The latest goss out of Detroit courtesy of Reuters is that General Motors is in “intense” and “earnest” preparations for a bankruptcy filing.
Apparently, the beleaguered company may seek to split itself in half, keeping the most successful sellers and models under a revived GM banner, and flog the rest of it to the best bidder.GM has declined to comment, and Reuters‘ two sources refused to go on record as nothing has yet been filed or even decided. But GM shares fell almost 12 percent on the New York Stock Exchange as a result of the gossip, after a brief rise and temperate stability through the recent restructuring period.Obama mentioned the dreaded ‘B word’ in his recent speech regarding the viability of GM and Chrysler; right before giving the company a deadline of June 1 to meet even stricter obligations to pay back its US$13.4 billion government loan, and prove it can operate on its own two feet. Bankruptcy must seem like a good idea right now…“If a company of this size files for bankruptcy, they have to be preparing for it now as time is running out and bankruptcy becomes more real,” said Van Conway, a turnaround expert at Conway MacKenzie.“But I think they should attempt to avoid it because emerging out of bankruptcy would be very difficult. Given its very large, global operations and various stakeholders, the process will take a lot longer than what people think,” Conway said.Moody’s Investor Service predicts that the Detroit Three face a 70 percent risk of bankruptcy, given the difficulty of restructuring out of court.Bankruptcy would force contractors and even the mighty union into renegotiating contracts and costs, making the mass restructuring of the company much easier, and rid the manufacturer of much of the debt that currently stalls its unsteady heartbeat.But the cost to GM bonds and shareholders, the company’s many current creditors, the 45,000 GM employees, and the American economy would probably make 13 billion bucks look like loose change.
Ahead of the third generation Prius’ launch in Japan set for mid May, Toyota has let it be known that its new eco champ returns as much as 38 km/L (equal to 2.63 L/100 kms) in Japan’s domestic fuel cycle, coupled with exceptional C02 emissions of just 61 g/km.
Those are stunning figures to be sure, but just to put it into context that’s in Japan’s traditional 10.15 mode fuel cycle which has long been known to show hybrids in a pretty generous light.In Japan’s newer, tougher JC08 cycle that’s now being phased in, meantime, the Prius is still exceptionally green with Toyota claiming 32.6 km/l (3.01 L/100 kms) with C02 coming in at 71 g/km.Besides touting its green credentials, Toyota is, of course, taking a well earned swipe at the hot selling Honda Insight whose 10.15-mode showing in Japan comes in at 30.0 km/l (3.33 L/100 kms) or 26 km/l (3.9 km/l) in JC08.With the Honda’s C02 ratings at 77.4 g/km or 89.3 km/l, in the numbers game, at least, it already looks game set and match to Toyota and the new Prius’ accomplishments look all the more impressive seeing that at 1.8-litre, it’s several classes up on the little 1.3-litre Honda.Once upon a time, the car industry competed on things like horsepower, top speed and 0-100 km/h. Now, with Prius vs Insight, clearly we have a Japanese eco slugfest that’s set to go all the way.
Two circles and three lines sketched on a piece of paper are projected on a large screen flanked by two next-generation Mazda 3s. The similarities between the simple line drawing and the cars are unmistakeable. Mazda’s head of design and creator of the new 3, Laurens van den Acker, takes centre-stage in a room full of Aussie journos, gesticulating expansively as he explains his inspiration and ideas. Although the Mazda 3 sedan and hatch have just been unveiled, a fortnight before their official global reveal in Detroit, they take a back seat to van den Acker’s simple line drawing.Even though the room is dark, it’s like a light switch has just been flicked on.Mazda Australia’s first design forum, held last night at the VCA in Melbourne, was a fascinating insight into the trendsetting Japanese car-maker’s present and future design direction.Van den Acker is the man behind the dramatic Nagare series of concept vehicles. He was appointed General Manager of Mazda’s Global Design Division in 2006 after seven years with Ford. In two short years he has steered the company’s four studios and 300 designers towards a bold new aesthetic.For the essence of design philosophy is simplicity, to take away the visual distractions and focus on the pure form. The amazing Le Mans prototype car, Furai, is a perfect example of complex, chaotic design, inspired