. As a matter of fact, they are going to be produced in the Ferrari plant in Maranello that has been synonymous with cutting-edge technology and passion for well over 60 years. Passion is indeed the middle name of a whole new generation of Maserati engines that will equip the all-new Maserati Quattroporte and the models that will soon follow her on the market. The passion and state-of-the-art technology that is at the heart of all the new Maserati engines that will be mounted on the next generation of Maserati products have produced engines that are not only more powerful than ever, or more exciting to drive than ever – bust also more eco-friendly than ever before." Paolo Martinelli, Maserati Powertrain Director Maserati Quattroporte: Key Technical Features "Refined technical solutions, an explicit attention to the most challenging targets in terms of performance, comfort, efficiency and safety – these are the key elements of the all-new Maserati Quattroporte. Maserati engineers have worked - with a competence matched only by their passion – in chassis designing and engineering, weight reduction, ergonomic enhancement to develop a car capable of fitting different powertrain architectures and transmission configurations for the most diverse driving conditions but always maintaining Maserati's trademark best-in-class driving comfort. The results is the all-new Maserati Quattroporte, a luxury sports sedan that reaches new heights in terms of performance and handling, driving enjoyment as well as respect of the world we live in: the best performance ever in the long history of Maserati's four-door flagship sedan are matched by the unprecedented success in the quest for an eco-friendly automobile. All this done, of course, as you may expect from Maserati, in the spirit of the most severe active and passive safety conditions." Roberto Corradi, Maserati Vehicle Development Director View full article

William Maley Staff Writer - CheersandGears.com November 5, 2012 We knew the day was coming, just when was the question. Now, that day has arrived. Earlier tonight, American Suzuki Motor Corporation has announced they would be filling for Chapter 11 bankruptcy and close up their automotive division. "In evaluating its position in the highly regulated and competitive U.S. automotive industry, ASMC determined that its Automotive division was facing a number of serious challenges. These challenges include low sales volumes, a limited number of models in its line-up, unfavorable foreign exchange rates, the high costs associated with growing and maintaining an automotive distribution system in the continental U.S. and the disproportionally high and increasing costs associated with stringent state and federal regulatory requirements unique to the U.S. market. While the decision to discontinue new automobile sales in the U.S. was difficult to make, today’s actions were inevitable under these circumstances. ASMC is dedicated to honoring its commitments to Automotive customers through and after the wind down of new automobile sales in the continental U.S.," said ASMC in a statement tonight. ASMC says they'll honor warranties, as well as supply parts and service cars through its dealer network. As for dealers, ASMC says they'll help dealers transition from selling vehicles to parts and service operations, and in certain cases, wind-down dealer operations. Suzuki won't fully disappear from the U.S. market. The company will still be selling motorcycles, all-terrain vehicles, and marine products. Source: American Suzuki Motor Corporation William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. Press Release is on Page 2 American Suzuki Motor Corporation (“ASMC”) Announces Restructuring and Realignment to Focus on Motorcycles/ATV and Marine Divisions ASMC to wind down and discontinue new automobile sales in continental U.S. Consumers will be protected and all warranties will continue to be fully honored BREA, Calif.--(BUSINESS WIRE)--American Suzuki Motor Corporation (“ASMC” or “the Company”), the sole distributor in the continental United States of Suzuki Motor Corporation (“SMC”) automobiles, motorcycles, all-terrain vehicles and marine outboard engines, today announced that it plans to realign its business to focus on the long-term growth of its Motorcycles/ATV and Marine divisions. Following a thorough review of its current position and future opportunities in the U.S. automotive market, ASMC will wind down and discontinue new automobile sales in the continental U.S. The Company has determined the best path to achieve this realignment in an efficient and orderly manner is to restructure its operations under chapter 11. The case will be filed in the United States Bankruptcy Court, Central District of California in Santa Ana. Consistent with ASMC’s long history of standing by its products, owners of Suzuki automobiles will be protected. All warranties will continue to be fully honored and automobile parts and service will be provided to consumers without interruption through ASMC’s parts and service dealer network. ASMC remains firmly committed to Motorcycles/ATV and Marine products, and these divisions are competitively positioned in their respective markets, allowing for long-term growth as economic conditions improve. The realignment is intended to better position ASMC for long-term success and is a return to the Company’s roots in the U.S. market, which began with motorcycles