Audi TT RS roadster to roar into Geneva motor show
A picture of A glimpse of the Audi TT RS Audi's TT roadster is mighty sporty inside and out. But for some, that's not enough. Those enthusiasts will want the Audi TT RS, which will make its debut at the Geneva motor show. Audi is giving us a peek ahead of the show.
But here's the bad news: This bad-ass TT has not gotten the OK from Audi honchos to be sold in the United States--at least not yet.
Under the hood of the Audi TT RS is a 2.5-liter inline five-cylinder engine with direct injection and a turbocharger. That's right--Audi is dipping into its heritage with a new five-cylinder engine.
All that powertrain hardware is good for plenty more than 300 hp, Audi says. Top speed is limited to 155 mph--but it would go faster if the electronic leash was removed. The quattro all-wheel-drive system is standard.
Oh, and it sounds mighty fast. How do we know? Because Audi has put out a digital recording of the car. Give a listen.
To read more visit the AutoWeek New car news, road tests, blogs, pix and expert insight section.
Ford asks Web-savvy Americans to test the Fiesta
A picture of What to have a chance to be an early driver of the Ford Fiesta? Raise your hand at www.fiestamovement.com. Ford Motor Co. wants to use social networking sites such as Facebook to generate buzz for its new Fiesta subcompact. But it will rely on company outsiders to get the early word out.
Even though the Fiesta doesn't go on sale in the United States until early next year, Ford is putting the car in the hands of 100 Internet-savvy consumers for long-term test drives beginning in April.
The consumers, who will be chosen after applying at www.fiestamovement.com, will then relate their experiences through social networking sites such as Facebook, Flickr and YouTube.
"It's one thing to talk about the vehicle, but it's another to put people into it and let them experience it," Connie Fontaine, Ford's brand content and alliances manager, said in a statement on Friday.
Ford is betting that people who get an early hands-on opportunity to drive the car will promote excitement about the Fiesta while also providing feedback to Ford's engineering team, Fontaine said. Fiesta "agents" will be asked to complete monthly missions, capture their experiences digitally and share them with Ford and other consumers.
Ford marketing chief Jim Farley has said that the automaker needs time to prepare U.S. customers for the Fiesta, which will be Ford's smallest vehicle sold in North America since the Aspire was discontinued in 1997. The Fiesta, which is smaller than a Ford Focus, will be sold in both sedan and hatchback variants.
In addition to the long-term testers, Ford has said it also intends to put 100,000 people nationwide behind the wheel of a Fiesta for one-time drives by the end of this year.
Ford isn't yet revealing a sales target for the U.S. Fiesta. Farley has said demand could be anywhere from 30,000 to 70,000 units annually, but that sales volume largely will be determined by the price of gasoline.
The Fiesta is a much bigger seller in Europe, where the sixth-generation edition went on sale last August. Since then, Ford has sold more than 89,000 units in its main 19 European markets.
The 100 five-door Fiesta hatchbacks being used for the long-term testing program were built in Ford's factory in Cologne, Germany. The cars are powered by a 120 hp, 1.6-liter gasoline engine.
Ford will build Fiestas for North American sale in its Cuautitlan plant in central Mexico.
The Fiesta is the first assault in Ford CEO Alan Mulally's plan to sell global cars. By 2010, the Fiesta will be produced at plants in Germany, Spain, Mexico, Thailand and China.
To read more visit the AutoWeek New car news, road tests, blogs, pix and expert insight section.
Saab files for reorganization, seeks $1 billion to survive
Saab is seeking $1 billion (793 million euros) to be self-financing, the company said on Friday after it filed for reorganization under a self-managed Swedish court process.
The General Motors-owned Swedish brand said it will work "to create an independent business entity" and will concentrate production, design and engineering in Sweden.
Saab said it would continue to operate as normal during the reorganization process, with GM and the Swedish government providing some support.
Saab Managing Director Jan-Ake Jonsson said: "We explored and will continue to explore all available options for funding and/or selling Saab. It was determined a formal reorganization would be the best way to create a truly independent entity that is ready for investment."
Saab's application for reorganization was filed with the Swedish district court in Vanersborg. Under the procedures, the court appoints an administrator to review Saab and its business plans.
The application was approved Friday by a Swedish district court in Vanersborg, Reuters said. The court has appointed an administrator as a first step in a legal process under which an insolvent company can restructure its business and renegotiate terms with creditors.
In documents submitted to the Swedish court Friday, Saab estimates that it lost about $340 million (3 billion crowns) last year.
"The current outlook for 2009 suggests a similar level of losses and associated funding requirements," Saab said in the documents.
GM's role
The company said GM had notified the company that it would not fund further projected losses at Saab, but that it would provide liquidity for the company to pursue a reorganization.
GM Europe's head of communications, Chris Preuss, said GM was prepared to provide some funding for Saab but the brand needed outside money as well.
He said: "GM has put a substantial amount of money on the table to sustain Saab's operations and to launch the products that are in the pipeline. We have asked the Swedish government for loan guarantees for $600 million to give Saab a balance sheet as an independent unit which will allow it to continue."
Preuss said funding for Saab is still intact. "We just need to see how funding can be secured from either government or private sources during the restructuring process," Preuss told Automotive News Europe.
GM's support would also extend to the development costs and tooling for the new 9-5, 9-4X and 9-3X, which will launch in the next 18 months.
GM will also continue to provide technical support to Saab in the future and provide parts through licensing agreements, Preuss said, but there were limits to the support GM would provide.
Preuss said: "(GM President) Fritz Henderson made it very clear that GM will be out of Saab one way or another by the end of this year."
Loans sought
Saab has applied for $628.4 million (500 million euros) from the European Investment Bank, which is the long-term lending arm of the European Union. The company also is trying to raise more funds from GM as well as from public and private sources.
Jonsson said reorganization will allow Saab to launch new models while minimizing the brand's liquidity impact on GM.
"With a new 9-5, 9-3X and 9-4X all ready for launch over the next year and a half, Saab has an excellent foundation for strong growth, assuming we can get the funding to complete engineering, tooling and manage launch costs," he said in a statement.
Earlier this week, the Swedish government said it is not prepared to take over Saab after GM said it planned to shed the brand quickly as part of its restructuring efforts.
GM bought half of Saab in 1990 and took full control in 2000. The brand has made a profit only in one year during GM's ownership.
Last year, Saab's global sales fell 25.5 percent to 93,338 units
Industry insiders said there has been a greater interest from outside investors in Saab since GM's announcement that it was looking to offload the brand.
Saab employs some 4,000 people in Sweden, mainly at its plant in Trollhättan in the southwest of the country. Another 25,000 jobs at suppliers depend on Saab.
To read more visit the AutoWeek New car news, road tests, blogs, pix and expert insight section.
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