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Auto investor Kirk Kerkorian dead at 98

Kirk Kerkorian, among the most talked-about investors in the American auto industry in recent memory, died at the age of 98 in Los Angeles on Monday, June 15. The billionaire ran the investment company Tracinda Corp. and was the largest shareholder in MGM Resorts International. Kerkorian attempted to use his power as a well-financed investor to push the auto industry in some fascinating ways. In 2006, he used his nearly 10-percent stake in General Motors to push a merger with the Renault-Nissan Alliance. The deal made it as far as discussions, but eventually fell through. Kerkorian also attempted to purchase Chrysler - twice. According to Automotive News, the first effort came in 1995 with a $22.8-billion offer for the automaker, and soon after it failed the company merged with Daimler. Then in 2007, Kerkorian was back with a bid for $4.5 billion, but things eventually fell to Cerberus. The billionaire finished the trifecta by buying up $1 billion in Ford stock in 2008 to make Kerkorian the single largest investor in the company. However, the situation didn't last long, and by the end of that year, he had unloaded the shares. According to Automotive News, Kerkorian was ranked by Forbes as the world's 41st richest man in 2008 with a net worth of $16 billion. News Source: Automotive News - sub. req.Image Credit: Joe Cavaretta / AP Photo Celebrities Earnings/Financials Chrysler Ford GM obituary

GM and Ford quarterly sales continue to slump in China

BEIJING — General Motors and Ford announced their quarterly sales in China fell, albeit at a slower pace sequentially, as the U.S. automakers were hit by a slowing economy amid the Sino-U.S. trade war. GM's vehicle sales in China for the quarter ended June 30 dropped 12.2%, while Ford's sales slumped by 21.7%. While GM also suffered from heightened competition in its key mid-priced SUV segment, Ford was hurt by the limited new models for customers to choose from. For the first quarter of this year, Ford's sales in China tumbled 35.8 percent while GM's skid 17.5 percent. Still, the numbers from GM, the second biggest international automaker in China by sales, and Ford portend more uncertainty for the industry which is trying to rebound from a downward spiral that led to its first annual sales decline last year in more than two decades. GM delivered 1.57 million vehicles in China in the January-June period this year, while Ford delivered 290,321 vehicles. China's factory activity shrank more than expected in June, highlighting the need for more economic stimulus amid higher U.S. tariffs and weaker domestic demand. Annual car sales in China fell last year for the first time since the 1990s, and they are expected to fall this year too. Sales tumbled 16.4% in May from the same month a year prior, the China Association of Automobile Manufacturers (CAAM) said. That marked the 11th consecutive month of decline and followed falls of 14.6% in April and 5.2% in March. U.S. car companies' share of total China passenger vehicles sales fell to 9.6% in the first five months of this year from 10.9% in the year-ago period, according to CAAM. Over the same period, German car makers' share has risen to 23.3% from 20.9% and Japanese auto makers' to 21.3% from 17.3%. CAAM is set to announce June sales next week, which industry analysts forecast will be negative.   New models In China, GM has a joint venture with SAIC Motor Corp, in which the Buick, Chevrolet and Cadillac are made. It also has another venture, with SAIC and GuangxiAutomobile Group, in which they make no-frills minivans and have started to make higher-end cars. Sales of GM's affordable brand Baojun dropped 31.8% for the latest quarter. But luxury brand Cadillac's sales jumped 36.6%. GM sold 3.64 million units in China last year, down from 4.04 units in 2017. Ford makes cars in China through its joint venture with Chongqing Changan Automobile Co and Jiangling Motors Corp (JMC).

Galpin Auto Sports and Fisker turn the Mustang into a Rocket in LA [w/video]

Galpin Auto Sport and Henrik Fisker made big promises about the Rocket before its debut at the Los Angeles Auto Show today, calling it the "ultimate American muscle car." Now that this 725-horsepower carbon-fiber Ford Mustang has officially been revealed, we've now got a chance to see if their vision backs up all the bluster. The Rocket is based off the latest 2015 Mustang, but the entire exterior design has been substantially reworked by Fisker. "This is a project born out of passion, it's a dream come true, to have the opportunity to 'touch' a Mustang and apply my design ideas to it," he says in the model's announcement. The biggest changes come up front, where Fisker has added a gaping hexagonal grille with a polished bar running and two nearly hidden driving lights at the top corners. Long nostrils run down each side of the hood, taking their inspiration from the 1968 Shelby GT500. The Rocket's design also emphasizes its scalloped sides, which run back to functional ducts at the rear to cool the Brembo Grand Turismo brakes. When checking out the Rocket from the rear, it's easy to spot the wider fenders that are beautifully blended into the integrated spoiler. The interior has been left mostly alone beyond some eye-grabbing red leather and carbon-fiber trim. Under the hood, Galpin spokesperson Nathan Hoyt has confirmed to Autoblog that the Rocket employs a 5.0-liter V8 with a Whipple supercharger which can be called to attention with a six-speed manual gearbox. It took only a few months for the vehicle to go from conception to reality. Fisker showed Galpin President Beau Boeckmann early sketches at this year's Pebble Beach Concours d'Elegance, and the two parties went from there. "When Henrik showed me his ideas, I got chills - it's literally the most beautiful Mustang I have ever seen," says Boeckmann in the company's release. Production is set to begin in December, with deliveries starting in early 2015. There's no set production total in mind for now, but Hoyt tells Autoblog that the price will be "just over $100,000." Scroll down to read all of the details about Fisker and Galpin's Rocket.