by the wind. The antithesis of design, if you will.And Nagare is the basis for the future generations of Mazda vehicles: its elements already showing up in the organic, shaped sheetmetal, tactile interiors and swooping front end and headlights of the new 3.As he shows us through the inspirational slides of sand dunes and wind-pummelled rock formations, the relationship between nature and Nagare is obvious. Especially in the amazing interiors, which are generally underrated by the media and difficult to appreciate on a raised show stand, anyway.The more subtle movements and forms that have filtered into the new generation of Mazda vehicles then become more apparent. The curved, organic grille – so different from the previous car’s, and on closer inspection different again between the 3’s sedan and hatch bodystyles. The shapely rear end, squared off and aero friendly thanks to tricky horned tail-lights that fill the space without affecting the ovoid design and shape.Does this mean the current generation is a stepping stone to full-blown Nagare-inspired production cars, like a warm-up before the big game?The 3 is indeed a very different car, as the 2 and 6 were before it. But without taking too many risks. In this generation, anyway.“The important question in design is: does it communicate?” Van den Acker says.“We are building on the success of the previous generation, and you have to be a little conservative, to ensure the driver can jump in and drive it straight away without confusion. Add even two new buttons, and it can upset people. It needs to be progressive.”“However, we want to be free to explore and take risks. The philosophy that you don’t do something unless it has a purpose sounds too German.”Van den Acker’s analogies are priceless: he dislikes the constraints and weight of passive and active safety in cars, likening it to a person always carrying around a 60kg backpack for the one day he or she may be pushed out of a plane. He is excited about the future of safety technology, of cars ‘talking’ to each other to avoid collisions, and exterior airbags turning the highways into nothing more dangerous than bumper cars at the fair.He admits that while designer never have enough money to do what they want, they “…need to put these small bags of money in the right places”. The Volvo S40 serves as an example; so much money went into creating the beautiful floating console, that it draws the attention away from the hard surfaces of the doors and sills.He acknowledges that when it comes to the emotion of motion, of designing cars, that designers haven’t even started to touch on the possibilities.The evening ends with a short, fast-paced teaser commercial for a Mazda 3. Its large wheels and bonnet scoop give it away – yes, the next 3 will have a more efficient, more overt bonnet air scoop for its turbo.Van den Acker looks like he has tasted something unpleasant when asked about possible parallels to the newer Subaru Impreza WRX, which at some angles looks very similar to the current 3. He’s already fielded questions about similarities between the new 3 and Peugeot’s smiling grin and swooping headlamps.But he maintains that the more pronounced styling fits in with the new 3 philosophy of the naughty middle brother, cheeky and mischievous, sitting in between the ‘younger’ Mazda2 and ‘mature’ Mazda 6. The last 3MPS was “…not bold enough”, and with no 6MPS, the Q-car subtlety no longer applies.And with Nagare, subtlety takes a back seat to striking form and memorable features. Something already exercised years ago at Mazda in the iconic RX-8.In this dark time for the car industry, it seems that the light is still shining at Mazda.FEEL THE FURAIVan den Acker likened the body design of Furai to a flag blowing in the wind – taut at the front, with chaotic movement towards the tail.And had the budget been greater, he says, the Furai may not have existed.“If we had $2million, we may have built something else instead of Furai, but race cars are easy,” he said.“You don’t have to put too much into the interiors, as they are stripped-out sports cars. They are not only aspirational, but also cheaper to do.”And we may yet see if the Furai has the goods to match its beautiful body. The car is built on an existing race platform, and both Audi and Porsche have just pulled out of the ALMS race leaving Acura … and Mazda.
Selling shares and slashing jobs (and, bonuses, and budgets and entire models) has helped the Ford Motor Company find a way to reduce its debt from US$25.8 billion (AU$36.4 billion) at the end of 2008, down to US15.9 billion (AU$22.4 billion) in just three months. And without government handouts.
