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Automotive repair and maintenance services 2005
Automotive repair and maintenance firms continued to report steady growth in 2005, but any profits that may have been enjoyed were swallowed up by rising labour costs due to a shortage of skilled labour.
Total operating expenses for the industry grew to $11.1 billion, up 2.6% from 2004. Much of this increase can be attributed to a 9% growth in salaries and wages in 2005.
The increase in expenses was offset by a 2.6% annual advance in operating revenues, leaving the industry's operating profit margin stable at 5.3% in 2005.
Businesses classified to the automotive repair and maintenance services industry earned operating revenues of $11.7 billion in 2005. Mechanical and electrical repairs and maintenance generated 61% of these operating revenues while auto-body, paint and glass repairs generated another 31%. Nearly two-thirds of the industry's 2005 operating revenues were generated by firms located in Ontario (36%) and Quebec (25%). The industry's operating revenues grew most rapidly in Alberta (+9%).
The industry is dominated by small firms. The market share of the industry's 20 largest firms represented only 5% of the industry's total operating revenue in 2005.
Estimates for the reference year 2005 for the Annual Survey of Service Industries: Automotive Repair and Maintenance Services are now available.
Note: This survey does not include vehicle repairs provided by retailers such as car dealers and retail chain stores selling and servicing motor vehicles. These are covered instead by the Quarterly Retail Commodity Survey.
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Honda ranked high by publications for environmental and corporate responsibility
Honda noted for 'operating in an environmentally responsible way'
TORONTO - Honda has been honoured by leading publications in Canada and the U.S. for its environmental and corporate social responsibility. FORTUNE magazine has released its special report - "Going Green" - which includes a list of 10 companies that go beyond what the law requires to operate in an environmentally responsible way. Honda was included as one of the 10 companies by FORTUNE as being ahead of the learning curve on the strategic value of environmentalism in their industries. No other automotive manufacturers were included in the list of 10 companies.
To select the companies on the "Green Giants" list, FORTUNE began by
soliciting nominations from environmentalists and consultants who have worked
in the trenches of corporate America. They nominated nearly 100 companies.
FORTUNE decided to concentrate on bigger firms because their environmental
footprint is more important.
In February's edition of the Globe and Mail's "Report on Business
Magazine," Honda scored a B+, which was the highest grade for any auto
manufacturer. Honda was recognized for its hybrid technology and
fuel-efficient cars, its innovative and sustainable manufacturing facilities,
and for its aggressive program to significantly reduce energy consumption at
its manufacturing sites. Honda was also recognized for eliminating hazardous
substances from its production proves and reducing emissions, material waste
and energy use. Honda also scored high for corporate governance and corporate
social responsibility.
In Quebec's financial "Commerce" magazine, Honda scored 7th in the
magazine's 10th annual "Les 150 Entreprises les plus admirées des Québécois"
(most admired companies in Quebec) survey. Honda was the only Automobile
Manufacturer to attain a position in the top 10. The survey was conducted for
Commerce by Léger Marketing between December 2006 and January 2007, based on a
sampling of 500 adult respondents.
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New Highway 7 Between Kitchener And Guelph Moves Forward
Provincial Budget Includes Commitment To Kitchener-Waterloo Transit Corridor
KITCHENER, ON - The Ministry of Transportation announced today that it is moving forward with plans to build a new, four-lane highway between Kitchener and Guelph to reduce traffic congestion, improve safety and accommodate growth. Having received environmental approval, work to design the new highway can begin and land acquisition can now be completed. Construction can begin once this process has finished.
"Our government recognizes how important it is to support growing communities in Waterloo Region and Guelph," said Transportation Minister Donna Cansfield. "Better roads will improve safety, create jobs, encourage economic growth and keep this community strong."
"Waterloo Region requires a comprehensive transportation network. Today's news about Highway 7 as well as the transit initiative demonstrate the McGuinty government's commitment to the continuing prosperity of our community," said John Milloy, MPP for Kitchener Centre.
"This is great news for my constituents who depend on Highway 7 every day," added Guelph-Wellington MPP Liz Sandals. "A new, four-lane highway will improve safety for the more than 21,000 drivers who travel between Kitchener and Guelph daily."
In yesterday's provincial Budget, the government also committed to working with its municipal, regional and federal partners to complete technical studies and an environmental assessment for the Kitchener-Waterloo transit project and support the cost of one-third of the project. Creating a transit system to run through the urban cores of Cambridge, Kitchener and Waterloo will keep people moving quickly and efficiently throughout the region.
Since 2003 the McGuinty government has invested $4.5 billion in Ontario's highways, roads and bridges and $3.6 billion in public transit. This year, Ontario will invest over $681 million in transit systems across the province and $1.2 billion in highways.
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Federal Budget Misses the Mark on Green House Gas Emissions By Excluding Majority of Vehicles
OTTAWA - The Automotive Industries Association of Canada, Car Care Canada, and representatives of the automotive aftermarket industry are concerned that although the environmental initiatives in the Federal Budget are a step in the right direction, they do not address a large enough segment of the vehicle fleet in Canada and will fail to reduce fuel consumption and lower emissions in the immediate and short term.
In its Budget announcement on Monday, the Government of Canada has
attempted to address the impact vehicle emissions have on the environment by
offering incentives to the public to retire 1995 and older vehicles and to buy
new emissions-friendly vehicles. The decision to spend $36 million to retire
older vehicles sounds impressive, however if the example of an incentive of
$1,000 per vehicle retired is used, that's only 3,600 cars off the road - cars
which likely would have been retired anyway.
Consequently, retirement of older vehicles does not represent a big
savings in GHGs. Nor does the $2,000 purchase incentive for high efficiency
vehicles combined with the $4,000 levy on low efficiency vehicles, given that
these represent only 5% of vehicles being sold today. These measures do not
factor in solutions for the other 16 million vehicles on the road or the fact
that even new, high efficiency vehicles need to be properly maintained so that
they continue to be fuel efficient.
"This is a step in the right direction but won't come close to solving
the problem. A new vehicle is not necessarily synonymous with lower emissions
levels and all new vehicles still require regular maintenance to keep
emissions low," according to AIA Canada's Ray Datt. "We need a more
comprehensive approach that targets all the cars on Canadian roads, not just
those ready for recycling or the ones just coming off the assembly line."
"The average car on the road in Canada is over eight years old,"
explained Marc Brazeau, Executive Vice-President of Car Care Canada. "Most
Canadians cannot afford to buy a new car every few years and a few thousand
dollars in rebates won't convince people to make the switch. What people can
do is take better care of the car they currently drive. A properly maintained
vehicle can help the environment by using less fuel, plus it runs more
efficiently and economically, is safer, and will last substantially longer. It
provides an immediate environmental benefit and costs Canadians much less. We
believe it's a more realistic approach."
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Ontario budget continues to deliver for transit
TORONTO - The Canadian Urban Transit Association (CUTA) and the Ontario Community Transportation Association (OCTA) appreciate the Ontario government's ongoing commitment to public transit, as reflected in today's budget.
"The provincial gas tax program is directly helping to meet Ontario's
transit needs," says Michael Roschlau, CUTA President and CEO.
"As a result, transit ridership in Ontario has been increasing, a trend
that is expected to continue with strong provincial investments," adds
Béatrice Schmied, OCTA Executive Director. "Long term predictable funding
levels are critical in order to plan for effective transit."
"Funding transit infrastructure directly contributes to reducing growing
traffic congestion," comments Bill Cunningham, OCTA President. "We know that
strong transportation is key to supporting the province's sustainable economic
growth."
"The distribution of funding from the Federal Public Transit Capital
Trust will help transit systems meet the proven ridership needs of
municipalities across the province," closes Larry Ducharme, CUTA Ontario
Regional Committee Chair.
The Associations look forward to working with all levels of government to
fully realize transit's potential.
The Ontario Community Transit Association (OCTA) represents the public
transit systems of approximately 80 Ontario municipalities, as well as
transportation providers in the non-profit sector and suppliers to the
industry.
CUTA is the national association representing public transit systems,
suppliers to the industry, government agencies, individuals and related
organizations in Canada.
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Skilled workers needed: new job board for Transportation launched
VANCOUVER - With concern rising over a skilled labour shortage in the transportation sector, a major transportation association has gone on the offensive.
The Western Transportation Advisory Council (WESTAC) is excited to
announce the launch of TransportationCareers.ca - Canada's new job board for
the transportation sector.
"The growth of our primary industries across Western Canada will make us
the key Gateway between Asia and North America," said Hon. Eldon Lautermilch,
Saskatchewan Minister of Highways and Transportation and WESTAC Chair. "As a
result, the transportation industry will need to recruit and train tens of
thousands of workers in the next few years to handle this increase in traffic
volume."
TransportationCareers.ca is designed to help both job seekers and
employers in the transportation and logistics industry. Spanning all modes,
education, and skill levels visitors can post a job, browse careers, search or
build resumes, and find qualified staff - all in one place. Registration is
always free for job seekers and employers can post jobs at no charge until May
15th.
Reducing skills shortages is a top priority for the transportation
industry as over 40% of its employees are over 45 years and older. The
industry is growing exponentially thanks in part to the Government of Canada's
Asia-Pacific Gateway and Corridors Initiative.
