Reinvention of Auto Industry Continues

Zacks Equity Research issues a report today shows the reinvention of the auto industry continues

“The auto industry is highly concentrated. The top-10 global automakers account for roughly 80% of the worldwide production and nearly 90% of total vehicles sold in the U.S.

In January-May 2012, General Motors Company (NYSE: GM) led with a 17.8% market share in the U.S., followed by Ford Motor Co. (NYSE: F) with a 15.6% market share, Toyota Motor Corp. (NYSE: TM) with a 14.5% market share, Chrysler-Fiat with a 11.5% market share, and Honda Motor Co. (NYSE: HMC) and Nissan Motor Co. (OTC: NSANY) at the last spots with 9.6% and 8.1% market shares, respectively.

Due to a massive structural change after the global economic meltdown in 2008, the global auto industry is expected to be ruled by automakers and suppliers based in the six major auto markets: China, India, Japan, Korea, Western Europe and the U.S.

Green Cars

Rising fuel prices and global warming have turned attention to the auto industry that either rely less on traditional fossil fuels or use cheaper renewable sources of energy. Thus, "green" alternatives such as fuel-efficient electric vehicles (EVs) and hybrid vehicles will attract consumers in affluent countries while flex-fuels such as ethanol and natural gas will be highly demanded in the emerging auto markets due to their suitability with the local climate and resource base.

Consequently, there will be a variety of powertrain technologies in the auto industry in this decade and "green" cars are likely to represent about 30% of total global sales in developed auto markets.

Globally, the hybrid market is ruled by Toyota (which includes the popular Prius) and Honda (includes Civic and Insight hybrids). Meanwhile, other automakers such as Ford, General Motors and Nissan are also aggressively pursuing a plan to push hybrid sales. Some of their "green" cars have already generated huge responses in the auto industry, including the Ford Focus, GM Volt, Nissan Leaf, among others.

In late 2011, Ford and Toyota have signed a memorandum of understanding on the equal product development collaboration in order to develop a gas-electric hybrid engine for pickup trucks and sports utility vehicles (SUVs). The automakers have decided to sign a definitive agreement that would lay out timelines to develop the technology. They expect to market the product by the end of this decade. The development of electric hybrid engines would help both the companies meet stringent fuel economy and pollution standards in the U.S. and elsewhere in the near future.

GM also plans to manufacture a luxury electric car dubbed ELR based on the technology used in its Volt plug-in hybrid for its Cadillac brand as a part of its long-term goal to become a leader in the fuel-efficient vehicles market.

U.S. is the largest hybrid car market in the world, with sales accounting for 60%-70% of global hybrid sales. According to J.D. Power and Associates, hybrid-electric vehicle sales volumes in the country are expected to grow by 268% between 2005 and 2012.

Presently, there are only 12 hybrid models available in the U.S., which would increase to 52 by 2012. Didier Leroy, head of Toyota's European operations, has revealed that the percentage of consumers in Europe interested in hybrid cars for their next car purchase has increased to 16% in 2011 from 8%-9% in 2009.”

The full article can be read at 

http://www.zacks.com/stock/news/77729/auto-industry-stock-outlook-june-2012

Last Chance Mile: The Reinvention of Manufacturing by Rod Kackley is scheduled for release in early July.

June Car Sales: Detroit Ready To Score on Rebound

 Two auto industry sales forecasts disagree on the numbers, but TrueCar.com and J.D. Power and Associates agree that June should turn out to be a dynamic month for the automotive industry, domestic (Detroit) and foreign.

That is great news not just for the car companies but for all of the businesses in that supply chain. After all, if 12 million to 13 million cars are sold, somebody has to make 12 to 13 million steering wheels, gear shift levers, 48 to 52 million tires, 48 to 52 million hub caps…and on and on. And someone has to feed, clothe, and shelter the people who are making those hub caps, tires, gear shift levers, steering wheels, cars and trucks. And don’t even get me started on people making toys for them and their kids.

Manufacturing is back.  Manufacturing is being reinvented.  This is one more chapter for Last Chance Mile: The Reinvention of Manufacturing, due out this summer.

June's new-vehicle retail sales rate is approaching a 12 million-unit pace, the strongest level since February, according to a monthly sales forecast developed by J.D. Power and Associates' Power Information Network® (PIN) and LMC Automotive.

