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23 December, 2012 11:54 am : Mtl Auto-Parts

GM buys back its own stock

General Motors will repurchase 200 million shares of its own stock currently held by the U.S. Treasury, with the White House announcing plans to sell off its remaining 300 million shares within the next 12 to 15 months. The automaker will pay $27.50 for the shares it will acquire, a 7.9% premium over the $25.49 closing price on December 18, 2012 but that is also a sharp discount from the $33 price set during GM’s initial public offering in November 2010. And it means taxpayers will lose billions on the sale. “This announcement is an important step in bringing closure to Read more and comment!
20 December, 2012 6:31 pm : Mtl Auto-Parts

GM is recalling 145,000 cars

General Motors Co said on Thursday it is recalling 145,628 mid-sized pickup trucks globally as the hood could open unexpectedly due to a possible missing latch. Of the Chevrolet Colorado and GMC Canyon pickups affected by the recall, 118,800 are in the United States, 15,264 are in Canada, 7,492 are in Mexico and the rest are exports, GM said. GM is recalling the model year 2010 to 2012 trucks because the hood may be missing a secondary hood latch, so if the primary latch is not engaged the hood could open and block the driver's view and increase the risk Read more and comment!
18 December, 2012 5:19 pm : Mtl Auto-Parts

Infiniti new naming scheme

Marking another significant step in its plan to further expand its presence in the premium automotive sector, Infiniti today announced details of a new nomenclature strategy to be applied to its complete product range beginning with the 2014 model year. The first model to carry Infiniti's new Q badge will be the Q50, an all-new premium sports sedan to be unveiled at the North American International Auto Show in January 2013. The premium automotive brand will see its model range simply prefixed either by Q for sedans, coupes and convertibles, or QX, for crossover and SUV models. Each model will Read more and comment!
17 December, 2012 12:15 am : Mtl Auto-Parts

Mercedes-Benz recalls 5800 cars

Mercedes-Benz has become the latest automaker forced to order a recall due to a potential fire risk on almost 6,000 of its luxury sedans, coupes and crossovers. the National Highway Traffic Safety Administration ordering the recall of about 5,800 of the German maker’s products covering eight separate models because of a faulty fuel filter flange. According to regulators, a defect in the molding process can led the flange to crack and possibly spill gasoline during refueling. That, in turn, could cause a fire. The models covered by the recall include the C300, CL550, CL63 AMG, E350, GLK350, S400 Hybrid, S550 Read more and comment!
12 December, 2012 1:10 pm : Mtl Auto-Parts

Honda is recalling more than 870,000 cars

Honda is recalling more than 870,000 minivans and SUVs worldwide, including more than 52,000 in Canada, because they can roll away even though drivers have removed the keys from the ignition. The recall announced today affects older-model vehicles sold mainly in the United States but also includes a total of 52,441 in Canada. They were big sellers with families because of their ample space and reputation for quality. Honda Canada says the recall will involve approximately 23,300 Honda Odyssey and 12,400 Honda Pilot vehicles from the 2003-2004 model years and about 16,600 Acura MDX vehicles from the 2003-2006 model years in Canada. Read more - 1 Comment