"The jobs available are not just those traditionally associated with
transportation," said WESTAC President Ruth Sol. "We are seeing increased
demand for jobs that require more technical and specialized skills."
"The industry offers high paying and stable jobs, plenty of advancement,
and positions for all levels of education," said Marcella Szel, Canadian
Pacific Railway Senior Vice President of Marketing & Sales and WESTAC
Executive Committee Chair. "Those entering the workforce for the first time or
looking to switch careers will be pleasantly surprised by the diversity of
opportunities."
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Federal budget stops short of predictable funding for public transit
TORONTO - The Canadian Urban Transit Association (CUTA) is discouraged that today's budget moves away from dedicated and predictable investment in public transit.
"Public transit needs long-term and sustainable funding," says CUTA
President and CEO Michael Roschlau. "Our governments must work together to
create a true National Transit Strategy."
CUTA's survey of Canadian transit systems reported a $20.7 billion need
for public transit's capital infrastructure needs for the period 2006-2010.
Annually, about $4.2 billion is needed for the maintenance and upkeep of
current systems, and for transit expansion to accommodate more riders.
"Today's commitment to the Building Canada Fund is appreciated but will
lead to more ad-hoc projects as opposed to an integrated, comprehensive plan,
as proposed by the FCM's National Transit Strategy," says CUTA Chair Penny
Williams.
"The expansion of the federal tax credit for transit pass users is a
welcome step in rewarding transit users," says Roschlau. "However, we are
disappointed that the long-standing request for a tax exemption for
employer-provided transit benefits has still not been recognized as one of the
most effective ways of using the tax system to promote transit use."
"CUTA looks forward to continuing to work with this government to meet
the growing urban mobility needs of Canadians," concludes Williams. "A
partnership between all orders of government in creating a true National
Transit Strategy will ensure long-term, predictable funding for all
communities."
CUTA is the national association representing public transit systems,
suppliers to the industry, government agencies, individuals and related
organizations in Canada.
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Federal budget fails to address airport rent issue
TORONTO - The Greater Toronto Airports Authority (GTAA), today expressed disappointment that the matter of airport rent relief was not addressed in the federal budget.
"It is unfortunate" said Lloyd McCoomb, President and CEO, "that the
government has not yet seen fit to reduce Toronto Pearson's rent to levels
that are fair compared with other regions. The Southern Ontario economy, in
fact all of Canada, will greatly benefit when the government addresses the
hindrance this unfair burden places on Toronto."
Since 1996, the GTAA has invested more than $4.5 billion on redevelopment
without any federal contribution. During those same years, the GTAA has paid
$1 billion in airport rent. Rent is an artificial barrier to regional
competitiveness. Federal rent currently accounts for 34% of the landing fees
charged to airlines in Toronto, while airports with which Toronto competes in
the U.S. receive federal subsidies. The current rent formula will impose on
Toronto Pearson a 63% share of the national rent with only a 33% share of the
national air traffic. A direct measure of this negative impact is seen by the
1.5 million Canadians who drive to Buffalo to travel by air.
The GTAA launched its "Let's Get a Fair Deal" rent campaign to
demonstrate that travellers through Toronto Pearson care about the issue and
want the government to act. In a short time, over 100,000 positive responses
were collected. This call for action is supported by a wide coalition of
airlines, freight forwarders and business groups. Several non partisan
economic think-tanks such as the C.D. Howe Institute and the Montreal Economic
Institute have called on the government to act.
The public awareness campaign to encourage the government to reduce
airport costs by reducing airport rent will continue in Toronto Pearson's
terminals and at www.gtaa.com.
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NAV CANADA reports January traffic figures
OTTAWA - NAV CANADA announced its traffic figures for January 2007, as measured in weighted charging units for en-route, terminal and oceanic air navigation services, in comparison to the same month in 2006.
The traffic in January 2007 increased by an average of 6.7 per cent
compared to the same month in 2006.
Fiscal year-to-date traffic was 5.0 per cent higher than in fiscal year
2006. NAV CANADA's fiscal year runs from September 1 to August 31.
Weighted charging units represent a traffic measure that reflects the
number of flights, aircraft size and distance flown in Canadian airspace.
These traffic figures are also available in graph form on NAV CANADA's
web site at www.navcanada.ca.
NAV CANADA, the country's civil air navigation services provider, is a
private sector, non-share capital corporation financed through publicly-traded
debt. With operations coast to coast, NAV CANADA provides air traffic control,
flight information, weather briefings, aeronautical information services,
airport advisory services and electronic aids to navigation.
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Blocked Up: How Failings In Transport Hold Back Prosperity For Billions
The bigger cargo flows that stem from globalization make road, rail and
port bottlenecks worse, prompting a rethink by governments on investment,
writes transport correspondent, Robert Wright of The Financial Times.
“… The majority of the infrastructure in many fast-growing economies -
such as India, Vietnam, Russia and Brazil - remains in state ownership.
Like publicly owned Mumbai port, much of it is suffering from a mixture of
poor stewardship and a shortage of cash. … Some Latin American countries
boast excellent toll roads built by European investors. But in most
countries there are far too few of these and they are linked to
sub-standard publicly owned infrastructure. A privately owned four-lane
Mexican toll road will sometimes end abruptly, forcing traffic on to a
battered single carriageway. …
The task is to match the achievements of China, the emerging economy whose
export handling capability attracts the fewest complaints. It has married
government determination to improve transport efficiency with an openness
to private investment and a surprising willingness to relinquish state
control. The result has been vast new ports - including a showpiece
container port on an island off Shanghai - and a growing network of toll
roads. It is also working with foreign manufacturers to improve its
railway rolling stock. Many emerging economies could be enjoying even
faster economic growth if they addressed these problems. …
At the heart of the problem for many countries is the need for the public
sector to approve, finance and construct infrastructure projects much more
speedily. Many governments also remain reluctant to encourage foreign
private investment in parts of their infrastructure. … Since the public
sector owns most existing infrastructure, it can also be reluctant to
encourage new facilities. … Yet even if they were more open to foreign
investment, many emerging economies might still find their transport
developments tripped up by concerns over the overbearing and unpredictable
role of the state. ...
China illustrates how even seemingly minor reforms can trigger significant
progress. From January last year, the country started permitting foreign
companies to own 100 percent of China-based logistics companies. As a
result, foreign-owned operators can marry their expertise to direct
control of a fleet of trucks using the country's rapidly improving roads.
One of many results has been that Toyota, the Japanese car manufacturer,
can supply its dealers in most of China overnight with parts ordered the
previous afternoon. The service allows dealers to fix cars faster and to
hold far smaller stocks of spares. That would, according to those
involved, have been unthinkable even two years ago.” [The Financial Times
(UK)]
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GM Reports Net Loss of $2 Billion on Record Revenue of $207 Billion
- Record revenue of $207 billion in 2006
- 2006 adjusted net income of $2.2 billion - improvement of $5.4 billion
- 2006 reported net loss of $2.0 billion - improvement of $8.4 billion
- Positive fourth quarter net income and operating cash flow
- Year-end cash balance of $26.4 billion
DETROIT -- General Motors Corp. posted net income for 2006, excluding special items, of $2.2 billion, or $3.88 per share fully diluted, compared with a net loss of $3.2 billion, or $5.67 per share, in 2005, marking a $5.4 billion improvement. Including special items, GM had a net loss of $2.0 billion, or $3.50 per share for 2006, compared with a net loss of $10.4 billion, or $18.42 per share in the year-ago period. GM earned record revenue of $207 billion in 2006, compared with $195 billion in 2005.
"We needed 2006 to be a big year, and it was," GM Chairman and CEO Rick
Wagoner said. "Our performance last year reflects the significant progress
we've made toward transforming GM into a more competitive, global business
focused on long-term, sustainable success. The improvement is a credit to our
employees, union partners, dealers and suppliers worldwide. It's also
validation that our strategy is working, and faster than many people thought
possible.
"But nobody at GM is declaring victory, because we all know there is
still a lot more work to do to achieve our goals of steady growth, solid
profitability and positive cash flow generation. We're confident that the
momentum we generated in 2006 will continue to build through this year and
beyond," Wagoner added.
GM's net income in the fourth quarter 2006 was $180 million, or $.32 per
diluted share, excluding special items. These results compare to a net loss of
$936 million, or $1.66 per share in the year ago period. Including the net
favorable effect of all special items, GM's net income was $950 million, or
$1.68 per diluted share in the fourth quarter of 2006, compared with a loss of
$6.6 billion, or $11.63 per share in the fourth quarter of 2005. GM had
revenue of $51.2 billion in the fourth quarter 2006, compared with $51.7
billion in the same period a year ago, with the decline more than accounted
for by the exclusion of GMAC revenue starting December 1, 2006, which is
explained in greater detail in the "GMAC" section of the press release.
The reported results for the fourth quarter 2006 include special items
totaling $770 million after-tax, or $1.36 per diluted share. These are
primarily attributable to gains related to GMAC transaction-related items and
the sale of the GM desert proving ground property, partially offset by costs
related to previously announced GM restructuring items. Additional details on
these special items are included in the "Highlights" section of the press
release.