Retail Light-Vehicle Sales

June new-vehicle retail sales are projected to come in at 994,800 units, which represent a seasonally adjusted annualized rate (SAAR) of 11.9 million units. Volume is expected to increase 15 percent, compared with June 2011, after adjusting for one additional selling day this month. Retail transactions are the most accurate measurement of true underlying consumer demand for new vehicles.

"We're seeing healthy retail sales growth as we head into the summer selling season and as automakers change over to the 2013 model-year vehicles," said John Humphrey, senior vice president of global automotive operations at J.D. Power and Associates. "Many major manufacturers are posting year-over-year retail sales gains this month, while maintaining strong new-vehicle prices. Average incentive levels, while up 9 percent versus a year ago, are down 5 percent from May. All indicators point toward an industry that continues to get healthy."

Total Light-Vehicle Sales

Total light-vehicle sales in June are expected to come in at 1,265,900 units, which is a 16 percent increase from June 2011. Fleet volume as a percentage of total light-vehicle volume is expected to reach 21 percent in June, after falling below 20 percent in May.

J.D. Power and LMC Automotive U.S. Sales and SAAR Comparisons

	June 2012(1)	May 2012	June 2011
New-Vehicle Retail Sales	994,800 units (15% higher than June 2011)(2)	1,070,816 units	834,556 units
Total Vehicle Sales	1,265,900 units (16% higher than June 2011)	1,332,054 units	1,050,831 units
Retail SAAR	11.9 million units	11.4 million units	9.5 million units
Total SAAR	13.9 million units	13.7 million units	11.5 million units

(1) Figures cited for June 2012 are forecasted based on the first 17 selling days of the month.

(2) The percentage change is adjusted based on the number of selling days in the month (27 days in June 2012 vs. 26 days in June 2011).

Gas prices in the United States have fallen steadily since April, which has changed demand for hybrid and electric vehicles. As gas prices increased from $3.33 per gallon in November 2011 to $3.84 per gallon in April 2012, the combined share of retail sales of hybrid and electric vehicle sales increased from 1.7 percent to 4.6 percent during the same period. However, as gas prices have dropped since April, so has the market share for hybrid and electric vehicles, which has been trending downward during the past two months and is now at 3.4 percent.

"The hybrid and electric vehicle market closely follows gas prices, which demonstrates that while there is consumer interest in hybrid and electric vehicles, demand is heavily influenced by the economic environment, rather than pure interest in the technology," said Humphrey. "Until we see alternative powertrain growth without rising gas prices, we won't see the market share growth that many automakers are hoping for."

LMC Automotive expects a hybrid and electric vehicle sales to account for 3.2 percent of total light-vehicle in 2012.

Sales Outlook

After two months of upward revisions to the 2012 forecast, LMC Automotive is maintaining its light-vehicle sales forecast for 2012. Total light-vehicle sales are forecasted at 14.5 million units with retail sales at 11.6 million units.

"Despite a rising level of uncertainty with the economic recovery, consumers remain resilient in their willingness to purchase new vehicles," said Jeff Schuster, senior vice president of forecasting at LMC Automotive. "Concerns regarding the macro-economic environment and another potential summer slowdown have increased, but we expect the sales pace to remain strong and stable throughout the second half of the year."

North American Production

Throughout May 2012, North American light-vehicle production is well ahead of the increase in U.S. sales, with volume up nearly 23 percent, compared with the same period in 2011. More than 1.2 million additional vehicles have been built in the first five months of 2012, compared with the same period in 2011, as inventory rebuilding has driven the volume increase. U.S. manufacturing growth continues to lead the overall North America region with a 26 percent year-to-date increase. Production in Mexico is up 14 percent, and Canadian manufacturing is 19 percent higher.

Vehicle inventory at the beginning of June declined slightly to a 52-days’ supply (compared with a 55-days’ supply in May). Car inventory remains at a below-normal level, with a 43-days’ supply in early June, down from 45 days in early May, as demand for cars has increased due to lower fuel prices. Truck inventory levels are at normal levels with a 61-days’ supply, down from 67-days’ supply in May.

LMC Automotive's production forecast for North American in 2012 stands at 14.9 million units and represents a 14 percent increase from the 13.1 million units built in 2011. LMC Automotive expects 2013 North American production to exceed the 15 million-unit threshold, to 15.3 million units.

"Despite the significant increase in production levels this year, vehicle inventory has remained at a level that is below the typical 60- to 65-day supply," said Schuster. "As we look to the future, volume remains robust, as increases in exports, as well as imported volume resourced to North America, drive higher levels of North American production."

