BBC Business News is reporting Business Secretary Lord Mandelson's optimism that Vauxhall can be saved, as a deal to rescue GM's European businesses has been reached. Germany has agreed a deal with Canadian car parts maker Magna International to take over most of GM Europe, which owns Vauxhall and Germany-based Opel. … [Read more...]
Tata profits hit by drop in sales
May 29, 2009 By Leave a Comment
BBC Business News reports that Tata Motors has said its annual net profits have more than halved after the global economic slowdown hit demand for its cars and trucks. India's largest vehicle maker made 10.1bn rupees ($214m; £133m) in the year to the end of March, down from 20.29bn rupees a year earlier. The company described the October to … [Read more...]
Magna ‘agrees to buy GM Europe’
May 29, 2009 By Leave a Comment
Car parts maker Magna International has reached an agreement in principle to rescue GM Europe, owner of Opel and Vauxhall, reports say. The agreement was reached with General Motors, but will need to be approved by the German government, which will be providing funding to the new owner. … [Read more...]
Fiat to snub new Opel talks – German government “unreasonable”
May 29, 2009 By Leave a Comment
BBC Business News reports that Fiat has decided not to attend the meeting in Berlin at which a preferred bidder for GM Europe is to be chosen. The Italian carmaker said it still wanted to buy GM Europe but the German government was being "unreasonable" in asking for extra funding from it. … [Read more...]
Government already hailing scrappage scheme a success
May 29, 2009 By Leave a Comment
According to government figures more than 35,000 new cars have been ordered through the UK's scrappage scheme which started May 18th and ministers believe those cars would not have been sold had it not been for the financial incentive. … [Read more...]
DVLA make it easy for car thieves
May 29, 2009 By Leave a Comment
Surely it’s time for the DVLA to severely tighten up their act. Apparently they have been inadvertently assisting the sons of incarcerated, hook handed, one eyed, radical Muslim cleric Abu Hamza, in a luxury car scam! … [Read more...]
Vehicle scam costs £3m a year
May 28, 2009 By Leave a Comment
Following on from our article last year on car "matchmaking" scams (Car “matchmakers” are on the prowl, beware!) BBC Business News has a report on the resurgence of this shady practice which, despite their headline is far from new. People selling cars in the UK are losing £3m a year from a scam that promises to match them with a … [Read more...]
Breakdown of talks brings concern over Vauxhall future
May 28, 2009 By Leave a Comment
Concerns about the future of Vauxhall's two UK plants are growing after talks broke down in Germany over which firm will buy its parent company, GM Europe. Two of the bidders have said they will cut thousands of jobs in Europe. … [Read more...]
GM Europe talks break down
May 28, 2009 By Leave a Comment
All-night talks in Berlin about the future of Opel and Vauxhall have broken down without reaching a decision about who should buy GM's European unit. Officials blamed the delays on the revelation that Opel would need an extra 300m euros ($415m; £260m) in short-term funding. … [Read more...]
General Motors bondholders reject restructuring plan
May 27, 2009 By Leave a Comment
BBC Business News reports that General Motors' battle to avoid bankruptcy has suffered a major blow as bondholders have rejected a key part of the carmaker's restructuring plan. The board will now meet to discuss its "next steps" after a large number of investors refused to exchange their debt for company shares. … [Read more...]
D-day for GM Europe
May 27, 2009 By Leave a Comment
The German government will meet later on today (Wednesday 27th May) to decide which of the four bidders for General Motors Europe it will back with loan guarantees. Owner General Motors will have the final say, but the German government's backing is crucial, as GM would struggle to find a buyer without it. … [Read more...]
Tata gains debt reprieve
May 26, 2009 By Leave a Comment
Tata Motors is expected to obtain the agreement of its banks to roll over about $1.05 billion in debt, rescuing India's largest carmaker from the brink of default. … [Read more...]
UK government may step in to help secure Vauxhall future
May 26, 2009 By Leave a Comment
The UK government has "not ruled out making a financial contribution" to help secure the future of carmaker Vauxhall, Peter Mandelson has said. The comments of the UK Business Secretary came as the three bidders aiming to buy Opel and its UK brand Vauxhall continue to press their case. … [Read more...]
Last minute talks over GM europe future
May 26, 2009 By Leave a Comment
BBC Business News reports that German Chancellor Angela Merkel has met Fiat boss Sergio Marchionne to discuss his firm's bid to buy Opel from GM. Her government is also considering a Russian-backed bid from Canada's Magna and one from Brussels-based RHJ, backed by US private equity firm Ripplewood. … [Read more...]
Fiat improves bid for General Motors Europe
May 24, 2009 By Leave a Comment
BBC Business News is reporting that Italian carmaker Fiat has improved its bid to buy Opel and its UK brand Vauxhall from General Motors. Germany's Economy Minister Karl-Theodor zu Guttenberg said that Fiat had provided more detail about capital contributions and risk-sharing. … [Read more...]
Environmental activists attack 4WD’s
May 23, 2009 By Leave a Comment
The Daily Mail reports on environmental activists carrying out a spate of attacks on 4x4s. Tyres have been let down or slashed, with notes left on motorists' windscreens accusing them of contributing to climate change. The notes say: 'Given the threat of climate change and the government's inaction, direct action such as this is, unfortunately, … [Read more...]
Fiat will cut 10,000 Opel jobs
May 22, 2009 By Leave a Comment
BBC Business News reports that Italian carmaker Fiat has said it plans to cut less than 10,000 jobs if it succeeds in buying Opel and its UK brand Vauxhall from General Motors. Fiat said the cuts would be made across Opel's Europe-wide operations, which currently employ about 50,000. … [Read more...]
Workers at Honda Swindon plant vote for 3 percent pay cut
May 22, 2009 By Leave a Comment
BBC Business News reports that the workers at Honda's Swindon plant have voted in favour of taking a 3% pay cut for 10 months in an attempt to safeguard 490 jobs. In return, the workers will receive a bonus of six additional days' leave, Unite the union said. Managers' pay will be cut by 5%. … [Read more...]
April Car production down 55 percent
May 22, 2009 By Leave a Comment
UK car production fell 55.3% in April, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). A total of 68,258 cars were made in April, with the total for the year to date about 251,268 cars. … [Read more...]
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