“US Automaker Receives $528.7 Million Govt Loan - Denver Channel” plus 4 more

US Automaker Receives $528.7 Million Govt Loan - Denver Channel
Fisker Automotive lands $529 million White House loan - The Christian Science Monitor
Quail Lodge Prepares for The Quail, A Motorsports Gathering 2010 - Biloxi Sun Herald
Ford unveils Figo in India - Detroit Free Press
Clunker sales in a word: 'Fantastic' - Times Union

US Automaker Receives $528.7 Million Govt Loan - Denver Channel

Posted: 23 Sep 2009 09:36 AM PDT

Fisker Automotive lands $529 million White House loan - The Christian Science Monitor

Posted: 23 Sep 2009 02:22 PM PDT

Fisker Automotive has received a conditional loan of $527 million to build affordable, fuel-efficient plug-in hybrid cars. Pictured here is the company's first car, the Fisker Karma.

(PRNewsFoto/Fisker Automotive)

Photos (1 of 1)

By Matthew Shaer | 09.23.09

Fisker Automotive, a private company based in Irvine, Calif., has received a $529 million loan from a Department of Energy program designed to fund the development of alternative vehicles.

Energy Secretary Steven Chu told the Los Angeles Times that the low-interest loan, which was announced on Tuesday, "is another critical step in making sure we are positioned to compete for the clean-energy jobs of the future."

In a statement, Fisker said it would use the bulk of the money to fund the design, engineering and assembly of a next-generation plug-in hybrid called the Karma (see photo above, and video below). The Karma will retail at $39,900, after tax credits, according to a Fisker statement:

By 2012 Fisker Automotive is expected to launch a family oriented, user friendly plug-in hybrid featuring cutting edge technology, radical styling and world-class quality. Global sales are predicted to exceed 100,000 units annually. A significant percentage will be exported, helping to balance the US trade deficit.

The rest of the loan will reportedly go towards a line of more affordable vehicles.

Earlier in the year, the Department of Energy issued loans to Ford, Nissan, and Tesla – part of a green energy push on the part of the Democratic administration.

In August, Obama unveiled the details of a separate $2.4 billion grant and loan program aimed at boosting production of electric cars and next-generation battery technology. The funding for the program comes from the 2008 $787-billion economic stimulus bill.

The program represents "the largest investment in this kind of technology in American history," Obama said at the time. "For too long, we've failed to invest in this innovative work, even as countries like China and Japan were racing ahead. That's why this announcement is so important."

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Obama: Online news doesn't come for free

In an interview with the editors of the Pittsburgh Post-Gazette and The Blade of Toledo, Ohio, President Barack Obama hinted that newspapers should consider charging their readers. Read more here.

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Quail Lodge Prepares for The Quail, A Motorsports Gathering 2010 - Biloxi Sun Herald

Posted: 23 Sep 2009 09:17 PM PDT

Tickets will be going on sale soon, and due to the high demand, are very limited. For more information please visit www.quaillodgeevents.com.

Although the owners of Quail Lodge announced the closing of the hotel portion of Quail Lodge after November 16th, 2009. The Golf Course and Clubhouse will remain open and will continue to run a full events program, including The Quail, A Motorsports Gathering

Nestled on 850 acres in the heart of sunny Carmel Valley, Quail Lodge is owned and operated by Hong Kong Shanghai Hotels (HSH). Amenities include an 18-hole championship golf course, swimming pool, tennis court, restaurant, and trails through the remarkably beautiful environment of lakes, lush gardens and rolling hills.

Incorporated in 1866 and listed on the Hong Kong Stock Exchange (00045), HSH is a holding company whose subsidiaries and its jointly controlled entity are engaged in the ownership and management of prestigious hotel, commercial and residential properties in key destinations in Asia and the USA. The hotel portfolio of the Group comprises The Peninsula Hong Kong, The Peninsula New York, The Peninsula Chicago, The Peninsula Beverly Hills, The Peninsula Tokyo, The Peninsula Bangkok, The Peninsula Beijing, The Peninsula Manila, The Peninsula Shanghai (opening in late 2009) and Quail Lodge Resort and Golf Club in Carmel, California. The property portfolio of the Group includes The Repulse Bay Complex, The Peak Tower and The Peak Tramways, St. John's Building, The Landmark in Ho Chi Minh City, Vietnam and the Thai Country Club in Bangkok, Thailand.

Website: www.quaillodge.com

Digital Photo Library: http://www.leonardo.com/peninsula/

SOURCE The Quail, A Motorsports Gathering

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Ford unveils Figo in India - Detroit Free Press

Posted: 23 Sep 2009 08:49 PM PDT

Ford Motor Co., which has lagged other global automakers in the rapidly expanding Asian auto market, is making moves to fix that as it continues Ford CEO Alan Mulallys global One Ford campaign.

The effort kicked off in earnest today, when Mulally announced Ford would begin building a new small car in India next year called the Figo.

