EU agrees to cut car emissions in climate fight
AUTOMOTIVE NEWS EUROPE European carmakers must cut global-warming gases from new vehicles by 18 percent within the next six years, the EU agreed on Monday, after a long battle between environmentalists and an industry facing tough times. » Read Article [REG] |
Aston Martin may axe 600 jobs in cost-cutting drive
Dec. 2 06:01 CET Aston Martin may cut as many as 600 jobs, the British sports car brand said today. The possible cuts of 300 full-time jobs along with “a similar number” of temporary positions are part of a discussion between the former Ford Motor Co. subsidiary and its trade union. Aston Martin also said it's considering other undisclosed cutbacks related to worldwide economic woes and plunging sales. » Read Article [REG] |
THE U.S. AUTO INDUSTRY BAILOUT
Report: Ford's Mulally will accept $1 salary in bid for U.S. aid
Dec. 2 06:01 CET
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Ford says it might sell VolvoFord Motor is exploring the possible sale of Volvo Cars, the company said Monday. The US automaker said it would "re-evaluate strategic options" for the Swedish brand. It said its decision had been forced by the decline in the global auto industry and economic downturn. "Given the unprecedented external challenges facing Ford and the entire industry, it is prudent for Ford to evaluate options for Volvo," said Ford President and CEO Alan Mulally in a statement. » Read Article [REG] Dec. 1 16:05 CET | UPDATED: 12/01/08 16:27 CET |
Report: Ford won't seek German state aid
Ford Motor has no intention of asking the German government for the kind of state aid that General Motors' Opel unit has requested, the head of Ford's German operations told a newspaper. "Ford has not sought German government assistance because sufficient financing is available within the group," Bernhard Mattes told Die Welt. » Read Article [REG] Dec. 1 15:00 CET
New-car sales plunge in Spain, Italy and France
New-car sales fell steeply in major European markets including Spain, Italy and France during November. In Spain, sales dropped 49.6 percent to 63,068 units compared with a year earlier. The drop was the seventh straight month of decline and the biggest monthly fall in nearly 16 years. Fiat CEO Sergio Marchionne said on Monday that Italian November car sales are down about 30 percent from a year ago. » Read Article [REG] Dec. 1 10:00 CET | UPDATED: 12/01/08 15:16 CET
Report: German car parts suppliers to consolidate
Small and medium sized German car parts makers that rely on house banks for capital could collapse if they do not soon find access to financing, executives in the automotive industry are saying. "The dangers of a credit freeze are virtually existential in nature for many small and mid-sized firms," Schaeffler CEO Juergen Geissinger told Germany's Automobilwoche. » Read Article [REG] Dec. 1 14:00 CET
Conti seeks more streamlined supplier baseContinental is looking to its controlling shareholder, the family-owned Schaeffler Group, for help in reshaping its supplier base. “The supplier base is not what we would like it to be,” said Continental CEO Karl-Thomas Neumann. “It is too broad, there are too many midsized firms, and the companies are not positioned well enough globally.” » Read Article [SUB] Dec. 1 15:01 CET |
Companies in Europe plan electric car infrastructureAutomakers in Europe plan new business models for electric vehicles and plug-in hybrids before 2011. The business models will eliminate the need for gasoline stations. Energy will be supplied by utility companies. The automakers also will need to take into account the life span of batteries, which will depreciate and wear out quicker than the cars themselves. » Read Article [REG] Dec. 1 06:01 CET |
GM, Ford ask for govt. help for Saab and Volvo
General Motors and Ford Motor have approached the Swedish government about aid for their Saab and Volvo car units, the Financial Times said on Monday. The newspaper said GM, owner of Saab, and Ford, which owns Volvo, wanted Sweden to bolster the units' finances. » Read Article [REG] Dec. 1 10:00 CET
VW bucks U.S. downtrend, sees '09 growthDespite the U.S. market's sharp downturn, Volkswagen hopes for flat sales this year and looks for an increase in 2009. "We're remaining stable and plan to grow and invest in production to the United States," Stefan Jacoby, CEO of Volkswagen Group of America Inc., said in an interview during the Los Angeles Auto Show. "Next year there is a chance we could even see growth." » Read Article [REG] Dec. 1 06:01 CET |
Report: Fiat seen profitable in 2009 despite revenue fall
Italian industrial group Fiat will make profits next year even if its revenues fall as much as 20 percent, Fiat Deputy Chairman John Elkann was quoted as saying on Sunday, in line with the group's forecasts. » Read Article [REG] Dec. 1 10:00 CET
Daimler, Cerberus brawl over Chrysler
As Chrysler approaches the bottom of its cash drawer, its two owners have started brawling publicly. Last week Daimler and Cerberus sent out dueling press releases accusing each other, in murky legalese, of nasty behavior. » Read Article [REG] Dec. 1 06:01 CET
Audi CEO: We're on track for record yearDespite the global financial crisis, Audi remains on track to top 1 million sales worldwide this year. That would be the 13th consecutive record for Volkswagen Group's luxury unit. The company's goal to become the world's most successful premium auto brand by 2015 also has not been derailed by the global slowdown, says CEO Rupert Stadler. » Read Article [REG] Dec. 1 06:01 CET |