and has grown to include ATV and marine products. ASMC remains very proud of its high quality, high performance motorcycle, ATV and Marine products. The Company will continue to bring ASMC products to market, including its full lineup of sportbike, cruiser, touring, scooter, dualsport, motocross, off-road motorcycles and KingQuad ATV line, as well as its flagship DF300AP, state-of-the-art DF20A, and DF15A, among other models. Additionally, ASMC is working to further build its market share through continued investment in additional support for dealers through marketing and advertising activities and sales promotion. Suzuki will continue to have a strong presence as a sponsor of teams in supercross, outdoor motocross and road racing. In evaluating its position in the highly regulated and competitive U.S. automotive industry, ASMC determined that its Automotive division was facing a number of serious challenges. These challenges include low sales volumes, a limited number of models in its line-up, unfavorable foreign exchange rates, the high costs associated with growing and maintaining an automotive distribution system in the continental U.S. and the disproportionally high and increasing costs associated with stringent state and federal regulatory requirements unique to the U.S. market. While the decision to discontinue new automobile sales in the U.S. was difficult to make, today’s actions were inevitable under these circumstances. ASMC is dedicated to honoring its commitments to Automotive customers through and after the wind down of new automobile sales in the continental U.S. An Orderly Process to Serve Consumers ASMC intends to work within its current U.S. Automotive dealer network to help structure a smooth transition from new automobile sales to exclusively parts and service operations, or, in some instances, an orderly wind down of dealership operations. ASMC intends to market and sell its remaining U.S. automobile inventory through its Automotive dealer network. Through and after the restructuring, all warranties will be fully honored and automobile parts and services will be provided to consumers through the dealer network. ASMC intends to honor any automobile buyback agreements that are currently in place with financial institutions. As part of its chapter 11 filings, ASMC will submit a proposed Plan of Reorganization and Disclosure Statement that specifies how the Motorcycle, ATV and Marine divisions will be maintained and enhanced, and how its relationship with Automotive dealers will be largely transitioned to support consumers and dealers through continued parts and service operations. SMC or its nominee intends to purchase ASMC’s Motorcycle, ATV and Marine businesses, as well as the Automotive service operation responsible for parts and warranties, through a new U.S. subsidiary that will retain the ASMC brand name. ASMC believes it has sufficient cash on hand to operate its businesses during the restructuring. If necessary, ASMC will request permission from the Court to borrow additional funds from SMC needed during the restructuring. Honoring Commitments ASMC intends to operate its Motorcycles/ATV and Marine businesses as usual and is dedicated to completing the realignment process as smoothly and efficiently as possible. ASMC will continue to fully stand behind all of its products and honor all warranties from these divisions. ASMC is working with GE Capital’s Retail Finance and Commercial Distribution Finance businesses to continue providing motorcycles and ATV consumer financing programs and motorcycle, ATV and marine dealer inventory financing respectively. The Company expects existing agreements with other dealer and consumer financing providers to continue as well. ASMC has filed a series of first day motions requesting approval to continue paying employee wages and benefits in the ordinary course, offering dealer incentives and payments under customer warranties. ASMC also expects to pay vendors in the normal course of business for goods and services delivered on or after its November 5, 2012 filing. Payments for goods received before ASMC’s November 5, 2012 filing will be made in accordance with the chapter 11 procedure. SMC, the 100 percent interest holder in ASMC, is not a debtor in the chapter 11 filing. ASMC’s legal advisor on the restructuring is Pachulski Stang Ziehl & Jones LLP, and its financial advisor is FTI Consulting, Inc. Nelson Mullins Riley & Scarborough LLP is serving as special counsel on automobile dealer and industry issues. Further, ASMC has proposed the appointment of M. Freddie Reiss, Senior Managing Director at FTI Consulting, as Chief Restructuring Officer, and has also added two independent Board members to assist it through this period. Additional information regarding ASMC’s business realignment can be found at the Company’s website, www.suzuki.com, or via an information hotline at 1-877-465-4819. View full article

William Maley Staff Writer - CheersandGears.com November 5, 2012 Audi appears to be looking back at the first-generation TT model for the next-generation TT. Sources tell Autocar that the design of the next-generation TT will take design elements from the first-gen and current TT to help bring back the distinctiveness and impact that first-gen TT had. The next-generation TT will utilize Volkswagen's MQB platform and will have a similar overall size to the current TT but with a wider track. There is also talk of using more aluminum in the TT's structure to help reduce more weight. The next TT will arrive first as a coupe sometime in 2014, with a convertible following a year after. Source: Autocar William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article