Ford has proved to be in a much better financial situation than the other Big Three alumni, GM and Chrysler, with efforts to reduce debt and restructure to cut its bank burden by almost one third. The changes are still on paper, but Ford and Ford Credit plan to use an accrued US$2.4 billion (AU$3.4 billion) in cash plus 468 million shares of Ford common stocks and bonds.Recent breakthroughs with the union have also helped bring about the changes.“By substantially reducing our debt, Ford is taking another step toward creating an exciting, viable enterprise,” said Ford President and CEO Alan Mulally.“As with our recent agreements with the UAW, Ford continues to lead the industry in taking the decisive actions necessary to weather the current downturn and deliver long-term profitable growth.”The lightened debt load of nearly 10 billion US dollars (AU$13.4 billion) will save the company about half a billion per annum with the going interest rate.For those with strength in numbers, the finance-heavy press release is below…OFFICIAL PRESS RELEASES:
FORD COMPLETES DEBT RESTRUCTURING INITIATIVES; REDUCES DEBT BY $9.9 BILLION AND LOWERS ANNUAL INTEREST EXPENSE BY MORE THAN $500 MILLION
DEARBORN, Mich., April 6, 2009 – Ford Motor Company (NYSE: F) announced today the successful completion of debt restructuring initiatives that will reduce Ford’s Automotive debt by $9.9 billion from $25.8 billion at December 31, 2008, and lower Ford’s annual cash interest expense by more than $500 million based on current interest rates.
Previously Announced Debt Restructuring Initiatives
On March 4, 2009, Ford and Ford Credit announced the major components of a comprehensive debt restructuring: (1) a conversion offer in which Ford offered to pay a premium in cash to induce the holders of any and all of the $4.88 billion principal amount outstanding of its 4.25% Senior Convertible Notes due December 15, 2036 (the “Convertible Notes”) to convert the Convertible Notes into shares of Ford’s common stock (the “Conversion Offer”); (2) a $500 million cash tender offer by Ford Credit (the “Term Loan Offer”) for Ford’s senior secured term loan debt (the “Term Loan Debt”); and (3) a $1.3 billion cash tender offer (the “Notes Tender Offer”) by Ford Credit for certain of Ford’s unsecured, non-convertible debt securities (the “Notes”).
Results of Conversion Offer
The Conversion Offer expired at 9:00 a.m., New York City time, on April 3, 2009 (the “Expiration Date”). As of the Expiration Date, approximately $4.3 billion principal amount of Convertible Notes were validly tendered and accepted for purchase, according to information provided by Computershare, Inc., the Exchange Agent with respect to the Conversion Offer. This will result in the issuance of an aggregate of approximately 468 million shares of Ford’s common stock and the payment of an aggregate of $344 million in cash ($80 in cash per $1,000 principal amount of Convertible Notes converted), plus the applicable accrued and unpaid interest on such Convertible Notes, on the expected settlement date of April 8, 2009. Upon settlement of the Conversion Offer, approximately $579 million aggregate principal amount of Convertible Notes will remain outstanding.
Holders who validly tendered and did not withdraw their Convertible Notes by 9:00 a.m., New York City time, on the Expiration Date and whose Convertible Notes were accepted for purchase will receive, for each $1,000 principal amount of the Convertible Notes converted, 108.6957 shares of Ford’s common stock plus $80 in cash and the applicable accrued and unpaid interest.
Previously Announced Results of Term Loan Offer
On March 23, 2009, Ford Credit announced that the Term Loan Offer, which expired at 5:00 p.m., New York City time, on March 19, 2009, had been over-subscribed. Based on the tenders received, Ford Credit increased the amount of cash used from $500 million to $1 billion to purchase $2.2 billion principal amount of Ford’s Term Loan Debt at a price of 47 percent of par. This transaction settled on March 27, 2009, following which Ford Credit distributed the Term Loan Debt to its immediate parent, Ford Holdings LLC. The distribution of the Term Loan Debt is consistent with Ford Credit’s previously announced plans to pay distributions to Ford of about $2 billion through 2010.
Approximately $4.6 billion aggregate principal amount of Term Loan Debt remains outstanding.
Results of Notes Tender Offer
Concurrent with this announcement, Ford Credit separately announced today by press release the results of its previously announced $1.3 billion cash tender offer for Ford’s unsecured, non-convertible debt securities. As of the April 3, 2009 expiration date of the Notes Tender Offer, approximately $3.4 billion principal amount of Notes were validly tendered and accepted for purchase, according to information provided by Global Bondholder Services Corporation, the Depositary and Information Agent with respect to the Notes Tender Offer. This will result in an aggregate purchase price for the Notes of approximately $1.1 billion, to be paid by Ford Credit on the expected settlement date of April 8, 2009. Upon settlement of the Notes Tender Offer, such Notes will be transferred from Ford Credit to Ford in satisfaction of certain of Ford Credit’s tax liabilities to Ford. After settlement of the Notes Tender Offer, approximately $5.5 billion aggregate principal amount of the Notes will remain outstanding.