<<
GM Automotive Operations
>>
Net income from global automotive operations for 2006 improved by more
than $5.7 billion, totaling $422 million on an adjusted basis, excluding
special items (reported net loss of $3.2 billion). Adjusted net income for
GM's automotive operations in the fourth quarter 2006 was $228 million
(reported net income of $194 million), compared with an adjusted loss of $1.2
billion in the year-ago period.
GM sold 9.1 million vehicles worldwide in 2006. For the second
consecutive year, unit sales outside of the U.S. surpassed domestic sales with
almost 5 million units, or 55 percent of global volume. GM Europe (GME), GM
Asia Pacific (GMAP), and GM Latin America, Africa and the Middle East (GMLAAM)
all set regional sales records, with GME exceeding 2 million units, GMAP
topping 1.25 million units, and LAAM surpassing 1 million units for the first
time.
GM North America (GMNA) posted a $5 billion earnings improvement in 2006,
with an adjusted net loss of $779 million (reported net loss of $4.6 billion).
In the fourth quarter of 2006, GMNA recorded its fourth consecutive quarter of
more than $1 billion improvement in adjusted earnings. GMNA had an adjusted
net loss of $14 million in the fourth quarter 2006 (reported net income of $50
million), versus an adjusted loss of $1.4 billion in the same quarter 2005.
The calendar year improvement was realized despite a 207,000 unit reduction in
GMNA production to balance inventory with deliveries, and reflects continued
significant reductions in structural costs related to health care,
manufacturing and workforce attrition, as well as positive sales mix and the
impact of the company's product and value focused sales and marketing
strategy.
GM reduced structural costs in North America by $6.8 billion in 2006,
exceeding its target of $6 billion, and remains on-track to deliver the
previously announced $9 billion of annual structural cost savings in
2007(versus 2005 structural cost levels). GM's progress in globalizing its
product development, powertrain and manufacturing operations, combined with
aggressive GMNA turnaround actions, are driving these significant structural
cost reductions. GM reduced its global automotive structural cost from over
34 percent of revenue in 2005 to 30 percent of revenue in 2006, an impressive
first step toward GM's goal of cutting structural cost to 25 percent of
revenue by 2010.
"We made very significant progress in 2006 toward our 25 percent
structural cost goal," Wagoner said. "At the same time, we continue to invest
heavily in future products, technology and growth markets. GM plans to
increase its global capital spending from $7.5 billion in 2006, to between
$8.5 and $9 billion in 2007 and 2008."
GM's commitment to quality and design leadership was reinforced in 2006
with strong consumer and media reception to GM's newest cars and trucks,
including the Chevrolet Tahoe, GMC Yukon, and Cadillac Escalade full-size
utilities; GMC Sierra and Chevrolet Silverado full-size pickups; the Saturn
Aura midsize sedan; Opel Corsa small car; and the Holden Commodore full-size
sedan. In addition, early public reaction to the Saturn Outlook and GMC
Acadia midsize crossovers, introduced late in 2006, has been positive.
GME posted its first full-year of profitability since 1999 with adjusted
earnings of $227 million for 2006 (reported net loss of $225 million). GME
had an adjusted loss of $8 million in the fourth quarter 2006 (reported net
loss of $119 million), compared to net income of $5 million in the year-ago
quarter. GME revenue in the fourth quarter 2006 was $9 billion, up from $8.1
billion in the same quarter 2005. Contributing to GME's improved performance
during the year was strong revenue growth due to record volume of over 2
million units, and continued structural cost reductions.
"The actions we've taken in Europe to reduce structural cost and re-
energize our product lineup is making a big impact on the business," Wagoner
noted. "And our multi-brand approach in Europe is really getting traction. The
Opel/Vauxhall brands are strengthening, led by products like the all-new Corsa
and segment-leading Meriva and Zafira. And, the Chevrolet brand again
achieved record sales, while Saab and Cadillac also demonstrated strong
growth. And we're especially pleased with our progress in Russia, where GM
sales grew 73 percent in 2006."
GMAP delivered adjusted earnings of $441 million in 2006 (reported net
income of $1.2 billion), compared with $557 million in 2005, with the decline
totally attributable to the loss of Suzuki equity income in 2006, as a result
of the divestiture of most of GM's holdings in Suzuki Motor Corp. For the
fourth quarter of 2006, GMAP's adjusted earnings were $122 million (reported
net income of $135 million), consistent with the same quarter 2005 earnings of
$124 million. Record 2006 sales of GM Daewoo products contributed to GM's
continued strong performance in the region, headlined by sales gains of 32
percent in China and 19 percent in Korea.
"The AP region remains the core of GM's global growth strategy. In 2006,
GM advanced its leading position in China, again improving its market share to
almost 12 percent. We also announced plans to add a new assembly plant in
India to take advantage of opportunities in that important market, and we
continue to grow in Korea," Wagoner said.
GM's LAAM region delivered its best financial performance in 10 years
with adjusted earnings of $533 million in 2006 (reported net income of $490
million), an improvement of $381 million over 2005. GMLAAM also recorded
adjusted and reported fourth quarter earnings of $128 million, up from
adjusted earnings of $63 million in the same quarter of 2005. These
improvements were driven by record revenue and volume for the region, and
significant gains at GM do Brasil.
"By cost-effectively leveraging GM's products and resources from around
the world, GMLAAM has been able to take advantage of growth opportunities
throughout the region, achieving milestone sales of over 1 million units and
impressive revenue and profit results," Wagoner said.
<<
GMAC
>>
On a standalone basis, GMAC Financial Services reported 2006 net income
of $2.1 billion, compared with net income of $2.3 billion in 2005. GMAC's
operating earnings for 2006, excluding two significant items, amounted to $2.0
billion, compared to $2.7 billion of operating earnings in 2005.
For the fourth quarter of 2006, GMAC had net income of $1.0 billion, up
from $112 million in the fourth quarter of 2005. The 2006 fourth quarter
results include a $791 million after-tax benefit related to deferred tax
liabilities that GMAC transferred to GM when GMAC converted to a Limited
Liability Company (LLC). Conversely, fourth quarter 2005 results included the
impact of goodwill impairment charges of $439 million after-tax. Excluding
the LLC benefit, GMAC operating earnings for the fourth quarter 2006 were $225
million, compared to $551 million in the year-ago period.
On November 30, 2006, GM closed the previously-announced transaction to
sell 51 percent controlling interest in GMAC to an investor consortium led by
Cerberus Capital. As a result of the closing of the GMAC transaction, GMAC
results through November were fully consolidated in GM's reporting, and
December results were reflected on an equity income basis for GM's remaining
49 percent interest.
After adjusting GMAC results for equity income in December, dividends to
GM on preferred stock and various transaction-related items, GM reported an
adjusted net loss of $284 million associated with GMAC for the fourth quarter
2006, and net income of $1.5 billion for the calendar year. Going forward, GM
will record GMAC results on an equity income basis.
Based on GMAC's results, GM will refund approximately $1 billion to GMAC,
in the form of a capital contribution, to restore its adjusted tangible equity
balance as of November 30, 2006 to the $14.4 billion level that was agreed
upon in conjunction with the 51 percent sale of GMAC. The amount of the
refund reflects reduced tangible book value at November 30, 2006, principally
caused by a deterioration in GMAC's Residential Capital, LLC (ResCap)
earnings, changes in GMAC deferred tax balances and the restatement of prior
financial results.
For additional details on GMAC 2006 fourth quarter and calendar-year
financial results, see the company's earnings release dated March 13, 2007 on
the company web site at www.gmacfs.com.
<<
Cash and Liquidity
>>
GM achieved positive adjusted operating cash flow for the fourth quarter
2006 of approximately $300 million, an improvement of $1.4 billion compared to
the fourth quarter 2005.
Cash, marketable securities, and readily-available assets of the
Voluntary Employees' Beneficiary Association (VEBA) Trust totaled $26.4
billion at December 31, 2006, up from $20.4 billion on September 30, 2006. In
addition to the impact of favorable operating cash flow in fourth quarter,
this reflects the impact of distributions received from the closing of the
sale of the 51 percent interest in GMAC.
<<
Financial Restatements
>>
GM previously disclosed that it had understated its stockholders' equity
as of December 31, 2001 and subsequent periods by approximately $500 million
related to deferred tax liabilities and taxation of foreign currency
translation. GM today confirmed a final adjustment to stockholders' equity as
of January 1, 2002 of $245 million.
GM also previously disclosed it would be restating its financial
statements for 2002 through the third quarter of 2006 largely due to hedge
accounting. The following chart provides a summary of the impact of the
restatements on reported net income for the 2002-2006 periods.
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Canada’s New Government announces investment to cut commute times, clear the air and drive the economy in the Greater Toronto Area
Prime Minister Stephen Harper on March 6, 2007 announced up to $962 million in partnership with the Province of Ontario and five municipalities to generate a combined investment of close to $4.5 billion in public transit and highway infrastructure projects in the Greater Toronto Area (GTA).
Today’s announcement is part of FLOW, the federal government’s new long-term transportation action plan for the GTA. FLOW is designed to reduce gridlock, improve the environment and increase economic growth in one of the fastest growing areas in Canada.
FLOW is about ensuring the free flow of people, traffic, and goods right across the GTA,” said the Prime Minister. “It’s about cutting the commute, improving the economy, and cleaning the air.”
