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Toyota fears supplier pressure in Australia with GM pull out

With Ford and General Motors both announcing an end to production in Australia, the country's auto industry is in a bad way. With the exit of two big players, there's increased concern that a third Australian manufacturer, Toyota, will be forced out, as well.
"We are saddened to learn of GM Holden's decision. This will place unprecedented pressure on the local supplier network and our ability to build cars in Australia," Toyota Australia said in a statement. The GM closure of Holden production will be the direct end to 2,900 jobs, but will also force a dramatic reduction in the size of the country's supplier network, as there will simply be fewer cars to build.
In the same statement, Toyota Australia said it would work with suppliers and local government to figure out whether continuing production Down Under was even feasible. According to Automotive News, a representative for the Australian Manufacturing Workers' Union told reporters it was "highly likely" that Toyota would also close up shop within the next few years.

Muscle wins big at 2013 Amelia Island Concours as 1936 Duesenberg, 1968 Ford GT40 take top honors

The 18th-annual Amelia Island Concours d'Elegance took place this past weekend, and in one of the show's biggest years yet (bringing in more than 25,000 spectators and attracting more than 300 vehicles), two powerhouses ended up winning the judges' hearts. The top Concours d'Elegance award went to a 1936 Duesenberg SJN, while the Concours de Sport went to one of the celebrated marques, a 1968 Ford GT40.
Owned by Helen and Jack Nethercutt of Sylmar, CA, this flawless Duesy is described as "one of the most powerful open cars of the 1930s," and it displays design cues of the era like rolled fenders and a tapered rear end. The SJN's supercharged straight-eight allowed it to accelerate to 100 miles per hour in just 17 seconds - surely not a disappointing feat for its day.
On a much different level of performance and timelessness, this Gulf-livery GT40 from the Rocky Mountain Auto Collection is not outdone by the elegance of the big Duesenberg thanks to some well-documented racing history. This not only includes winning at LeMans in both 1968 and 1969 - Chassis No. 1075 also managed to win a total of six times in just 11 races.

Ford family keeps special voting rights

Ford Motor Company has a dual-class stock structure of Class A and Class B shares. The roughly three billion Class A shares are for the general public like you and me, while the roughly 71 million Class B shares are all owned by the Ford family. Each Class A share gets the shareholder one vote, each Class B share is worth 16 votes, the result being that Common Stock holders control about 60 percent of the company while the Ford family controls 40 percent even though it holds far fewer shares. The only way that could ever change would be if the Fords sell their Class B shares, but even so, Class B shares revert to Class A when sold outside the family, so they'd have to sell a whole bunch of them.
A contingent of Class A shareholders think the dual-class system is unfair, and for the past few years a vote's been held during the annual shareholders meeting to end it. It has failed every time, as it just did again during the meeting held this week. A smidge over 33 percent voted to end the dual system, outvoted by the 67 percent who are happy with the way Ford is going - unsurprising in view of a corporate turnaround that will be part of business-class curricula for years to come.
On the sidelines, Ford elected Ellen R. Marram to the post of independent director, the first woman to hold the job. The former Tropicana CEO and 20-year Ford board member replaces retiring board member Irvine Hockaday who helped bring Alan Mulally to the CEO position.