Two foundry companies — Citation Corp. and Grede – merged last Friday with the support of a Minnesota investment bank. The merging will be called the newly-created Grede Holdings, a parts supplier with expected sales in 2010 of $600 million, to be headquartered in suburban Detroit.

The merging came after a series of transactions were completed, combining certain assets of Grede Foundries, Inc. of Milwaukee with Citation Corp. of suburban Detroit. Wayzata Investment Partners will be controlling the new company. Doug Grimm, the former CEO of Citation, will serve as the CEO of Grede Holdings. In a statement, Grimm said that the combination of Citation and Grede creates the most diversified foundry company in North America with one of the strongest balance sheets in the industry. On Dec. 23, the U.S. Bankruptcy Court for the Western District of Wisconsin approved the sale of Grede Foundries, Inc. to Grede, clearing the merging of the two companies.

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Tags:car, car news, citation corp grede merge, grede holdings
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Even with the massive recalls, Toyota has raised its full-year financial outlook. Because of a better-than-expected third quarter, Toyota had bumped its annual forecast ending in March.

Initially, Toyota had called for a $3.85 billion operating loss for the fiscal year ending March 31. Since then, it has reduced this figure to $220 million. It’s notable that most analysts had pegged Toyota to lose $418 million on the year. Toyota’s latest forecast actually does take into account the latest rash of recalls. Toyota set aside about $1.1 billion in recall costs and expects the recall to decrease sales by about 100,000 vehicles, equivalent to losing $880 million. Despite appearances that Toyota’s yearly forecast is looking up, it has yet to be seen how Toyota does after its largest recall gets resolved. Toyota’s next fiscal year begins on April 1. In an interview with Reuters, Toyota Senior Managing Director Takahiko Ijichi said that it is currently difficult to measure the impact on sales for the next financial year. He said that Toyota will do what it can to regain consumers’ trust. Toyota’s sales dropped 16% in the U.S., Toyota’s largest market, in January as a result of the recalls.

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Tags:car, car news, Toyota, toyota financial outlook
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A poll participated in by journalists had led to the Ford Fusion Hybrid being named the North American Car of the Year while Ford’s Transit Connect received the award for Truck of the Year. The Fusion Hybrid beat car finalists Buick LaCrosse and Volkswagen Golf. Meanwhile, the Transit Connect had overtaken the Chevrolet Equinox and Subaru Outback.

These awards have been given out for 17 years now and they have been distributed to various carmakers from all around the globe. For the record, US-based automakers have won nine times. European companies won four times, Japanese three and South Korea’s Hyundai once. When it comes to the truck category, domestic firms have gotten the award 11 times, followed by four for Japanese carmakers and two for Europeans. Last year, the car-of-the-year award went to Hyundai genesis and the Ford F-150 pickup was honored as the top truck. Over 50 vehicles were considered this year. Incidentally, the popularity of the hybrids is increasing as it has so far, won five honors.

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Tags:car, car news, Ford, ford fusion, ford transit connect, north american car of the year, north american truck of the year
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Chrysler and Fiat CEO, Sergio Marchionne, revealed the company’s 5-year product plan. Marchionne describes the moment as being the “first day of a new Chrysler.”

Among the massive changes, there will be a new logo to work alongside product refreshes in changing brand associations in the minds of consumers. The logo that has been in use since the mid-90s was streamlined, moving the ‘Chrysler’ lettering from above the wings to at their heart within a new blue block central to the design. Continued after the jump!

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Ford is seriously considering the export of US-made vehicles due to the combination of factors that include flexible manufacturing plants, global vehicles and a weak US dollar, according to chief executive Alan Mulally who spoke with Automotive News.

In the interview, Mulally explained that it is a “business decision” and that this move is part of the company’s plan to be flexible since being able to move up and down easier will allow it to support various markets. Mulally declined to elaborate but some sources have said that there is a plan to export the Kuga crossover from a US production site. Currently, the model is being assembled in Germany and goes on sale in Europe. Continued after the jump!

