Fiat is back in US
Italian automaker, FIAT has decided to come back to the US market after three decades and is ready to face the competition that has developed because of the US as well as other foreign players.
FIAT has said that it will enter the market by using the distribution channel of Chrysler Group. But till now no response from these dealers has.
But looking at the current situation it seems rather possible that the dealers will be happy to take up the new job. But as per the plans of the company, the 500 mini cars that FIAT is going to hit the showrooms by 2011.
Fiat 500 Minicar to Launch in United States
After a 30 year break, Fiat is all prepared to mark its entry in the United States, with the launch of its exotic Fiat 500 minicar. Also, Chrysler Group dealer are contemplating whether they would sell the Italian brand or not.
Discounts Fail To Lure Customers: U.S. Auto Sales Plummet in August
August was most probably the weakest month in around 28 years, since even discounts could not tempt consumers to buy new automobiles, which is most evidently due to the worrisome set up of economy and also because of the joblessness risk.
Deliveries all through the industry, to be released tomorrow, might have been able to strike 11.6 million vehicles for the month, an estimation made by eight market analysts polled by Bloomberg.
As per researcher Ward’s AutoInfoBank, that would be the most sluggish pace ever since the year 1982.
Eddie Stobart’s Business Motivated by Deals With Tesco and Irn Bru
As revealed by Eddie Stobart, the trucking group, their business got motivated by the multi-million pound deals with Irn Bru manufacturers AG Barr and Tesco, which helped making it a robust start of the year.
The business got boosted up with the contract between Eddie Stobart and AG Barr of Scotland, worth around £7m a year to offer transport and warehousing services to the latter. It also struck a £25m-a-year distribution deal with Tesco, Britain's biggest supermarket chain. The Company made other such deals with Unilever and Nestle.
UK car output fell 9% in July
Production of cars in the UK fell 8.9 per cent to 98,000 units in July as termination of the scrappage scheme hit demand, the Society of Motor Manufacturers & Traders (SMMT) said.
Despite fall in monthly production of cars, total number of cars produced during the year-to-date was still 41.7 per cent higher than the corresponding period of last year. Total number of vehicle produced in July slipped 7.5 per cent to settle at 107,578, while engine output was down 3.4 per cent.
Car Production Witnesses Slump of 8.9% in July
The month of July experienced a heavy plunge in the production of the cars to the tune of 8.9% than last year, which accounts for 98,000 cars, as revealed by the Society of Motor Manufacturers & Traders.
In the last month, there was a slump of 7.5% in the total vehicle production. In the UK, the car production climbed down 9%. The demand for cars picked up in 2009, with the launch of car scrappage scheme by Government.
Along with IPO Offering, GM will Sell Preferred Stock
As told by some sources, General Motors Co. along with its IPO offering has decided to sell a fraction of its stock to interested buyers who are willing to take significant stakes in the Company.
The selling of the part of stock is nothing but a methodology to illustrate that the IPO offer is backed by major investors. The plan is all prepared with the GM and will be carried on as preferred offering, as per the information provided by person familiar with the matter.
243,000 Crossover Vehicles See a Seatbelt Recall by G.M.
General Motors, on Tuesday, informed that it was recalling 243,000 crossover vehicles in order to check a trouble with rear seat belts that could face a problem with the bolting of the belt, thus, putting one in danger.
The called in recall covers the 2009 and 2010 Chevrolet Traverse, Buick Enclave, Saturn Outlook and GMC Acadia.
Porsche 918 All Set to Hit U.S. Roads
Last night, Porsche’s 918 Spyder Hybrid Supercar arrived at the airport in Monterey, California, with plans that the new Porsche would be hitting the roads in a showoff performance today. The plans also included that Michael Mauer, Porsche’s Design Chief, would be behind the wheel for the try-out.
Ford’s New Mustang Boss 302 to Hit Stores By Spring
Ford Motor Co. has initiated to throwback its legendary Mustang Boss 302.
The automobile giant is reported to have developed a new Mustang Boss 302, a powerful limited-production car. The aim with which new Mustang is cited to hit is to emerge as a more successful, more fast and a much worthy successor to the old Boss 302.
