Ford reduces Mazda stake to 13%, raises $540 million
AUTOMOTIVE NEWS EUROPE
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Germany says it's ready to give Opel guarantees
AUTOMOTIVE NEWS EUROPE
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EU's Verheugen signals support for German Opel help
AUTOMOTIVE NEWS EUROPE European Union Industry Commissioner Guenter Verheugen on Tuesday signalled support for a German offer to help ailing carmaker Opel, saying he welcomed measures that would prevent the firm from disappearing. Chancellor Angela Merkel said on Monday her government was ready to guarantee funds for Opel. » Read Article [REG] |
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EU's Kroes: Car firms can't be bailed outThe European car industry cannot expect to be treated in a similar way to the financial sector and countries must not offer automakers unfair incentives, the EU competition commissioner said on Tuesday. » Read Article [REG] Nov. 18 11:30 CET |
Getrag-Chrysler joint venture files Chapter 11
Getrag Transmission Manufacturing, a planned U.S. transmission-building operation in Indiana, has filed for Chapter 11 bankruptcy protection after Chrysler's pullout from the joint venture. The factory, which is built but not equipped, was developed just to build dual-clutch transmissions for Chrysler. The automaker quit the joint venture last month when it rejected the terms of $300 million in financing that Getrag arranged. » Read Article [REG] Nov. 18 06:01 CET
Chrysler, ZF poised to announce axle pactChrysler appears to have a deal with German axle maker ZF Friedrichshafen to operate an axle plant being built in Marysville, Michigan. In a statement today, Chrysler said it plans to announce tomorrow a long-term operational agreement for the plant. The UAW began telling axle workers in September that Chrysler had a deal with ZF. » Read Article [REG] Nov. 18 06:01 CET |
Auto companies would get swift aid under U.S. Senate billAuto companies would be able to receive emergency aid within a month under a Senate proposal for a $25 billion loan package that circulated here late Monday. If enacted, the bill would direct the Treasury secretary to accept loan applications from companies three days after it becomes law and would require a decision on the applicant's eligibility within 15 days. » Read Article [REG] Nov. 18 06:01 CET |
Tax charge drags down ArvinMeritor earnings, but sales rise
Car and truck parts maker ArvinMeritor posted a quarterly net loss on Tuesday, weighed down by hefty tax charges, and said it expected to sell its car parts business in 2009. ArvinMeritor reported a net loss of $153 million for its fiscal fourth quarter ended September 30. » Read Article [REG] Nov. 18 15:00 CET
Germany says it's ready to help OpelThe German government will do everything necessary to help carmaker Opel but must make sure competition rules are respected and that any aid does not trigger a flood of demands for help, a spokesman said on Monday. » Read Article [REG] Nov. 17 09:00 CET | UPDATED: 11/17/07 12:53 CET |
Volkswagen reports lower sales in OctoberVolkswagen reported a drop in sales in October but predicted it would sell more cars in 2008 than it did last year. Europe's largest automaker said it delivered 502,600 vehicles last month, a drop of 5.1 percent from a year ago. Sales in the first 10 months of 2008 were up 2.8 percent to 5.29 million. » Read Article [REG] Nov. 17 15:46 CET |
Insignia wins Car of the Year by a nose badgeIn what are troubled times for Opel and its General Motors parent company comes a rare but welcome bright spot: The Opel/Vauxhall Insignia has been voted European Car of the Year 2009. The upper-medium car took the title by a single point ahead of the new Ford Fiesta. The Volkswagen Golf VI came in third place. » Read Article [REG] Nov. 17 14:19 CET |
Bush changes course in auto aid stalemate
A change of direction late this afternoon by the U.S. White House could ease the political stalemate over emergency aid to the Detroit 3. The White House is recommending that Congress revise a $25 billion loan program already on the books for automakers, rather than try to carve another $25 billion out of $700 billion set aside for rescue of the nation's financial system, according to published reports. » Read Article [REG] Nov. 17 06:01 CET
Draexlmaier delays Kosovo project
Draexlmaier Group Automotive, a family-owned supplier of door panels, central consoles, electronics and wiring harnesses, has shelved plans for a pilot plant in Prishtina, Kosovo. The plant, which planned to open in August with 100 workers, was being set up to test the viability of producing electronic systems there. » Read Article [REG] Nov. 17 15:34 CET
Report: Renault exec sees 20% drop in Europe marketRenault Chief Operating Officer Patrick Pelata expects the European automobile market to fall by around 20 percent in 2009, he said in an interview with Le Parisien newspaper published on Monday. Pelata also said he expected to see growth in emerging markets coming to a halt. » Read Article [REG] Nov. 17 09:00 CET |
Automakers in Europe already scaling back '09 output
Automakers in Europe already are putting the brakes on 2009 production. Based on preliminary planning, Mercedes-Benz intends to build 150,000 fewer vehicles in 2009 than it originally scheduled, Automotive News Europe's sister publication Automobilwoche has learned from company sources. » Read Article [REG] Nov. 17 11:16 CET
