GM Stocks Fall to 76-year Low
April 14, 2009
Stocks for General Motors have hit a 76-year low following the decision of six GM executives to sell some $315,000 in stock and liquidate their remaining direct holdings in the company.
With the company deadline for restructuring or filing for Chapter 11 bankruptcy protection fast approaching, the stockholders, which included GM vice chairman and product chief Bob Lutz, were faced with the threat of having their shares drop in value to less than 2 cents per share.
GM had already lost $6 billion in the first quarter of 2009, which puts the total loss at some $88 billion since 2004. The company has less than three weeks to cut debts and operating costs in order to prevent going bankrupt.
It’s a sinking ship, and you can’t really blame the six guys who took what they could still get. That’s a clear indication that even those close to GM have serious misgivings that the company can still avoid bankruptcy at this late a stage.
MTM’s Lean, Green Audi R8 Machine
April 13, 2009
Germany-based tuner MTM, or Motoren Technik Mayer, has come up with yet another custom Audi R8 that promises heightened power and features the tuner’s own green paint scheme first seen on its 911 GT3 RS.
Generally, MTM has left the original specs of the car intact, but buyers will have the option to go for something better. There’s a new R8 supercharger kit that sees the 4.2-liter V8’s power hike up to a whopping 560 horsepower with 427 lb.-ft. of torque. There’s also a custom ECU upgrade made by MTM for the 5.2-liter FSI engine, which also puts its power at 560hp.
The green “Porsche 2D8” paintwork is complemented by green R8 nameplates on the calipers and fuel cap, and MTM’s light 20-inch Bimoto alloy wheels with an “MTM Forged” plate on each.
A new exhaust system, an aerodynamics package to provide the maximum performance output, carbon fiber elements such as the front splitter, side skirts, and rear diffuser, and the tuner’s own Lift-Up System round out the features of this modified Audi R8 from MTM. It’s a good deal—that is, if you’re not particular with the car’s shade of green.
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Toyota to Hold Celebrity Race for Charity
April 12, 2009
Japanese car manufacturer Toyota will be holding a celebrity race in April as a fundraiser for a variety of charities. It has been reported that 20 celebrity drivers, Keanu Reeves and Adrien Brody among them, will be taking part in the race.
The 10-lap race will be held in a 1.97-mile street circuit in downtown Long Beach, California. Drivers will be on specially-designed Scion tC 3-door compact cars. There will also be a Pro category aside from the celebrity event.
Toyota will be donating $5,000 to a charity, the Racing for Kids foundation, in the name of each participating celebrity. Additionally, the winner gets to handpick another charity and Toyota will donate another $5,000 for that particular charity. $15,000 will be donated in the name of the pole winner in the Pro-Celebrity Race qualifying.
Aside from Reeves and Brody, the other participants in the celebrity race include Alex Trebek, Carlos Mencia, Jon Hamm, Luke Wilson, Tim Daly, and Tyson Beckford.
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2010 Kia Sorento: Details and Official Picture
April 10, 2009
Kia has released the initial official image of its upcoming compact crossover SUV, the Kia Sorento, well ahead of the vehicle’s launch later this year at the Frankfurt Motor Show. The second-generation Sorento will feature significant redesign as well as updated features.
The 2010 Sorento looks more spacious, owing to the redesign. It now features a monocoque chassis, compared to the ladder-frame one used for its first-generation designs up to the 2009 model. This frame is much like the one on the Kia Soul. Additionally, the new Sorento uses the same the platform as the Hyundai Santa Fe and Veracruz.
Under the hood of the new Sorento will be a new 2.2-liter diesel capable of 185 brake horsepower. Alternatively, potential buyers can go for a 2.4-liter petrol engine.
That’s all the information available on the new Kia Sorento CUV. Count on more details getting leaked or revealed to the public as the vehicle’s September debut gets closer.
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