GM Plant Closure Throws Workers Out of Jobs
Instead of putting General Motors workers back into business, the Union Auto Workers (UAW) concluded the Sunday meeting, which was held in Indianapolis, Indiana, with hundreds of jobs suspended and no news of their revival yet. The meeting ended with the decision that the business in the General Motor local plant will be put to a halt before the stipulated time, which is next year.
Nissan Infiniti Launches its Brand New G25
Infiniti announced that it is welcoming a new member to its family, the G25 Sedan, which is planned to hit the markets in September 2010. According to Ben Poore, Infiniti Vice President, this 2011 G model of Infiniti, the premium product line of the Japanese Automaker Nissan, would broaden “the appeal of the G Line with a model designed to provide an additional choice for buyers looking for a true luxury sedan, but who might not need the higher levels of performance provided by our larger engine-equipped G37 models”.
Major Banks Underwriting the IPO Deal of General Motors
As told by the sources acquainted with the matter, America Merrill Lynch and Citigroup Inc. will be the major underwriters of the General Motors Co.’s initial public offering. It has been anticipated that in the coming week, the primary paperwork for the deal will be filed with the U.S. Securities and Exchange Commission.
Previously, GM appointed JPMorgan and Morgan Stanley for underwriting the IPO proposal worth $5 billion, which was carried further by Bank of America and Citi.
Daniel Akerson Appointed New CEO of General Motors
According to news reports, Daniel Akerson, 51, has been selected as the new CEO of General Motors Co. He is to replace Edward E. Whitacre Jr.
Daniel is from a finance background and is known for his serious approach towards work. Though he is highly ambitious, he doesn’t have any experience in leading a car manufacturing Company.
Peers and associates believe that Akerson with his no-nonsense style of working would reshuffle GM's dull culture and drive the firm in the direction of continuous success.
No Additional Errors Found in Toyota Vehicles Yet
It has been no less than five months since inspectors started scrutinizing safety issues which were related to the vehicles manufactured by Toyota Motor Corp wherein U. S. safety officers are yet to locate new kind of errors and faults in vehicles made by Toyota, apart from the errors that have been reported by the manufacturer itself.
Chrysler’s Q2 Losses Reduce
It seems Chrysler is coming back on the track after it faced lashes on its sales and financial results in 2007. Since then, it has been making losses. But, its second quarter results, announced on Tuesday, brought a sigh of relief for the Company, as it reported less fraction of losses, thanks to its strapping sales.
The losses in the second-quarter dropped to $172 million from first-quarter loss of $197 million.
Owing to Ignition Problems, 427,000 Vehicles being Recalled by Honda from US, Canada
On Monday, owing to ignition problems in its vehicles, Honda has recalled a total of 427,000 motor vehicles in the United States and Canada. In the U. S., around 197,000 Accord and 117,000 Civic cars that are 2003 models were recalled from the market, in addition to 69,000 Element vehicles from the year 2003 and 2004.
This is the third time that Honda has announced a recall regarding this problem. Prior to this, two recalls were declared in the year 2003 and 2005.
First Pay Since 2005 for Ford Motor Co.’s Exec. Chairman
William Clay Ford Jr., Executive Chairman of the Ford Motor Company was going to be paid for the first time ever since 2005, said the firm.
This was so because now the Company had earned profits for no less than one year.
The great grandson of Mr. Henry Ford would be paid $4.2 million in cash in this year and also with that, he will be offered stock options that are valued at $11.6 million, as disclosed by the firm while filing with the Securities and Exchange Commission.
UK cars sales tumble in July
Sales of new cars in Britain tumbled in July for the first time in over a year following the end of the car scrappage scheme.
New car sales dipped 13.2 per cent in July over 20,700 as compared with the corresponding period of last year.
The so-called car scrappage scheme ended four month ago. The car scrappage scheme was introduced at the peak of recession to offer subsidies on buying new cars in exchange for trading in ten-year-old vehicles.
Sales of mini and super-mini cars, which benefited excessively from scrappage, slipped considerably in July.
GM to Give Away Government Ownership
On Thursday, Ed Whitacre, Chief Executive, General Motors announced at the Center for Automotive Research's annual industry conference that they want to shun the Government assistance and again wants to make GM an independent private entity.
Near in the future, the Company will come up with its IPO to raise funds to relieve the bailout provided by the Government in the form of 61% equity stake valuing $43 billion, which changed GM from a private Company to a public Company.
Latest News
|
|
|
|
|
|
|
|
|
|
|
|