In addition, as Ford previously announced, it has elected to defer future interest payments related to the 6.50% Cumulative Convertible Trust Preferred Securities of Ford Motor Company Capital Trust II (the “Trust Preferred Securities”), which will result in the deferral of $184 million in interest on the Trust Preferred Securities annually.
About Ford Motor Company
Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles across six continents. With about 213,000 employees and about 90 plants worldwide, the company’s brands include Ford, Lincoln, Mercury and Volvo. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford’s products, please visit www.ford.com.
About Ford Motor Credit Company
Ford Motor Credit Company LLC is one of the world’s largest automotive finance companies and has supported the sale of Ford Motor Company products since 1959. It is an indirect, wholly owned subsidiary of Ford. It provides automotive financing for Ford, Lincoln, Mercury and Volvo dealers and customers. More information can be found at www.fordcredit.com and at Ford Motor Credit’s investor center, www.fordcredit.com/investorcenter.
Safe Harbor and Other Required Disclosure
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by the management of Ford and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation, those set forth in “Item 1A-Risk Factors” and “Item 7 -Management’s Discussion and Analysis of Financial Condition and Results of Operations -Risk Factors” of Ford’s Annual Report on Form 10-K for the year ended December 31, 2008. Readers are encouraged to read Ford’s filings with the Securities and Exchange Commission to learn more about the risk factors associated with Ford’s businesses.
Ford cannot be certain that any expectations, forecasts, or assumptions made by management in preparing these forward-looking statements will prove accurate, or that any projections will be realized. It is to be expected that there may be differences between projected and actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
FORD MOTOR CREDIT COMPANY ANNOUNCES RESULTS OF ITS TENDER OFFER
* Ford Motor Credit Company’s tender offer for Ford Motor Company’s unsecured, non-convertible debt securities resulted inapproximately $3.4 billion principal amount of debt securities tendered andaccepted for purchase. Ford Credit will use $1.1 billion in cash to purchase the debt securities.
* Concurrently, Ford Motor Company separately announced today the results of its previously announced conversion offer for its 4.25% Senior Convertible Notes due December 15, 2036. As of the expiration date, approximately $4.3 billion convertible notes were validly tendered and accepted for purchase.
* As previously announced, Ford Credit used $1 billion to purchase $2.2 billion principal amount of Ford’s term loan debt at a price of 47 percent of par.
DEARBORN, Mich., April 6, 2009 – Ford Motor Credit Company announced today the results of its $1.3 billion cash tender offer (the “Notes Tender Offer”) for Ford Motor Company’s (NYSE: F) unsecured, non-convertible debt securities (the “Notes”), of which approximately $8.9 billion aggregate principal amount was outstanding as of February 28, 2009, as set forth in detail in the table below.
The Notes Tender Offer expired at 9:00 a.m., New York City time, on April 3, 2009 (the “Expiration Date”). As of the Expiration Date, approximately $3.4 billion principal amount of Notes were validly tendered and accepted for purchase, according to information provided by Global Bondholder Services Corporation, the Depositary and Information Agent with respect to the Notes Tender Offer. This will result in an aggregate purchase price for the Notes of approximately $1.1 billion, to be paid by Ford Credit on the expected settlement date of April 8, 2009. Upon settlement of the Notes Tender Offer, such Notes will be transferred from Ford Credit to Ford in satisfaction of certain of Ford Credit’s tax liabilities to Ford. After settlement of the Notes Tender Offer, approximately $5.5 billion aggregate principal amount of Notes will remain outstanding.
The table below sets forth in detail the amount of Notes of each series validly tendered and accepted for purchase as of April 3, 2009.
Holders of Notes that validly tendered their Notes by 5:00 p.m., New York City time, on March 19, 2009 (the “Early Tender Date”) and whose Notes were accepted for purchase will receive the previously announced Total Consideration. Holders of Notes that validly tendered their Notes after 5:00 p.m., New York City time, on the Early Tender Date and prior to 9:00 a.m., New York City time, on the Expiration Date and whose Notes were accepted for purchase will receive the previously announced Tender Offer Consideration only. Delivery of the Total Consideration or Tender Offer Consideration, as applicable, plus the applicable accrued and unpaid interest, is expected to be made by Ford Credit on April 8, 2009.