TrueCar.com is forecasting for June 2012  new light vehicle sales in the U.S. (including fleet) is expected to be 1,242,301 units, up 18.1 percent from June 2011 and down 6.9 percent from May 2012 (on an unadjusted basis)

The June 2012 forecast translates into a Seasonally Adjusted Annualized Rate (SAAR) of 13.6 million new car sales, up from 11.5 million in June 2011 and down from 13.8 million in May 2012

Retail sales are up 15.7 percent compared to June 2011 and down 6.9 percent from May 2012

Fleet and rental sales are expected to make up 20.5 percent of total industry sales in June 2012

The industry average incentive spending per unit will be approximately $2,432 in June 2012, which represents an increase of 1.5 percent from June 2011 and decrease of 4.8 percent from May 2012

Used car sales* are estimated to be 4,774,707, up 6.3 percent from June 2011 and up 10.8 percent from May 2012.  The ratio of new to used is estimated to be 1:4 for June 2012

"The remarkable recovery of Toyota and Honda continued in June," said Jesse Toprak, Vice President of Market Intelligence for TrueCar.com. "Uncertainty in the financial markets brought selling rates below 14 million units for the second month in a row. Despite the relative slowdown in the last few weeks, the first half sales results this year indicate a relatively healthy car industry; perhaps the brightest spot in an otherwise struggling U.S. economy. We expect second half of 2012 to average around 14.5 million units, which will take us to over 15 million new cars sold in 2013.

"Average incentive spending for all automakers will hit its lowest levels this month since last year in the months following the natural disasters in Japan and prior to that since January 2007," said Kristen Andersson, Senior Analyst at TrueCar.com. "Toyota will post strong retail sales this month while decreasing incentive spending as consumers continue to snap up the popular Camry, Corolla, and Prius."

TrueCar.com also projects sales down to the brand level, which can be viewed in its entirety at the Truth Blog on TrueCar.com.  Brand level incentive spending forecasts are available upon request.

TrueCar.com bases its forecast on actual transaction data.  The transaction data based forecast is refined by other current and historical factors that impact vehicle sales, including:  sales, inventory, incentives, fuel prices, and macro-economic data (major stock market indexes, consumer confidence, new home starts, and CPI).  TrueCar.com does not adjust for selling days in year-over-year percentage change calculations.

*Used car sales figures include sales from franchise dealerships, independent dealerships and private party sales

Let Me Introduce You To Medical Mile

I am in what is called the "galley modification" stage of the production of Last Chance Mile: The Reinvention of an American Community. The story of Grand Rapids' Medical Mile and the reinvention of this American community takes place on Michigan Street NE.

So, in this excerpt from Last Chance Mile, please allow me to take you to the home of Medical Mile:

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Grand Rapids’ Medical Mile is a cluster of prosperity. It stretches from the Grand Valley State University Cook-DeVos Center for Health Sciences that includes an entrepreneurial incubator on the east to Meijer Heart Center, Lemmen-Holton Cancer Pavilion, Spectrum-Butterworth Hospital, Van Andel Research Institute and Michigan State University College of Human Medicine on the west.

It is the epicenter of this 21st century revolution in the way this community is thought of, and more importantly in the way this community thinks of itself. Yet, it is only part of Grand Rapids’ story of transformation.

None of this existed 15 years ago. It all began with a $1 billion endowment from Jay Van Andel, a man who was destined to suffer from Parkinson’s, one of the diseases being investigated at the research institute that bears his name.

Michigan Street NE doesn’t sleep anymore. The people and the traffic of Medical Mile keep it awake from College to Division avenues. A full mile that slumbers but never snores.  It is the insomniac of Grand Rapids.

Ambulances scream up and down Michigan Street’s spine at all hours, while Aero Med helicopters fly over its head, bringing patients, doctors and organs for transplant to Spectrum-Butterworth Hospital.

The flow of people running across Michigan Street’s shoulders never stops. Doctors, nurses, technicians; white, black, brown, red and yellow people all in scrubs, some flowered, some plain, some blue, arriving for work, leaving for home every eight, ten or 12 hours. They never stop crossing from the new multi-story parking garages that were built on the northern shoulders of the Mile to the huge, blue Helen DeVos Children’s Hospital building that was added on to the colossus of Grand Rapids health care, Spectrum-Butterworth hospital.

