If you were looking for signs that US trade may be collapsing on itself, a good place to start would be Class 8 truck orders which, as we first documented in early December, have posted sharp y/y declines of late. Now, slowing demand for heavy vehicles is hitting home in North Carolina, where Daimler has laid off more than 2,000 people in the past two months alone.
– Porsche, Daimler Indicate Europe’s Car Crisis Spreading (Bloomberg, Sep, 21, 2012)
Sitges, Spain 3-6 June 2010
Final List of Participants
Honorary Chairman BEL Davignon, Etienne Vice Chairman, Suez-Tractebel
DEU Ackermann, Josef Chairman of the Management Board and the Group Executive Committee, Deutsche Bank AG
GBR Agius, Marcus Chairman, Barclays Bank PLC
ESP Alierta, César Chairman and CEO, Telefónica
INT Almunia, Joaquín Commissioner, European Commission
USA Altman, Roger C. Chairman, Evercore Partners Inc.
USA Arrison, Sonia Author and policy analyst
SWE Bäckström, Urban Director General, Confederation of Swedish Enterprise
PRT Balsemão, Francisco Pinto Chairman and CEO, IMPRESA, S.G.P.S.; Former Prime Minister
ITA Bernabè, Franco CEO, Telecom Italia S.p.A.
SWE Bildt, Carl Minister of Foreign Affairs
FIN Blåfield, Antti Senior Editorial Writer, Helsingin Sanomat
ESP Botín, Ana P. Executive Chairman, Banesto
NOR Brandtzæg, Svein Richard CEO, Norsk Hydro ASA
AUT Bronner, Oscar Publisher and Editor, Der Standard
TUR Çakir, Ruşen Journalist
CAN Campbell, Gordon Premier of British Columbia
ESP Carvajal Urquijo, Jaime Managing Director, Advent International
FRA Castries, Henri de Chairman of the Management Board and CEO, AXA
ESP Cebrián, Juan Luis CEO, PRISA
ESP Cisneros, Gustavo A. Chairman and CEO, Cisneros Group of Companies
CAN Clark, W. Edmund President and CEO, TD Bank Financial Group
USA Collins, Timothy C. Senior Managing Director and CEO, Ripplewood Holdings, LLC
ITA Conti, Fulvio CEO and General Manager, Enel SpA
GRC David, George A. Chairman, Coca-Cola H.B.C. S.A.
DNK Eldrup, Anders CEO, DONG Energy
ITA Elkann, John Chairman, Fiat S.p.A.
DEU Enders, Thomas CEO, Airbus SAS
ESP Entrecanales, José M. Chairman, Acciona
DNK Federspiel, Ulrik Vice President Global Affairs, Haldor Topsøe A/S
USA Feldstein, Martin S. George F. Baker Professor of Economics, Harvard University
USA Ferguson, Niall Laurence A. Tisch Professor of History, Harvard University
AUT Fischer, Heinz Federal President
IRL Gallagher, Paul Attorney General
USA Gates, William H. Co-chair, Bill & Melinda Gates Foundation and Chairman, Microsoft Corporation
USA Gordon, Philip H. Assistant Secretary of State for European and Eurasian Affairs
USA Graham, Donald E. Chairman and CEO, The Washington Post Company
INT Gucht, Karel de Commissioner, European Commission
TUR Gürel, Z. Damla Special Adviser to the President on EU Affairs
NLD Halberstadt, Victor Professor of Economics, Leiden University; Former Honorary Secretary General of Bilderberg Meetings
USA Holbrooke, Richard C. Special Representative for Afghanistan and Pakistan
NLD Hommen, Jan H.M. Chairman, ING Group
USA Hormats, Robert D. Under Secretary for Economic, Energy and Agricultural Affairs
BEL Huyghebaert, Jan Chairman of the Board of Directors, KBC Group
USA Johnson, James A. Vice Chairman, Perseus, LLC
FIN Katainen, Jyrki Minister of Finance
USA Keane, John M. Senior Partner, SCP Partners
GBR Kerr, John Member, House of Lords; Deputy Chairman, Royal Dutch Shell plc.
USA Kissinger, Henry A. Chairman, Kissinger Associates, Inc.
USA Kleinfeld, Klaus Chairman and CEO, Alcoa
TUR Koç, Mustafa V. Chairman, Koç Holding A.Ş.
USA Kravis, Henry R. Founding Partner, Kohlberg Kravis Roberts & Co.
USA Kravis, Marie-Josée Senior Fellow, Hudson Institute, Inc.
