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Auto investor Kirk Kerkorian dead at 98

Kirk Kerkorian, among the most talked-about investors in the American auto industry in recent memory, died at the age of 98 in Los Angeles on Monday, June 15. The billionaire ran the investment company Tracinda Corp. and was the largest shareholder in MGM Resorts International. Kerkorian attempted to use his power as a well-financed investor to push the auto industry in some fascinating ways. In 2006, he used his nearly 10-percent stake in General Motors to push a merger with the Renault-Nissan Alliance. The deal made it as far as discussions, but eventually fell through. Kerkorian also attempted to purchase Chrysler - twice. According to Automotive News, the first effort came in 1995 with a $22.8-billion offer for the automaker, and soon after it failed the company merged with Daimler. Then in 2007, Kerkorian was back with a bid for $4.5 billion, but things eventually fell to Cerberus. The billionaire finished the trifecta by buying up $1 billion in Ford stock in 2008 to make Kerkorian the single largest investor in the company. However, the situation didn't last long, and by the end of that year, he had unloaded the shares. According to Automotive News, Kerkorian was ranked by Forbes as the world's 41st richest man in 2008 with a net worth of $16 billion. News Source: Automotive News - sub. req.Image Credit: Joe Cavaretta / AP Photo Celebrities Earnings/Financials Chrysler Ford GM obituary

Ford earnings take a dive on investment, slowing sales; workers get $6,900 in profit sharing

Ford Motor Company's pre-tax profits for 2014 took a beating, falling to $6.3 billion, a $2.3-billion drop from 2013, while overall revenues fell from $139.4 billion to $135.8 billion. Net income for 2014, meanwhile, plunged 56 percent, from $7.18 billion to $3.19 billion. Yeah, those aren't great numbers. While Ford's figures are largely down across the board, some of the weaker numbers aren't too difficult to explain away. The company launched 24 vehicles across the globe in 2014, including some of its biggest and most important volume models, like the 2015 F-150, as well as iconic offerings like the new Mustang. The result of this is both increased investment as well as a drop in total sales – US market numbers were down 164,000 units compared to 2013. Recall claims and high warranty costs also did a number on the Blue Oval. "2014 was a solid yet challenging year for Ford - with our investments and a record number of new products launched around the world positioning us for strong growth this year and beyond," Ford CEO Mark Fields said in a statement. Ford's 50,180 UAW workers in the United States will receive profit-sharing checks of $6,900. In some markets, Ford's fortunes were impacted by outside factors. Europe, for example, recorded more sales (up 70,000 units) and higher revenues (up $2.2 billion), but still reported a $443-million pre-tax loss. Blame was placed on the crumbling Russian economy, which has suffered from sanctions and slumping oil prices. Despite its troubles last year, the company still seems bullish on 2015. Ford's pre-tax outlook remains unchanged, as the company expects to make anywhere from $8.5 to $9.5 billion on the back of higher revenue from the company's automotive operations. We expect strong growth and improved financial performance in 2015 driven by our investments in new products and capacity," Ford CFO Bob Shanks said of the company's future.

Black Zombie electric Mustang launches Blood Shed Motors [w/videos]

As patient zero of Blood Shed Motors, the classic pony car has received a powerful electric transplant. Lightning repeatedly vanquished the darkness like the angriest of strobe lights and thunder shook the building, punctuating the clatter of a heavy Texas rain on the metal roof as the clock ticked away the initial seconds of a rare full moon Friday the 13th. It was then that the Black Zombie came to life for the first time. Beneath the hood of this rust-free 1968 Mustang fastback, a 289-cubic-inch V8 no longer turns gasoline into heat, noise and pollution. As patient zero of Blood Shed Motors, the classic pony car has received a powerful electric transplant, and now boasts twinned Warp 11 DC motors and a pair of fresh Zilla controllers that will serve as the basic blueprint for future vehicles. Dubbed the Zombie 222 drivetrain, the setup will be limited to 750 horsepower in customer's cars to keep the maintenance experience low, and eventually will draw power from a 40-kWh battery pack. In this first example, though, the output is bit more extreme. For one day, at least, they have the 1,500-kW-capable pack that powers the record-setting Swamp Rat 37 racer belonging to Don Garlits and a brief window of opportunity to try it out on a track. Blood Shed Motors is the result of a collaboration between NEDRA co-founder John "Plasma Boy" Wayland, the man who helped bring electric vehicle drag racing to the attention of the world with his unassuming White Zombie Datsun 1200 conversion and Austin, TX business man Mitch Medford, who've put together a small team of experts in their chosen fields. The plan is to build a limited number of muscle car conversions on pristine early Mustang, Camaro, and Barracuda platforms. The plan is to build a limited number of high-quality muscle car conversions on pristine (No restored rust buckets!) early Mustang, Camaro, and Barracuda platforms. Each can be customized according to buyer's wishes and blessed with its own serial number. The price tags will be in the eye-watering $200,000-and-up neighborhood, reflective of the cost and rarity of these cars and the custom nature of the alterations. Of course, you can't just multiply horsepower and add the monster torque that these electric motors put out and expect an antique chassis to hold up.