In addition, concurrent with this announcement, Ford separately announced today by press release the results of its conversion offer in which it offered to pay a premium in cash to induce the holders of its outstanding 4.25% Senior Convertible Notes due December 15, 2036 (the “Convertible Notes”) to convert any and all Convertible Notes into shares of Ford’s common stock (the “Conversion Offer”). As of the April 3, 2009 expiration date of the Conversion Offer, approximately $4.3 billion Convertible Notes were validly tendered and accepted for purchase, according to information provided by Computershare, Inc., the Exchange Agent with respect to the Conversion Offer. This will result in the issuance of an aggregate of approximately 468 million shares of Ford’s Common Stock and payment of an aggregate of $344 million in cash ($80 in cash per $1,000 principal amount of Convertible Notes converted) plus the applicable accrued and unpaid interest on such Convertible Notes. Delivery of the Conversion Offer consideration is expected to be made by Computershare, Inc. on April 8, 2009. Upon settlement of the Conversion Offer, approximately $579 million aggregate principal amount of Convertible Notes will remain outstanding.
On March 23, 2009, Ford Credit announced that its $500 million cash tender offer (the “Term Loan Offer”) for Ford’s senior secured term loan debt (the “Term Loan Debt”), which expired at 5:00 p.m., New York City time, on March 19, 2009, had been over-subscribed. Based on the tenders received, Ford Credit increased the amount of cash used from $500 million to $1 billion to purchase $2.2 billion principal amount of Ford’s Term Loan Debt at a price of 47 percent of par. This transaction settled on March 27, 2009, following which Ford Credit distributed the Term Loan Debt to its immediate parent, Ford Holdings LLC, whereupon it was forgiven. Approximately $4.6 billion aggregate principal amount of Term Loan Debt remains outstanding.
The distribution of the Term Loan Debt is consistent with Ford Credit’s previously announced plans to pay distributions to Ford of about $2 billion through 2010.
It’s not exactly the bad news we were expecting… Holden has decreased local and export production at its Elizabeth plant in South Australia, but is attempting to placate its workers (and the union) with a more realistic production schedule – without sacrificing jobs.
That’s not to say that every worker can live with, nor survive on, the changes Holden is proposing.Senior executive pay reductions and cancelled bonuses, pay freezes, and a previous round of non-production days on both the engine and production lines have not been enough to support Holden through the global financial crisis, particularly in light of its parent company’s woes.In exactly one month, the Elizabeth plant, which produces 45 variants of the Commodore for domestic and export markets, will cut down to one single, two-crew shift per production day. This will produce about 310 cars each shift – about half its potential capacity. When the VE and its derivatives were running at full steam in 2007, the plant was pumping out the maximum of 620 cars per day.The plant will run a one day on – one day off or fortnight on – fortnight off system depending on the needs of the individual employee, and still offer 50 percent pay during each down day.Holden hopes the slow-down will keep its workers and company going until its locally-built four-cylinder Cruze small car begins production – and the world’s economy begins to pick up – in 2010.“These are unprecedented challenges and they require unprecedented decisions to protect Holden for the future: none of this is easy,” said GM Holden Chairman and Managing Director, Mark Reuss.“This is the best way to protect jobs in the current environment and keep Holden in the best possible shape leading into the opening of our second car line and an improvement in global market conditions.“We are acutely aware of the impact this change will have on our people and we will do everything we can to support them through this. We’ll do everything we can to find the best solution for each Holden worker and we will work through our people’s circumstances on a case-by-case basis,” he said.The changes should also enable Holden’s many suppliers to plan for the future and re-jigg their orders – or plan their retirement…OFFICIAL PRESS RELEASESHIFT CHANGES PROTECT HOLDEN JOBSGM Holden will move to a single shift, two crew operation with no retrenchments at its production plant in Elizabeth, South Australia.The new shift pattern comes into effect on 4 May in response to global economic conditions and falling volumes across the sector.GM Holden Chairman and Managing Director, Mark Reuss, said the change would enable the company to preserve jobs ahead of the introduction of Holden’s new small, fuel efficient four cylinder small car in 2010.The new production level will be approximately 310 cars per day, aligning production with current forecast demand in both domestic and hard-hit export markets.GM Holden will work with union representatives to negotiate employee rosters around the single shift with options to include one week on, one week off or two weeks on, two weeks off. Employees will still receive 50 per cent pay for days when they are not working.