INT Kroes, Neelie Commissioner, European Commission
USA Lander, Eric S. President and Director, Broad Institute of Harvard and MIT
FRA Lauvergeon, Anne Chairman of the Executive Board, AREVA
ESP León Gross, Bernardino Secretary General, Office of the Prime Minister
DEU Löscher, Peter Chairman of the Board of Management, Siemens AG
NOR Magnus, Birger Chairman, Storebrand ASA
CAN Mansbridge, Peter Chief Correspondent, Canadian Broadcasting Corporation
USA Mathews, Jessica T. President, Carnegie Endowment for International Peace
CAN McKenna, Frank Deputy Chair, TD Bank Financial Group
GBR Micklethwait, John Editor-in-Chief, The Economist
FRA Montbrial, Thierry de President, French Institute for International Relations
ITA Monti, Mario President, Universita Commerciale Luigi Bocconi
INT Moyo, Dambisa F. Economist and Author
USA Mundie, Craig J. Chief Research and Strategy Officer, Microsoft Corporation
NOR Myklebust, Egil Former Chairman of the Board of Directors SAS, Norsk Hydro ASA
USA Naím, Moisés Editor-in-Chief, Foreign Policy
NLD Netherlands, H.M. the Queen of the
ESP Nin Génova, Juan María President and CEO, La Caixa
DNK Nyrup Rasmussen, Poul Former Prime Minister
GBR Oldham, John National Clinical Lead for Quality and Productivity
FIN Ollila, Jorma Chairman, Royal Dutch Shell plc
USA Orszag, Peter R. Director, Office of Management and Budget
TUR Özilhan, Tuncay Chairman, Anadolu Group
ITA Padoa-Schioppa, Tommaso Former Minister of Finance; President of Notre Europe
GRC Papaconstantinou, George Minister of Finance
USA Parker, Sean Managing Partner, Founders Fund
USA Pearl, Frank H. Chairman and CEO, Perseus, LLC
USA Perle, Richard N. Resident Fellow, American Enterprise Institute for Public Policy Research
ESP Polanco, Ignacio Chairman, Grupo PRISA
CAN Prichard, J. Robert S. President and CEO, Metrolinx
FRA Ramanantsoa, Bernard Dean, HEC Paris Group
PRT Rangel, Paulo Member, European Parliament
CAN Reisman, Heather M. Chair and CEO, Indigo Books & Music Inc.
SWE Renström, Lars President and CEO, Alfa Laval
NLD Rinnooy Kan, Alexander H.G. Chairman, Social and Economic Council of the Netherlands (SER)
ITA Rocca, Gianfelice Chairman, Techint
ESP Rodriguez Inciarte, Matías Executive Vice Chairman, Grupo Santander
USA Rose, Charlie Producer, Rose Communications
USA Rubin, Robert E. Co-Chairman, Council on Foreign Relations; Former Secretary of the Treasury
TUR Sabanci Dinçer, Suzan Chairman, Akbank
ITA Scaroni, Paolo CEO, Eni S.p.A.
USA Schmidt, Eric CEO and Chairman of the Board, Google
AUT Scholten, Rudolf Member of the Board of Executive Directors, Oesterreichische Kontrollbank AG
DEU Scholz, Olaf Vice Chairman, SPD
INT Sheeran, Josette Executive Director, United Nations World Food Programme
INT Solana Madariaga, Javier Former Secretary General, Council of the European Union
ESP Spain, H.M. the Queen of
USA Steinberg, James B. Deputy Secretary of State
INT Stigson, Björn President, World Business Council for Sustainable Development
USA Summers, Lawrence H. Director, National Economic Council
IRL Sutherland, Peter D. Chairman, Goldman Sachs International
GBR Taylor, J. Martin Chairman, Syngenta International AG
PRT Teixeira dos Santos, Fernando Minister of State and Finance
USA Thiel, Peter A. President, Clarium Capital Management, LLC
GRC Tsoukalis, Loukas President, ELIAMEP
INT Tumpel-Gugerell, Gertrude Member of the Executive Board, European Central Bank
USA Varney, Christine A. Assistant Attorney General for Antitrust
CHE Vasella, Daniel L. Chairman, Novartis AG
USA Volcker, Paul A. Chairman, Economic Recovery Advisory Board
CHE Voser, Peter CEO, Royal Dutch Shell plc
FIN Wahlroos, Björn Chairman, Sampo plc
CHE Waldvogel, Francis A. Chairman, Novartis Venture Fund
SWE Wallenberg, Jacob Chairman, Investor AB
NLD Wellink, Nout President, De Nederlandsche Bank
USA West, F.J. Bing Author
GBR Williams, Shirley Member, House of Lords
USA Wolfensohn, James D. Chairman, Wolfensohn & Company, LLC
ESP Zapatero, José Luis Rodríguez Prime Minister
DEU Zetsche, Dieter Chairman, Daimler AG
INT Zoellick, Robert B. President, The World Bank Group
GBR Bredow, Vendeline von Business Correspondent, The Economist
GBR Wooldridge, Adrian D. Business Correspondent, The Economist
Source: Bilderberg Meetings
Daimler’s investment in Tesla Motors provides both companies with something they desperately need and could be the first step down the aisle toward marriage.
