FCA, Santander – a case study in subprime

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It’s classic subprime: hasty loans, rapid defaults, and, at times, outright fraud. Only this isn’t the U.S. housing market circa 2007. It’s the U.S. auto industry circa 2017. A decade after the mortgage debacle, the financial industry has embraced another type of subprime debt: auto loans. And, like last time, the risks are spreading as they’re bundled into securities for investors worldwide. No one is suggesting that subprime car loans will unleash the next crisis.

Read the source article at Front Page

Pirelli designs OE tire for BMW Alpina B5 Bi-Turbo

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Engineers of Pirelli developed this tire precisely according to specifications of the Auto-mobile manufacture from the Bavarian town of Buchloe. With this special edition the renowned manufacturer will equip its new models BMW ALPINA B5 Bi-Turbo Saloon and Touring, both with all-wheel drive. ALPINA homologated this version of the P Zero, cus-tomized to the individual characteristics of these car models. The original equipment tyres are easy to recognize by the ALP-marking on the tyre wall.

Read the source article at Traction News

Electric car maker Faraday Future ditches $1 billion Nevada plant

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An electric car maker deserted its plan to construct a $1 billion manufacturing plant in southern Nevada in a move experts say could spell trouble for the company and the broader niche electric automobile businesses. Faraday Future Chief Financial Officer Stefan Krause said Monday’s decision to scrap the plant was due to a shift in business strategy.

Read the source article at cnbc.com

Toyota announces record $1.33 billion investment in Kentucky plant | Toyota

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Investment for next generation vehicle production to drive the future of mobility The company’s largest plant, with more than 8,200 team members, solidifies its commitment to U.S. manufacturing The future of automobile production is now. A $1.33 billion investment- the highest of any automaker in Kentucky and the second-largest in state history- will make Toyota Motor Manufacturing, Kentucky, Inc. (TMMK) the first plant in North America to begin producing vehicles using Toyota New Global Architecture (TNGA). Named the “Most American Made” car by Cars.com and the number one selling car in America for the past …

Read the source article at Toyota USA Newsroom

Tire & Rubber Industry Rundown: European Rubber Journal

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Asia BD price drop… Nike sales… Clariant-Huntsman link-up… Michelin buys wine reviewer… Conti acquires… Eversafe Rubber… SKF sued ?… Firestone leak… UK down… Kumho limbo… Thai NR…

Read the source article at European Rubber Journal

Bosch, Conti join Google rival’s driverless car bid

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BEIJING — Robert Bosch, Continental and TomTom are among more than 50 partners enlisted by Google rival Baidu Inc. for its Apollo driverless car project. The Chinese search engine giant is signing up major players to aid in its foray into the sector. The program aims to open up part of Baidu’s autonomous car software in the same way that Google released its Android operating system for smartphones.

Read the source article at Automotive News Europe

Major automakers post mixed US June sales figures – Autoblog

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General Motors, Ford and Fiat Chrysler Automobiles NV posted declines in US new vehicle sales for June on Monday, while major Japanese automakers reported stronger figures. Once again, demand for pickup trucks and crossovers offset a decline in sedan sales. Automakers’ shares rose as overall industry sales still came in above Wall Street expectations. The US auto industry is bracing for a downturn after hitting a record 17.55 million new vehicles sold in 2016.

Read the source article at Autoblog

Economy is strong, but auto sales drop in 1st half of year

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DETROIT (AP) — Unemployment is down, consumer confidence is up, and gas prices and interest rates are still low. Even so, U.S. auto sales fell 3 percent last month. It was the sixth straight monthly decline as sales dropped off last year’s record pace. For the first six months, car and truck sales fell 2.1 percent, the first such decrease since the financial crisis in 2009. But auto executives and industry analysts say it’s no cause for panic.

Read the source article at apnews.com

A few days with Michelin at the 24 Hours of Le Mans

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Before I headed out to Le Mans, someone told me that it’s the Oscars of racing. I had never been to the 24 hrs of Le Mans, but I’d had the opportunity to attend the 24 hrs of Nurburgring 5 times in the last 10 years. So in a way, I knew what to expect from the event. But little I did I know just how spectacular and different from Nurburgring it would turn out to be.

Read the source article at BMW BLOG

Light trucks, LT tires growing together

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AKRON — As recently as 2013, the market for new consumer vehicles in the U.S. was split 50-50 between cars and light trucks. But low gasoline prices and new products have combined since then to spur increasing demand for bigger vehicles.

Read the source article at Tire Business