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As you may know already Mercedes-Benz is currently working on the convertible version of the upcoming SLS AMG supercar which will hit the streets as a 2011 model. According to the altest reports, the new 2011 Mercedes-Benz SLS AMG Roadster will make its official debut next year at the Geneva Motor Show while deliveries will start by the end of the year.

Regarding the technical details, the new car will carry the same 6.3-liter V8 engine which will be used also on the coupe version, capable to deliver 571 hp and a maximum 650 Nm of torque @ 4750 rpm transmitted via the dual-clutch gearbox to the rear axle. The only modification of the new car comparing it to the coupe, is that the convertible will lose the impressive “gullwing” doors in favor of normal doors. Te canvas-made roof will transform the coupe into a convertible in less than 20 seconds. More details to be revealed!

Tags:2010 geneva motor show, 2011 mercedes-benz sls amg roadster, 2011 sls amg roadster, 2011mercedes-benzslsamgroadster, car, car news, geneva motor show news, Mercedes-Benz, sls amg, slsamgroadster
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Cadillac has had to cut back on its plans due to the financial difficulties faced by parent company General Motors. Already, it has scaled back its European expansion plans and it has put on hold the development of a new diesel powerplant. However, Cadillac’s ambition to have a new rear-wheel-drive compact sedan to go up against the BMW 3-Series and Audi A4 seems to be on track. Rumored to be called the ATS, this new compact model is anticipated to go on sale within the next two years as a global model. In the US, it will be launched as a new entry-level car; however, in Europe, it will replace the BLS. Launched back in 2006, the BLS had been performing poorly, having sold only 7,356 units until 2008. The car has since been disposed. Referring to the car’s replacement, new Cadillac general manager Bryan Nesbitt confirmed that a new high-performance small car was in the works, not just for Europe, but for all of our markets.

Tags:bls, bls killed, Cadillac, cadillac bls, cadillac bls killed, car, car news
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Expected to go on sale later this year is Honda’s special edition Civic Si. The Si grade for this sporty package only applies to the five-door Civic. It covers all engine variants. Included in this package are color-coded bumpers, front foglights, a Type R-style mesh grille and dark chrome door handles and fuel cap.

The 1.4-litre Si gets 16in graphite-colored alloy wheels, while the 1.8 petrol and 2.2-litre diesel Si Civics come with 17in dark rims. Its interior also gets the special touch as all models get half-leather upholstery and an iPod connector. These Si versions are sold at a steal, costing only £850 more than the equivalent standard models. Press release after the jump!

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Tags:2010 civic si, 2010 honda civic si, car, car news, civic si, Honda, honda civic si
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The worsening worldwide economic crisis has compelled Fiat Group Automobiles to delay two targets it had planned a couple of years ago for the year 2010: bringing back the Alfa Romeo brand to the US and selling 300,000 per year in China.

So, Alfa Romeo will return to the United States in 2011, Sergio Marchionne, CEO of Fiat Group and Fiat Group Automobiles, said Thursday. The altered goal for China in 2010 has been significantly lowered to 50,000

The planned return of the Alfa in the US was originally placed at the last quarter of 2009 and changed later to 2010. Marchionne informed analysts that “it would be simply crazy investing for returning Alfa in such depressed U.S. market.”

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The best part of an outstanding season, Seat achieved the title of Champion in the 2008 World Touring Car today at the racetrack in Okayama, Japan. The victory of Seat in the manufacturer’s standings is the realization of a long anticipated aspiration for Spanish motor sports, especially because an award like this has never been achieved before. The Spanish brand has mathematically obtained the manufacturer’s and driver’s titles, even though only two Seat drivers, Gabriele Tarquini and Yvan Muller, have opportunities to turn into world champions in the final race to be held in Macau on November 16th.

The Spanish brand, participating in the championship with a set of five official drivers, Jordi Gené (Spain), Tiago Monteiro (Portugal), Yvan Muller (France), Rickard Rydell (Sweden) and Gabriele Tarquini (Italy), has banked on the León TDI World Touring Car Championship (WTCC), the best car of the championship that has been able to secure 11 triumphs so far.

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