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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).

Black Zombie electric Mustang launches Blood Shed Motors [w/videos]

As patient zero of Blood Shed Motors, the classic pony car has received a powerful electric transplant. Lightning repeatedly vanquished the darkness like the angriest of strobe lights and thunder shook the building, punctuating the clatter of a heavy Texas rain on the metal roof as the clock ticked away the initial seconds of a rare full moon Friday the 13th. It was then that the Black Zombie came to life for the first time. Beneath the hood of this rust-free 1968 Mustang fastback, a 289-cubic-inch V8 no longer turns gasoline into heat, noise and pollution. As patient zero of Blood Shed Motors, the classic pony car has received a powerful electric transplant, and now boasts twinned Warp 11 DC motors and a pair of fresh Zilla controllers that will serve as the basic blueprint for future vehicles. Dubbed the Zombie 222 drivetrain, the setup will be limited to 750 horsepower in customer's cars to keep the maintenance experience low, and eventually will draw power from a 40-kWh battery pack. In this first example, though, the output is bit more extreme. For one day, at least, they have the 1,500-kW-capable pack that powers the record-setting Swamp Rat 37 racer belonging to Don Garlits and a brief window of opportunity to try it out on a track. Blood Shed Motors is the result of a collaboration between NEDRA co-founder John "Plasma Boy" Wayland, the man who helped bring electric vehicle drag racing to the attention of the world with his unassuming White Zombie Datsun 1200 conversion and Austin, TX business man Mitch Medford, who've put together a small team of experts in their chosen fields. The plan is to build a limited number of muscle car conversions on pristine early Mustang, Camaro, and Barracuda platforms. The plan is to build a limited number of high-quality muscle car conversions on pristine (No restored rust buckets!) early Mustang, Camaro, and Barracuda platforms. Each can be customized according to buyer's wishes and blessed with its own serial number. The price tags will be in the eye-watering $200,000-and-up neighborhood, reflective of the cost and rarity of these cars and the custom nature of the alterations. Of course, you can't just multiply horsepower and add the monster torque that these electric motors put out and expect an antique chassis to hold up.

Fields 'required' to use private aircraft, could make $5.25M as Ford CEO this year

Mark Fields' travels on the friendly skies will soon be a relatively personal affair, as the new CEO at Ford will be required to resume air travel via the company's private planes. Fields caught plenty of flak in 2007 for flying on the company's dime to visit his family in Florida. He's since flown commercial.
According to Ford spokesperson Susan Krusel, who spoke to Bloomberg, Fields (pictured above right, with Bill Ford, Jr. at center and Alan Mulally at left) will switch to private travel "for safety and to maximize his availability for company business." In addition to his new travel arrangements, the 53-year-old exec's salary and bonuses have been revealed.
Regulatory filings by Ford revealed that Fields, whose first day in the big chair was July 1, will receive a base salary this year of $1.25 million and he'll be eligible for $3.5 million in bonuses, both of which are lower than Alan Mulally's $2 million salary and $5.88 million in bonuses received last year. That's also lower than General Motors CEO Mary Barra's alleged $1.6-million salary and considerably less than Sergio Marchionne's $3.19-million fixed salary from Fiat. Despite falling short of other CEOs, Fields' new pay still represents a 33-percent increase over his pay as Chief Operating Officer.