COLUMBUS, Ohio - Oil prices have hit levels not seen in more than three years and retail gasoline prices are below $2 in nearly half of the country, according to The Associated Press.
Oil prices Thursday fell as low as $49.75 a barrel, levels last seen on May 18, 2005, when oil was at $46.80 a barrel.
Light, sweet crude for December delivery is still down $2.64, nearly 5 percent at $50.98 a barrel on the New York Mercantile Exchange.
Meanwhile, prices at the pump fell again overnight to nearly $2 a gallon and are now down more than 50 percent in just four months when they reached a record $4.11 in July.
Nov 20, 2008
Tesla asks for a bail-out
Tesla Motors is reported to have joined Detroit’s Big Three in applying for US government aid to secure its future.
The Silicon Valley electric car brand is understood to have requested $400 million from the US energy department to fund two projects, the details of which have not been disclosed.
It’s the latest set back for PayPal founder Elon Musk’s automotive firm, which recently []made nearly half its staff redundant and lost a lawsuit against rival brand Fisker.
The request for aid has stirred up controversy in America, where analysts have accused the firm of using the crisis to try and ‘hive off’ funds.
Tesla has very few employees and the one car it produces is sold only in small numbers and is unaffordable to most consumers. General Motors, Ford and Chrysler are asking for a share of government soft loans totalling $25 billion. The loans are meant to fund future green technology for the three giant auto makers.
The Silicon Valley electric car brand is understood to have requested $400 million from the US energy department to fund two projects, the details of which have not been disclosed.
It’s the latest set back for PayPal founder Elon Musk’s automotive firm, which recently []made nearly half its staff redundant and lost a lawsuit against rival brand Fisker.
The request for aid has stirred up controversy in America, where analysts have accused the firm of using the crisis to try and ‘hive off’ funds.Tesla has very few employees and the one car it produces is sold only in small numbers and is unaffordable to most consumers. General Motors, Ford and Chrysler are asking for a share of government soft loans totalling $25 billion. The loans are meant to fund future green technology for the three giant auto makers.
Chinese auto giants are geared up to buy out GM and Chrysler
Detroit’s Big Three automakers may need to send a special “no thank you” card to the Chinese people if they end up receiving their requested $25 billion bailout bridge loan from American taxpayers. Chinese carmakers SAIC and Dongfeng have plans to acquire GM and Chrysler, the auto manufacturing giants in China, such as Shanghai Automotive Industry Corporation (SAIC) and Dongfeng Motor Corporation, have the capability and intention to buy some assets of the two crisis-plagued American automakers.
In 2007, the Shanghai Automotive Industry Corporation (SAIC) purchased Nanjing Automobile Group, becoming China's largest manufacturer of automobiles. Now they are aggressively expanding into the global market and the situation in the U.S. is just too good to pass up.
Via
In 2007, the Shanghai Automotive Industry Corporation (SAIC) purchased Nanjing Automobile Group, becoming China's largest manufacturer of automobiles. Now they are aggressively expanding into the global market and the situation in the U.S. is just too good to pass up.
Via
Departure 2093: Welcome to the future of flying!
While we are pretty busy talking about space tourism and flying cars, Finnair, which is celebrating its 85th birthday, is envisioning the future of flying. What might flying be like then in 85 years? I have no idea, but the ingenious folks at Finnair seem to have an answer to the question. They have conceptualized five future aircrafts for the year 2093, which boast streamlined exteriors and entertainment-rich interiors. The best part is that all the aircrafts are eco-friendly and materials used in the making are 100 percent recyclable. Let’s take a quick look at the conceptualized aircrafts of 2093.
Finnair A600–850 M: With a seating capacity of 600 to 850, the Finnair A600–850 M aircraft a wide-bodied, zero-emission supersonic aircraft, designed for long-haul routes. Entertainment and wellness services are right there under the cabin. In these areas, the windows are replaced with AV windows, which offer zoomable views of the sky or the earth. The intelligent seats in the cabin adjust to the passenger’s weight, height and age. The seats feature internet and satellite links. The backrest of each seat has a 20-inch 3D display. The electricity needed is generated by solar panels fitted on the aircraft’s surface.
