GM Claims Record Earnings 01/30/96 The Associated Press reported that GM announced record earnings for its fourth quarter last year. GM said it earned $1.9 billion in 1995's final quarter, an 18.7% rise in profits over 1994's 4th quarter. GM's total profits for 1995 were $6.9 billion. Paul Dever -- The Auto Channel ##--##--##news00059 Manila Hopes to Attract GM Plant 01/30/96 The Associated Press reported that President Fidel Ramos and some Governors from the Philippines have offered GM incentives to build a billion dollar plant in that nation rather than in Thailand. GM is looking for a place to base its regional vehicle and spare parts operations in Southeast Asia. The company aims to double its 5% share of the Asia-Pacific automotive market by the year 2005. Paul Dever -- The Auto Channel ##--##--##news00060 Japanese Auto Exports Down 01/30/96 The Associated Press reported that Japan's car and truck exports were down 13% in December 1995 as compared to the December of the previous year. Japan exported 314,473 vehicles in December. December was the 8th consecutive month of declining exports from Japan to the U.S. and the first month of declining exports to the European Union since October. Paul Dever -- The Auto Channel ##--##--##news00061 Samsung to Shoot for Spot Among Top 10 01/30/96 The Associated Press reported that South Korean car manufacturer Samsung plans to make itself into one of the world's top 10 car-makers by the year 2010. Samsung plans to invest $13 billion in the endeavor. They will introduce their first model in Korea and elsewhere by 1998. Paul Dever -- The Auto Channel ##--##--##news00062 Ford Introduces 3 Natural Gas Powered Vehicles 01/30/96 Reuters reported that Ford plans to introduce three natural gas powered vehicles today: a Crown Victoria, an F-150 truck, and an Econoline Van. Although the vehicles will initially be marketed as fleet vehicles in seven U.S. cities with aggressive anti-smog campaigns, Ford hopes eventually to break them into the consumer market. Vehicles powered by natural gas have approximately 90% less emissions than those powered by regular gasoline, but broad consumer appeal is currently considered unlikely because of the unavailability of fuel. The vehicles also cost about $6000 more than regular gas powered vehicles, but Ford-planned rebates and tax incentives will help to defray the higher costs. Paul Dever -- The Auto Channel ##--##--##news00063 Penske Motorsports, Inc. to Sell Shares 01/30/96 Reuters reported that Penske Motorsports, Inc. will go public; the car-racing promoter has initially offered 3.25 million common shares. The company filed with the Securities and Exchange Commission on Monday. It expects to raise between $51 and $59 million from the sale, estimating the value of its shares at $17 each. Profits from the sale of shares will help build a speedway near Los Angeles. Construction on the California speedway is expected to be done during the 1997 racing season. Penske Motorsports Inc. currently owns and works through two other speedways: the Michigan International Speedway in Brooklyn, MI; and the Nazareth Speedway in Nazareth, PA. Penske will promote 9 races this year, 5 of which are sanctioned by NASCAR, 4 by CART. Among the four CART races is the controversial CART race that will occur on May 26, opposite the Indy 500. That race will occur at the Michigan International Speedway. Paul Dever -- The Auto Channel ##--##--##news00064 Eliseo Salazar Released from Hospital 01/30/96 ESPNet reported that 40 year old Chilean driver Eliseo Salazar has been released from the Orlando hospital that he was taken to after crashing in group practices for the Indy 200 at WaltDisney World on Friday. Salazar's car hit a wall and a piece of his front suspension pierced his right thigh and fractured his femur. It took emergency crews 20 minutes to free Salazar from the wreck and then he was airlifted to the Orlando Regional Medical Center. Salazar is returning to Indianapolis where Dr. Terry Trammel will perform additional surgery. Salazar drives for the Scandia/Simon Team. The Indy 200 at Walt Disney World is an Indy Racing League event. Salazar is next scheduled to race at an IndyCar event, the IndyCar Grand Prix of Miami on March 3. Scandia/Simon will be competing in both IRL and CART as much as possible. Paul Dever -- The Auto Channel ##--##--##news00065