BBC Business News reports that the number of new cars made in the UK fell 43% in May from the same month a year earlier, the Society of Motor Manufacturers and Traders (SMMT) said. However the drop, to 67,754 cars, was the smallest of the year. Commercial vehicle production fell 73.5%. Several firms have temporarily shut factories or cut back … [Read more...]
Ripplewood waits in the wings for GM Europe
June 17, 2009 By Leave a Comment
Ripplewood, the private equity group, is understood to be ready to return with a bid for General Motors Europe should the carmaker's Canadian suitor fail to complete its acquisition. About 5,500 British jobs hang in the balance at Vauxhall as Magna International, the Canadian car parts supplier, trawls through the accounts of the Luton-based … [Read more...]
Renault CEO sees no recovery before 2011 for European car sector
June 17, 2009 By Leave a Comment
In a newspaper interview with International Herald Tribune, Renault CEO Carlos Ghosn has predicted that the European car sector is unlikely to see a recovery before 2011. "I don't see it in Europe before 2011. I see 2010 at the same level of 2009, with ups and downs," he said. "If scrapping incentives were to continue for a while, it would be … [Read more...]
GM Europe sale to Magna looks in doubt
June 16, 2009 By Leave a Comment
The deal to sell the European arm of General Motors faces the risk of collapse, thereby opening the door once again for Fiat. Insiders have hinted at a 'cooling' towards GM's preferred bidder, Canadian car parts firm, Magna International. … [Read more...]
GM confirm intention to sell Saab to Koenigsegg
June 16, 2009 By Leave a Comment
As predicted General Motors has reached a tentative agreement to sell Saab to the Swedish sports car manufacturer Koenigsegg. GM said that as part of the deal there would be $600m (£367m) of funding from the European Investment Bank (EIB), guaranteed by the Swedish government. … [Read more...]
60,000 orders for cars in scrappage scheme
June 15, 2009 By Leave a Comment
More than 60,000 orders for cars under the UK's scrappage subsidy scheme have been placed since the initiative was announced, new government figures show. Car buyers are given a £2,000 discount on a new car if they scrap one that is at least 10 years old. Business Secretary Lord Mandelson said the scheme had given the carmaking industry the … [Read more...]
Ford to end ‘retail only’ offers
June 15, 2009 By Leave a Comment
A new Ford initiative could spell the end of the retail-only offers that create a distinction between fleet and private car buyers in the open market. Manufacturers regularly advertise special deals in the media with the caveat that they are for private customers only. Fleets tend to be tied into terms and conditions which are agreed with … [Read more...]
Scrappage – you still need to hunt down the best deal
June 15, 2009 By Leave a Comment
Although we have tried to be as balanced as possible with regard to the scrappage scheme and offered the views of many people who have had experience of the process so far. It is, according to many dealers and customers, a worthwhile way of stimulating the market. Dealers, for instance, are telling us that in the main the customers who are buying … [Read more...]
More Chinese “interest” in Volvo
June 12, 2009 By Leave a Comment
According to the Wall Street Journal Beijing Automotive Industry Corp is interested in buying Ford owned Volvo, adding a new name to a list of potential Chinese bidders for the Swedish car brand. A team of BAIC executives is likely to visit Volvo's Gothenburg, Sweden, headquarters as early as Thursday to meet with its executives and tour its … [Read more...]
Koenigsegg will be preferred bidder for Saab
June 12, 2009 By Leave a Comment
Automotive News reports that General Motors has chosen Swedish luxury sports car maker Koenigsegg Automotive AB as the preferred bidder for the Saab brand. Koenigsegg and Norwegian investors have signed a letter of intent to take over Saab, Swedish television said today, attributing its report to unnamed sources. "The deal is there now and a … [Read more...]
Mandelson meets Magna and German officials over Vauxhall future
June 11, 2009 By Leave a Comment
Business Secretary Lord Mandelson is having a series of meetings in the UK and Germany this week to discuss Vauxhall and its future as part of GM Europe following the decision of parent company General Motors to offload a stake in the business to Canadian firm Magna International. … [Read more...]
3 bidders for Saab
June 11, 2009 By Leave a Comment
Three groups have entered bids for Saab, General Motors' up-for-sale Swedish car brand, and a preferred bidder will be chosen by the end of this week. Koenigsegg, the Swedish supercar maker, Renco, a private holding that bought and turned round the make of Humvee military vehicles, and a third group of investors from the US state of Wyoming have … [Read more...]
Fiat and Chrysler complete deal
June 10, 2009 By Leave a Comment
Fiat and Chrysler have completed the strategic alliance that will put Chrysler's good assets into a new firm. Fiat chief executive Sergio Marchionne will take control of the new company, which will begin operating immediately. Fiat is not paying any money for its 20% of the new firm but will contribute technology to make smaller Chryslers. … [Read more...]
GM offload Saturn to Penske
June 10, 2009 By Leave a Comment
General Motors is to sell its Saturn marque to the Penske Automotive Group, the second largest publicly-traded automotive retailer in the United States, saving 350 dealerships and 13,000 jobs in the United States. … [Read more...]
Criminal gangs target car buyers in “virtual vehicle” scam
June 9, 2009 By Leave a Comment
BBC News reports that Criminal gangs are duping car buyers out of millions of pounds each year by using adverts on reputable trade websites. The "virtual vehicle" scam also involves fake shipping websites that promise to safeguard the buyer's money. The Metropolitan Police say 21,000 fraudulent sites were shut down in the UK last year. The … [Read more...]
GM relegated from the Dow Jones Industrial Average
June 9, 2009 By Leave a Comment
In a final ignominy and to underline just how bad things have got General Motors have been replaced in the Dow Jones Industrial Average. The relegation from the 30 members of the blue-chip index adds insult to injury following the fall from grace of the once-powerful corporation. GM filed for bankruptcy on 1 June. The change was effective from … [Read more...]
US court delays sale of Chrysler to Fiat
June 9, 2009 By Leave a Comment
The US Supreme Court has granted a request to delay the sale of carmaker Chrysler to a group led by Italian carmaker Fiat. Three Indiana state pension and construction funds filed papers at the court on Sunday calling for the sale to be halted so they can pursue an appeal. The Obama administration, which strongly backed the sale, had called … [Read more...]
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