The world’s oldest automaker hitched its electric wagon to Tesla on Tuesday when it bought nearly 10 percent of the company and a seat on its board. Neither side is discussing specifics of the deal, reportedly worth $50 million, but both sides walk away winners.
Tesla gets a much-needed infusion of cash and help building the gorgeous Model S sedan. More importantly, Tesla gains legitimacy as it continues raising funds. Having the company that invented the automobile as a partner makes you much more attractive to investors.
Daimler’s investment buys it a whole lot of battery know-how, something German automakers are short of. And a seat on the board gives Daimler gets a close look at Tesla’s business plan and financials so it can decide if it wants a bigger piece of the action.
|The trade body warns that car production will have to be cut|
The downturn in the German car market is “at a pace and magnitude that has never happened before”, the country’s main auto trade body has warned.
As a result, the German Association of the Automotive Industry said new car sales in 2009 are expected to be the worst since reunification in 1990.
It added that Volkswagen, Daimler and Porsche will all have to cut output, which will “impact” on workers.
Last week Porsche delayed its takeover of Volkswagen, blaming falling sales.
Porsche said there were signs of a “serious slump” in global demand.
Volkswagen itself has warned that the current sales environment is “difficult”, while Daimler, owner of Mercedes-Benz, said the situation is “very challenging indeed”.
German car sales are expected to slip to 2.9 million next year, down from the expected 3.1 million for 2008, says the trade body.
Car sales are also lower across Europe, with Italy’s Fiat warning that its 2009 profits could fall by 65%.
Car sales in the US collapse:
November Auto Sales: Porsche sales drop by half (Source: Forbes)
November Auto Sales: Daimler AG’s sales decline (Source: Forbes):
Total sales at Daimler’s U.S. operations fell 29.9 percent to 15,991 from 22,819 in November 2007
Sales of Mercedes-Benz brand vehicles last month declined 38.2 percent to 14,102 while the company sold 1,889 of its two-seater Smart models. Smart was introduced to the North American market in mid-January of this year.
Mercedes-Benz USA said its best-selling model family, the C-Class, had a 36.1 percent drop-off in sales, and E-Class sales fell by 49.3 percent.
November Auto Sales: BMW sales fall 26.8 percent (Source: Forbes)
Volkswagen November U.S. Sales Fall 19% on Economy (Source: Bloomberg)
Audi U.S. November sales fall 25.4% (Source: Market Watch)
Berlin under fire as German car sales collapse
German car sales have plunged to the lowest level since reunification almost twenty years ago, increasing pressure on Chancellor Angela Merkel to abandon budget restraint and back plans for an EU-wide rescue package.
Registrations fell 18pc in November, led by a drop of 36pc in Opel sales. “The crisis has again worsened dramatically,” said Volker Lange, of the VDIK motor vehicle association.
Volkswagen is to suspend production at its Wolfsburg headquarters this month. BMW has cut output in Leipsig to one day a week and Porsche is shuttering its Stuttgart plant for a week. It is just as bad in France where PSA Peugeot Citroen is halting production for a month at Sochaux, the country’s biggest industrial site.
The slump in Germany’s core industry has led to vocal criticism of the Left-Right coalition government. The Handelsbatt newspaper warned this week that the coalition faces a “rebellion” unless it faces up to the gravity of the crisis.
Unsold Chrysler products sit at a dealership in Dormont, Pa.
As Detroit’s crumbling auto industry asks Congress for a bailout, Chrysler is in the awkward position of paying about $30 million in retention bonuses to keep top executives while the company cuts thousands of jobs.
Chrysler owes the bonuses under its contracts with about 50 executives, based on a retention incentive plan crafted early last year by former German parent DaimlerChrysler, when it was preparing to sell the Chrysler unit.
Related article: Daimler: Chrysler worth nothing
Nancy Rae, Chrysler executive vice president for human resources and communications, said the move made sense at the time to ensure potential buyers that key Chrysler executives would remain in place after a sale. She acknowledged that the bonuses could be seen as controversial now.
*Daimler halts output at two plants four weeks-works council *Daimler shares fall more than 10 percent
(Rewrites with works council and plant spokeswomen)
FRANKFURT, Oct 27 (Reuters) – German carmaker Daimler (DAIGn.DE: Quote, Profile, Research, Stock Buzz) will stop year-end production at two big German plants for four weeks, doubling the normal holiday stoppages given a sharp drop in demand, its works council said on Monday.
The Sindelfingen plant near Stuttgart that makes Mercedes-Benz C-, E- and S-Class models will shut down from Dec. 12 and reopen on Jan. 12, a works council spokeswoman said.
The Untertuerkheim motor and transmission plant will also halt most output from Dec. 15 to Jan. 12, a plant spokeswoman said.
Mercedes-Benz was not immediately available for comment.
On Sunday, Germany’s Frankfurter Allgemeine Sonntagszeitung said the carmaker had imposed a five-week Christmas break for its 36,000 workers at Sindelfingen. Workers normally get only two to three weeks off during the holiday season.