| Big wheels keep up to the marque by buying flash
AS ECONOMIC barometers go, there could hardly be any more dashing a $580,000 status symbol on wheels and at least 80 Australians have already placed their order for Ferrari's slick new model, the F430 Scuderia. The latest street incarnation of the world's most famous motor racing emblem is an eight-cylinder, 503-horsepower, high-performance vehicle its Italian makers would seem wholly justified in touting as a "unique supercar perfect for passionate and sporty customers". Then there's the Porsche 911 turbo, retailing at $370,000. More than 100 Australians put themselves behind the wheel of one last year, and others are queuing to take delivery of the next generation GT2 priced at $425,000. Property developer Zac Brankovic, 38, who has been driving Porsches for about five years, shelled out $260,000 for his Porsche Carrera S convertible.
Mitsubishi would owe taxpayers: Rann
Premier Mike Rann says the South Australian Government would demand that Mitsubishi repay millions of dollars in taxpayers' support if it pulls out of Australia. The company's board meets in Japan today to consider a closure of the loss-making Australian operation in Adelaide. Mr Rann has told Adelaide commercial radio that the SA and Federal Governments have spent millions of dollars on subsidies for the car maker. "If they announce today the closure of Mitsubishi in total breach of the arrangements that they entered into ... and I have to say there are other things they entered into - they were going to set up an R & D (research and development) centre to employ up to 300 engineers, develop a new luxury export vehicle, then I'll be asking for the money back, simple as that," Mr Rann said.
OC's Brody gets cosy with Teresa Palmer
THE OC heartthrob Adam Brody is one American who clearly doesn't wish they all could be Californian girls, after settling into Sydney, squiring Aussie actress Teresa Palmer around town. Brody, who became a pin-up to millions of girls playing Seth Cohen in the Orange County-based drama, has started a professional and personal relationship with Palmer, his co-star in the upcoming flick Justice League of America. While she's set to kill his character, Wall West aka The Flash, in the superhero blockbuster, it was all sweet lovin' for the off-screen couple, who held hands and cuddled up over dinner at Lotus restaurant in Potts Point on Saturday night. Onlookers who contacted Confidential yesterday were stunned to see the celebrity duo, who sat in a party of six, going largely unnoticed for the duration of their meal.
Electric car's progress slowed by expense, safety of batteries
Many of the major automakers have gravitated toward lithium ion —the type of battery used in smaller devices such as notebook computers and digital media players. It is lighter, holds a stronger charge and has the potential to last longer.But safety and cost issues remain. Critics, meanwhile, remain skeptical about the battery's environmentally friendly credentials, especially the concept and practicality of “zero emissions.'' Still, major players predict 2010 will be a turning point for clean electric and next-generation hybrid cars as the new battery comes on the market.“The early phase will begin in 2010 as many companies intend to introduce electric vehicles,'' said Minoru Shinohara, senior vice president of the technology division at Nissan Motor Co. Ltd. “It's the starting point, and there will be very tough competition.''The automakers will have to overcome the shaky reputation pure electric vehicles have earned.
AutoNation Reports Third-Quarter Earnings
FORT LAUDERDALE, Fla., Oct. 24 /PRNewswire-FirstCall/ -- AutoNation, Inc. (NYSE: AN) , America's largest automotive retailer, today reported 2007 third- quarter net income from continuing operations of $77 million or $0.39 per share, compared to year-ago net income from continuing operations of $85 million or $0.40 per share. Results for the third quarter of 2007 reflected a decline in new vehicle retail sales especially in California and Florida, partially offset by tax adjustments and continued share repurchases. Third-quarter 2007 revenue totaled $4.6 billion, compared to $4.9 billion in the year-ago period, driven primarily by lower new vehicle sales. In the third-quarter, industry new vehicle retail sales for California and Florida were off approximately 11% compared to last year, based on CNW Research data.
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