GM to sell stake in Suzuki to raise cashGeneral Motors will sell back its 3 percent stake in Suzuki Motor for $232 million as the struggling U.S. automaker seeks to raise cash. Suzuki said it would pay 1,363 yen per share -- the price at which its shares closed on Monday -- to buy back the 3.02 percent stake. » Read Article [REG] Nov. 17 10:00 CET |
Washington opposes major aid to Detroit 3 by end of yearThey lost this month's election, badly. But Republicans in the White House and Congress are showing they still have clout. They are providing major -- and potentially fatal -- opposition to emergency federal aid to the Detroit 3 by year end. » Read Article [REG] Nov. 17 06:01 CET |
Report: German billionaire Merckle makes big VW loss
German billionaire Adolf Merckle made a "high three digit million euro" loss after going short of shares in German carmaker Volkswagen, the Financial Times newspaper reported on Monday. Merckle is now in talks with a group of about 40 banks about a bridging loan, the paper said. » Read Article [REG] Nov. 17 15:00 CET
Hyundai won't jump for Jeep
Hyundai is pushing hard to be a bigger U.S. player, but cherry-picking at Chrysler isn't part of the plan. “Our hands are full” with expansion around the world, says Hyundai spokesman Jake Jang. “We have no interest in acquiring any company. That includes Chrysler.” » Read Article [REG] Nov. 17 06:01 CET
BMW diesels: Priced for profit in U.S.BMW of North America is pricing its new clean diesels for profit, not volume, in the United States, where acceptance is still a big question. With diesel vehicles accounting for 67 percent of its sales in Europe and no experience with diesel here, BMW instead is shooting for higher profits, pricing its diesel vehicles above those of its major rivals. BMW will charge a premium that tops $4,000 for one model. » Read Article [REG] Nov. 17 06:01 CET |
Mercedes cuts 1 shift in Alabama
Mercedes-Benz U.S. International will eliminate a shift on one of the two lines at its SUV and crossover plant in Alabama. Beginning in January, the change will reduce output of M-class crossovers and GL-class SUVs. » Read Article [REG] Nov. 17 06:01 CET
GM's Opel seeks German government guaranteesGeneral Motors' Adam Opel unit has asked the German federal and state governments for guarantees to help it weather tough times for the automotive industry, an Opel spokesman said on Friday. Opel Managing Director Hans Demant said state aid would be used to invest in product development and assembly facilities in German plants and would not be used outside of Europe. » Read Article [REG] Nov. 14 17:00 CET |
European October new-car sales down 14.5%
European new-car registrations suffered their second biggest fall of the year in October. They were down 14.5 percent last month compared with October 2007, as the credit crunch and worsening economy discouraged people from making such a big household purchase. New car registrations have now decreased for six consecutive months. » Read Article [REG] Nov. 14 09:00 CET
Renault sales plunge worldwide in OctoberGlobal sales for French carmaker Renault plunged in October, forcing it to reduce its production levels, the company said on Friday. The three makes produced by Renault – Renault, Dacia and Renault Samsung – sold 188,116 vehicles last month, down 14.1 percent compared to October 2007. In Europe, sales were off by 16 percent, Renault said in a statement. » Read Article [REG] Nov. 14 12:05 CET |
Report: Insurers pull cover from GM, Ford suppliers
Three big European credit insurers have removed cover from suppliers of troubled U.S. carmakers General Motors and Ford Motor, the Financial Times reported on Friday. The withdrawal of credit insurance, which covers suppliers against the risk of the car companies failing, was undertaken by Euler Hermes, Atradius and Coface, which control more than 80 percent of the world's credit insurance market. » Read Article [REG] Nov. 14 11:00 CET
Goldman says GM needs bailout
Goldman Sachs suspended its rating on General Motors on Thursday and said the automaker needs at least $22 billion in U.S. government aid to survive a deepening industry downturn. The Bush administration said the government could quickly disburse $25 billion loans already approved by Congress, but responded coolly to an aid plan being shaped by Democrats. » Read Article [REG] Nov. 14 10:00 CET
CEO says Chrysler survival hard without govt. aidChrysler CEO Bob Nardelli said on Thursday that it would be "very difficult" for the struggling No. 3 U.S. automaker to survive without government support. A failure of Chrysler, or another U.S. automaker, would create an "unprecedented" ripple effect that would cause auto parts suppliers to fail and hurt General Motors and Ford as well, Nardelli said. » Read Article [REG] Nov. 14 10:00 CET |
EU might complain to WTO over U.S. car plan
The European Union might complain to the World Trade Organisation about U.S. plans to help its stricken car industry, European Commission President Jose Manuel Barroso said on Friday. Democrats in the United States Congress are trying to draw up a $25 billion bailout for American automakers, who are struggling to survive the financial crisis. » Read Article [REG] Nov. 14 11:00 CET