Finnair A600-850: Touting the same seating capacity, this model is a zero-emission aircraft, designed for short haul routes. The Finnair A600-850 is also eco-friendly as the electricity is generated by solar panels on the vessel’s outer surface.
Finnair A1700-2400 Cruiser: This one looks really futuristic. The charter aircraft with turning engines located in front has been designed for both gliding and vertical take-off. It can even land on water. Other than the normal amenities, the aircraft features hologram theatres, restaurants, and bars, shops, meeting rooms, a beauty parlor, a first-aid station, gymnasiums and a quiet room.
An aircraft for everyone: It’s a combination of a helicopter and a small aircraft. They hope to introduce first version of the aircraft in the 2020. Almost 85 per cent of the aircraft’s outer surface is covered with electricity-generating solar cells.
Space hotel’s service ship: This one caters to space tourism and is intended to carry passengers directly to the space hotel. The space hotel’s facilities include restaurants, various recreational areas, an auditorium, a health station and greenhouses. There are 450 beds available for tourist use.
Visit Departure 2093 for complete details of futuristic aircrafts.
Finnair A600–850 M: With a seating capacity of 600 to 850, the Finnair A600–850 M aircraft a wide-bodied, zero-emission supersonic aircraft, designed for long-haul routes. Entertainment and wellness services are right there under the cabin. In these areas, the windows are replaced with AV windows, which offer zoomable views of the sky or the earth. The intelligent seats in the cabin adjust to the passenger’s weight, height and age. The seats feature internet and satellite links. The backrest of each seat has a 20-inch 3D display. The electricity needed is generated by solar panels fitted on the aircraft’s surface.
Finnair A600-850: Touting the same seating capacity, this model is a zero-emission aircraft, designed for short haul routes. The Finnair A600-850 is also eco-friendly as the electricity is generated by solar panels on the vessel’s outer surface.
Finnair A1700-2400 Cruiser: This one looks really futuristic. The charter aircraft with turning engines located in front has been designed for both gliding and vertical take-off. It can even land on water. Other than the normal amenities, the aircraft features hologram theatres, restaurants, and bars, shops, meeting rooms, a beauty parlor, a first-aid station, gymnasiums and a quiet room.
An aircraft for everyone: It’s a combination of a helicopter and a small aircraft. They hope to introduce first version of the aircraft in the 2020. Almost 85 per cent of the aircraft’s outer surface is covered with electricity-generating solar cells.
Space hotel’s service ship: This one caters to space tourism and is intended to carry passengers directly to the space hotel. The space hotel’s facilities include restaurants, various recreational areas, an auditorium, a health station and greenhouses. There are 450 beds available for tourist use.
Visit Departure 2093 for complete details of futuristic aircrafts.
Eco Cars: Peugeot OMNI – Sporty, aerodynamic car gets powered by the sun
In 1973, a Swedish automobile designer, Bengt Ilon dreamt of a car that could move sideways on “Omni-wheels”, which could speed up transport and take it to a whole new level. The concept was not obviously picked up or developed through the decades. Now, finally we have a model that has been designed for Peugeot – OMNI.
The car which is perfect for future megalopolis has a sporty, aerodynamic body that represents evolution of the new age. The small city car has been made for just two occupants, keeping in mind that in 95% cases a car just has one occupant at a time. The exterior body is intended to be developed with carbon fiber, which should guarantee strength without adding much to the body of the car.
Solar cells are placed on the body of the car to refuel the lithium batteries sitting beneath the hood of the car. Traditional side cameras in this car are replaced by cameras, which enable the driver to see all objects in sides on the dashboard mounted display.