"Today's announcement is good news for Ontario's economy and environment and a great example of what can happen when we work together to build up our greatest strength - our people," said Premier McGuinty. "Working together, Ontarians are building growth that's green, and growth that lasts."
The transit projects to be funded through today’s announcement include:
the extension of the northern section of the Spadina subway line to Vaughan Corporate Centre, with the federal and provincial governments committing up to a maximum of $1.3 billion;
the development of the Brampton AcceleRide, with both governments committing up to a maximum of $190 million;
the construction of a Mississauga bus rapid transit corridor, with both governments committing up to a maximum of $173 million;
the enhancement of the York VIVA rapid transit system, with both the federal and provincial governments committing up to a maximum of $170 million; and
funding to develop regional rapid transit in the Regional Municipality of Durham.
Along with its joint investment with the Government of Canada on the public transit system, the Province of Ontario has agreed as a part of today’s announcement to invest in three key highway projects: Highway 407, Highway 404, and Highway 7.
FLOW will improve Ontario’s competitive advantage and attract new businesses to the GTA by creating a seamless transportation system with improved access to highways and more public transit options.
The province’s role in the partnership builds on its commitment to infrastructure, as first announced in the 2006 provincial budget under Move Ontario, a major, one-time $838 million investment in the province's public transit systems. The Ontario government has allocated an additional $400 million under Move Ontario, which municipalities may use for improvements to municipal roads and bridges.
Investments in highways and transit play an important role in moving people and goods across the GTA. The growth of the region’s transportation network will also support economic sectors, such as manufacturing, agriculture, tourism and trade.
* * *
Backgrounder
FLOW is an initiative of Canada’s New Government designed to reduce traffic gridlock, improve the environment and strengthen the economy in the Greater Toronto Area.
FLOW consists of key transportation infrastructure projects to be funded and built in the short- to medium-term. In most cases, the projects would be cost shared by the three levels of government.
The projects included in this initiative were selected following consultations with the Province of Ontario, mayors in the Greater Toronto Area, regional chairs, municipal councilors, and various community groups.
FLOW was developed to help enhance the quality of life for families and help businesses increase efficiency in the Greater Toronto Area by keeping people, traffic and goods FLOWing in the largest metropolitan area in Canada.
This initiative will focus on three main ideas:
Cutting Commute Times
By making investments in transportation infrastructure, the Government of Canada is helping to create a seamless and affordable transportation system that will reduce traffic congestion and help reduce commute times.
Clearing the Air
The transit projects included in this initiative will help reduce the growth of greenhouse gas emissions and will encourage people to leave their cars at home and use public transit.
Driving the Economy
In today’s highly competitive global economy, projects such as those included in FLOW could help area businesses improve their productivity and efficiency, thereby ensuring goods get to market on time.
The transit infrastructure projects announced today as part of the FLOW initiative include:
Toronto-York Subway
The existing Spadina subway line will be extended by 8.6 kilometres through York University to the Vaughan Corporate Centre.
The Government of Canada is committing up to $697 million towards the eligible project costs. The Province of Ontario has already provided $670 million into a trust for this project. The City of Toronto and Regional Municipality of York previously committed their contributions and will be responsible for the remainder of the project costs.
Federal funding commitments to this project are conditional upon the completion of a due diligence review, the negotiation of a contribution agreement and the proponent’s adherence to conditions put forth by the federal Ministers of Finance and Transport, Infrastructure and Communities.
Along with funding by all three levels of government, the City of Toronto and the Regional Municipality of York will be exploring opportunities for alternative financing and procurement, such as public-private partnerships.
The project is expected to be completed by 2015.
Brampton AcceleRide
This project involves the construction of a bus rapid transit (BRT) system along Brampton’s key transportation corridors and link the downtown to the north and west areas of the city, as well as to the City of Mississauga and the Regional Municipality of York. The Government of Canada is committing up to $95 million, while the Province of Ontario has already provided $95 million. The City of Brampton will be responsible for the remainder of the project costs.
The project will be constructed in two phases, the first expected to be complete by 2010, with ultimate completion anticipated in 2021.
Mississauga Transitway
A separate bus right-of-way will be developed to provide local and inter-regional connections to communities along the Highway 403/Eglinton corridor between Oakville and the City of Toronto. A total of 11 stations will be constructed along the route.
The Government of Canada is committing up to $83 million. The Province of Ontario has committed $88 million in support of the project. The City of Mississauga and GO Transit will be responsible for the remainder of the project costs.
The project is expected to be completed by 2012.
York Region VIVA Phase 2, Part 1
The VIVA rapid transit system will be enhanced through the construction of dedicated bus rapid transit systems along Yonge Street, from the Finch subway station to the Richmond Hill Centre, and along Highway 7, from the Markham Centre to Yonge Street.
The Government of Canada is committing up to $85 million towards eligible project costs.
Federal funding commitments to this project are conditional upon a matching financial contribution by the Province of Ontario, the completion of a due diligence review, the negotiation of a contribution agreement and the proponent’s adherence to conditions put forth by the Minister of Finance and the Minister of Transport, Infrastructure and Communities.
The project is expected to be completed by 2010.
Durham Region Rapid Transit Project
Funding will be provided to the Regional Municipality of Durham to help them further refine their transit service strategy and bus rapid transit implementation plans. This will include demonstrating how best to support anticipated urban growth, assess transit options and their integration with other services, develop detailed ridership projections, and cost-benefit analyses.
The Government of Canada is committing up to $2.5 million and the Province of Ontario up to $2.5 million. This rapid transit project is expected to start this year.
The highway infrastructure projects announced today as part of the FLOW initiative include:
Extension of Highway 407 east to Highway 35/115
Highway 407 will be extended eastwards by 67 kilometres from Brock Road in Pickering to Highway 35/115 in Clarington, and will include two north-south connections to Highway 401: one from Ajax/Whitby, and one from Oshawa/Clarington. A provision for a future dedicated transit right-of-way is also included.
The Province of Ontario is responsible for determining the appropriate financing and delivery for this project. The project is expected to be completed by 2013.
Widening of Highway 7 in Durham Region
Highway 7, in the Regional Municipality of Durham, will be widened from Brock Road to Highway 12. This project could help alleviate traffic congestion in a rapidly growing area of GTA and will improve links to Highway 407.
The Province of Ontario is responsible for funding this $55 million project.
Construction is set to begin in 2009 and is expected to be completed by 2012.
Extension of Highway 404
This project involves the extension of Highway 404 north from Green Lane to Ravenshoe Road. This extension could help reduce travel times, support economic development and help take long-distance commuter, and recreational traffic off local roads in the Regional Municipality of York.
The Province of Ontario, which is responsible for this project, is committing $250 million.
Construction is expected to be completed by 2012.
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Region seeks public input on rapid transit routes and station locations
Waterloo Region – Regional Council unanimously approved a short list with Bus Rapid Transit (BRT) and Light Rail Transit (LRT) operating both on and off-road at the February 28, 2007 Regional Council meeting. These technologies and routes will now be studied further as part of the next step in the Rapid Transit Environmental Assessment (EA), and the public is invited to provide their input.
“At the start of Phase 2, at the September 21 Public Workshop, we asked the community what possible destinations rapid transit should serve and where stations should be located in order to get people to their destinations,” said Yanick Cyr, Project Director for the Rapid Transit Initiative. “Our consultants reviewed all of the public input, did a technical assessment of the possible routes and station locations, and consulted with the local municipalities in order to select preliminary routes in each of the seven sections of the study area. We would now like the public’s input on the preliminary routes before we begin the in-depth evaluation based on the criteria in the EA Terms of Reference.”
The Region is hosting three Public Workshops on March 20, 21 and 22 (details are on Page 2) where the public can comment on the preliminary routes and station locations. The Region’s consultants will use this input to confirm a short list of routes and station locations in the study area for BRT and LRT. Each option will be evaluated during the next phase of the Environmental Assessment process using the criteria in the Terms of Reference. These criteria include:
Ridership potential for each route and technology;
Potential impacts on surrounding land and traffic patterns;
Ability to serve residential, employment, business and institutional transportation needs;
Contribution to public health;
Potential environmental and ecological impacts; and
Estimated capital and operating cost.
Once the evaluation of routes and station locations is complete, the Region’s Rapid Transit Project Team will present a series of ranked route and station location alternatives to the public later this spring for additional input at a Public Consultation Centre.
For more information on the Environmental Assessment process, or to RSVP for a Public Workshop, the public is encouraged to visit the website at www.region.waterloo.on.ca/transitea or contact the Rapid Transit Info-line at rtinfo@region.waterloo.on.ca or 519-575-4757, ext. 3242.
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BMW Group Canada announces record February and year-to-date sales
BMW and MINI achieve best-ever February sales.
WHITBY - BMW Group Canada reported today a February sales record of 1,598 BMW and MINI vehicles, an increase of 22.3% over February 2006 sales. Year-to-date sales were also up in February for BMW and MINI. A year-to-date record was achieved by selling 2,764 units, up 17.9% from 2006.
BMW Brand: Sales of BMW brand automobiles up 21.3% in February.
The BMW brand sold a record 1,377 units in February 2007, an increase of
21.3% over February 2006. The BMW X5 Sports Activity Vehicle (SAV) and 335i
Coupé led the way with sales increases. Sales of the all-new X5 SAV increased
by 157.6% to 322 units in February 2007. The new BMW 3 Series Coupé, voted
"Best New Sports Performance Car over $50,000" for 2007 by the Automobile
Journalists Association of Canada (AJAC), increased sales by 400.0% over
February 2006, with 245 units retailed in February.
