Daimler, which makes Mercedes Benz cars, has sold a 9.1% stake to an Abu Dhabi state investment fund. The fund, Aabar Investments, will invest 1.95bn euros (£1.83bn;$2.7bn), becoming the biggest shareholder. The move comes after Daimler reported a net loss of 1.53bn euros in final quarter of 2008 as the global downturn hit demand for luxury … [Read more...]
Australia joins the scrappage bandwagon
March 23, 2009 By Leave a Comment
A leading Australian motor industry group has called on the Government to implement a stimulus plan to pay drivers $3000 for crushing their old cars. The scheme is intended to rid Australia of polluting, unsafe cars while providing a much-needed boost to the struggling car industry. … [Read more...]
World’s cheapest car is launched
March 23, 2009 By Leave a Comment
The Tata Nano, the world's cheapest car, is being launched in India. Costing just 100,000 rupees ($1,979; £1,366), the Nano is being launched in Mumbai later, before going on sale across India over the next 10 days.Tata hopes the 10 feet (3 metre) long, five-seater car will be cheap enough to encourage millions of Indians to trade up from their … [Read more...]
UK car owners lack basic vehicle knowledge
March 22, 2009 By 1 Comment
UK car owners are needlessly claiming on their car insurance because they lack basic knowledge of their vehicles. According to a survey of 1,500 Swinton car insurance customers, 36% of drivers do not 'know their vehicle.' The poll found that 29% of drivers did not know how to change their tyre and a further 20% did not know their correct tyre … [Read more...]
Electric car to secure 4000 Nissan jobs
March 21, 2009 By Leave a Comment
Nissan is set to get millions of pounds in taxpayer grants to build electric cars at its factory in Sunderland. The deal, which will secure at least 4,000 jobs, is expected to be approved after Lord Mandelson hailed the project as a 'new industrial revolution in action'. Full story: Daily Mail … [Read more...]
What a difference a year makes – car production 59% down
March 20, 2009 By Leave a Comment
As we all know car production is down because of falling demand and confirming the worst the SMMT have just announced the car production figures for February. The SMMT report reveals that over 300,000 units have been lost from total vehicle output in the past 14 months. Paul Everitt, SMMT chief executive said; “The large fall in February’s … [Read more...]
SMMT cancel 2010 British Motor Show
March 19, 2009 By Leave a Comment
The SMMT have cancelled the 2010 British International motor show as carmakers cannot commit to the event at a time when they face "unprecedented challenges". The SMMT (Society of Motor Manufacturers and Traders) said the decision had been a "difficult one". "The global credit crunch has placed the automotive sector under unique pressure and has … [Read more...]
Inchcape seeks to reduce debt
March 19, 2009 By Leave a Comment
International car retailer Inchcape is to ask its shareholders for £232 million in an effort to shore up its balance sheet. Inchcape, which has more than 100 retail centres in the UK and sells marques including Audi, BMW and Mercedes-Benz, is offering new shares at an 88% discount to the company's share price. … [Read more...]
BMW warns it could lose money in 2009
March 18, 2009 By Leave a Comment
January's Car Maker in Focus in the Car Makers Premier League BMW have warned that they could lose money if the current global sales downturn continues for the rest of in the year. Group CEO Norbert Reithofer said "For 2009, the largest risk is the collapsing market. If revenues fall more than 20 percent, you lose money," Reithofer told the … [Read more...]
GM seeks to negotiate aid for Opel
March 18, 2009 By Leave a Comment
GM boss Rick Wagoner has said the firm is willing to take "a less than 100%" stake in its Opel offshoot, in order to get German aid to save the subsidiary. Germany's economy minister is in the US to discuss a government bail-out of European subsidiary Opel. But Berlin wants to be sure no state support would find its way back to Detroit and be … [Read more...]
Scrappage debate hots up
March 18, 2009 By 2 Comments
Hot on the heels of the comments against a scrappage scheme made by Brian Spratt, chief executive of The Automotive Distribution Federation, British Vehicle Rental and Leasing Association CEO John Lewis has come out in favour. Seeing it from his members point of view, he believes that a scrappage scheme would see “…fleets obtaining better … [Read more...]
Scrappage schemes, not everyone’s a fan
March 17, 2009 By Leave a Comment
TalkingMotors reports that scrappage scheme proposals have come under fire from Brian Spratt, chief executive of The Automotive Distribution Federation. "It's a misuse of taxpayers' pounds to purchase and crush perfectly serviceable vehicles, and it's a nonsense to think it will meet any long term goal of boosting new car sales. As a sensible … [Read more...]
RMIF talking to Government about the “Car Dealers Bank”
March 17, 2009 By Leave a Comment
The RMIF has talked to a Treasury minister about its plans to form a car dealer bank in partnership with an existing financial institution. Paul Williams, RMIF chairman, has told Angela Eagle, exchequer secretary to the Treasury, that his members want to have some control over funds available to lend to car buyers. … [Read more...]
Service departments need to shape up
March 17, 2009 By Leave a Comment
The chances are that these days more people than usual will keep their existing car a lot longer than the average 3 year change cycle. So it stands to reason that both franchised and independent garages … [Read more...]
Ford Europe cuts production capacity
March 16, 2009 By Leave a Comment
Ford of Europe has announced further actions to reduce production capacity in Europe 'due to the unprecedented decline in the European new car market and the continuing negative economic outlook'. Ford Europe said it would "take a set of measures to line up production capacity to the sagging car demand and it would reset the manufacturing plans … [Read more...]
Nearly new still going strong
March 16, 2009 By Leave a Comment
According to WhatCar, DriveTheDeal will save you £2,456 over the list price on the Volkswagen Passat 2.0 TDi 170 Sport DPF. Price you pay: £19,589. A quick search on Autotrader gives us a dealer … [Read more...]
Scrappage scheme in Italy boosts new car sales
March 16, 2009 By Leave a Comment
New car sales in Italy have suffered a 14 month decline but hopes are high that the newly introduced car scrappage scheme could halt this downward trend. Italy's association of foreign automakers (UNRAE) believes that March new car sales could be close to the 214,332 level of March 2008. … [Read more...]
We are always looking for experienced writers who can write good original quality posts on motor-trade-insider.com. Please 