The most stunning feature of the car still remains its ability to move sideways at a speed of 5 km/h, which would ease parking and will make sure that the car does not always get stuck in traffic jams.
The Dark Side:
Apart from high cost fears, the “Omni-wheels” technology still seems a couple of decades away from realism. However, if the technology is made then it could truly refine the way we drive.
Via: ProductDesignForums
The car which is perfect for future megalopolis has a sporty, aerodynamic body that represents evolution of the new age. The small city car has been made for just two occupants, keeping in mind that in 95% cases a car just has one occupant at a time. The exterior body is intended to be developed with carbon fiber, which should guarantee strength without adding much to the body of the car.
Solar cells are placed on the body of the car to refuel the lithium batteries sitting beneath the hood of the car. Traditional side cameras in this car are replaced by cameras, which enable the driver to see all objects in sides on the dashboard mounted display.
The most stunning feature of the car still remains its ability to move sideways at a speed of 5 km/h, which would ease parking and will make sure that the car does not always get stuck in traffic jams.
The Dark Side:
Apart from high cost fears, the “Omni-wheels” technology still seems a couple of decades away from realism. However, if the technology is made then it could truly refine the way we drive.
Via: ProductDesignForums
How many cars will solvency take?
In its quest to secure the billions of dollars in help it needs to avoid bankruptcy protection, General Motors has developed a simple narrative. "We got caught," said David Paterson, the man charged with selling the GM story in Canada - caught by the financial meltdown and by a collapse in demand for new cars.
As GM folks tell it, the turnaround was speeding along before the crisis hit. The company had shed tens of thousands of workers and killed dead brands like Oldsmobile. It had squeezed the United Auto Workers, curbing absurd union schemes like the infamous jobs bank, which pays laid-off workers to sit around playing Yahtzee. New models like the Chevrolet Volt held the promise of better sales. Then - wham - the bottom fell out. Is it GM's fault that Wall Street got out of control? Of course not.
The point of this chronology is to impart a message: GM is not drifting. It has a plan. And as soon as the auto market comes back to normal, it will be a viable business again because of that plan. Therefore, it's worth it for taxpayers to grant a rescue loan to tide them over. So let's give GM credit for the progress it has made, then ask the inconvenient question: What's "normal" if car dealers can no longer offer abnormally cheap car loans?
The key number here is 17, as in 17 million. The world's auto companies sold that many vehicles in the U.S. every year from 1999 through 2006 (save for one year, when they sold 16.9-million). In 2007, sales were about 16.5 million.
Then came the calamity of 2008. The latest forecast is that sales will come in around 14 million, but even that flatters the truth of how quiet it is in the showrooms. In October, sales plunged by nearly one-third. That translates to an adjusted annual total of less than 11 million cars and trucks. That's why GM and Chrysler have been brought to the brink, but even healthier auto makers like Nissan and Toyota are suffering.
Blame the recession? Yes, but also blame the end of easy money. The Detroit Three spent years training their customers not to buy vehicles without a subsidy - usually in the form of 2-per-cent or zero-per-cent loans. They also taught them not to bother saving for one, because no down payment was required. (Your columnist, when buying a Pontiac Vibe five years ago, was practically admonished by the salesman for putting $2,000 toward the purchase. Didn't I have a better use for the money, he wanted to know?)
Those days are gone now, probably for a long time. Cheap financing is still available, but mostly for those with good ratings and some cash in their wallets. A salesman at a Toronto GM dealership says that on a $20,000 vehicle, customers are often asked to put down $3,000 or $4,000. The problem, he says, is that people who want those cars usually don't have a lot of cash - which is why they're shopping for cheap wheels in the first place.
The auto makers' financing arms, like General Motors Acceptance Corp. (GMAC), are also rejecting more customers, putting them in the hands of banks charging 7 or 8 per cent. Bank of Nova Scotia, Royal Bank and several other institutions do the business, but some banks, like HSBC and Wells Fargo, have pulled back.