Parents are inside DeVos Children’s and Spectrum-Butterworth hospitals at all hours of the day and night praying that their children’s hearts will continue beating just as this heart of the Medical Mile keeps ticking away, a silent metronome that keeps Michigan Street NE from closing its eyes.

Doctors and nurses race across the spine of the Mile before the lights change. Some of them run into Meijer Heart Center. This is where old hearts are exchanged for new, where lives begin again, where families grieve, where families celebrate. It is the building of second chances. It is yet another reason that Michigan Street NE can’t sleep anymore. The Mile won’t let it even doze.

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Last Chance Mile: The Reinvention of an American Community

Reinvention of River Rouge: Dearborn Reborn

Severstal North America Hosts Grand Opening of Newest Steelmaking Facilities

Welcomes Customers, Suppliers, Government Officials

An icon of both the 20th century power of Michigan’s heavy metal manufacturing wheelhouse and the 21st century disintegration of the industries associated with it, Ford Motor Co.’s River Rouge has been reinvented.

 Severstal North America, one of the largest U.S.-based steel producers specializing in the full range of the high quality, light, flat-rolled products, is hosting a Grand Opening celebration of the company’s new steelmaking facilities in Dearborn, Mich.

Alexey Mordashov, CEO of OAO Severstal, said, “From the day we first acquired the Rouge assets eight years ago, we had a long-term vision for this plant. We saw opportunities to succeed by creating strong industry and community ties and servicing our customers with high quality products and advanced technologies. Being located here in the heart of the automotive industry with strong heritage and spirit of innovation, we are proud to be able to continue on the traditions of the great past and on to the bright future.”

To date, Severstal North America has spent $1.4 billion modernizing the Dearborn plant, including constructing a pickle line tandem cold mill (PLTCM) complex and hot-dip Galvanizing line (HDGL). The $450 million new PLTCM has highly sophisticated control systems and cutting-edge operating practices and the $285 million HDGL with advanced technologies ensures consistent coating thickness and surface texture. The new facilities are capable of producing the newest generation of coated advanced high strength steels for the most demanding applications.

Distinguished presenters at the event included Michigan Gov. Rick Snyder, and Ambassador of the Russian Federation to the United States, Sergey Kislyak.

“Severstal’s investment in Michigan with its expanded, upgraded Dearborn plant and its commitment to supplying the automotive industry with a new generation of steel products is good news for the motor capital of the world,” Snyder said. “Michigan is a great place to do business, work and live."

The “Dearborn Reborn” theme chosen for the event focuses on leveraging the proud history of Severstal while emphasizing the future capabilities brought about by the modernization. The celebration signifies a resurgence of steel manufacturing in the legendary Rouge plant. The major modernization has transformed Severstal North America’s facilities into one of the most advanced steel mills in the world.

Reinvention of Ford: Growing in Lousville

LOUISVILLE, Ky., June 13, 2012 – Ford Motor Company, its employees, dealers and suppliers today are celebrating production of the all-new Ford Escape at the company’s transformed Louisville Assembly Plant, one of several U.S. manufacturing sites where Ford is adding jobs to meet strong customer demand for fuel-efficient vehicles.

Ford already has added 1,800 jobs at Louisville Assembly Plant and is adding 1,300 additional workers to a third shift this fall, bringing total hourly employment at the plant to 4,200.

Nationwide, Ford has added more than 5,200 hourly jobs already this year. With Louisville’s third-shift in place, by year end, Ford is set to deliver more than half of the 12,000 additional jobs it committed to add by 2015.

The company invested $600 million to convert Louisville Assembly from a plant producing body-on-frame SUVs into a facility that builds America’s most fuel-efficient small utility vehicles with automatic transmissions.

“Today marks a celebration of progress and transformation,” said Mark Fields, Ford’s president of The Americas. “Louisville Assembly Plant’s reinvention illustrates how Ford is going further, continuing to invest in American manufacturing and new jobs while delivering even more of the fuel-efficient vehicles that give customers true power of choice.”

The upgraded Louisville Assembly Plant is capable of producing up to six different vehicles at the same time, making it Ford’s most flexible U.S. plant.

As part of the upgrade, Ford installed new tooling and improved equipment in the plant’s final assembly area and body shop, including more than 1,000 robots and 20 miles of conveyors. Reprogrammable tooling in the body shop allows the plant to produce multiple vehicle models at the same time without requiring downtime for tooling changeover.