BMW also achieved record year-to-date sales by increasing volumes by
17.6% to 2,389 compared to last year.
BMW Motorrad Canada enjoyed a strong month in February with a sales
increase of 80.9%, which translates to 38 units. Year-to-date, Motorrad has
retailed 63 units, up 90.9% from last year.
MINI Brand: Record February Sales for MINI.
MINI Canada celebrated the retail launch of the new MINI Cooper and
Cooper S in February as well as a record sales month. MINI sold a record
breaking 221 units in February 2007, an increase of 28.5% over February 2006.
MINI has sold 375 units in Canada year-to-date, setting a record with an
increase of 19.8 per cent compared to the same period last year.
BMW Certified Series Pre-Owned sales enjoyed its best ever February with
an increase of 21.2% with 446 BMW vehicles sold compared to 368 units in
February 2006. Year-to-date BMW Certified Pre-Owned sales have also set a
record of 813 units, a year over year gain of 20.0% compared to last year.
|
Mercedes-Benz sales results grow 6% in February 2007
- Diesel models sales soar
TORONTO - Mercedes-Benz Canada reported that a total of 1,078 units were registered for the month. On the Mercedes-Benz side, 984 units were delivered representing a gain of 56 units or a 6% increase compared to February 2006 while we saw a year-to-date growth of 19.5%. A total of 94 smart fortwos were sold this month.
Strong B-Class, C-Class, M-Class and Diesel models contributed to this
February's success. The four Mercedes-Benz Diesel model line-up which includes
the E320 BLUETEC, ML320 CDI, R320 CDI and GL320 CDI accounted for 41% of the
combined volume of those four respective classes.
Total Mercedes-Benz passenger car sales were up by 3.3% for the month and
ahead by 220 units or 19.3% on a year-to-date basis, bringing the total to
1,357 units for the first two months of the year.
On the luxury light truck side, the M-Class, R-Class and GL-Class
continued to show growth with a combined 14.9% increase over last February and
a 19.9% increase against year-to-date 2006.
Marcus Breitschwerdt, President and CEO of Mercedes-Benz Canada said,
"Our four Mercedes-Benz diesel models generated remarkable sales results in
February. Earlier this month, we also won the Automobile Journalists
Association of Canada's award for Best Technology for our BLUETEC diesel
technology. Our smart fortwos equipped with diesel engines continue to sell
well. The overall results confirm that Canadians across the country are most
definitely eager to support our commitment to clean diesel technology."
|
DaimlerChrysler Canada Reports February Sales, Announces "Canada's Choice" Program
- Sales up 0.1 per cent in February
- "Canada's Choice" allows customers to choose free Mopar Accessories,
gas card or cash rebate
- Sales for last seven months up 7.1 percent after seven months of
consecutive increases
- Truck segment sales are up; cars down
>>
WINDSOR - DaimlerChrysler Canada today reported a total of 15,558 vehicles sold in February, including 3,559 cars and 11,999 trucks. Compared to February 2006 when 15,544 units were sold, sales for the month are up 0.1 per cent. Car sales for February decreased 20.1 per cent, while truck sales rose 8.2 per cent.
"Sales for the last seven months are up 7.1 per cent, so we head into the
spring selling season with the wind at our backs," said Dave Buckingham, Vice
President - Sales, DaimlerChrysler Canada. "Our new incentive program and new
product mix make me very optimistic about the coming months."
DaimlerChrysler today begins offering Chrysler, Jeep(R) and Dodge
customers their choice between up to $1,500 of Mopar accessories, a
$1,000 Esso gas card or up to $750 cash rebate on most models. Similar to the
recent "3 for Free" program, Canada's Choice allows customers to choose the
program that best fits their needs.
"We've seen that Canadian customers respond to offers that give them the
flexibility to tailor their incentive," said Buckingham. "In addition to a
great vehicle and other programs already in place, Canada's Choice gives
customers added value in the form of free gas, cash back, or vehicle
accessories."
February Sales Highlights
Jeep Patriot has begun to arrive at some showrooms, 51 units were sold in
February. Dodge Avenger is also new to showrooms and sales reached 241 units.
Car sales were down 20 per cent to 3,559 units. Truck sales rose 8.2 per cent
to 11,999. Highlights for the month include Jeep Compass (890 units); Dodge
Ram, up 12.7 per cent to 2,820 units; and the new Jeep Wrangler, with
743 units sold. Dodge Caliber continues to gain market share in the compact
car segment and sold 1,448 units.
|
s There has also been an increase in YTD sales from 3,659 in February of 2006 to 4,603 units in February of 2007, a jump of 25.8%
New Beetle Convertible and Touareg sales continued to do well in February
2007, Touareg sales gained 11.6%, and New Beetle Convertible sales increased
by 20.9%, compared to 2006.
Sales by model line for the month of January were:
<<
-----------------------------------
Jan. 2007
-----------------------------------
City Golf 410
-----------------------------------
City Jetta 113
-----------------------------------
Golf 41
-----------------------------------
Rabbit 388
-----------------------------------
GTI 108
-----------------------------------
New Beetle 100
-----------------------------------
Jetta 790
-----------------------------------
Eos 61
-----------------------------------
Passat 181
-----------------------------------
Touareg 48
-----------------------------------
>>
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Nissan Canada Inc. February 2007 Sales Results
MISSISSAUGA - Nissan Canada Inc. (NCI) released its sales figures for February, 2007 today. The total sales figure for both Nissan and Infiniti brands was 5,291 units, an increase of 1,274 units (31.7%) over February 2006.
The Nissan brand accounted for 4,846 units, an increase of 1,209 units
year-over-year. The Infiniti brand accounted for 445 units.
Sales were again led by the Nissan Altima this month with 1,154 units, an
increase of 276 units (31.4%) over February 2006. The Versa remained strong
with 1,101 units sold this month. Versa has now sold 8,900 units in 8 months.
X-Trail had a solid month with 893 units sold, an increase of 37.7% over
February 2006.
<<
NISSAN RECORD HIGHLIGHTS
------------------------
- Altima led all models with 1,154 units sold.
- X-TRAIL sold 893 units, a 37.7% increase over February 2006.
- Quest sales were up 95.7% over February 2006 with 141 units sold.
INFINITI HIGHLIGHTS
-------------------
- Total Infiniti brand sales were 445, an increase of 17.1% over
February 2006.
- The G sedan led Infiniti with 283 units sold.
NCI HIGHLIGHTS
--------------
- NCI sold 5,291 Nissan and Infiniti vehicles combined this month.
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Canadian drivers pick the Toyota Corolla - one million times!
TORONTO - Toyota Canada Inc. (TCI) announced that it has sold its one-millionth Toyota Corolla in this country.
"Ask a Canadian why they love their Toyota Corolla, and they'll tell you
it's dependable, affordable, and fuel-efficient. These core values are what
bring Corolla drivers back to this popular vehicle, year after year after
year," said Tony Wearing, Managing Director of Toyota Canada Inc. "What's
more, Canadians have made the Corolla their own in many ways - from building
the Corolla to the highest quality standards in the world, to buying them one
million times. I'd like to thank Canadian drivers for helping to make the
Toyota Corolla one of the world's most popular vehicles."
Reaching the one-million-sales benchmark is just the latest milestone for
the Corolla, which is one of Toyota's best-selling vehicles world wide. First
introduced in 1966, the Toyota Corolla has been built at Toyota Motor
Manufacturing Canada Inc. (TMMC) since 1988, and is also built at Toyota
assembly plants in more than a dozen other countries.
The Corolla has been honored with six CAA Pyramid Awards(TM) for overall
vehicle ownership satisfaction, and has been named Best Compact Car five times
in the Initial Quality Study from J.D. Power and Associates.
For the 2007 model year, the Toyota Corolla continues to provide Canadian
drivers with the outstanding combination of qualities that have made it a
best-seller from the very beginning.
The Toyota Corolla's formula for success is no secret: Take equal parts
quality, durability and reliability, add a generous helping of occupant
protection and wallet-friendly fuel economy, and finish with exceptional
performance and sleek good looks. The result is a compact car that is as fun
to drive as it is smart to own.
The 2007 Toyota Corolla is available in three well-equipped trim levels;
CE, Sport, and LE. Each trim level can be customized to suit individual
customer preferences by using Toyota's online accessory configurator. The
configurator can be found online at www.toyota.ca, or by visiting any Toyota
dealership.
As it has been for 40 years, every Toyota Corolla represents superb value
for the money, carrying a Manufacturer's Suggested Retail Price starting at
just $15,785.
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Toyota Canada: New Record For February 2007 Sales
Powerful Demand for TCI Hybrid Vehicles, Fuel-Efficient Sedans, and All-
New Full-Size Tundra Pickup
TORONTO - Toyota Canada Inc. (TCI) announced record sales for the month of February, thanks to outstanding performances from both the Toyota and Lexus divisions. Total TCI sales reached 10,771 units, up 6.5 per cent from the record set last February. Record TCI February car sales of 7,296 are up by 6.4 per cent, and record TCI truck sales of 3,475 are up 6.8 per cent for the month.
