– Ford Motor Co. will pay $51 million to settle claims by state attorneys general that the company’s advertising fails to disclose the rollover risk involved with driving sport-utility vehicles. The money will be shared among the 50 states, the District of Columbia, Puerto Rico and the Virgin Islands. Ford also will include a disclaimer in advertising that shows aggressive driving, which will say, “Professional driver. Closed course. Do not attempt.”
– A coalition of mostly Catholic shareholders at GM and Ford Motor Co. have introduced resolutions asking the automakers to report carbon dioxide emissions from their plants and vehicles. Shareholders could vote on the resolutions at annual meetings in the spring.
– GM and DaimlerChrysler are getting closer to dissolving their powertrain venture, New Venture Gear. The companies have signed an agreement that D/C, which holds a 64 percent stake, will assume ownership of New Venture, based in Troy, Mich., and GM will get one of the company’s plants, in Muncie, Ind. GM will fold the plant into its powertrain unit.
– Honda Motor Co. expects to sell 3.1 million vehicles globally next year, up 10 percent from around 2.8 million this year. The company is counting on North American sales for most of the gain, targeting 1.35 million sales in 2003, up 10 percent from the 1.2 million expected for this year. To meet the goals, Honda will double capacity at its plant in China, to 240,000 from 120,000, by early 2004, and raise output in Thailand to 120,000 from 70,000 by mid-2003, Honda President Hiroyuki Yoshino says.
– Shanghai GM, a joint venture between General Motors and Shanghai Automotive Industry Corp., will sell nearly 110,000 cars this year, almost double last year’s number. Shanghai GM this month acquired a car assembly plant in Yantai, in northeastern China, to accommodate the increase, though the plant’s output is not clear.