“Manufacturing flexibility is critical to staying competitive in today’s global automotive marketplace,” said Jim Tetreault, Ford vice president of North America Manufacturing. “Our ability to produce up to six vehicles from a single plant gives us a sizable advantage in quickly adjusting our products and volumes to match changes in customer preferences and market factors.”

Louisville Assembly is the third Ford plant in North America to retool from producing traditional body-on-frame trucks and SUVs to fuel-efficient vehicles from global platforms.

The company’s investment in Louisville is supported by strong partnerships at the state, county and local level, as well as by Ford’s green partnership with the U.S. Department of Energy. Louisville Assembly Plant is one of 11 Ford facilities in the U.S. participating in the Advanced Technology Vehicles Manufacturing Loan Program initiated by Congress and implemented by the Obama administration.

“This is a day of celebration for Ford and the Commonwealth of Kentucky,” said Gov. Steve Beshear. “Production of the new Escape not only means thousands of jobs for Kentuckians, it boosts our GDP, tax revenue, and raises the level of the Commonwealth’s robust automotive industry, which is already one of the top five in the nation.”

Louisville Mayor Greg Fischer added: “This is a great day for our city. Ford’s history and Louisville’s history are intertwined, and today we begin a new chapter in that heritage – a chapter of business expansion and job growth.”

The all-new Escape, which is on sale now, offers strong fuel economy and customers’ choice of two EcoBoost® engines – a 2.0-liter four-cylinder as well as a 1.6-liter four-cylinder that delivers 33 mpg highway, which is 2 mpg better than the Honda CR-V and 5 mpg better than Toyota RAV4. The Escape also features a 2.5-liter four-cylinder engine that delivers 31 mpg highway.

In addition, Escape delivers 11 features no other small SUV offers – including a hands-free liftgate with motion-sensing technology, SYNC® with MyFord Touch® and active park assist. The Escape also features a new Ford Intelligent 4WD system that provides even better traction off-road.

The Louisville-built Escape is the first of the new line of compact SUVs to be built off of Ford’s global C-car platform. The same vehicle will be built and sold in Europe and China, where it is called Kuga, although there will be unique powertrains and features for customers in those markets.

Ford’s global supply network is playing a key role in the launch of the Escape, as well as the economic development of the Louisville area. Several major suppliers have invested more than $56 million locally and are in the process of adding more than 900 jobs, many of which will support the Escape. Suppliers that expanded operations include:

Magna Seating of America Inc., which invested nearly $20 million to build a new 140,000-square-foot plant in Shepardsville, Ky., and will eventually employ 450 people. Magna supplies seat assemblies, fascias, the rear subframe, upper control arms, rear camera module, trailer tow module, fixed back glass and the rear bumper beam

Faurecia, which invested $19 million at its Faurecia Interior Systems plant in Louisville. The facility will have 260 employees at full production – 250 dedicated to producing the Escape instrument panel. Faurecia also supplies exhaust systems

 

Martinrea International expanded its Shelbyville, Ky., operations with a $12 million investment, adding 150 jobs. Martinrea makes body stamped subassemblies, the front subframe and fuel filler pipe

 

Piston Automotive invested $5.5 million and added 50 jobs, many of which are supporting the Escape launch. Piston makes cooling module assemblies for the Escape

In addition to its manufacturing presence, Ford continues to play a significant role in the Louisville community. Through its Operation Goodwill with area dealers, Ford and its manufacturing operations expect to donate more than $1.5 million in 2011 and 2012 combined, supporting local nonprofit agencies.

Total Ford donations to Louisville-area nonprofits made since 2000 top $8 million.

Reinvention: GM Goes Landfill Free

The Reinvention of Manufacturing is about changing the way we make things for the world. It is also about changing the way we treat the world and take care of the world, as shown by the latest announcement from General Motors.
Oh, how the manufacturing world, and what it takes pride in, has changed.

LANSING, Mich. – General Motors’ Lansing Customer Care and Aftersales parts distribution center reached landfill-free status and earned ENERGY STAR® certification for superior energy efficiency from the U.S. Environmental Protection Agency.

 The facility generates 35 percent fewer greenhouse gas emissions and 35 percent less energy than similar buildings nationwide. It also is GM’s 100th facility to recycle, reuse or convert to energy all waste from daily operations. These initiatives serve the company’s ongoing energy efficiency and waste-reduction efforts.