Porsche switches Panamera debut to Shanghai
Porsche says it has decided to switch the debut of the Panamera four-door coupe to the Shanghai auto show next April from the Geneva show in early March, as had been planned. Porsche says the switch reflects the growing importance of China, India and Russia in its global sales strategy. » Read Article [SUB] Dec. 1 10:41 CET
BMW purchasing chief: Cost cuts are on trackIn his first year as BMW's head of purchasing, Herbert Diess asked suppliers to improve their performance. Yet, as the year closed, he said BMW's relationship with suppliers is on solid ground. "I am very pleased with what we achieved in the last year," he said. Diess, who has a budget of 26.8 billion euros, or about $34.1 billion, for component purchases this year, works with more than 1,000 suppliers. His task is to find $5 billion in savings through 2012 as BMW strives to become more... » Read Article [REG] Dec. 1 06:01 CET |
BMW's expansion of Spartanburg plant is on schedule
BMW is forging ahead with a $750 million expansion of its U.S. factory even as it makes deeper cuts to worldwide production. The expansion of the Spartanburg, South Carolina, factory is "proceeding on time and on budget for a production start in 2010," says Robert Hitt, a BMW Manufacturing Co. spokesman. » Read Article [REG] Dec. 1 06:01 CET
Without Getrag deal, Chrysler will refine its 6-speed
Chrysler will make do with its front-drive automatic transmission now that its deal with Getrag Corporate Group has collapsed. "Step transmissions have opportunities for efficiency, so we will refine our six-speed and look for some other alternatives down the road," said Frank Klegon, Chrysler's executive vice president of product development. » Read Article [REG] Dec. 1 06:01 CET
Rising rates, tighter credit standards, crushing German dealers
A growing number of dealerships in Germany are being pushed toward insolvency by a sharp run-up in financing costs or the curtailment of credit altogether. According to the IFA automotive research institute in Nuertingen, about one-third of the 10,500 independent auto dealers in Germany are in some financial trouble. » Read Article [REG] Dec. 1 10:32 CET
Bentley boom is over -- for nowThe global sales slump finally has caught up with high-flying Bentley Motors. Volkswagen's British superluxury brand has enjoyed a terrific decade, but its rapid growth has come to a screeching halt this year. » Read Article [REG] Dec. 1 06:01 CET |
GM board reviews new turnaround plan for bailout
The board of General Motors met on Sunday to review a restructuring plan intended to cut costs and win support for up to $12 billion in emergency funding from the U.S. government, a person familiar with the deliberations said. » Read Article [REG] Dec. 1 06:01 CET
O'Driscoll goal: Rev Jaguar sales to Porsche levelIn the long run, a repositioned Jaguar selling only premium cars could achieve the same sales levels as Porsche, says Mike O'Driscoll, managing director of Jaguar Cars. That would mean annual global sales of between 100,000 and 120,000 vehicles, rather than the Mercedes- Benz level of more than 1 million units, says O'Driscoll. But that's a significant increase from the 70,000-unit sales Jaguar expects this year, up from about 60,000 units last year. » Read Article [REG] Dec. 1 06:01 CET |
Porsche will hang tough on no-incentive strategy in U.S.
Porsche's longtime policy of no incentives in the U.S. will stand despite a nosedive in sales and a 118-day supply of vehicles on November 1. Porsche sales, which fell 22.8 percent through October, were hit by a triple whammy -- three model changeovers. » Read Article [REG] Dec. 1 06:01 CET
Suzuki to lay off 1,200 workers in HungarySuzuki plans to lay off around 1,200 of its 5,523 workers at its Hungarian unit on a sharp drop in orders, the company said on Friday. Japan's Suzuki, one of Hungary's biggest exporters, lowered its 2008 production forecast. » Read Article [REG] Nov. 28 14:00 CET | UPDATED: 11/28/08 15:59 CET |
Renault to halt production at Russia plant
French automaker Renault will stop the assembly line at its Moscow plant for two weeks in December as demand weakens due to the financial crisis, a company spokesman said on Friday. "It was the only reasonable decision. We saw a drop off in October, then again in November, and by our forecasts, it will continue through December," said Renault. » Read Article [REG] Nov. 28 11:00 CET
Turkish auto market seen shrinking 20% in 2009
Turkish automotive market sales are expected to shrink 20 percent next year in response to the global financial crisis and economic slowdown, the head of a Turkish automotive association said on Friday. Turkey's car industry, which has grown dramatically since a 2001 financial crisis, has not been spared the dramatic global downturn. » Read Article [REG] Nov. 28 16:00 CET
Report: GM eyes $257 million European asset saleGeneral Motors has asked real estate agent Jones Lang LaSalle for help in raising up to $257 million from the sale and leaseback of some of its European offices and other property assets, the Financial Times said. » Read Article [REG] Nov. 28 09:00 CET |
Spain to provide 800M euros for car industrySpain will provide its car industry with 800 million euros ($1 billion) in funding to protect jobs during a severe slowdown in the sector, Prime Minister Jose Luis Rodriguez Zapatero said on Thursday. The funding is part of an 11 billion euro economic stimulus package unveiled by Zapatero on Thursday to create 300,000 jobs in 2009. » Read Article [REG] Nov. 28 09:00 CET |
