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Automakers paying Chinese dealers for lower-than-expected sales

The Chinese dealers vs. foreign manufacturers story won't quit. It began with a story on the struggles faced by FAW-Toyota joint venture dealers, with supposedly 95 percent of the showrooms losing money, and 10 percent of them doing so poorly that they'd have to exit the business. The problem is mandated sales targets, most set when the country's economy was racing. Now that things have slowed, China's dealers are swimming in unsold cars and the costs to keep them. In the case of FAW-Toyota, dealers asked Toyota to hand over 2.2 billion yuan ($355 million) to help address the situation. That was followed by a report noting the issues that Honda, BMW, and Nissan dealers are having with the same issue, revealing that the Chinese Automobile Dealers Association (CADA) had taken the highly unusual step of writing to the Chinese government to complain. Now Reuters reports that CADA is not only pressing its case even harder, it's being open about it: it announced that BMW agreed to pay dealers 5.1 billion yuan ($820 million) to alleviate poor profits last year. Unnamed sources said Audi has thrown 2 billion yuan into the kitty for subsidies, and Daimler has contributed "about 1 billion yuan" to its dealers. The battle isn't just about 2014, but how business will be run in 2015 as well: Chinese Porsche dealers have requested the automaker lower its 2015 target of 64,000 cars, which would be a 40-percent increase on its 2014 sales of 46,931 vehicles. One analyst called it "shocking" that the CADA has taken its fight public, while CADA comments continue to imply that dealers have been railroaded to the cliff's edge without recourse. "Due to the difference in status," it's deputy secretary said, "individual dealers are not willing to, or don't dare to, talk frankly with the carmakers...." Both parties need one another, so they'll figure out a way to make it work – but that could mean acknowledging the Chinese market is behaving more like a mature one, not an emerging one. News Source: ReutersImage Credit: Lintao Zhang/Getty Images Earnings/Financials Audi BMW Porsche Toyota Car Dealers Luxury

A 1903 Harley is worth how much? Hagerty adds bikes to price guide

Whenever the big auctions begin in places like Monterey, it's hardly a surprise to hear about classic Ferraris or other exotics crossing the block for a few million dollars. But, the record sale price last year for the "Captain America" bike from Easy Rider is just a small sign that there's a growing market to own a piece of motorcycle history, as well. To answer this demand, vehicle insurance and valuation company Hagerty is now including vintage bikes in its price guide. The most expensive cycle there is a 1903 Harley-Davidson Single with a value pegged at an eye-watering $15 million for an example in No. 1 condition. You don't need to be a multi-millionaire to buy a vintage bike, though. If there's an old cycle you're eyeing or there's one already in the garage, you can check what Hagerty thinks it's worth on the company's website, now. The database includes 61 motorcycle makers and 9,200 models from 1894-1996. The pages also have a ton of useful details, including a price history for four conditions. According to Hagerty, the market for classic bikes is up over 50 percent since 2010, and more of them are showing up at auction, as well. The vintage cycles with the biggest demand are Harley-Davidson FLHs from the '60s and '70s. Hagerty Launches Motorcycle Valuation Tools Motorcycle Market Demand Drives Creation of Database Covering Everything from $15 Million Harley-Davidsons to $1,500 Yamahas TRAVERSE CITY, MICHIGAN (October 14, 2015) —Hagerty, the world leader in collector vehicle insurance and valuation tools, is pleased to announce the Hagerty Price Guide now includes motorcycles. The motorcycle guide, published on the Hagerty Valuations Tools website, includes 61 makes, 9,200 individual motorcycles built from 1894 -1996, and pricing for four conditions. Like its vehicle car and truck valuation guides, Hagerty's comprehensive motorcycle guide features model histories, images, current and historic pricing, and recent auction sales. "Motorcycles are one of the fastest growing segments in the collectible vehicle market," said McKeel Hagerty, CEO of Hagerty. "The recent interest is inspiring enthusiasts to pull their bikes out of long-term storage to enjoy again and share with the next generation.

Electric living with a BMW i3

Rarely in the 27-plus years I've been testing and writing about cars has any vehicle changed this much from my initial impression until I was later able to spend more time in one. Nearly two years ago, I got a brief test drive of the then-new BMW i3 EV on a selection of both flat and hilly, curvy roads west of Los Angeles the day before LA Auto Show press days. My impressions at the time were mixed: polarizing exterior and interior designs but roomy, easily accessible rear cabin; great twisty road handling but somewhat brittle rough-road ride; good performance but annoyingly strong (always on) regenerative braking. And there was no opportunity to test one with the optional range-extender (which BMW calls a "REx") engine. So I wanted an extended experience in a REx-equipped i3, and recently got one. And, I'm here to report that, driving it for a week like I owned it, the quirky i3 soon won me over. The quirky i3 soon won me over. The $42,400 BMW EV's unique, lightweight "LifeDrive" architecture features a Carbon Fiber Reinforced Plastic (CFRP) passenger cell on an all-aluminum chassis. Powered by a 22-kWh lithium-ion battery pack, its 170-hp AC synchronous motor spins out a healthy 184-pound-feet of torque through a single-speed transmission and offers three drive modes: Comfort, Eco Pro (which BMW says adds roughly 12 percent of range) and Eco Pro+ (another 12 percent). The optional rear-mounted 647 cc (0.65-liter) in-line 2-cylinder REx engine drives an electric generator, never the wheels. It increases the sticker price to $46,250 and curb weight from 2,860 pounds to 3,130 lb., and that 270-lb. weight penalty reduces its electric-only range from 81 to 72 miles and EPA-rated combined (gas-equivalent) fuel economy from 124 to 117 MPGe, and slows its 0-60-mph acceleration from 7.0 to 7.8 sec. But it nearly doubles the i3's official EPA-rated total range from an EV-only 81 miles to an EV-plus-gasoline 150 miles. The i3 arrived (from roughly 90 miles away) with its battery depleted but an indicated 75 miles of gas-powered range remaining. Wanting to experience it REx-only at first, I drove it on a 9.6-mile local trip and found little difference in sound or performance from what I recalled from that California battery-only test drive. When I returned home, however, the indicated gas range was just 55 miles, so I had used 20 miles of projected range in less than 10 local miles. My initial impressions were good, with a few quibbles.