“This is thee best way to protect jobs in the current environment and keep Holden in the best possible shape leading into the opening of our second car line and an improvement in global market conditions,” Mr Reuss said .GM Holden announced in December last year that it would begin producing a small, fuel efficient four cylinder vehicle at the Elizabeth plant in 2 010.Elizabeth is GM Holden’s only vehicle assembly plant, building 45 variants of the Commodore large car range for domestic and export markets.Mr Reuss said today’s decision had been the only responsible course for Holden given exceptionally challenging market conditions, in Australia and overseas.“We are acutely aware of the impact this change will have on our people and we will do everything we can to support therm through this. This will include paying 50 per cent pay on down days and ensuring flexibility in our rostering to assist employees to plan their lives.”Mr Reuss said that while the changes were intended to protect jobs there was no doubt the reduced hours would cause hardship for many employees.“We’ll do everything we can to find the best solution for each Holden worker and we will work through our people’s circumstances on a case-by-case basis,” he said.Today’s decision follows a number of other cost cutting measures at GM Holden i including a pay cut for senior executives, pay freeze for white collar workers and the cancellation of bonuses and the scheduling of non-production days at vehicle and engine manufacturing facilities.“These are unprecedented challenges and they require unprecedented decisions to protect Holden for the future. None of this is easy,” Mr Reuss said.Mr Reuss said the decision was likely to have a beneficial effect across the supply chain, particularly for automotive suppliers, seeking greater certainty in production scheduling.“Suppliers have been calling for greater certainty and clarity around production scheduling so they can align their efforts. This change will let them do that,” Mr Reuss said.“We have been modifying our monthly production plans in a challenging environment since last year but this made it difficult for our suppliers to provide parts in a consistent manner and we weren’t able to provide a steady flow of vehicles to our customers.“These changes preserve the integrity of the entire process of making cars from suppliers to dealers.”Discussions are underway with the Federation of Automotive Products’ Manufacturers to coordinate production schedules between local manufacturers to further ease pressure on the supplier industry.
Ikuo Maeda
As part of a major personnel reshuffle in Hiroshima, Mazda has appointed Ikuo Maeda as the company’s new design chief.
Maeda, who was responsible for the design of Mazda’s two biggest hits, the RX-8 and latest Mazda 2/Demio, is one of the lead designers in the talented team in Hiroshima, and a strong choice to oversee the look of the Mazda’s next generation cars and concepts.Maeda replaces Laurens van den Acker (below), the man with the colourful designs and even louder footwear… He has overseen Mazda design since April 2006 through the Nagare wind-inspired concept series, but is now rumoured to be on his way to Europe and Renault…..The new Mazda 3 launches to the media in Australia today…
Holden boss mark Reuss and the EcoLine AFM Commodore, Sydney show 2008
It’s not quite up there with the Hybrid badge, but Holden now has its own honour roll student bumper sticker…The EcoLine badge will be stamped on its Active Fuel Management cars (AFM), LPG cars and utes, and diesel engined vehicles.“The energy challenges we face require many solutions, and for Holden, the future of sustainable motoring is a clear strategy of fuel efficiency and energy diversity,” said GM Holden Director of Energy and Environment, Richard Marshall.“The Holden EcoLine badge reinforces this approach by highlighting vehicles that use alternative fuels or fuel saving technologies. EcoLine vehicles suit a range of driving conditions and budgets and provide benefit for customers. hip pockets.“The Holden EcoLine badge is an easy way to communicate this ‘Future Friendly’ strategy to our customers. It highlights the ways we are making Holden a smarter choice for Australian motorists.”The planned E85-capable vehicle in 2010 and the Holden Volt electric car in 2012 will also be stamped with the EcoLine badge.No word on whether an HSV will ever wear one…
Bernie Ecclestone really didn’t think this one through. The F1 promoter could hardly hold off the monsoon season in Sepang, where late afternoon downpours of torrential proportions are not simply forecast, but guaranteed.
The Malaysian Grand Prix was stopped after just 31 laps, less than half of its scheduled race time, as the late race start (so the Euro watchers didn’t miss the action) planted the race right in the middle of the late afternoon storms.
