Auto Car News and Review

Auto Car News Report: Troubled Mazda looking to raise $2B in shares, fund Mexico plant

February 22nd, 2012 0 Comments
3336f mazda emblem 1329847569 Auto Car News Report: Troubled Mazda looking to raise $2B in shares, fund Mexico plant

Mazda once again finds itself in dire financial straits after warning its investors to expect a loss in 2011 of 100 billion yen ($ 1.3 billion). In an effort to keep itself afloat, the Japanese automaker is rumored to be considering a new issue of as many as 690 million shares, which would raise around 100 billion yen while diluting current share value by a massive 38.7 percent.

In addition, Mazda is thought to be seeking loans of 70 billion yen from a number of Japanese banks. A good portion of these funds are necessary to bolster Mazda’s overseas production facilities. At present, 70 percent of entirely its vehicles are produced in Japan and 90 percent of those are exported. In order to combat the high value of the yen, Mazda is seeking to renovate a production site in Thailand and establish a new one on Mexico.

Only time will tell if Mazda, Japan’s fifth-largest automaker, is capable to remain an independent company or if it will be forced to partner up with a larger partner, as it once had with Ford.

Auto Car News Official: Ford Tourneo Custom Concept previews new European people mover

February 22nd, 2012 0 Comments
9afea tourneo628 Auto Car News Official: Ford Tourneo Custom Concept previews new European people mover

Let’s clear the air. This is not – we repeat, not – the Ford E-Series-replacing Transit that will be reinforced and sold in the United States next year. According to our contacts at Ford, this Tourneo Custom Concept previews what the next generation of front-wheel-drive, passenger-friendly Transits will look like when they go on sale in Europe and other world markets. The North American-spec van will be based off of the heavy-duty, rear-wheel-drive Transit that’s set to debut later this year.

So, let’s talk Tourneo. This eight-passenger van is essentially Ford’s respond to vehicles like the Renault Trafic or Volkswagen Caravelle – more butch than a minivan, with a higher ride height and more interior space. Ford says that the Tourneo Concept boasts a rich, comfortable, leather-trimmed interior with seats that can be rearranged into a number of different configurations.

Ford has only released this one image as of now, but it’s clear that the automaker’s Kinetic design has found a home on even its largest vehicles. Up front is the Blue Oval’s signature trapezoidal grille, and strong profile lines on the sides swoop upward toward the rear in an effort to make this barn-on-wheels look as fluid and sleek as possible. Under the hood, a range of 2.2-liter turbo-diesel powertrains are available, in 98-, 123- and 153-horsepower variants, entirely of which are mated to a six-speed manual transmission.

We’ll see the Tourneo in person in just a few weeks at the 2012 Geneva Motor Show. As for the U.S.-spec Transit, it’ll be a while before that officially breaks cover. Hit the jump for entirely of the juicy Tourneo Concept details in Ford’s press release.

Auto Car News Study: Buyers holding onto new cars for nearly six years – longer than ever before

February 22nd, 2012 0 Comments
95402 06fusion04 opt Auto Car News Study: Buyers holding onto new cars for nearly six years longer than ever before

If you’re still driving that 2006 Ford Fusion you bought new, obviously you are not alone. Automotive data provider Polk says that the medium new car buyer is now holding on to his vehicle for a whopping 71 months – nearly six years. Used vehicles are being held for over four years, nearly 50 months, according to the new study.

Polk based its findings on vehicle registration data through September 2011, concluding that longer warranties, better reliability, and of course, a miserable economy, have contributed to the shift. By comparison, just five years ago Polk showed new car buyers swapping out after just 53 months – a year and a half earlier.

This latest study reflects what we heard from Polk last month, that the medium age of vehicles on the road has hit a record high. We might even see consumers further stretch this number, as Polk’s analysts are not forecasting a return to the magic 16-million-units sales level until 2015. For the carmakers this represents more than just a simple make-your-numbers sales challenge, says Polk, because the longer people keep their vehicles the less brand loyal they become.

To read the full release, click through the jump.

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