Bipower on sale
TURIN - Fiat's Marea Bipower has gone on sale in Italy. It runs on gasoline or compressed natural gas. The Bipower is priced at L34.5 million ($19,715), which is 10.3 percent more than the equivalent 1.6-liter, 16-valve SX sedan. Italian government incentives reduce the price by L4.4 million ($2,514) if the buyer scraps a car more than 10 years old. Fiat plans to make 4,000 to 5,000 Marea Bipowers a year.
GAZ cancels bond
MOSCOW - AutoGAZ has cancelled plans to launch a Eurobond issue worth $100 million this year. 'We are now doing an evaluation,' said AutoGAZ project department head Vitaly Durnov, 'but we are not planning it by the end of the year.' AutoGAZ is Russia's second biggest carmaker.
Daewoo in Craiova
CRAIOVA, Romania - Daewoo Automobile Romania SA will open a $450 million manufacturing facility at Craiova in December for the production of engines and transmissions. The plant will manufacture 300,000 engines and 200,000 transmissions a year. Daewoos built at Craiova now have 35 percent local content. The figure will rise to 54 percent by the middle of next year.
Distributor heads for Romania
SALZBURG - Porsche Holding, the Austrian branch of the Porsche Group, has been named Romanian distributor for VW, Audi and Skoda and, at a later date, Seat.
VW looks at India
VIENNA - Volkswagen AG board member Robert Buechelhofer said VW is considering an assembly plant in India. He said, 'India is missing from our global structure.'
Reuters News Service