Porsche has announced a massive increase in profits in the six months to the end of January despite a 25% drop in car sales. Their net profits for the period were 5.5bn euros (£5.1bn; $7.3bn), four times higher than a year earlier. It wasn’t a bucking of the motor trade recession that did it but in many ways it profited because of it, as the … [Read more...]
PSA Peugeot Citroen sack their boss too
March 30, 2009 By
France's biggest carmaker PSA Peugeot Citroen has sacked its chairman Christian Streiff after a little over two years in the post and will replace him with Philippe Varin who is the current chief executive of the Anglo-Dutch steel group Corus. He will take over on the 1st June. … [Read more...]
GM boss forced out by Obama
March 30, 2009 By
The chief executive of struggling US car company General Motors - Rick Wagoner - has agreed to step down. He will leave his post immediately at the request of the White House, a government official confirmed. President Barack Obama is preparing to outline terms for offering more help to GM and fellow car giant, Chrysler. The two firms have … [Read more...]
7500 GM workers to leave by April
March 27, 2009 By
US carmaker General Motors has said 7,500 union workers have accepted its offer of incentives to leave the firm. All of the hourly members of the United Auto Workers union working for GM have been offered a voucher for a new car and $20,000 in cash to leave. GM, which has received at least $13bn (£9bn) in US government loans, is trying to … [Read more...]
Government “insider” pours cold water on scrappage hopes
March 27, 2009 By
The Government has denied reports ministers are warming to the idea of a scrappage scheme to boost new car sales and is instead insisting the industry buy into its £2.3 billion aid package. A national newspaper claimed the Department for Business Enterprise and Regulatory Reform (BERR) is backing a plan to offer motorists up to £2,500 in … [Read more...]
Nissan offer help to dealers – we think
March 27, 2009 By
Now’s not the time for corporate nonsense. Nissan have announced in a press release that they are “implementing a programme to support its dealer network through the economic downturn” (full article here). … [Read more...]
Nissan global production down 50 percent
March 26, 2009 By
Nissan have announced that its global production in January decreased 54% year-on-year to 145,286 units. Specifically, Production in Japan decreased 59% to 47,477 units and production outside of Japan decreased 51.2% to 97,809 units. In addition it was reported that Nissan's global sales decreased 26.6% to 227,769 units from the previous yearly … [Read more...]
Tata give government ultimatum on Jaguar Land-Rover jobs
March 26, 2009 By
The chairman of Jaguar Land Rover owner Tata Motors told Sky News in an interview on Tuesday that the company could cut jobs in the UK if the Government did not guarantee multimillion pounds of loans to the company. "If funds are not available a company will not be able to run so layoffs will take place, redundancies will take place," Ratan Tata … [Read more...]
Ford confirms talks on Volvo sale
March 26, 2009 By
Ford has confirmed it is in talks with "a number of parties" regarding the sale of its Swedish subsidiary Volvo. The US giant said it was pleased with both the number and "quality" of those who had expressed an interest, but did not reveal any names. Ford is seeking to offload loss-making Volvo as it continues efforts to turnaround its own … [Read more...]
If it appreciates buy it, if it depreciates rent it
March 25, 2009 By
If it appreciates buy it if it depreciates rent it! That has been the golden rule with financing cars over the last few years, but with house prices falling and car prices rising maybe it’s time for a re-think! Check PCP deals you could get a car you only dreamed about! … [Read more...]
Ford UK boss defends price rises
March 25, 2009 By
The boss of Ford UK has defended the company's announcement of across-the-board price rises from 1 April by claiming that the firm is in a "battle of survival." Nigel Sharp, Ford of Britain's Managing Director, said "the decline in the value of the pound has probably had as much impact on our business as the decline of the overall car industry." … [Read more...]
Kia raise prices!
March 25, 2009 By
Hot on the heels of the announcement by Ford UK yesterday "car maker of the year" kia has revealed they will raise its UK prices by 3% from April 1, once again blaming "exchange rates". The increase will apply across the Kia range with the exception of the recently launched Soul and Magentis models. Paul Philpott, managing director Kia Motors … [Read more...]
Japan car makers report plunging sales
March 24, 2009 By
Toyota Motor said Tuesday that its global production had plunged by nearly half in February from a year earlier, while Honda and Nissan reported similarly grim figures highlighting the troubles facing Japanese automakers. … [Read more...]
CBI in favour of UK car scrappage scheme
March 24, 2009 By
Another supporter of a UK car scrappage scheme has raised their head above the parapets. This time the Confederation of British Industry (CBI) has come out in favour of such a scheme and in its press release entitled “CBI CALLS FOR BUDGET TO BUILD CONFIDENCE AND COMPETITIVENESS” has called on the chancellor to introduce ”.. temporary measures … [Read more...]
Ford raise prices!
March 24, 2009 By
Just as MTI are reporting that the gap between new and nearly new prices is still too wide to encourage people to look more closely at brand new cars Ford have announced that it will be raising the prices of its model range from April by an average of 3.75% due to the “continued weakness of the pound against the euro”. … [Read more...]
Motor shows in recession but only London misses out
March 24, 2009 By
Next year’s British motor show axed? No surprise there, really. Back in October I put the London event on Deathwatch knowing full well that the Society of Motor Manufacturers and Traders (SMMT) would drop it all … [Read more...]
Honda staff face 5% pay cut
March 23, 2009 By
The 3,500 staff at Honda in Swindon are facing a pay cut, and the company is keeping its associate release programme, where staff wishing to leave can receive a cash payment, open until next week. In Japan the company is forecasting a consolidated £320m loss, the first in its history, and workers there have been given a 10 per cent salary … [Read more...]
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