Under ominous clouds, Nico Rosberg led the race from fourth place, moving up the inside past an oversteering Brawn GP pole-sitter Button and thwarting the possibility of another Brawn front line. But Button had a heavier fuel load, and as the leaders pulled away to pit, he remained on the 5.5km Sepang circuit and ultimately came out of his scheduled fuel pitstop in first place with a new set of fresh soft tyres.From lap 20 the rain began to fall, though not early enough for Ferrari’s Raikkonen who gambled and pre-empted the downpour with full wets – which disintegrated on the still-dry track.Toyota changed to intermediates and helped Timo Glock to cut through the field, until the whole field was on full wets by lap 30. The red flags were out shortly afterwards, and the standings taken back to lap 31 – Button from Nick Heidfeld and Glock. Aussie Mark Webber finished well in sixth, just in front of last year’s champ Lewis Hamilton.But the race was not officially declared for almost an hour as the officials – already under fire for Lewis Hamilton’s AGP disqualifying drama, below – delayed the decision as the rain continued to pour.The Malaysian Grand Prix ended with the drivers unsure of who had won until minutes before the faffed podium presentation. The F1 boys really need to get their act together…Only half points were awarded for the truncated race. Button leads the driver’s championship with 15 points, then Barrichello on 10, Trulli on eight and a half, Glock on eight and Alonso on four points (as Hamilton was stripped of third and points by the stewards for misleading information regarding a pass under yellow at the AGP).GRAND PRIX – SepangLength : 5.543 km Laps : 56 (310.408 kms) Lap Record: 1:34.223 – JP Montoya (2004)2008 Results Pole : Massa 1’35″748Best lap : Heidfeld 1’35″366Podium : 1 Raikkonen 2 Kubica 3 KovalainenRESULTS1 Jenson Button Brawn-Mercedes 2 Nick Heidfeld BMW Sauber 31 +22.7 secs 3 Timo Glock Toyota 31 +23.5 secs 4 Jarno Trulli Toyota 31 +46.1 secs 5 Rubens Barrichello Brawn-Mercedes 31 +47.3 secs 6 Mark Webber RBR-Renault 31 +52.3 secs 7 Lewis Hamilton McLaren-Mercedes 31 +60.7 secs 8 Nico Rosberg Williams-Toyota 31 +71.5 secs 9 Felipe Massa Ferrari 31 +76.9 secs 10 Sebastien Bourdais STR-Ferrari 31 +102.164 secs 11 Fernando Alonso Renault 31 +109.422 secs 12 Kazuki Nakajima Williams-Toyota 31 +116.130 secs 13 Nelsin Piquet Renault 31 +116.713 secs 14 Kimi Räikkönen Ferrari 31 +142.841 secs 15 Sebastian Vettel RBR-Renault 30 – Spin 16 Sebastien Buemi STR-Ferrari 30 – Spin 17 Adrian Sutil Force India-Mercedes 30 +1 Lap 18 Giancarlo Fisichella Force India-Mercedes 29 Spin Ret 5 Robert Kubica BMW Sauber 1 Engine issue Ret 2 Heikki Kovalainen McLaren-Mercedes – Spin
Aussie David Brabham and American Scott Sharp have won the second round of the 2009 American Le Mans Series on the streets of St Petersburg in Florida.
The win was the ageless Brabham’s 17th class win in the American Le Mans Series and his eighth overall victory. It was his first LMP1 win since Washington DC in 2002.
The Patrón Highcroft team finished third at St Petersburg two years ago, second last year and finally scored the elusive win in 2009.After starting on the front row Brabham’s driving partner Sharp slotted into second place behind the similar de Ferran Motorsport Acura ARX02-a.Despite battling an oversteering car in the opening half of stint, Sharp was able to hold on to second place behind the leading de Ferran car.The de Ferran effort fizzled when their Acura developed electrical problems, slipping a lap down and then retiring.Brabham took over from Sharp and, despite a radio issue that prevented both pit and driver from communicating, the Australian was able to press on to the finish to claim the first win for the new Acura.“It is very satisfying to score Acura’s first LMP1 victory and Patrón Highcroft Racing have a habit of delivering firsts for Acura,” Brabham said.“After we got into the lead, it was very important that I didn’t make a mistake. It looked easy out there but it wasn’t at all – the track was incredibly slippery.“Turn one felt like it was wet and I could have very easily spun a number of times.”Round three of the ALMS will be held on the streets of Long Beach on April 18.
A new championship contender has been revealed in the Quit Forest Rally in Western Australia; though anyone who has followed brothers Glen and Matt Raymond in their short ARC career will not be too surprised.