This new car will be a game changer, said Michael Boneham, president of Ford India. It will give us muscle in the heart of the Indian market.

Mulally also is scheduled to travel to Chongqing, in southern China, for announcement there on Friday. Ford plans to announce it will build its third assembly plant in China, said a source familiar with the plans.

Ford, which was late to establishing a presence in both India and China, still has a good opportunity to gain market share in the countries, said Dan Montague, an automotive analyst for PricewaterhouseCoopers.

I dont think Ford is under any illusion that they are going to become a major player in either of those markets anytime soon, Montague said.

But Fords sales should increase as industry sales in both markets grow, Montague said.

In China, Ford captured just 2% of the countrys sales during the first half of the year. In India, Fords sales accounted for just 1.5% of the market during the first half of the year, according to PricewaterhouseCoopers.

They definitely dont have the same kind of volume or presence that GM has and Chinese domestics are coming on strong, said Aaron Bragman, automotive analyst for IHS Global Insight.

In India, Fords sells the Ikon and Fiesta sedans, Fusion hatchbacks and the Endeavour sport-utility vehicles. The Figo which means cool in Italian is a new nameplate.

The Ford Figo is designed to compete in Indias small car segment, which accounts for more than 70% of the new vehicle market.

The Figo, a four-door hatchback, will be manufactured at Fords plant near Chennai, India where Ford has invested $500 million to double the annual production to 200,000 units.

The Figo is based on a small-car platform Ford uses for a version of the Ford Fiesta it sells in India but is different from a platform used to produce the Ford Fiesta in Europe. In India, the Fiesta starts at 607,000 rupees, or about $12,600. Ford declined to reveal the Figos sale price and initial production volumes.

Ashwin Patil, an analyst at HDFC Securities in Mumbai, said he expects the Figo to sell for 300,000 to 400,000 rupees ($6,000 to $8,000). Theyll be able to gain a good chunk of the pie, Patil said.

Ford said it has no immediate plans to compete with Tatas Nano, which sells for between 250,000 to 550,000 rupees.

Contact BRENT SNAVELY: 313-222-6512 or bsnavely@freepress.com. Bloomberg News and the Associated Press contributed to this report.

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Clunker sales in a word: 'Fantastic' - Times Union

Posted: 23 Sep 2009 09:53 PM PDT

Auto sales plummeted at the end of Cash for Clunkers, but Capital Region dealers have mostly praise for the federal program.

The clunker program, designed to boost the auto industry, ended in late August. At that time, many auto dealers fretted about delays in reimbursement from a federal government that seemed overwhelmed by the response to the program.

But a month later, most dealers say they have received nearly all of their Clunker reimbursements. And they're looking back wistfully at the month of August.

Those were the glory days, apparently.

"I wish we had (Cash for Clunkers) every month," said Carl Keegan, whose Orange Motors dealership in Albany sold about 100 cars under the program.

Clunkers, which provided rebates of up to $4,500 for older vehicles, helped make August the busiest month of the year for car sales. But it also contributed to making September unusually grim.

Industry watcher Edmunds.com is predicting 8.8 million vehicle sales this month, down from 12.5 million for the month last year. About 16 million cars and trucks are sold in a typical September, Edmunds said.

The program had other consequences.

Catholic Charities of Albany says the supply of cars for its Wheels for Work program has slowed to a trickle. The effort rehabs about 60 donated cars per year for use by the needy.

"We continue to work with families," said Michelle Abel, who runs Wheels for Work. "Those people are waiting and hoping that cars will come in."

One of the peculiarities of the clunker program is that it required the quick destruction of submitted cars.

And while the federal government touted the program's environmental benefits, Department of Transportation data show that many of the 700,000 autos purchased under Cash for Clunkers were trucks, minivans and SUVs with relatively low gas mileage.

The light-on-gas Toyota Corolla was the top-selling vehicle under the program, with nearly 30,000 sold. But also popular were smaller SUVs like the Ford Escape (22,000 sold) and the Honda CR-V (20,000) and trucks like the Chevy Silverado (16,000).

There were even 15 Hummer H3Ts sold with help from Cash for Clunkers, which allowed for the purchase of trucks and SUVs with gas mileage only two miles-per-gallon better than the original vehicle.

The modesty of the fuel-usage upgrades led many to conclude that Clunkers was mostly about helping the downtrodden auto business. On that front, it apparently did its job.

"It was a wild success beyond anybody's imagination," said Deborah Dorman, president of the Eastern New York Coalition of Automotive Retailers.

Dealers said the financial benefits of Clunkers were worth the paperwork headaches -- despite the September sales slowdown, which dealers described as predictable.

Donald Metzner, president of Armory Automotive in Albany, said price or tax cuts always slow sales in the weeks that follow, because they slacken demand.

Metzner offered a one-word assessment of Cash for Clunkers: "Fantastic."

Chris Churchill can be reached at 454-5442 or by e-mail at cchurchill@timesunion.com. The Associated Press contibruted to this report.