So here's the $25-billion question: In the era of tighter money, how far will sales bounce back? "The ability to get back to 17½ [million U.S. sales] without cheap financing is near zero," says Dennis DesRosiers, Canada's top automotive consultant. Still, he's optimistic. "Can they get back, though, to 15½ million, perhaps 16 [million]? Probably. Would that be enough to give the vehicle companies the ability to manage through this crisis on their own? Probably."
But there is a "nightmare scenario," Mr. DesRosiers says. There are approximately 240 million U.S. residents who are old enough to drive, and already a slightly larger number of vehicles in the nation's garages, for an ownership rate of just over 100 per cent. This could drop. "Canada's ownership is only 74 per cent," Mr. DesRosiers says. "So could the U.S. get along with 90-per-cent ownership rather than 100-per-cent ownership? Absolutely. It would be a cultural shift."
Let's do some quick math. Suppose the debt crisis causes more Americans to take the bus. Assume the ownership rate dips, and the number of U.S. vehicles drops by 5 per cent, to about 233 million. Then suppose they begin hanging on to their cars a year or two longer, so that only 6 per cent of them replace their vehicles in any given year (instead of 7 per cent).
The result? U.S. auto sales of 14 million. Would that be enough to keep GM, Ford and Chrysler alive? I don't know. But I do know that Stephen Harper and Dalton McGuinty should be asking the question before they sign up for a few billion in loan guarantees to Detroit.
As GM folks tell it, the turnaround was speeding along before the crisis hit. The company had shed tens of thousands of workers and killed dead brands like Oldsmobile. It had squeezed the United Auto Workers, curbing absurd union schemes like the infamous jobs bank, which pays laid-off workers to sit around playing Yahtzee. New models like the Chevrolet Volt held the promise of better sales. Then - wham - the bottom fell out. Is it GM's fault that Wall Street got out of control? Of course not.
The point of this chronology is to impart a message: GM is not drifting. It has a plan. And as soon as the auto market comes back to normal, it will be a viable business again because of that plan. Therefore, it's worth it for taxpayers to grant a rescue loan to tide them over. So let's give GM credit for the progress it has made, then ask the inconvenient question: What's "normal" if car dealers can no longer offer abnormally cheap car loans?
The key number here is 17, as in 17 million. The world's auto companies sold that many vehicles in the U.S. every year from 1999 through 2006 (save for one year, when they sold 16.9-million). In 2007, sales were about 16.5 million.
Then came the calamity of 2008. The latest forecast is that sales will come in around 14 million, but even that flatters the truth of how quiet it is in the showrooms. In October, sales plunged by nearly one-third. That translates to an adjusted annual total of less than 11 million cars and trucks. That's why GM and Chrysler have been brought to the brink, but even healthier auto makers like Nissan and Toyota are suffering.
Blame the recession? Yes, but also blame the end of easy money. The Detroit Three spent years training their customers not to buy vehicles without a subsidy - usually in the form of 2-per-cent or zero-per-cent loans. They also taught them not to bother saving for one, because no down payment was required. (Your columnist, when buying a Pontiac Vibe five years ago, was practically admonished by the salesman for putting $2,000 toward the purchase. Didn't I have a better use for the money, he wanted to know?)
Those days are gone now, probably for a long time. Cheap financing is still available, but mostly for those with good ratings and some cash in their wallets. A salesman at a Toronto GM dealership says that on a $20,000 vehicle, customers are often asked to put down $3,000 or $4,000. The problem, he says, is that people who want those cars usually don't have a lot of cash - which is why they're shopping for cheap wheels in the first place.
The auto makers' financing arms, like General Motors Acceptance Corp. (GMAC), are also rejecting more customers, putting them in the hands of banks charging 7 or 8 per cent. Bank of Nova Scotia, Royal Bank and several other institutions do the business, but some banks, like HSBC and Wells Fargo, have pulled back.
