Automotive News reports that General Motors is accelerating its restructuring plans for Europe and is considering "several" plant closures or spin offs. The company also says its Saab unit could file for reorganization as early as this month. GM wants to save $1.2 billion in Europe this year, the company said in its submission to the U.S. … [Read more...]
47,000 jobs to go worldwide at GM
February 18, 2009 By Leave a Comment
General Motors, presenting a dire outlook for the future, said Tuesday it may need $30 billion in total government financing to weather the economic downturn and would cut 47,000 jobs worldwide and shutter five more U.S. factories in a massive restructuring plan. … [Read more...]
GM’s European brands wait to hear survival plan
February 17, 2009 By Leave a Comment
General Motors is to present a survival plan to the U.S. government today, showing officials how it plans to cut costs and pay back billions of dollars of bailout loans. The U.S. carmaker's plan may include wide-ranging changes in its European operations, which include the German Opel and British Vauxhall brands plus Sweden's Saab. There are … [Read more...]
BMW sack 850 agency staff at Cowley Mini plant
February 16, 2009 By Leave a Comment
BMW has confirmed that 850 jobs are to go at the Cowley plant in Oxford, which makes the Mini, and that weekend working has been scrapped. All agency workers who did the weekend shift at the factory have lost their jobs, with immediate effect. The site is closing for a week after a fall in sales as a result of the economic downturn. The … [Read more...]
Spain unveils €4bn lifeline for motor industry
February 15, 2009 By 1 Comment
Spain yesterday joined the chorus of European governments announcing aid for their motor industries, unveiling a €4bn ($5.1bn, £3.6bn) assistance plan and boasting that it was second only to France's in its generosity. The plan was unveiled by Miguel Sebastian, minister for industry, tourism and commerce, who has recently launched a "Buy … [Read more...]
Could Volvo be heading east?
February 13, 2009 By Leave a Comment
Chinese carmaker Chery Automobile has contacted several European auto brands, including Ford Motor's Volvo, and is interested in an acquisition, a source with direct knowledge of the matter said today. … [Read more...]
Further US cutbacks at Toyota
February 13, 2009 By Leave a Comment
Toyota, the world's biggest car maker, is to cut pay for executives in the US and further reduce production at some factories in the US, Canada and Mexico. Toyota is introducing a range of measures - including pay cuts, voluntary redundancies, bonus cuts and shorter hours - to reduce costs. … [Read more...]
Nissan to cut 20,000 jobs worldwide
February 12, 2009 By Leave a Comment
The motor manafacturing job losses are coming thick and fast as NISSAN announces it will slash 20,000 jobs from its global workforce in the next year, due to losses of £2 billion. The profit loss is Nissan’sfirst in nearly 15 years, and has led the firm to cut around 9 per cent from its workforce. … [Read more...]
VAT cut fails to win over car buyers
February 12, 2009 By Leave a Comment
HPI and Car Dealer survey reveals 86% unmotivated to buy in 2009 Leading vehicle information organisation, HPI, in association with Car Dealer Magazine, reveals that 41% of new car buyers say the cut in VAT is ‘unlikely’ to make them buy in 2009. The figures suggest that the government’s 2.5% VAT cut has failed to get Britain spending, … [Read more...]
Government to discuss UK scrappage scheme
February 12, 2009 By Leave a Comment
Retail Motor Industry Federation director Sue Robinson is to meet ministers on February 24 to discuss the possible launch of a vehicle scrappage scheme in the UK. … [Read more...]
Peugeot Citroen to cut 11,000 jobs
February 11, 2009 By Leave a Comment
France's biggest carmaker, Peugeot Citroen, has announced it will slash more than 11,000 jobs in 2009, starting with European plants outside France. The news comes just days after French President Nicolas Sarkozy unveiled a three-billion-euro (£2.7bn; $3.9bn)loan for the company. … [Read more...]
GM set to shed 14% of global workforce
February 10, 2009 By Leave a Comment
General Motors, facing a February 17th deadline to show the US government it's a viable company, said today that it will cut 14 percent of its salaried jobs globally by the end of the year and slash the salaries of many who remain. … [Read more...]
China is now worlds biggest car market
February 10, 2009 By Leave a Comment
China has leapfrogged the US to become the world's largest auto market, according to monthly figures from the Chinese state media. In January 735,000 cars were sold in China said state TV, quoting the deputy director of the China Association of Automobile Manufacturers, Dong Yong. … [Read more...]
Nissan in trouble
February 9, 2009 By Leave a Comment
Nissan is to cut 20,000 jobs worldwide, 8.5% of its workforce, over the next year because of a sharp fall in sales. The Japanese carmaker made the announcement as it said it expected to make a loss of 265bn yen ($2.9bn; £2bn) for its current financial year. Nissan chief executive Carlos Ghosn said the the firm's "worst assumptions on the state … [Read more...]
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