Fords spitting spark plugs
Get real Chrysler. Chrysler President Bob Nardelli has been caught in a lie and is losing credibility faster than Panama’s PRD. Last wee...
Get real Chrysler. Chrysler President Bob Nardelli has been caught in a lie and is losing credibility faster than Panama’s PRD. Last week, Chrysler had to clarify recent statements by Mr. Nardelli about the Fiat alliance. For a 35% stake in Chrysler, Fiat is supposed to provide small cars and engines that Chrysler could build and sell in the US.
In an video found on a Chrysler Web site this week, Mr. Nardelli reassured Chrysler shareholders (are there any left?) that Fiat would also become responsible for repaying 35% of the $4 billion in loans from the U.S. government. In a statement Friday, Chrysler said Mr. Nardelli misspoke.
"Fiat would become an equity holder with the same rights and responsibilities as all other equity holders in a newly restructured company," Chrysler said. "This does not mean Fiat would assume responsibility for any of Chrysler LLC's debt."
Consumer Mailbag: Phil: Here’s a tip for your readers who have large Ford trucks or SUVs. These vehicles built between 1999 and 2004 have a nasty habit -- they spit spark plugs. For years, consumers have complained about their trucks blowing spark plugs out of the aluminum cylinder head, leaving a hole in the head and rendering the $30,000 vehicle useless, often on the side of the road, until repaired. If you Google Ford Plug Spit, you will see that many owners have reported this problem.
Here is Ford's Technical Service Bulletin where the automaker shows how the problem can be prevented. Obviously, Ford recognizes this as their defect and knows the company is liable for the ensuing injuries or costs incurred. Readers are urged to access the websites listed by Google and use Ford's service Bulletin shown below to get 'goodwill' compensation from the company if the problem occurs.
Bulletin: 07-15-2. 5.4L 2V AND 6.8L 2V MODULAR ENGINE SPARK PLUG THREAD OUT OF WARRANTY REPAIR PROCEDURE FOR ALUMINUM HEADS.
1997-2000 F-250 Light Duty; 1997-2003 F-150; 1997-2004 Expedition; 1997-2007 E-Series; 1998-2004 F-53 Motorhome Chassis, F-Super Duty; 2001-2005 Excursion; and 1998-1999 Navigator.
ISSUE: Various 1997-2007 vehicles with a 5.4L 2V, or 6.8L 2V engine with stripped or missing spark plug port threads in modular engine aluminum heads. Ford Motor Company now authorizes LOCK-N-STITCH aluminum inserts and tool kit.
ELECRIC DAIMLER. Abu Dhabi is poised to become the biggest shareholder in Daimler AG [DAI-N] after the German maker of luxury cars, buses and trucks said it would sell nearly ?2 billion in shares to the country's Aabar Investments PJSC.
In a statement released Sunday by the Stuttgart-based company, Daimler said Aabar will buy 96.4 million new Daimler shares at a price of $27.87 each, which is slightly below the ?21.34 shares fetched at the close of trading Friday in Frankfurt. The move will give Aabar a 9.1 per cent stake in Daimler, bigger than the 6.9 per cent stake held by Kuwait. Aabar's biggest shareholder is the International Petroleum Investment Co., which in turn is owned by the Abu Dhabi government.
In December, American International Group Inc. agreed to sell its wealth management arm AIG Private Bank Ltd. to Aabar. "Daimler is an iconic brand and a financially strong company with a reputation for excellence worldwide," Aabar Chairman Khadem al-Qubaisi said. "We are delighted to have the opportunity to make this investment and are excited by the commercial potential of our partnership."
Daimler and Aabar plan to work together on co-operation aimed at developing electric vehicles and materials for auto production as well as establishing a technical training centre in the emirate to train students for careers in the automotive industry.
The investment comes at a crucial time for the company and the entire auto industry. Daimler posted a fourth-quarter loss of ?1.5 billion last month — its first in two years — and warned that sales of its marquee Mercedes-Benz cars would decline through 2009 because of the economic meltdown's pinch on the automotive industry.
The nearly $2-billion U.S. loss for the maker of Mercedes-Benz, Smart and Maybach, as well as trucks and buses, compared to a profit of ?1.7 billion a year earlier. The final figure was dragged down by losses and charges at Chrysler LLC, of which Daimler holds a 19.9 per cent stake.