So here's the $25-billion question: In the era of tighter money, how far will sales bounce back? "The ability to get back to 17½ [million U.S. sales] without cheap financing is near zero," says Dennis DesRosiers, Canada's top automotive consultant. Still, he's optimistic. "Can they get back, though, to 15½ million, perhaps 16 [million]? Probably. Would that be enough to give the vehicle companies the ability to manage through this crisis on their own? Probably."
But there is a "nightmare scenario," Mr. DesRosiers says. There are approximately 240 million U.S. residents who are old enough to drive, and already a slightly larger number of vehicles in the nation's garages, for an ownership rate of just over 100 per cent. This could drop. "Canada's ownership is only 74 per cent," Mr. DesRosiers says. "So could the U.S. get along with 90-per-cent ownership rather than 100-per-cent ownership? Absolutely. It would be a cultural shift."
Let's do some quick math. Suppose the debt crisis causes more Americans to take the bus. Assume the ownership rate dips, and the number of U.S. vehicles drops by 5 per cent, to about 233 million. Then suppose they begin hanging on to their cars a year or two longer, so that only 6 per cent of them replace their vehicles in any given year (instead of 7 per cent).
The result? U.S. auto sales of 14 million. Would that be enough to keep GM, Ford and Chrysler alive? I don't know. But I do know that Stephen Harper and Dalton McGuinty should be asking the question before they sign up for a few billion in loan guarantees to Detroit.
A Monster Beetle That Eats Hummers For Breakfast
A monster beetle is what you get when an aircraft engineer has a 1968 VW Beetle lying around and too much time on his or her hands. The modification which you can see was allegedly planned out in CAD for structural integrity and all that other stuff. With a new engine 2.8 Liter engine, it should have a pretty good power to weight ratio to boot. While it will not literally eat a Hummer for breakfast, it does look a whole lot cooler and is bound to have a more reasonable environmental footprint.
[Loqu via Make]
[Loqu via Make]
GM to Shut Down?
You probably heard of the financial crisis that affected the whole world.
Of course, the whole crunch got the auto-market, too, and unless the US Congress won’t agree to hand some $25billion in soft loans to the big three (GM, Ford and Chrysler), rumors say that in early January, General Motors may become insolvent and as a consequence … shut down.
The Big Three account for more than 10-percent of the American jobs so can you even imagine what will happen if they go down?
The Big Three account for more than 10-percent of the American jobs so can you even imagine what will happen if they go down?
Voices in the market still think that even a bail out for GM may lead to shutting doors within months or weeks. Meanwhile the US Treasury thinks that it’s cheaper to save Detroit (or at least try to) instead of letting it die.
What do you think it will happen, and would you miss GM ?
- via TopGear
Of course, the whole crunch got the auto-market, too, and unless the US Congress won’t agree to hand some $25billion in soft loans to the big three (GM, Ford and Chrysler), rumors say that in early January, General Motors may become insolvent and as a consequence … shut down.
The Big Three account for more than 10-percent of the American jobs so can you even imagine what will happen if they go down?
Voices in the market still think that even a bail out for GM may lead to shutting doors within months or weeks. Meanwhile the US Treasury thinks that it’s cheaper to save Detroit (or at least try to) instead of letting it die.
What do you think it will happen, and would you miss GM ?
- via TopGear
Bang & Olufsen makes sweet, sweet music with Aston Martin
The Aston Martin DBS is a beautiful car, and sitting in one is a very special experience. Sitting in a DBS and listening to a Bang & Olufsen audio system takes that special experience and adds a choir of angels. The high-end Danish audio components maker lends its expertise to Aston Martin with its Beosound DBS system, now coming as standard in the new DBS. At the 2008 Los Angeles Auto Show we sat in the DBS as a Bang & Olufsen representative played a variety of music through the system.
