Although the market for used cars is certainly receding from the giddy heights reached in January and February, supply is still a big factor and potential buyers are still visiting showrooms in numbers. Dealers are … [Read more...]
General Motors stock hit by bankruptcy report
April 13, 2009 By Leave a Comment
BBC News reports that US car maker General Motors has seen its shares fall sharply after a report that the US government wants the firm to start bankruptcy proceedings by 1 June. The New York Times said the Treasury Department wants a court-led reorganisation, but the firm wants to reorganise without going to court. Shares in the firm were 16% … [Read more...]
UK carmakers attack trade-in plan
April 13, 2009 By Leave a Comment
Further evidence that any scrappage scheme we might end up with in the UK is likely to be an ill conceived mess that ends up helping no one. From the Financial Times: The car industry gave warning on Sunday night that it faced a potential “disaster” if manufacturers were forced to part-fund a suggested £2,000 subsidy to encourage people to … [Read more...]
Times now reports UK scrappage scheme will get go ahead
April 12, 2009 By Leave a Comment
Despite reporting yesterday that the treasury were "blocking plans" for a UK scrappage scheme the Times reports today that "Darling will offer £2,000 reward to scrap old cars"...Guess we'll just have to wait and see! ALISTAIR DARLING, the chancellor, is set to end months of speculation by announcing a “scrappage” scheme to encourage people … [Read more...]
Saying goodbye to company car insurance
April 12, 2009 By Leave a Comment
With the current economic climate, many people will have found company benefits such as company cars severely cut back, while many more have been made redundant and currently face having no vehicle … [Read more...]
Good news in China as new car sales rise 5 percent in March
April 9, 2009 By Leave a Comment
Car sales in China hit a monthly record of 1.11 million vehicles in March, exceeding U.S. sales for the third month in a row. According to industry figures, tax cuts and rebates for small car purchases are said to have lured buyers back into showrooms. … [Read more...]
Japan gets in on the scrappage act
April 9, 2009 By Leave a Comment
Japan, the world's third-largest car market, is set to pass legislation to encourage consumers to buy new cars as part of a $154 billion economic stimulus package, including $2,500 in cash incentives for those replacing cars more than 13 years old. … [Read more...]
GM on the brink
April 9, 2009 By Leave a Comment
It is reported that General Motors, which owns Vauxhall, is on the brink of going bust and is in 'earnest' preparations to file for bankruptcy. The move puts thousands of jobs at risk at Vauxhall. GM bosses want to split the company in two - a 'new' company made up of the most successful units, and an 'old' one of its less profitable ones. … [Read more...]
Cabrio specialist Karmann file for insolvency
April 8, 2009 By Leave a Comment
With summer just around the corner it's sad to report that Karmann, the cabrio rooftop specialist best known for creating the 1950s VW Beetle-based Karmann Ghia coupe, filed for insolvency today. "The sheer unexpected drop in revenue led to the inability to finance the social plan that was agreed with labor representatives," said the company, … [Read more...]
Expert predicts new car sales could drop to 1.4m in 2009
April 8, 2009 By Leave a Comment
Following March's 30.5 per cent drop in new car registrations, the SMMT (Society of Motor Manufacturers and Traders) is predicting 2009 sales will total 1.7m. Meanwhile, Professor Garel Rhys, of Cardiff Business School, says that if the UK new car market continues to decline at current rates, sales could fall to only 1.4 million vehicles by the end … [Read more...]
Nissan, Land Rover and VW win EU loans
April 8, 2009 By Leave a Comment
Nissan, Land Rover and Volkswagen will receive 866 million euros ($1.2 billion) worth of loans to develop cleaner cars, the European Investment Bank said Wednesday. The money is part of a 7 billion euro lending package to the ailing European automotive industry that the bank expects to lend in the first half of this year. It has already … [Read more...]
VW to overtake GM as worlds second biggest car maker
April 7, 2009 By Leave a Comment
Market research company R.L. Polk, Germany have revealed that Volkswagen will overtake General Motors this year to become the second biggest car maker behind Toyota, pushing GM into 3rd place. … [Read more...]
Ford reduces debt by 38%
April 7, 2009 By Leave a Comment
The US carmaker Ford has seen its shares rise 16% in New York, after saying it had cut $9.9bn (£6.7bn) from its $25.8bn debt. The 38% debt reduction will reduce Ford's interest payments by more than $500m a year. … [Read more...]
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