Hyundai Motor's Two R&D Vice Chairmen Offer to Resign
Hyundai Motor Group's two vice chairmen in charge of r&d have offered to resign, reports Automotive News. Albert Biermann, r&d president, is likely to be named chief of the division, say reports. The reshuffle is one of the most high-profile shake-ups since Hyundai promoted heir-apparent Euisun Chung in September to executive vice chairman, moving him a step closer to succeeding his octogenarian father as head of the country's second-largest group. The South Korean group has since appointed new heads of product strategy and design, and created two entities to develop future technologies, as it battles plunging profits and sagging share prices. The latest shake-up at the group, which includes Hyundai Motor and its affiliate Kia Motors, is likely to be announced on Wednesday and is part of a sweeping management reshuffle at the group, one of the sources said. Read more here.
2019 Honda Passport Already Rolling Off the Assembly Line in Alabama
The 2019 Honda Passport is essentially a mix of the Ridgeline and the Pilot, so it makes sense that it would come from the same facility that builds both those models, as well. Road Show reports that Honda announced last week that the 2019 Passport has already entered production at Honda's facility in Alabama. With its early-2019 release looming, it's time for 1,500 workers at Honda Manufacturing of Alabama to kick into high gear. That factory is also responsible for assembling the Ridgeline midsize pickup truck and the Pilot three-row SUV. All three vehicles ride on Honda's Global Light Truck platform, so it's no surprise that they're all built under the same roof. Under the passport's hood is the same engine that powers the Pilot and Ridgeline – a 3.5-liter V6 that puts out 280 horsepower and 262 pound-feet of torque. Front-wheel drive and all-wheel drive will be available, both of which will mate to a nine-speed automatic transmission. Read more here.
UAW Official Got Disney Tix, Palm Springs Trip During During Conspiracy
Former United Auto Workers Vice President Norwood Jewell tapped a training fund to pay for more than $10,000 worth of golf resort accommodations in Palm Springs, California, and Disney World tickets, a spending spree that is the focus of an ongoing federal corruption investigation, sources told The Detroit News. The Palm Springs discovery is part of a broader focus on how UAW officials spent training funds from Fiat Chrysler Automobiles and member dues on condominiums, liquor, extravagant meals, and golf in the desert oasis. UAW officials spent almost $1 million in member dues from 2014 to 2016 in Palm Springs, where Gary Jones held annual conferences before becoming president in June. The Palm Springs and theme park expenses are described by sources as examples of illegal benefits flowing to UAW officials during a years-long conspiracy to violate federal labor laws. The conspiracy involved Fiat Chrysler executives funneling cash and gifts to UAW officials in hopes of swaying contract negotiations and keeping labor leaders "fat, dumb and happy," according to the government. Read more here.
Carlos Ghosn's Jail Time Extended as Prosecutors Lay Out New Suspicions
Nissan Motor Co.’s Carlos Ghosn will remain in jail until at least Dec. 20 without the possibility of bail under a Tokyo District Court decision Tuesday. The Wall Street Journal reports that prosecutors indicted Mr. Ghosn on Monday on charges of understating his compensation on five years of Nissan’s financial reports, and they also laid out new suspicions that he did the same on an additional three years of Nissan financial reports through the year ended March 2018. By bringing forth new suspicions—a process known in Japan as “rearresting” a suspect—prosecutors made it possible to keep Mr. Ghosn in jail for additional time without the possibility of bail. Normally, defendants who have been indicted can seek to be released on bail. Under the court decision Tuesday, Mr. Ghosn can be held without bail at the Tokyo Detention House for 10 days ending Dec. 20. Prosecutors can then seek to hold him without bail for an additional 10 days. Read more here.
Atlanta Car Execs Tout Positive Sales for 2018
There is tremendous optimism for the future of nation’s auto industry, a panel of Atlanta-headquartered auto manufacturers told a group of business leaders on Monday. According to The Atlanta Journal Constitution, the disruption caused by changing consumer habits and technology that has rattled other economic sectors – including the auto industry – is forcing leaders to embrace new business models and artificial intelligence technology to meet consumer demands, they say. Cox Automotive President Sandy Schwartz hosted the panel that included, Klaus Zellmer, CEO of Porsche USA; Deitmar Exter, CEO of Mercedes-Benz USA; and Larry Dominique, president and CEO of Peugeot North America. Sponsored by the Atlanta Economics Club, panel members discussed the current state of the auto industry; mobility issues; the impact of the trade wars and how technology is driving the industry. The executives did say that rising interest rates and the growing global trade war may provide short-term headwinds. “Protectionism is not good,” said Dominique. Read more here.
Webinar: A 2018 Review and 2019 Projections
Join AIADA's December AutoTalk webinar December 18 at 2:00pm EST and listen to this important discussion on 2018 trends and market performance, and what to expect for 2019.
Featured speakers include:
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Tom Kontos, Sr. V.P. and Chief Economist for KAR
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Jonathan Smoke, Chief Economist at Cox Automotive
Register Today. You don't want to miss this outstanding year-end program!
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Around the Web
This is the Stuff Movies Constantly Get Wrong About Cars [Jalopnik]
Porsche Taycan Could Be Sold Out for First Year [MotorAuthority]
17 Cars We Never Expected These Manufacturers to Build [Road and Track]
