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Romney Misreads Jeep? (10/26/12)

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  1. Mitt Romney0:04, 0:21
  2. Automotive News2:56, 4:16, 5:15
  3. GM4:51
  4. Mike Manley1:15
  5. Sergio Marchionne4:45
  6. weekly commentary2:59
  7. auto sales2:48
  8. October's rate5:05
  9. reliability survey4:24
  10. Chrysler0:56, 1:13, 1:25

Fri, 26 Oct 2012|

Did Romney misread Jeep? | Asbury buying blitz | Lapham on Penske’s ‘way’

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Automatically Generated Transcript (may not be 100% accurate)

This interpretation. The story of Mitt Romney. Team in China. Football as well with you on this Friday I'm Tom war back. Republican presidential candidate to Mitt Romney is worried that she is going to China. Last night at a campaign stop in northern Ohio. Romney told supporters quote. I saw a story today that one of the great manufacturers. In this state Jeep. Now owned by the Italians. Is thinking of moving all production to China. The Detroit news reports Romney. Was apparently responding to stories on some blogs that this interpreted a Bloomberg article from earlier in the week. That report stated quote. Chrysler group LLC. Plans to return -- output to China in May eventually make all of it's models in that country. Meaning no more cheap imports into China. The story included information. From Chrysler and Fiat agency open Mike Manley. Who referred to adding -- production sites rather than shifting output from North America to China. Chrysler corporate communications boss well -- -- in the Ares is the reporting was clear and accurate in reiterated quote. Let's set the record straight Jeep has no intention of shifting production of its -- models out of North America. To China. Chrysler currently builds jeeps at plants in Illinois Ohio and Michigan. In fact the Detroit Free Press reports about 11100. New Chrysler employees. Will begin working next week on the third crew. At the Jefferson north assembly plant in Detroit to meet demand for the Grand Cherokee. Total US -- production through mid October stands at more than 598000. Units. Compare that to 472000. A year earlier. We are now positioned to go on the offensive that's a quote from Asbury automotive CEO Craig Monahan. As for him and other big retailers like group one and -- nation looking to acquire more dealerships. For example as for expects to add stores that represented 400 billion to 600 million dollars in additional revenue during the next three years. All this comes as as -- expects annual US auto sales to reach the sixteen million mark. In 2050. It's Friday time for Automotive News executive editor Edward lap poems weekly commentary. These days it takes deep pockets to showcase downtown dealership and a big American city. Most are -- subsidized by the factories. So was interest in to visit the Penske auto groups Nissan Infiniti dealership in San Francisco this week. As part of the roll out for the 2013 -- science center. Even more so since nearly a quarter of a century ago I visited Penske dealership in Manhattan. Which didn't last long in -- considered one of -- few failures. Because in this time needed representation in the market. Penske was allowed to put all franchises and a single seven story building and bend a few other design principles along the way. Look it's great when an independent dealer like Roger Penske. Has the moxie to take what he learned in new York and run another urban dealership. On the other coast. Thank goodness -- on had the wisdom to let Penske do it in a way that works for the factory. And dealer. And the customers of San Francisco. And -- -- apple and that style IC. They said. Next week is going to be a busy one in our newsroom and we invite you to stay with Automotive News TV for coverage of several -- stories. On Monday consumer reports releases its annual auto reliability survey. Ford looking to bounce back after last year's plunge. On Tuesday we have an earnings double header key questions will North America make up for -- mounting losses in Europe. And -- Chrysler stay on track for a one point five billion dollar annual profit. Plus Sergio Marchionne will provide an update on the Fiat Chrysler's strategy. GM releases its earnings Wednesday. We'll find out if profits hold up amid concerns in the US China and Europe. And then Thursday automakers report monthly US sales. Will October's rate to keep pace with September's 54 month. Those stories much more news and information next week. And Automotive News. Have a great weekend we'll see you Monday.

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