<<
Toyota set a new February record of 9,970 units, up 4.8 per cent over last
February's record.
- Toyota sold 6,813 cars in February, up 3.7 per cent for the month.
- Toyota set a new February record for truck sales, with sales of 3,157,
surging past the record set last February by 7.4 per cent.
It was also the best February ever for Lexus - a total of 801 luxury cars
and SUVs were sold, beating last February's record by an impressive 33.5 per
cent.
- Lexus car sales set a February record, with 483 units, up by
70.1 per cent.
- Lexus SUV sales of 318 units grew by 0.6 per cent over the same month
last year.
>>
"Sales of Toyota's fuel-efficient vehicles were outstanding in February,
including the Canadian Car of the Year Camry Hybrid, Highlander Hybrid, and
the EnerGuide award-winning Yaris, Prius and Sienna," said Tony Wearing,
Managing Director of TCI. "We were also thrilled with the performance of the
all-new Tundra. In its first full week on sale, customer response to this
powerful new entry in the full-sized pickup category far surpassed even our
expectations."
"The ES 350, IS series, and GS 350 all set new records in February as car
buyers increasingly demand the exceptional quality, reliability and ease of
ownership that are the hallmarks of Lexus," said Stuart Payne, Director of
Lexus in Canada. "Matching the growing demand for low emission vehicles, we
were also pleased to see a new February record for the RX 400h hybrid luxury
SUV."
<<
Vehicle highlights include:
- Environmentally conscious drivers bought 243 units of the 2007 Camry
Hybrid, Canadian Car of the Year.
- New February record for Highlander Hybrid with 85 units sold, up
77.1 per cent compared to 2006 February sales.
- Combined Yaris sales of 1,633 units were up 41.5 per cent.
- Prius achieved its second best February sales on record with 172 units
sold.
- The all-new gas-powered Camry was also a popular choice, as sales of
1,273 units grew by 55.6 per cent compared to February 2006 sales.
- Year-to-date sales for the Toyota Sienna grew by 3.2 per cent, with
sales of 746 units.
- A new February record for Tundra, with combined 4X4 and 4X2 sales of
380 units up by 39.2 per cent for the month.
- Tacoma pickup sales of 586 units grew by 20.6 per cent.
- New February record for the Lexus ES 350 reached 244 units, up
136.9 per cent.
- Record February sales of the Lexus IS lineup, with 154 units, up by
18.5 per cent.
- Outstanding performance for the GS 350, with a new February sales
record of 33 units, up 3.1 per cent.
- Record February for the Lexus RX 400h with 63 units for the month, an
increase of 28.6 per cent.
>>
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Audi Canada announces positive February 2007 sales results
AJAX, ON - Audi Canada announced its February sales result of 480 new Audis sold, a 4.8% increase over the 458 units sold in February 2006. For the year to date, Audi has sold 938 new vehicles, a 3.0% increase over 2006. The redesigned A4 and S4 Cabriolets introduced last Fall are a particular bright spot with a 57.7% increase year to date. Sales by model line were: <<
Feb-06 Actual
----------------------------------------
A3 73
----------------------------------------
A4/S4 Sedan 201
----------------------------------------
A4/S4 Avant 45
----------------------------------------
A4/S4 Cabriolet 24
----------------------------------------
A6/S6 Sedan/Avant 47
----------------------------------------
Audi Q7 81
----------------------------------------
A8/S8 9
----------------------------------------
TOTAL 480
----------------------------------------
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Honda Canada Reports February 2007 Sales
TORONTO - Honda Canada Inc. reported February sales of
8,055 units by its Honda and Acura divisions. The combined Honda and Acura
division sales were down 2 per cent over last year, with Honda automobile
division sales of 6,938 units down 3 per cent, and Acura division reporting a
2 per cent increase with sales of 1,117 units.
Acura's sales increase was led by its technology-advanced trucks - the
new MDX luxury sport-utility vehicle and the all-new 2007 RDX crossover
utility vehicle. The new 2007 Honda CR-V compact sport-utility vehicle, which
was launched five months ago, continued to show strong sales momentum with
February sales of 1,108 for an increase of 76 per cent.
|
Audi Canada debuts 2008 TT Roadster at the Interior Design Show and announces price
AJAX - The all new 2008 Audi TT Roadster was debuted
last evening at the 2007 Interior Design Show, a proper location for the new
Roadsters entrance. On hand to introduce the vehicle was Audi Canada Executive
Vice President Diego Ramos. "With design being the principle aspect of the
show, a more suitable location could not have been chosen to premier an
automobile that Audi hopes will become as iconic as its predecessor," said
Ramos.
Mr. Ramos announced that the Roadster will have a starting price of only
$53,600.
This event marked the first time a vehicle has had its Canadian premier
at the IDS.
Audi will offer a choice of two engines for its new TT Roadster. The
3.2-litre V6 power unit generates 250 hp and is coupled to the quattro drive
system as standard. The 2.0 TFSI engine, which blends turbocharging with fuel
direct injection technology, delivers 200 hp to the front wheels.
The face of the new Audi TT Roadster has an expressive feel. Wing-shaped
elements are embedded into the slanted, sharply tapered headlights to
emphasize the three-dimensional depth of the lamp units. At the rear of the
car, it is the large tailpipes and the wide diffuser which stand out. The
tube-shaped reflectors seem to hover inside the tail light units.
For more information about the 2008 Audi TT Roadster or any member of the
Audi range of luxury performance vehicles, visit www.audicanada.ca
|
Audi becomes the first ever to premier an automobile at the Interior Design Show - TT Roadster premieres tomorrow
AJAX, ON - Audi will premiere the all new 2008 Audi TT Roadster to the public, at the gala opening of the Interior Design Show in Toronto. The car will be unveiled at 8.30pm on Thursday February 22nd at the Audi stand in the Student Exhibition area by Diego Ramos, Executive Vice President, Audi Canada. This is the first time that a car has been introduced at the show and the first time that Audi has premiered a new model outside of an auto show in Canada.
Now in its ninth year, IDS is Canada's premiere platform for contemporary
residential design. It is a 3 1/2-day event where the newest Canadian and
international furnishings, fixtures and accessories for the residential market
are launched and exhibited. Internationally renowned designers, architects and
other design luminaries give provocative presentations. Cutting edge exhibits
and features highlight the most current in design trends. IDS represents the
complete design experience. IDS is attended by a diverse audience of design
professionals, discriminating consumers and media. Each of the 50,000 visitors
who annually attend, are in the market to source, specify or purchase design
products and services. The show will take place at the Direct Energy Centre in
Exhibition Place. More information about the show can be found at
www.interiordesignshow.ca.
"Given Audi's design expertise and the icon status of the TT for its
signature lines, it only made sense that we introduce this car to an audience
that best appreciates design. We are proud to be part of this prestigious show
and are interested to hear both the interior and exterior design opinions of
the participants," said Diego Ramos, Head of Audi Canada.
True to its iconic design, the new Roadster perfectly balances a
commanding visual presence with absolute sports car power. With its rigorous
geometry and clarity, the design of the first TT Roadster elevated it to the
status of a cult classic. Audi has preserved the charismatic design idiom and
carefully honed it for the new model.
The face of the new Audi TT Roadster has an expressive feel. Wing-shaped
plastic elements are embedded into the slanted, sharply tapered headlights to
emphasize the three-dimensional depth of the lamp units. At the rear of the
car, it is the large tailpipes and the wide diffuser which stand out. The
tube-shaped reflectors seem to hover inside the tail light units.
Guests who deposit their business card at the Audi display on the night
of the unveiling are eligible to win the use of a TT Roadster for a weekend
later this year. The TT Roadster will be on display for the duration of the
Interior Design Show and will be joined by a TT Coupe to give exhibition
attendees a look at the entire Audi TT family. The TT Coupe enjoyed its
Canadian premiere earlier this year at the Montreal International Auto Show.
For more information about the 2008 Audi TT Roadster or any member of the Audi
range of luxury performance vehicles, visit www.audicanada.ca
|
Volkswagen Unveils Tiguan Concept at the 2007 Canadian International Auto Show
AJAX, ON - Volkswagen Canada is pleased to announce the
Canadian debut of the concept Tiguan compact SUV at the 2007 Canadian
International Auto Show, today, in Toronto, Ontario. Powered by a clean diesel
engine, the concept Tiguan compact SUV had its world unveiling at the Los
Angeles Auto Show in November. The Tiguan will be available in the Canada
mid-2008.
Additionally, the company announced that this new clean diesel will be
available, in the Jetta, in the spring of 2008. This Jetta TDI will meet
emissions standards applicable in all 50 U.S. states, including the most
stringent "TIER 2/BIN 5" or "LEV II/LEV" requirement limiting nitrogen oxide
(NOx) emissions to 0.03 g/kilometre.
This clean diesel Jetta meets the lowest emissions standards without the
use of urea injection. Instead, a nitrogen oxide storage catalyst reduces NOx
emissions by up to 90 percent. The engine management system in the Jetta
changes operating modes periodically to treat the NOx that has been stored in
the catalytic converter. A particulate filter in the exhaust system further
reduces emissions.
