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Auto/Economy
6:47 pm
Wed May 11, 2011

Toyota's profits plummet 77% in first three months of year

Toyota’s profits fell 77-percent in the first three months of the year.  That’s in part because the strong yen versus the dollar eroded the Japanese company’s profitability overseas. 

The company’s global production also plummeted after the tsunami damaged many Toyota parts suppliers in Japan.

Aaron Bragman is an analyst with I-H-S Automotive.    He says Toyota is, at least, on the mend from last year’s recall crisis.

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Economy
4:55 pm
Wed May 11, 2011

Snyder's "Reinventing Michigan" award goes to…

Governor Snyder hands memebers of the Slikkers family his first ever "Reinventing Michigan" award Wednesday. The Slikkers own Energetx Composites, a spin-off of Tiara Yachts.
Lindsey Smith Michigan Radio

Governor Rick Snyder is honoring a West Michigan company for diversifying its business. Snyder presented Energetx Composites with his first “Reinventing Michigan” award. The award is part of a campaign promise to highlight more business success stories in the state.  

Energetx is a spin-off of Tiara Yachts. Luxury boats sales crashed during the recession.  In 2008 the company realized they could use the same strong but light-weight material used to make yachts to make other things, particularly parts for wind turbines. 

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Economy
3:22 pm
Wed May 11, 2011

Report claims nearly half Detroit workforce is not prepared for workforce

Nearly half of the Detroit workforce lack the basic skills needed by employers
sideshowmom Morgue File

A recent report  describing the adult workforce in Detroit says that 47% are unable to read.

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Commentary
1:00 pm
Wed May 11, 2011

Fast train to somewhere

We’ve had so much bad news for so long it’s sometimes hard to absorb when something goes right. But it did this week, when the federal government awarded Michigan $200 million dollars to improve railroad service between Detroit and Chicago.

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Auto/Economy
9:38 pm
Tue May 10, 2011

GM will (possibly) hire new workers as its invests in U.S. plants

General Motors has announced it will invest a total of $2 billion in 17 of its U.S. plants. 

The investment also means the company will re-hire its 1,357 laid-off workers, and possibly hire hundreds of new workers, especially if demand for GM cars continues to improve.

At GM's Toledo Transmission plant, UAW members gather to hear about what it means for their plant:  a $200 million upgrade and the opportunity to build a new, fuel-efficient 8-speed transmission.

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Auto/Economy
12:14 pm
Tue May 10, 2011

Car production in Japan could return to normal earlier than expected

Car production in Japan could return to normal earlier than expected.

From the Associated Press:

A report says Toyota's global car production, disrupted by parts shortages after Japan's March 11 earthquake and tsunami, will likely return to normal two to three months earlier
than expected.

Japan's top business daily Nikkei said Tuesday that Toyota's output will normalize earlier than the end of this year as parts shortages are easing. It didn't cite any sources.Toyota said last month its worldwide production will likely return to normal levels by November or December.

Toyota Motor Corp. spokeswoman Shiori Hashimoto could not confirm the report.

The disasters destroyed many factories in northeastern Japan, causing severe parts shortages for Toyota and other automakers. The supply crisis has cost the company production of 400,000 vehicles in Japan, and 100,000 overseas.

Auto/Economy
4:19 pm
Mon May 9, 2011

GM to add 250-400 jobs to Toledo factory

Brandon C Flickr

A General Motors transmission factory will be adding 250 to 400 jobs, according to a union official quoted by the Associated Press.

The announcement will be made by CEO Dan Akerson and UAW Vice President Joe Ashton.

The AP reports:

A union official says General Motors plans to add 250 to 400 jobs at its transmission factory in Toledo, Ohio.

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Auto/Economy
2:12 pm
Mon May 9, 2011

Stabenow and Peters push for investments in advanced auto technologies

Michigan Senator Debbie Stabenow and Congressman Gary Peters say the government should do more to help the auto industry mass-produce fuel-efficient technologies.