The historically hard Western Australian round, held in and around Bussleton, is known for its loose ball-bearing surfaces and unpredictable turns. Knowledgeable Perth locals Darren Windus and Dean Herridge returned to the ARC, keen to battle with championship leaders Simon Evans, younger brother Eli, and 2008 champ Neal Bates,
With Queensland co-driver John Allen at his side, Windus campaigned the spare Bates Toyota S2000 Corolla, previously run by Simon and Sue Evans. The latter, fresh from the last round win in Canberra, headed up the leaderboard in their new Mitsubishi lancer Evo IX ahead of Bates and co-driver Coral Taylor in the other S2000 Corolla. Not surprisingly, the cocktail of experienced drivers and rising stars made for exciting, if dusty, rally viewing.The two privately-backed Bates S2000 Corollas flanked Simon Evans in the results from the first stage, but both Bates and Evans fell victim to the harsh WA roads. A steering failure scuppered Bates, while Evans broke the gearbox and Herridge had problems with his Subaru STi’s clutch. With three big names out early, the Raymonds and Windus were left to fight for the lead.A wayward rock deflated Windus’s charge; the resulting flat costing him almost a minute and leaving Raymond in the lead. Eli Evans claimed second with a careful drive in the spare car – he spectacularly rolled out of the last Canberra round – with Windus eight seconds clear of Justin Dowel and Matt Lee’s Evo IX.“On Ferndale (SS8, where they won by 19secs), people were asking us where the shortcut was!” said driver Glen Raymond.“It’s our first ever ARC win, so (we’re) really happy.“Having claimed the podium finish in the rally of Canberra three weeks ago the team went one better today, I hope we end up with the same result tomorrow!”In Heat 2, Windus and Bates traded blows with both Evans brothers throughout the morning, as the Raymonds suffered a steering arm issue and were late into time control and penalised 15secs.Herridge found some pace with a second-fastest time on SS14, but he was trounced by Windus by 7.7secs. But Windus’s lead came to a crashing halt just 1km from the en of SS16.“The car was getting quite messy at that stage, very loose, and I was thinking that’s unusual for that sort of car,” said co-driver John Allen.“On the outside of this corner there was a stump and we hit it. Then the Raymonds came around the corner and ran into the back of us. Matt told Glen to slow down, but he obviously didn’t slow down enough and hit the side of our car.”Windus was taken to hospital for observation and released later that day.With only four stages to go, the lead was cleared for Bates and Taylor, who finished first in Heat 2 by almost 20 seconds to Simon and Sue Evans. The Raymonds slowed down in the final few stages to ensure a podium place, still finishing third ahead of Eli Evans in fourth.This assured them the W.A. round win, with Eli second and Neal Bates third. They now sit in third on the ARC championship leaderboard, with the Evans’s dropping to second behind Neal Bates and Coral Taylor.“To win the Heat yesterday for the first time and to come third today is fantastic – it’s what we have been working for since we started rallying,” said Glen Raymond.Justin Dowel could not consolidate his Heat 1 fourth place, rolling his Evo spectacularly on SS15 and escaping unhurt, but leaving the car on its roof.Brother and sister team Ryan and Rebecca Smart in their EVO IV finished the round in 5th – their best result to date – despite breaking a drive shaft in their first run and later suffering a flat.The next round of the Australian Rally Championship is scheduled for May 8 in Queensland.
RESULTS ARC QUIT Forest Rally
1 Raymond Partners Accountants Toyota Corolla Sportivo Glen RAYMOND VIC Matt RAYMOND VIC2 Tankformers Subaru Impreza WRX STi Eli EVANS VIC 4 Chris MURPHY QLD3 Bates Motor Sport Toyota S2000 TRD Corolla S2000 Neal BATES ACT Coral TAYLOR NSW4 Simons Builders N Mitsubishi Lancer IX Simon EVANS VIC Sue EVANS VIC5 Fullerton Financial Services Mitsubishi Lancer Evo VI Ryan SMART QLD Rebecca SMART QLD6 11 OzTec Suspension Mitsubishi Lancer Evo X Steven SHEPHEARD QLD John McCARTHY QLD7 6 Maximum Motorsport Subaru Impreza WRX STi Dean HERRIDGE WA Glen WESTON Qld=8 20 Speedie Contractors P Mitsubishi Lancer Evo VI Simon KNOWLES QLD Margot KNOWLES QLD=8 22 Groundforce Truck Rentals Toyota S2000 TRD Corolla S2000 Darren WINDUS WA John ALLEN Qld
