GM may miss target for plug-in hybrid

CEO Wagoner says automaker pouring massive resources into battery-powered Volt, but can't promise it'll be ready by 2010 target date.

NEW YORK (CNNMoney.com) -- General Motors might not be able to hit its target to have its breakthrough electric-powered car the Chevrolet Volt in production by 2010, according to comments made by CEO Rick Wagoner during an online chat.
Wagoner, who participated in an online forum Thursday to mark the 100th anniversary of the automaker, said the company continues "to put massive resources into production as soon as possible." But he cautioned, "2010 would be great, but (we) can't guarantee that at this time."
The Volt, unveiled at the Detroit auto show a year ago, is a so-called "plug-in" hybrid that would have a lithium-ion battery that can be recharged on common household electric current.
GM says it should be able to travel up to 40 miles powered by just the battery. On longer trips the Volt would use a motor powered by gasoline or ethanol to charge the batteries, a system it calls "E-Flex."
Automakers end tough '07 with weak sales
GM (GM, Fortune 500) has already started to build advertising campaigns around the Volt, even though in the best-case scenario it is years away from production. It is seen as a way of trying to change public perceptions about the fuel efficiency and environmental responsibility of the U.S. automaker, which is more closely associated with large SUVs or pickup trucks.
"The Chevy Volt, and the E-Flex system, are really important for GM's, and I think the whole industry's, future," Wagoner said. "With the growing demand for oil, we need to diversify the sources of power for autos."
But GM and its suppliers still have work to do on developing a battery that can meet the demands for the car. Wagoner said GM is are currently bench testing batteries, but didn't give any more details about how those tests were going.
GM reported a drop in December sales Thursday that left its 2007 sales down 6 percent. Its market share fell to 23.7 percent from 24.6 percent a year earlier. While rival Toyota Motor (TM) also reported a drop in December sales, it ended the year with a 3.1 percent gain in sales, taking its U.S. market share up to 16.2 percent from 15.4 percent a year earlier.
The sales gains at Toyota were helped by a nearly 70 percent jump in sales of its Prius hybrid sedan, as well as its other hybrid offerings. The Toyota hybrids run on a combination of power from a traditional gasoline engine and an electric motor, but they are not plugged in to recharge the battery.
Those sales helped Toyota move past Ford Motor (F, Fortune 500) into the No. 2 spot in U.S. sales. It also helped its Toyota brand move past both Ford and Chevrolet to become the nation's best-selling brand.

Wall Street on the jobs

Futures cautiously higher ahead of December employment readings as recession jitters abound.

NEW YORK (CNNMoney.com) -- Stocks were poised for a modestly positive start Friday, although investors remained cautious ahead of the government's much-anticipated jobs report.
At 6:24 a.m. ET, Nasdaq and S&P futures were narrowly higher, suggesting gains at the start for Wall Street, but that could quickly change at 8:30 a.m. ET when the Labor Department releases its December report.
Economists surveyed by Briefing.com forecast the report could should employers added only 70,000 jobs in the month, down from a 94,000 increase in November. Since that's not enough job growth to keep up with increases in the labor pool, economists are also looking for the unemployment rate to rise to 4.8 percent from 4.7 percent, which would be a 17-month high.
But there are some economists who warn the report could come in weaker than expected, perhaps even showing a drop in Americans with jobs, especially since the government collected information from employers during a week when much of the country was hit by severe winter weather.
The report comes amid growing anxiety about the threat of a U.S. recession that has been fueled by surging oil prices. Oil futures reached $100 a barrel for the first time Wednesday and crossed that milestone during the trading session on Thursday, although once again it retreated below that benchmark before the close.
In early electronic trading on Friday, crude prices held steady near $99 a barrel, with a barrel of light sweet crude trading down 19 cents at $98.99 a barrel.
Jitters about the U.S. slowdown hammered stocks in Japan, where the benchmark Nikkei sank 4 percent as traders there returned from an extended holiday. European stocks got off to a positive start.
Stocks to watch Friday include Dow component Boeing (BA, Fortune 500), which reported late Thursday that commercial jet orders soared 35 percent in 2007 to 1,413, supported by demand for its new 787 aircraft, which saw orders more than doubled to 369 from 157 a year earlier.
But Scott Carson, the head of Boeing's commercial aircraft until told in-house publication Boeing Frontiers that he didn't believe the company would be able to have a fourth straight year of orders above 1,000 in 2008, citing the toll higher fuel prices will take on its airline customers.
Home furnishings and housewares retailer Bed Bath & Beyond (BBBY, Fortune 500) announced after the close Thursday that current quarter profit would miss Wall Street estimates and forecast sales at its stores open at least a year would be flat in the period. Shares plunged 6.6 percent in after-hours trading following the announcement.
General Motors (GM, Fortune 500) CEO Rick Wagoner said in an online chat Thursday that the company is still pushing to get its ambitious plug-in hybrid vehicle the Volt into production by 2010. But despite what he called "massive resources" being put into development, the company "can't guarantee that at this time," he said.
The Volt is designed to run solely on a rechargeable lithium-ion battery now in development for most trips. GM, which saw 2007 sales fall 6 percent in the face of higher fuel prices, has already started heralding the Volt in advertising campaigns, even though it is not yet available.
Also in the news Friday is Spark Networks (LOV), parent company of the popular dating site JDate.com, which has put itself up for sale, according to a report in the New York Times.

