Archived Auto News and Events for June 2008

Gas Reaches New Record as Fourth of July Holiday Nears
Amid tensions in the Middle East and growing concerns about the stability of the dollar, the price of retail gasoline and the value of crude oil futures climbed to record levels Monday, June 30.

Oil Prices Surge to New Levels
Early trading in the Asian markets on Friday, June 27 sent oil north of a record $142 a barrel against the continued weakness of the American dollar, a development sure to trigger higher gasoline prices.

Study Shows Fuel Economy Concerns Effecting Buyer Satisfaction
In the annual J.D. Power and Associates Automotive Performance, Execution, and Layout Study, results indicated Americans are less satisfied with their new vehicles than they were in 2007 due to increased focus on fuel economy.

Ford Denies Renewed Volvo Sale Rumors
The Swedish business publication Dagens Industri published a report on Wednesday, June 25 indicating the Ford Motor Company has entered into negotiations with a Chinese entity for the sale of the Volvo division.

GM Offers Zero Financing, Retools Aspects of Its Production
Beginning on Tuesday, June 24, General Motors will begin a zero percent financing program while concurrently raising prices for the 2009 models approximately 3.5 percent.

Saudi Arabia to Increase Daily Oil Production
On Sunday, June 22, King Abdullah of Saudi Arabia confirmed that the daily oil production in his country will be raised from 9 million to 9.7 million barrels in an effort to counter the continued steep increase of international oil prices.

Gas Starts Back Up for the Weekend
After three days of modestly trending downward, gasoline prices reversed course on Friday, June 20 according to statistics compiled by AAA, with the national per gallon average rising to $4.075 over Thursday's $4.073.

Slight Dip in Gas Prices Offers Little Relief to Consumers
For the third day in a row AAA figures show a decrease in the national average per gallon price of gasoline from the all-time high of $4.080 on Monday, June 16 to $4.073 on Wednesday.

Corvette ZR1 Goes on Sale as this Summer
Although labeled as a "gas guzzler," the new Chevrolet Corvette , ZR1 will go on sale this summer with a sticker price of $105,000. The six-figure purchase includes the cost of shipping and $1,700 in taxes for the lack of fuel efficiency.

Automakers Scramble to Produce Hybrids, Alternative Fuel Vehicles
With gasoline hovering north of $4 a gallon and public demand shifting rapidly, automakers are scrambling to get more energy efficient vehicles, alternative fuel vehicles, and hybrids on the market.

Honda Fuel Cell FXC Clarity Headed for California
On Monday, June 16, the Honda , fuel cell FCX Clarity rolled off the assembly line in Japan and is headed for southern California where green advocates and gas-strapped drivers are eagerly anticipating its arrival.

BMW Expanding American Operations
On Friday, June 13, German automaker BMW , announced plans to expand its United States operations through an investment of $270 million. The U.S. represents the largest market for luxury car sales in the world.

Toyota Exec Urges Realistic Expectations of Plug-In Hybrids
On the heels of a Toyota , announcement of a retail plug-in hybrid by 2010 and the complete hybridization of its line beginning in 2020, a Toyota representative attempted to bring people's expectations about such vehicles more in line with reality.

Gasoline Prices Set Yet Another Record
As many pundits predicted, gasoline prices have continued to rise this week, with at least half the United States paying more than $4 for regular unleaded on Wednesday, June 13 when the average per gallon price stood at $4.052.

Tracinda To Buy 20 Million Shares of Ford
The investment company, Tracinda Corp., owned by billionaire Kirk Kerkorian, reported a large, favorable response to its tender offer to purchase another 20 million shares of the Ford Motor Company, a move that would make its stake in the automotive giant approximately 5.5 percent.

Gasoline Price Average Above $4 on Monday
Monday saw yet another record for the average per gallon price of gasoline at $4.023 although the price of crude oil eased back from the $11 spike of Friday, June 6.

Toyota Perfecting Fuel Cell Technology
On June 6, Toyota , said it had developed a fuel-cell vehicle capable of advanced performance including 516 miles on one tank of hydrogen and the ability to operate in temperatures under -22 degrees F.

Ford Plans White-Collar Cuts
Over the next few months the Ford Motor Co. will cut white-collar work force expenses by 15 percent as a further adjustment to the protracted slump in auto sales, in particular SUVs and pickup trucks.

Four Sedans Dethrone F-Series Trucks as America's Favorite
For the first time since 1991 the Ford F-150 , is not the best selling vehicle in America. The venerable performer was dethroned by four sedans, a further indicator of the shifting preferences of the driving public in the face of climbing fuel costs.

GM Closes Truck, SUV Plants in Face of Fuel Prices
On Tuesday, June 3, General Motors announced plans to close four plants that produce trucks and SUVs, acknowledging consumer demand for fuel efficient vehicles and the long-term likelihood of continued high gasoline prices.

Hurricane Season Fears Effect Price of Gasoline
According to a story for CNNMoney by David Goldman, hurricane season 2008, which started June 1, is expected to be unusually active and could threaten the operation of pipelines in the Southern United States, driving the price of gasoline even higher.