The car spun around on its turntable as a drum and bass track played at full volume. The staging was perfect, giving the aural illusion that a drum kit was five feet in front. Each beat on the kit gave us the distinct sound of bass, snare, and cymbal. The bass guitar joined in, and we could hear the flex of the strings. Another track with a female jazz singer placed her right over the hood of the car, then an orchestral track made banks of strings and woodwinds clear enough that we could almost tell which instrument was first chair.
Bang & Olufsen's priorities are staging and imaging, making the sound come from a distinct place, as if you had the best seat in the house, right in front of the stage. To accomplish this effect in the Aston Martin DBS, the company found places for 13 speakers, including two pop-up acoustic lenses at opposite ends of the dashboard, just like in the Audi A8. And where most companies are happy to put a tweeter at the base of the A pillar, Bang & Olufsen got to put mid-range speakers up there, mounted in the front top edge of the doors. Woofers are also mounted in a unique position, on either side of the console, in the front footwells. More speakers around mounted in the rear, along with a subwoofer, while a tweeter and mid-range acted as a centerfill in the middle of the dashboard. Mounting is of very high quality--we heard no rattle as heavy bass made the whole car feel as if it was moving.
1,000 watts of amplification power this system. 13 channels, one for each speaker, with Bang & Olufsen digital processing ensure that the audio comes out clean and well-placed. Ostensibly the DBS has two rear seats, but Bang & Olufsen ignored that charade and focused the sound on the driver and passenger seats. The audio can be set to focus the sweet spot on the driver, but when the passenger seatbelt is buckled that sweet spot is enhanced to include the passenger. Even wilder, the system is tuned for dual imaging, meaning that there are two sweet spots, letting driver and passenger enjoy equally good quality. The Beosound DBS system uses advanced audio adjustment to overcome changing environment sound, monitoring engine speed and noise in the cabin. The system changes levels quickly to compensate for noise in a manner that is supposed to be seamless to the car's occupants.
The new Aston Martin DBS gets a Bang & Olufsen audio system.
The car spun around on its turntable as a drum and bass track played at full volume. The staging was perfect, giving the aural illusion that a drum kit was five feet in front. Each beat on the kit gave us the distinct sound of bass, snare, and cymbal. The bass guitar joined in, and we could hear the flex of the strings. Another track with a female jazz singer placed her right over the hood of the car, then an orchestral track made banks of strings and woodwinds clear enough that we could almost tell which instrument was first chair. Bang & Olufsen's priorities are staging and imaging, making the sound come from a distinct place, as if you had the best seat in the house, right in front of the stage. To accomplish this effect in the Aston Martin DBS, the company found places for 13 speakers, including two pop-up acoustic lenses at opposite ends of the dashboard, just like in the Audi A8. And where most companies are happy to put a tweeter at the base of the A pillar, Bang & Olufsen got to put mid-range speakers up there, mounted in the front top edge of the doors. Woofers are also mounted in a unique position, on either side of the console, in the front footwells. More speakers around mounted in the rear, along with a subwoofer, while a tweeter and mid-range acted as a centerfill in the middle of the dashboard. Mounting is of very high quality--we heard no rattle as heavy bass made the whole car feel as if it was moving.
1,000 watts of amplification power this system. 13 channels, one for each speaker, with Bang & Olufsen digital processing ensure that the audio comes out clean and well-placed. Ostensibly the DBS has two rear seats, but Bang & Olufsen ignored that charade and focused the sound on the driver and passenger seats. The audio can be set to focus the sweet spot on the driver, but when the passenger seatbelt is buckled that sweet spot is enhanced to include the passenger. Even wilder, the system is tuned for dual imaging, meaning that there are two sweet spots, letting driver and passenger enjoy equally good quality. The Beosound DBS system uses advanced audio adjustment to overcome changing environment sound, monitoring engine speed and noise in the cabin. The system changes levels quickly to compensate for noise in a manner that is supposed to be seamless to the car's occupants.
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