Dollar coins get more presidents

U.S. Mint celebrates Monroe, Adams, Jackson and Van Buren to spur use of the oft-ignored coins.

WASHINGTON (AP) -- Coming soon on new presidential dollar coins - Old Hickory, Old Kinderhook, Old Man Eloquent and the Last of the Cocked Hats.
The U.S. Mint, the maker of the nation's coins, on Thursday is unveiling the stately images of the next four presidents whose faces will appear on the front of the shiny gold-colored dollar coins next year. James Monroe, John Quincy Adams, Andrew Jackson and Martin Van Buren will be the new additions to the presidential dollar coin series that started with George Washington in February.
Monroe, the nation's fifth president who was nicknamed the Last of the Cocked Hats - a reference to the hat worn by soldiers of the American revolution - will be the first of the 2008 presidential coins. The Monroe dollar coin will come out Feb. 14.
Up next: Adams, the country's sixth president who was nicknamed Old Man Eloquent because of his long speeches. The Adams coin will be put into circulation May 15.
The dollar coin bearing the likeness of Old Hickory, the moniker for seventh president Andrew Jackson because of his leadership in the War of 1812, will be rolled out Aug. 14. The Van Buren dollar coin, honoring the eighth president, will come out Nov. 13. One of Van Buren's nicknames was Old Kinderhook, a reference to his hometown in New York.
The Mint hopes the presidential series will breathe new life into dollar coins, which have suffered from little use in the past. The Susan B. Anthony and the Sacagawea dollar coins flopped - failing to get into cash registers and peoples' pockets.
The presidential dollar series is modeled on the Mint's popular 50-state quarter program, which lured millions of Americans into becoming coin collectors.
Like the quarters, the dollar coins will feature changing designs - four new presidents each year in the order they served in office. The president's faces are on the front of the coins, while the backs feature the Statue of Liberty. Some of the lettering, including "In God We Trust," was moved to the edge of the coins.
Some people believe the dollar coins won't gain wide acceptance unless the government gets rid of the dollar bill.
"We hope the next four presidential $1 coins will not only jingle in pockets but be spent as well," said Mint Director Ed Moy. "These coins are convenient. Each presidential $1 coin weighs less than four quarters, and they're especially useful for vending machines and mass transit," he added.
One problem hobbling the use of dollar coins in the past was that they weren't widely accepted in vending machines and mass transit systems around the country. To overcome such problems this time around, the Mint is launching a pilot program in the Washington metropolitan area aimed at stimulating business and bank demand for the coins. The effort will help the Mint identify impediments to widespread use of the dollar coins and find solutions for them.
"We will be working with several local retailers and banks in a concentrated area to facilitate the increased circulation of the presidential $1 coins," Moy said. "We want to see more of these coins used in daily transactions and given out as change like other denominations."
More than 800 million presidential coins were put into circulation in 2007, the Mint said. Those first four coins carried the images of Washington, John Adams, Thomas Jefferson and James Madison.

Hello Kitty chases young men

Japan's Sanrio says its 'Hello Kitty' character, traditionally popular with girls and young women, will soon appear on items targeted at young men.

TOKYO (AP) -- Hello Kitty is no sexist.
The cute cuddly white cat from Japan's Sanrio, usually seen on toys and jewelry for girls and young women, will soon don T-shirts, bags, watches and other products targeting young men, company spokesman Kazuo Tohmatsu said Friday.
"We think Hello Kitty is accepted by young men as a design statement in fashion," he said.
The feline for-men products will go on sale in Japan next month, and will be sold soon in the U.S. and other Asian nations, according to Sanrio.
The usual bubble-headed shape of Hello Kitty was slightly changed for a more rugged, cool look to appeal to men in their teens and early 20s.
For example, a picture of the cat on a $36 black T-shirt has the words, "hello kitty," instead of the usual dots for the eyes and nose.
Hello Kitty is one of mascot-obsessed Japan's biggest "character" hits, decorating everything from a humble $1 eraser to a $48,000 diamond necklace.
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The planned products mark the first time Sanrio is developing Hello Kitty items especially for males, Tohmatsu said.
But Sanrio had tried a "limited edition" collaboration in men's clothing with designers in Tokyo's chic Harajuku section earlier this year, and they proved popular, he said.
"Young men these days grew up with character goods," said Tohmatsu. "That generation feels no embarrassment about wearing Hello Kitty."