William Maley Staff Writer - CheersandGears.com November 5, 2012 Tesla announced their third quarter results today and it was a mixed bag. The company announced a $110.8 million loss, a figure that's significantly higher than last year's $65.1 million loss. Tesla partly blames the loss on a slower-than-expected roll-out for the Model S, which went into production in July. Tesla says they have increased production of the Model S from 100 vehicles per week to 200. The company expects to be building 400 vehicles by the end of December. As for revenues, the company exceeded projections of $48 million by bring in $50 million in revenues. Tesla didn't revise its $400 to $440 million 2012 revenue outlook. The outlook was lowered about two months ago from from $560 to $600 million after the Model S' slow startup. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article

William Maley Staff Writer - CheersandGears.com November 5, 2012 There are vehicles that with a quick glance, you immediately recognize; the Porsche 911 and the Volkswagen Beetle are perfect examples of this. Another vehicle that follows this is the Toyota Prius. Since the second-generation model, the Prius has earned a place of being instantly recognizable due to its shape. Now, Toyota is pondering whether to change it or not. “There’s an undercurrent among most people that they’re ready for a new Prius look. Maybe our architecture has been a little bit similar for the last two generations.” said Chris Hostetter, Toyota’s U.S. group vice president for strategic planning. Hostetter told Bloomberg that the company is currently debating whether to keep the aerodynamic wedge-shape look or go towards something more dramatic. This possible change is due to Toyota CEO Akio Toyoda wanting to make the company’s cars more exciting, and make the Prius more appealing to buyers. Source: Bloomberg William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article

William Maley Staff Writer - CheersandGears.com November 2, 2012 Unless you have been living under a rock for the past few years or so, you have most likely seen the ads from Hyundai touting they sell more vehicles that get 40 MPG on the highway than any other automaker in the U.S. Well, those ads are done as Hyundai and Kia admitted to overstating the estimated fuel economy posted on window stickers of about 900,000 vehicles sold since late 2010. This announcement comes in part from an EPA investigation which couldn't replicate fuel mileages Hyundai and Kia had claimed on window stickers. The investigation found out that 41% of vehicles sold by the two automakers are affected. "Consumers rely on the window sticker to help make informed choices about the cars they buy," said Gina McCarthy, assistant administrator for EPA's Office of Air and Radiation. The EPA says their investigation is on going could seek to impose civil penalties on the two companies. Hyundai Motor America President and CEO John Krafcik explained to The Detroit News the problem was due to a flaw due to changes in its fuel economy tests starting in the 2010 model year. "We've identified the source of the discrepancies between our prior testing method and the EPA's recommended approach," said Krafcik. All told, 35% of 2011-2013 Hyundai and Kia models sold through October will see a reduction in fuel economy. Of that 35%, 580,000 vehicles will see a drop of around 1 MPG 240,000 vehicles will see a drop of around 2 MPG 80,000 vehicles will see a drop of around 3 to 4 MPG Hyundai and Kia are working on new window stickers that will be applied to their vehicles starting today. Also, Hyundai and Kia will reimburse owners for the lower gas mileage on the affected vehicles. Dealers will look at the odometer and calculate how much an owner might have saved if the car achieved the promised gas mileage. From there, Hyundai and Kia will add 15 percent to the dollar total and send out debit cards to owners. The two companies will continue to reimburse customers for as long as they own the vehicles. To find out if your Hyundai or Kia vehicle is effected, you can visit either HyundaiMPGInfo.com or KiaMPGInfo.com. Source: The Detroit News William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. Press Releases is on Page 2 Hyundai Vehicles Effected on Page 3 Kia Vehicles Effected on Page 4 Hyundai/Kia to Correct Overstated MPG Claims as Result of EPA Investigation WASHINGTON - The U.S. Environmental Protection Agency (EPA) today announced that Hyundai Motor America and Kia Motors America will lower their fuel economy (mpg) estimates for the majority of their model year 2012 and 2013 models after EPA testing found discrepancies between agency results and data submitted by the company. The auto companies have submitted to the EPA a plan for cars currently on dealer lots to be re-labeled with new window stickers reflecting the corrected mileage estimates. The mileage on most vehicle labels will be reduced by one to two mpg, and the largest adjustment will be six mpg highway for the Kia Soul. "Consumers rely on the window sticker to help make informed choices about the cars they buy,' said Gina McCarthy, assistant administrator for