October 25th, 2012 at 12:02pm
Ford estimates it will lose over one billion dollars in Europe this year as even more cuts are announced. GM debuts the all-new Corvette small block in Pontiac, MI. Volkswagen is considering building an all-new SUV designed specifically for the American market. All that and more, plus a look at Ford’s 1.0 liter EcoBoost engine.
Hello and welcome to another episode of Autoline Daily. It’s Thursday, the 25th of October. I’m Peter De Lorenzo, the Autoextremist filling in for John again. And it is a special moment here at Autoline World Headquarters, as today marks the 1000th episode of Autoline Daily. Think about that for a moment. That’s a lot of excellent work by John and his team… and a lot of coffee too! Thanks to all of you for watching and we look forward to bringing you another thousand. And now, the news!
MORE BLUE OVAL WOES
Yesterday we reported that Ford will close a plant in Belgium in a cost cutting move but the company’s cuts in Europe will go much deeper than that. Bloomberg reports that in addition to the Belgium plant, the company will close two of its factories in England and layoff about 5,700 employees in total. The downturn in Europe is reaching the critical stage. Ford estimates it will lose over one billion dollars in Europe this year.
DAIMLER EARNINGS FALL
But it’s not just the Blue Oval feeling the pain in Europe. Daimler reported that its earnings before interest and taxes fell by 2.5 billion dollars in the third quarter. The company also scrapped targets for Mercedes next year and plans to cut costs at the luxury brand by 2 billion euros in the next two years.
ALL-NEW CORVETTE SMALL BLOCK
Corvette has been powered by small block engines for 57 years, and the all-new 7th generation is no different. The engine will be called the LT1 and be built at GM’s Tanawanda Engine Plant, which produced the original small block back in 1955. As we reported on Tuesday the C7 Corvette will be 99 percent new and so will the engine. The only carry over parts are the valve keepers and two starter bolts. The new features are direct injection, continuously variable valve timing, and cylinder deactivation. GM claims 450 plus horsepower, 450 plus foot-pounds of torque, and 26 plus miles-per-gallon.
ONE-PIECE CARBON FIBER WHEEL
Carbon Revolution, an Australian based company, is showing off what it says is the world’s first one-piece carbon fiber wheel. The company says its wheel, the CR-9, is up to 50% lighter than aluminum wheels and exceeds standards in the laboratory and out on the track. The wheels are built in Australia and created through a patented manufacturing process. The CR-9 is initially being produced for the Porsche 911 and later in the year will be available for the Lamborghini Gallardo and Audi R8.
AN ALLIANCE IS BORN
General Motors and Peugeot confirmed plans in their alliance. The two companies will jointly work on four new vehicle projects. One will be a multi-purpose van for Opel and a CUV for Peugeot. The next will be a small car for Opel and Citroen. Another will be a low emissions car for both companies and the two will jointly develop a mid-size car for each brand. Peugeot and GM will also jointly purchase components. The companies plan to have the first cars on the road by 2016.
JUST FOR U.S.
Volkswagen is considering building an all-new SUV designed specifically for the American market. VW Chief Executive Martin Winterkorn said the SUV would be bigger than the Tiguan, smaller than the Touareg, but technically simpler than both vehicles and more affordable. The SUV would most likely be built at their Chattanooga, Tenn. plant, where it produces the Passat.
Coming up next, we’ll take a look at Ford’s 1.0 liter EcoBoost engine.
FORD’S 1.0 LITER ECOBOOST ENGINE
(Our look at the 1.0 liter EcoBoost Engine is only available in the video version of today’s show)
Before I go I want to remind you to tune into Autoline After Hours tonight. I will be joined by GM’s former head of marketing, Mark LaNeve, who is now stationed at Team Detroit, Ford’s advertising agency, as well as Jean Halliday from AutoAdOpolis. It should be a great show. Check it out tonight at 6PM Eastern Time at Autoline.tv.
That’s it for today, once again I’m Peter De Lorenzo, the Autoextremist, thanks for watching and I will see you next time.