The Jetta TDI is one of the first products of the BLUETEC offensive
initiated jointly by Audi, Mercedes-Benz, and Volkswagen. The goal of this
partnership is to establish the concept of BLUETEC as a uniform label for
clean and highly fuel efficient diesel-powered cars and SUVs. BLUETEC denotes
diesel power plants that comply with the strictest emissions regulations of
the North-American market. The technologies individually developed by each
manufacturer serve to reduce NOx in particular - an exhaust element more
prevalent in a diesel engine.
Volkswagen has a 30-year history of providing the Canadian market with
efficient and durable diesel vehicles. Diesels traditionally account for
almost 20 percent of Volkswagen's sales in Canada.
|
Canada's New Government delivers the environmental goods to the GTA on freight transportation
TORONTO - Canada's New Government is launching the ecoFreight program-a series of programs, totalling up to $61 million in funding, aimed at reducing the environmental and health effects of freight transportation.
"The Greater Toronto Area is a major transportation centre and the
measures being introduced today will go a long way towards reducing air
emissions and improving the environment," said Minister Flaherty. "Taking
these significant positive steps to improve the environment is in the best
interests of everyone, here in the GTA and across Canada."
"Canada's New Government encourages the freight industry to join the effort as we all have a role to play in the reduction of emissions from transportation sources, and the development of cleaner transportation systems, practices and technologies," said Minister Cannon.
"Initiatives like these are a part of this government's ambitious and
realistic agenda to protect our environment and the health of Canadians, as
well as to promote economic growth," said the Honourable John Baird, Minister
of the Environment. "We will continue to take real action to protect the
health of Canadians and the environment by helping make freight transportation
more environmentally friendly."
The ecoFreight program is made up of six initiatives, two of which
specifically focus on the trucking industry, through the removal of regulatory
barriers and the reduction of fuel use and emissions.
"The greatest source of untapped energy is the energy we waste, and when
we cut waste, we cut emissions and we cut costs," said the Honourable Gary
Lunn, Minister of Natural Resources. "We are helping trucking companies and
other vehicle fleets reduce their fuel consumption, increasing their
efficiency and reducing harmful emissions at the same time."
The other initiatives target all four modes of transportation (air, rail,
road and marine), as well as users of the freight system by establishing a
Freight Technology Demonstration Fund, providing cost-shared funding, building
and maintaining partnerships and demonstrating the potential of shore-based
power.
These initiatives support the Government's ecoTransport Strategy, which
is aimed at improving the health of Canadians and the environment by reducing
the environmental impacts of transportation; securing Canada's future
prosperity and competitiveness by making critical transportation
infrastructure sustainable, both economically and environmentally; and
promoting an efficient transportation system that supports choice and the high
quality of life that Canadians expect.
Prime Minister Harper recently announced the Canada ecoTrust for Clean
Air and Climate Change, which will be designed to provide financial support to
provincial and territorial projects aimed at reducing greenhouse gas emissions
and air pollutants. The resources for this initiative will consist of $1.5
billion of new funding on a national basis. As part of this new Canada
ecoTrust, Canada's New Government has already announced its intention to
provide Quebec with $349.9 million in funding as recognition of its leadership
to protect Canadians from the consequences of climate change.
This new funding will be contained in the upcoming budget and is a part
of the actions to be taken on the fiscal imbalance. It will be available as
soon as Parliament approves the budget.
A backgrounder and fact sheet on the ecoFreight program are attached.
Backgrounder
------------
EcoFreight-Meeting the challenge of sustaining
a clean, healthy transportation system
--------------------------------------
Canada's thriving economy relies heavily on its transportation system to
move people and goods quickly and efficiently. But transportation is also one
of the largest contributors to greenhouse gases and air pollution in
Canada-key factors that affect the health of Canadians and our planet.
As part of its environmental agenda, Canada's New Government is launching
the ecoTransport Strategy. Complemented by existing regulatory actions, this
program features ecoFreight-a new step to reduce the environmental and health
effects of freight transportation.
Federal investment in this up to $61-million program consists of six
initiatives aimed at:
1) Removing regulatory barriers so that the Canadian trucking industry
can embrace emissions-reducing technologies by collaborating with
provinces and territories;
2) Reducing fuel use and emissions in commercial and institutional fleets
via training, sharing of best practices, anti-idling campaigns,
technical analysis to look for potential improvements and other
technological opportunities;
3) Establishing a Freight Technology Demonstration Fund to test and
measure new and underused freight transportation technologies in real-
world conditions;
4) Providing cost-shared funding to companies and non-profit associations
in freight transportation to help them to adopt proven emission-
reducing technologies;
5) Building and maintaining partnerships within the transportation sector
to reduce emissions from freight transportation through fast and
flexible voluntary actions that can support the regulatory framework;
and
6) Demonstrating the potential of shore-based power for marine vessels in
Canadian ports to reduce air pollution from idling ship engines in
some of Canada's largest urban centres.
The ecoFreight program builds on the major-infrastructure investments that
Canada's New Government announced in Budget 2006, and other measures, such as
regulating emissions from rail and marine transportation and fuel consumption
of new light duty vehicles, announced in the fall. These measures are part of
Canada's New Government's ambitious and realistic agenda to protect the health
of Canadians and the environment in Canada and demonstrate that Canada's New
Government understands the importance of addressing climate change.
Want to know more about the Government of Canada's environmental agenda
and the ecoFreight Program? Visit us online at www.tc.gc.ca.
February 2007
FACT SHEET
ECOFREIGHT
As part of its environmental agenda, Canada's New Government is launching
the ecoTransport Strategy. This strategy features the ecoFreight Program-a new
step to reduce the environmental and health effects of freight transportation.
ecoFreight-Meeting the challenge of sustaining a clean, healthy
transportation system
Federal investment of up to $61 million over four years in this program
consists of six initiatives, two of which specifically target the trucking
industry:
1) National Harmonization Initiative for the Trucking Industry: With up
to $6 million, this initiative from Transport Canada is designed to
identify solutions with respect to national and provincial
requirements that create barriers for the trucking industry to adopt
currently available technologies to reduce emissions. This work will
be done in partnership with the provinces and territories.
2) ecoENERGY for Fleets: With up to $22 million, this initiative from
Natural Resources Canada will focus on reducing fuel use and
greenhouse gas emissions in commercial and institutional fleets
through training and education, sharing of best practices, anti-idling
ampaigns, technical analysis and evaluations to identify opportunities
for improvements, and other technology activities.
The other initiatives address all four modes of transportation (air, rail,
road and marine), as well as users of the freight system:
3) Freight Technology Demonstration Fund: With up to $10 million, this
Transport Canada initiative will provide cost-shared funding to
companies in the air, rail, road and marine modes in order to test and
measure the environmental and operational performance of new and
underutilized freight transportation technologies. Industry partners
will measure and report on results such as the fuel saved; the
emissions reduced; the technology purchase, installation and training
costs; and the impacts on operations, equipment and maintenance.
4) Freight Technology Incentives: With up to $10 million, this Transport
Canada initiative will mitigate financial barriers to the adoption of
new and under-utilized technologies, many of which currently have an
initial cost premium that makes the initial financial outlay or the
length of the payback period difficult. Under the program, cost-shared
funding will be provided to companies and non-profit associations in
all modes of the freight transportation industry for the purchase and
installation of proven emission-reducing technologies.
5) Partnerships on Freight: With up to $7 million, this Transport Canada
initiative will bring together a range of partners within the freight
transportation sector to reduce emissions from freight transportation
(road, rail, aviation and marine). Transport Canada will enhance its
partnerships with other countries in international forums while
developing partnerships with users of the freight system. These
partnerships will complement the broad environmental regulatory
agenda, setting targets and action plans for emission reduction in the
short term in areas not suitable for regulation or before regulations
take effect in 2011.
6) Marine Shore Power Program: With up to $6 million, this Transport
Canada initiative will support up to four pilot projects for the
installation and use of shore-based power for marine vessels in
Canadian ports. With this technology, marine vessel operators would
have the option to connect their vessels directly to a shore power
source while in port. Many vessels are already equipped to take
advantage of shore power where it is available. As no Canadian ports
currently offer this service commercially, ships must idle their
engines, or use diesel engine generators, in order to meet their on-
board energy requirements while in port. This technology will improve
local air quality by reducing air pollution from ships in some of
Canada's largest urban centres.
Transportation is a key element of the government's environmental agenda.
Keeping people and goods moving is vital to a strong economy and is critical
to Canada's prosperity. A more sustainable transportation system will result
in safety, social and economic benefits for all Canadians.
For more information on the ecoFreight program, please visit Transport
Canada's website at www.tc.gc.ca.
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Two important awards underline Mercedes-Benz' role as an innovation and technology leader
TORONTO - Mercedes-Benz Canada received two important automotive awards at the 2007 Canadian International Auto Show yesterday. The Automobile Journalists' Association of Canada (AJAC) awarded their New Technology of the Year award for 2007 to Mercedes-Benz' BLUETEC diesel technology while the Canadian Automobile Association (CAA) presented the 2007 Pyramid Award for Innovations in safety to Mercedes-Benz for their 2nd generation PRE-SAFE technology. Both awards celebrate and publicly acknowledge Mercedes-Benz' on-going and relentless commitment to the development of new technologies for the benefit of its consumers and of the environment. Mercedes-Benz is yet again, with BLUETEC technology, the pioneer of a new generation of clean and powerful high-tech vehicles. With highly effective exhaust gas treatment systems that fulfill the most stringent BIN 8 exhaust emission standards, BLUETEC is the cleanest diesel technology in the world. BLUETEC is a modular emissions control system that reduces nitrogen oxide levels. These are the only exhaust components from diesel engines which, due to the principles of diesel engineering, still exceed the levels in gasoline units. In the E320 BLUETEC, an oxidation-type catalytic converter and particulate filter are combined with an improved, extremely durable NOx trap system and an additional SCR catalytic converter.