 “GM is committed to reducing its environmental footprint worldwide,” said Mike Robinson, GM vice president of sustainability and global regulatory policy. “This distribution center in Lansing is proof of our drive to be energy efficient and increase recycling throughout our operations.”

 To qualify for ENERGY STAR certification, the plant had to perform in the top 25 percent of similar facilities nationwide for energy efficiency and meet strict energy performance levels set by the EPA from 2010 to 2011.

 The distribution center performed various energy efficiency measures, including upgrading its lighting from metal halide fixtures to 5,200 fluorescent tube fixtures with motion sensors. The effort cut energy use and costs in half.  The facility also integrates energy management into monthly performance scorecards and monitors energy use.

 Achieving landfill-free status makes good business sense. For example, since 2011, the Lansing distribution center generated:

 •$42,358 in revenue from recycling 325 tons of cardboard and 1,054 tons of wood pallets.

 •$27,947 in revenue from recycling 59 tons of lead acid batteries.

 “Our employees are key to these landfill-free and Energy Star milestones,” said Bob Landis, Lansing CCA parts distribution center manager. “Their efforts help us save energy, reduce waste and improve our efficiency every day.”

 In 2010, the facility also underwent the largest vinyl roof recycling project in North America, diverting about 120 tons of waste from local landfills. The process enabled 475,000 square feet of roof membrane to be recycled. Some of the old membrane was reprocessed and used in the manufacture of the new roof material.

 GM’s Lansing Delta Township plant, which assembles the Buick Enclave, GMC Acadia and Chevrolet Traverse, received  ENERGY STAR certification in December.

 No other automaker has as many landfill-free facilities as GM. In 2011, it recycled or reused 2.6 million metric tons at its facilities worldwide, equivalent to more than 38 million trash bags. That year, EPA also presented it with its ENERGY STAR Partner of the Year award for energy efficiency and greenhouse gas emissions reductions.

 In its first sustainability report as a new company, GM committed to achieve 25 more landfill-free sites, reduce total waste by another 10 percent by 2020, and reduce energy intensity 20 percent from its facilities by 2020. For more information on GM’s environmental commitment, visit its sustainability report and environmental blog.

The ebook edition of The Reinvention of Manufacturing, is now due out in early July. 

Rod

Pain of Reinvention, Tough News For Alt. Energy

Tough news today for alternative energy manufacturing in Michigan, and especially bad news for Greenville, Michigan the community that lost its Electrolux campus during the last decade.

FARMINGTON HILLS, Mich., Jun 18, 2012 (BUSINESS WIRE) -- Energy Conversion Devices, Inc. ("ECD"), a leader in materials science and renewable energy technologies, and its wholly-owned subsidiary United Solar Ovonic LLC ("USO"), will sell by public auction, to be authorized by the United States Bankruptcy Court, substantially all of its assets relating to its solar business. The auction will commence on June 26, 2012. Assets for sale will include machinery, equipment, intellectual property, furniture, real estate and inventory.

The auction sale process has been designed to facilitate the sale of assets in various bulk and piecemeal configurations, and to maximize the opportunity to sell the integrated assets in bulk to permit future manufacturing of USO's proprietary Uni-Solar(C) brand thin-film solar laminates.

The live webcast auction sale will commence on Tuesday June 26, 2012 at 9:00 AM ET at USO's Greenville, Michigan facility, where 150 people lost their jobs, for the bulk lots. That will be followed by an online auction sale for the piecemeal lots. The thousands of individual lots to be sold online will have staggered closing times commencing on June 27th. Only qualified and registered bidders may participate in the bidding.
Heritage Global Partners, Hilco Industrial, Maynard's and Van Acker Associates will be conducting the sale. Sale details, lot configurations and terms and conditions of sale can be found on the following web sites: http://www.hgpauction.com/?auctionid=193  ,

 http://www.hilcoind.com/sales/index.asp and

 www.maynards.com

ECD and USO voluntarily filed a petition for relief under Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Michigan on February 14, 2012. Additional information regarding the bankruptcy proceedings is available at www.energyconversiondevices.com/restructuring.php.

Of course this does not mean the end of the reinvention of energy or the reinvention of manufacturing. Far from it. To paraphrase Henry Ford, when you fail you just get a chance to do it again, smarter.

Think about how many car companies failed before transportation was reinvented.