The two Democrats were at Bosch auto supplier headquarters in suburban Detroit today to urge Congressional support for the Advanced Vehicle Technology Act.

The bill would authorize $300 million a year for private sector fuel-efficiency research.

Peters says "this is just the right thing to do" with Michigan gas prices at record highs:

 "You’re going to hear a lot of ideas about drilling and other types of ideas, but really the best idea is to push the technology," said Peters. "Push innovation. And that’s what we do here in the Detroit area better than anybody else in the world, and that’s innovate with vehicles and automobiles."

Peters says the legislation has support from both environmental and business groups.

The bill passed the U.S. House with bipartisan support last year, but it couldn’t get through the Senate.

Auto/Economy
1:54 pm
Mon May 9, 2011

Ten high speed train and rail projects announced today

User seemidtn Flickr

Earlier today, the U.S. Department of Transportation announced the investment of over $2 billion in high speed rail projects around the country.

But what are the actual projects?

The entire list is available at the Department of Transportation's website, which has the full press release.

But here are some highlights (including full descriptions from the press release on the two Michigan projects.

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Auto/Economy
12:15 pm
Mon May 9, 2011

Officials investigate fuel tank problem on F-150s

The National Highway Traffic Safety Administration is looking at Ford F-150s from the 1997 through 2001 model years. It's investigating a fuel tank problem that could affect more than 2.7 million pickup trucks.
user cogdogblog Flickr

The government is investigating the safety of some Ford F-150 trucks.

From the Associated Press:

U.S. safety regulators are investigating a fuel tank problem that could affect more than 2.7 million Ford F-150 pickup trucks.

The National Highway Traffic Safety Administration says on its website that the steel straps holding up the gas tank can rust and break, possibly causing a fuel spill and fire.

The agency says it is looking into trucks from the 1997 through 2001 model years. The F-150 is the top-selling vehicle in the U.S.

NHTSA says there are 243 reports of the tanks falling and causing two fires. No injuries have been reported.

The agency began looking at the problem last year when it had received 32 complaints.

Ford says it's cooperating with the investigation. Anyone with concerns should contact their dealer.

Auto/Economy
4:57 pm
Fri May 6, 2011

Train stations in Michigan celebrate "National Train Day" with Saturday events

Saturday is National Train Day and events are being held across Michigan, including at many Amtrak stations. 

Tim Fischer is with the Michigan Environmental Council. 

He says gas prices are going up and so is train ridership. 

But Fischer says the same can’t be said of state and federal investments in the U.S. rail system. 

" So we certainly do need more funding for our rail systems, they are important assets that we should not be abandoning."

Here is a list of events:

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Auto/Economy
4:20 pm
Fri May 6, 2011

Private companies hiring at faster-than-expected rate

User khalilshah Flickr

The new national employment report shows the economy is churning out new jobs as people return to the workforce to compete for them.

Governor Rick Snyder says that’s good for Michigan as he tries to convince state lawmakers to adopt his jobs strategy.

Private sector employment is considered a strong indicator of the strength of the economy and, for the first time in a long time, private companies are hiring at a faster-than-expected rate.

Governor Snyder says that’s good news.

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Auto/Economy
1:44 pm
Fri May 6, 2011

AP: Rising jet fuel prices motivate buyouts at Delta

F. Olastuen Flickr

Delta Air Lines is planning to offer "voluntary early retirements and buyouts" to its workers.

The reason? Rising jet fuel prices.

From the Associated Press:

Delta Air Lines Inc. says it will offer voluntary early retirements and buyouts to its employees because it must shrink to cope with high jet fuel prices.

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Economy
1:16 pm
Thu May 5, 2011

Michigan mortgage lender ends federal investigation into discrimination claims

A major home mortgage lender has reached a deal to end a federal investigation into alleged racial discrimination. The settlement will mean millions of dollars for housing programs in Wayne County.  

Citizens Bank is the largest bank holding company headquartered in Michigan and one of the 50 largest in the country. 