Fuel consumption in these diesel vehicles is 20 to 40 percent lower than
in cars equipped with a comparable gasoline engine while delivering 30 to 50
percent higher torque.
The Mercedes-Benz BLUETEC technology also offers outstanding driving
dynamics, unprecedented efficiency and impressive environmental compatibility.
The BLUETEC technology is available in the E320 BLUETEC sedan; its torque of
388 lb-ft gives it the power of a large V8 gasoline engine, it accelerates
from 0 to 100 km/h in just 6.7 seconds, and has exceptional range (1000 km or
more) between refueling stops in real world driving conditions.
Mercedes-Benz is considered to be the pioneer of automotive diesel
technology - the Mercedes-Benz 260D, which was launched 70 years ago, was the
world's first production diesel car. Over the years, Mercedes-Benz has
consistently used its innovation and engineering talent to enhance and improve
the internal combustion system invented by Rudolf Diesel. Mercedes also has a
great diesel tradition in Canada that stretches back more than 40 years.
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Audi R8 debuts at the Canadian International Autoshow
AJAX, ON - On the heels of the much anticipated TT Coupe launch in Montreal last month, Audi Canada is pleased to debut the R8 in Toronto at the Canadian International Autoshow.
Audi has incorporated the name and the genes of the five-time Le Mans
winner, the Audi R8, into a spectacular sports car. As the first Audi
mid-engined sports car, the R8 combines Audi's experience gained from numerous
motorsport triumphs with groundbreaking design and the acknowledged
technological expertise of the brand. The mid-mounted V8 FSI engine, quattro
permanent all-wheel drive and Audi Space Frame aluminum body form the basis
for truly outstanding driving dynamics. At 7,800 rpm the 4.2-liter engine
delivers 420 hp of power output. Peak torque is 317 ft.-lbs. from 4.500 to
6,000 rpm. No less than 90 percent of this maximum torque is maintained
consistently throughout a wide engine speed range from 3,500 all the way to
7,600 rpm. The performance figures are equally impressive: the R8 accelerates
from a standstill to 100 kph in 4.6 seconds and reaches a top speed of over
295 kph.
Among the multitude of unique design fixtures found on the R8, the
integrated side blade, which is available in three different and distinct
styles, allows for greater personalization while giving the body contour and
texture. The aerodynamics experts at Audi have done their work so thoroughly
on the R8 that, as an added benefit of its elegant shape, the body actually
produces a downforce - unlike many other sports cars. The ability to
personalize the vehicle to the customer's personal preferences continues with
the interior, where a wide array of options such as the 12 speaker Bang &
Olufsen sound system, trim options to accent the exterior, and a variety of
perfectly accentuated leather colours are available.
Look for the first fortunate Audi R8 customers to be driving on Canadian
roads by year's end.
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Win "The Perfect Moment" at the Canadian International Auto Show in Toronto
Show attendees can enter to win a tour of the plant where the 2008 Lexus
RX 350 is assembled, then drive home in a freshly-built version of
Canada's popular luxury SUV
TORONTO - The Lexus RX 350 is not only built in Canada, it's one of the most popular luxury SUVs on the road today. And at the Canadian International Auto Show in Toronto this month, show attendees can enter to win a private tour of the plant where the vehicle is made, then drive home with a brand new, 2008 Lexus RX 350 - fresh off the assembly line. "As our popular 'Moments' television ad reminds us, 'moments can delight you'," said Stuart Payne, Director responsible for Lexus in Canada. "I'm sure that for the winner of this contest, picking up their new 2008 Lexus RX 350 luxury SUV - factory fresh - will be the first of many delightful moments they enjoy in a Lexus."
Visitors to the Canadian International Auto Show can enter to win "The
Perfect Moment"*, courtesy of Lexus of Canada, The National Post, Global TV,
CHUM-FM, and driving.ca. The grand-prize package includes a two-night stay at
the Langdon Hall Country House and Spa in Cambridge, Ontario. The winner will
also enjoy a private tour of nearby Toyota Motor Manufacturing Canada Inc.,
where the RX 350 is built on the only Lexus assembly line outside of Japan.
After the tour, Lexus of Canada will present the winner with the keys to a new
2008 Lexus RX 350, at the plant itself.
"Lexus has built an international reputation for quality and client
satisfaction - and at the heart of that is the care and attention with which
we design and manufacture our luxury vehicles," Mr. Payne continued. "The
winner of this contest will have a unique opportunity to learn how we've done
that at one of the most critically acclaimed automotive assembly operations in
the world. On top of that, they'll enjoy two nights of Lexus-class pampering
at one of Ontario's award-winning spa hotels. What a great way to start a
life-long relationship with Lexus!"
The Canadian International Auto Show opens to the public February 16th,
and runs until the 25th, at the Metro Toronto Convention Centre and Rogers
Centre. The Lexus Canada display is located in the Rogers Centre.
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The Lexus LF-C concept car makes its Canadian auto show debut in Toronto
Luxury sports coupe illustrates the thinking behind Lexus' L-finesse
design language
TORONTO - Visitors to the Canadian International Auto Show this month will have the opportunity to see, first hand, one of the key influences on the design of the current generation of Lexus luxury passenger cars, when the Lexus LF-C luxury sports coupe concept car makes its Canadian auto show debut in Toronto.
The LF-C is the third in a series of concept vehicles that were designed
to define and launch Lexus' unique L-finesse design language - a complete
restyling of the luxury auto-maker's passenger cars, which has already been
applied to GS-series, IS-series, and LS-series models.
"When our designers developed L-finesse, they created a language of form
and function that really set Lexus apart from the rest of the luxury sedan and
coupe market," explained Stuart Payne, Director for Lexus in Canada. "The LF-C
concept targets an extremely young, affluent buyer - and does so with a strong
element of surprise."
Created at the Calty Design Research Center in California, the LF-C
features a four-position retractable hardtop. This unique roof design allows
the driver to transform the car at the touch of a button - from a coupe, to a
convertible, to a targa, or to a speedster - depending on the driver's mood.
The powered top stows neatly into the trunk, through a surprisingly minimal
rear-deck opening.
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Toyota Canada Inc. Signs Multi-year Agreement with SIRIUS Canada for Toyota and Lexus vehicles
SIRIUS Satellite Radio available June 2007
TORONTO - Toyota Canada Inc. (TCI) and SIRIUS Canada, the
country's leading satellite radio company, today announced a multi-year
distribution agreement that will make SIRIUS Satellite Radio receivers
available in select Toyota and Lexus vehicles, beginning June 2007.
Toyota Canada will offer dealer-installed SIRIUS Satellite Radio
receivers with a subscription to SIRIUS Canada's premium 110 channel satellite
radio service featuring the most commercial-free music and exclusive talk and
entertainment programming in Canada. A number of Toyota and Lexus models are
covered by the agreement and a complete listing of applicable models will be
announced closer to launch.
"We are thrilled to announce this partnership with Toyota Canada," said
Mark Redmond, President and CEO of SIRIUS Canada. "Toyota and Lexus vehicles
are among Canada's most popular vehicle brands and we look forward to making
SIRIUS Satellite Radio's premium 110 channel line up available to their
customers. Now, Toyota and Lexus customers will be able to choose SIRIUS as
their satellite radio provider of choice."
"TCI is committed to exceeding the expectations of our loyal customers,
and that means offering Canadians a variety of choice for in-vehicle
entertainment," said Tony Wearing, Managing Director of Toyota Canada Inc. "We
are pleased to formalize our relationship with SIRIUS Canada and provide our
customers with SIRIUS' premium 110 channel satellite radio service."
SIRIUS Canada's automotive partners include Aston Martin, Audi, BMW,
Chrysler, Dodge, Ford, Jaguar, Jeep, Land Rover, Lexus, Lincoln, MINI,
Pana-Pacific, Subaru, Toyota, Volkswagen and Volvo.
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EnerGuide names three Toyota vehicles as "most fuel efficient in class" for 2007
Yaris, Prius continue to lead their classes, while Sienna named most
efficient minivan
TORONTO - Looking for an alternative to the gas guzzler? Toyota Canada Inc. is pleased to announce that EnerGuide today named three of its models as the most fuel efficient in their respective classes.
Toyota's three class-leading vehicles are:
- 2007 Toyota Yaris (manual transmission): Most Fuel Efficient Sub-
Compact, with a rating of 6.9 L / 100 km city and 5.5 L / 100 km
highway. The Yaris also won this category last year - its first year
on sale in Canada.
- 2007 Toyota Prius: Most Fuel Efficient Mid-Size, with a rating of
4.0 L / 100 km city and 4.2 L / 100 km highway. The revolutionary
gasoline-electric hybrid Prius has been named best in class every
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