EPA's Office of Air and Radiation. "EPA's investigation will help protect consumers and ensure a level playing field among automakers." At its National Vehicle and Fuel Emission Laboratory (NVFEL) in Ann Arbor, Mich., EPA routinely tests vehicles – 150 to 200 a year, or about 15 percent of the possible vehicle configurations – to ensure that their performance matches the mileage and emissions data required to be submitted to EPA by automakers. This auditing helps to ensure that vehicles on the road meet tailpipe emission standards to protect public health and the environment and that all carmakers follow the same procedures for calculating mileage estimates. EPA conducts both random and targeted audits, based on factors such as consumer complaints. EPA had received a number of consumer complaints about Hyundai mileage estimates. Through the agency's ongoing audit program, staff experts at EPA's NVFEL observed discrepancies between results from EPA testing of a MY2012 Hyundai Elantra and information provided to EPA by Hyundai. The agency expanded its investigation into data for other Hyundai and Kia vehicles, leading to today's announcement. EPA's audit testing occasionally uncovers individual vehicles whose label values are incorrect and requires that the manufacturer re-label the vehicle. This has happened twice since 2000. This is the first time where a large number of vehicles from the same manufacturer have deviated so significantly. EPA and DOE are updating their joint fuel economy site, www.fueleconomy.gov, to reflect the Hyundai and Kia corrected numbers. For more information, please see: http://www.epa.gov/f...labelchange.htm --------------------------------------------------------------------------------------------------------------------------------------------------------------- HYUNDAI AND KIA INITIATE VOLUNTARY PROGRAM TO ADJUST FUEL ECONOMY RATINGS ON SELECT VEHICLES Automakers' Average Fuel Economy Rating Reduced 3 Percent; Affected Vehicle Owners to be Compensated ORANGE COUNTY, Nov. 2 – Hyundai Motor America and Kia Motors America today announced that, following discussions with the U.S. Environmental Protection Agency (EPA), they are voluntarily adjusting the fuel economy ratings for approximately 900,000, or 35 percent of, 2011-13 model year vehicles sold through October 31, 2012. Procedural errors at the automakers' joint testing operations in Korea led to incorrect fuel economy ratings for select vehicle lines. As part of Hyundai/Kia's corrective actions, the fuel economy ratings for vehicles currently in showrooms are being voluntarily relabeled. With these changes, the 2012 Hyundai/Kia fleet fuel economy level is reduced by an average of 3 percent – from 27 to 26 MPG. "I sincerely apologize to all affected Hyundai and Kia customers, and I regret these errors occurred," said Dr. W. C. Yang, chief technology officer of Hyundai/Kia research and development. "Following up on the EPA's audit results, we have taken immediate action to make the necessary rating changes and process corrections." Both companies are putting in place a comprehensive reimbursement program for affected current and former vehicle owners to cover the additional fuel costs associated with the fuel economy rating change. Customers will receive a personalized debit card that will reimburse them for their difference in the EPA combined fuel economy rating, based on the fuel price in their area and their own actual miles driven. In addition, as an acknowledgement of the inconvenience this may cause, we will add an extra 15 percent to the reimbursement amount. Current owners will be able to refresh their debit card for as long as they own the vehicle. Prior owners of affected vehicles who have already sold their cars will also be reimbursed using the same formula. For more information about reimbursement and a complete list of eligible vehicles, customers can visit www.HyundaiMPGinfo.com and www.KiaMPGinfo.com. The fuel economy rating discrepancies resulted from procedural errors during a process called "coastdown" testing at the companies' joint testing operations in Korea. Coastdown testing simulates aerodynamic drag, tire rolling resistance and drivetrain frictional losses and provides the technical data used to program the test dynamometers that generate EPA fuel economy ratings. Affected vehicles and their before-and-after EPA estimates are shown in the attachment. Hyundai and Kia will continue to advance improvements in fuel efficiency through technology and innovation, and continue to fully support the recent rulemaking issued by EPA and the National Highway Traffic Safety Administration. "Given the importance of fuel efficiency to all of us, we're extremely sorry about these errors," said John Krafcik, president and CEO of Hyundai Motor America. "When we say to Hyundai owners, 'We've got your back,' that's an assurance we don't take lightly. We're going to make this right for everyone, and we'll be more driven than ever to ensure our vehicles deliver outstanding fuel economy." "As a customer-focused organization, we are fully committed to providing consumers with complete and accurate information, and deeply regret the errors were made," said Byung Mo Ahn, group president and CEO, Kia Motors America and Kia Motors Manufacturing Georgia. "Our reimbursement program is intended to ensure that all affected Kia customers quickly receive fair compensation." View full article