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Economy
9:47 am
Thu May 5, 2011

No progress for Midwest's housing market

Photo by Steve Carmody/Michigan Radio

Things continue to look bad for the Midwest housing market. Seven of the lowest performing major markets in the nation are from the Midwest and Detroit leads the pack. Sean McSweeney is with Clear Capital, a national real estate valuation company. McSweeney says while Detroit faces many challenges, there are still reasons Detroit home owners should be hopeful. 

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Auto/Economy
11:53 am
Wed May 4, 2011

Driving habits remain as gas prices break records

Commuting in Chicago. Gas prices are rising, but driving habits don't seem to be changing as drastically as they did in 2008.
Phillip Capper Flickr

Gas prices continue to climb in Michigan. They reached a new record today hitting an average of $4.26.

From the Detroit Free Press:

Gas prices continue to climb in Michigan, with the average cost per gallon of regular gasoline jumping to $4.26 today from $4.22 on Tuesday.

Previously, the record price had been set in summer 2008. Tuesday's price broke that record.

A year ago, the average price per gallon in the state was $2.94.

In 2008, when gas prices shot up, demand for gasoline dropped as Americans adjusted their driving habits.

Some experts say that's not likely to happen this time around as Americans are not as shocked by the high gas prices.

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Auto/Economy
10:52 pm
Tue May 3, 2011

Chrysler surviving

A new kind of customer began showing up at Schultz Motors of Milan after Chrysler ran a defiant, two-minute ad during the Superbowl -- young guys who’d never owned a Chrysler before.  But they wanted the car rap star Eminen was driving in that ad. 

Tyler Schultz says it helps that the 200 is a more appealing car than its predecessor the Sebring.

"The interior is very well-appointed, it's very driver-friendly, and you can see the list price is $24,000.  So with the incentives on top of that it comes in really affordable.  So this car’s got a lot of bang for the buck."

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Auto/Economy
3:50 pm
Tue May 3, 2011

Automakers release sales numbers today

The Chrysler 200 helped lead the "best month for Chrysler Group mid-size sedans since March 2008."
IFCAR wikimedia commons

Sales numbers for April are coming in today, and there are more signs that the American public has pent up energy to buy new cars. As they did in 2008, higher gas prices are driving demand for smaller, fuel efficient cars. U.S. Automakers are more prepared for that demand this time around.

Update 3:50 p.m.

Chrysler announced the "best April sales since 2008" - a 22% increase compared with sales in April 2010. The company sold 95,703 cars in April.

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Economy
3:01 am
Tue May 3, 2011

Michigan gas prices hit record high

(photo by Steve Carmody/Michigan Radio)

Michigan gasoline prices have reached a record high. According to GasBuddy.com, the price for a gallon of gasoline has never been this high in Michigan. 

Patrick DeHaan is a senior petroleum analyst with GasBuddy. He says the old record was $4.25 a gallon. DeHaan says the price at the pump in large parts of Michigan is now higher than $4.29 a gallon. He says refinery problems are causing gasoline supplies to drop in the Midwest.

DeHaan says Michigan motorists should be aware, we may not have reached that peak pump price yet. 

 “Whatever you expect…can change.  And so, if there is another issue like this we could see prices continue higher.   But history tells us that prices will reach a new peak sometime in May.”

DeHaan does not expect the death this week of Osama bin Laden will have an affect on gas prices.

Auto/Economy
5:31 pm
Mon May 2, 2011

Japanese parts shortages will likely show up in April car sales

Car sales in the U.S. likely went up about ten percent last month, compared to the same month a year ago. 

U.S. sales for April will be reported Tuesday.

Analyst Jesse Toprak of Truecar.com says sales would have been better, but the disasters in Japan greatly diminished the supply of car parts, especially for Honda and Toyota.

Both companies have drastically slowed production of cars, and the slowdown could continue through the rest of the year.

Toprak says Japanese car companies typically do well when gas prices increase.

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