Auto Sector

Vauxhall’s new owner Magna may axe around 2,000 jobs

As many as 2,000 jobs are likely to come under axe as Vauxhall will most probably undergo restructuring under the guidance of its new owner Magna International.

The threat to jobs came after the US car-manufacturer General Motors declared that it would sell 55% stake in Opel and Vauxhall to a Canadian car-parts supplier, Magna International.

Under the deal Magna International will share its 55% stake with, Sberbank, the Russian publicly-owned bank.

UK car-sales rise in August backed by Scrappage scheme

As per fresh figures compiled by the Society of Motor Manufacturers and Traders, sales of cars in UK are still on the rise backed by the car scrappage scheme.

Car sales were approximately 6 per cent higher as compared with the same period a year earlier.

Compiled data showed that more than 67,000 cars were sold in August largely due to car scrappage scheme, under which a buyer scrap his/her more than 10-year old car to buy a new one and receive a discount worth up to £2000. 

Britain’s GDP shrinks less than expected

The recession-hit British economy contracted less than previously estimated in the second quarter of 2009 as manufacturing, auto services and spending by govt. in schemes like car scrappage program, assisted in alleviating the slump.

The Office for National Statistics said gross domestic product dropped 0.7 per cent, less than the 0.8 per cent calculated last month, spurring hopes that the country is on the track of economic recovery.

Maserati GranCabrio to be unveiled on 15th September

After several mechanical make-ups, the Maserati GranTurismo convertible is going to be launched on 15th September 2009 at the forthcoming Frankfurt Motor Show.

The Maserati GranTurismo, company's first ever 4-seater convertible, is basically a GranTurismo with the roof removed.

Company's new car is powered by a 4.7-litre V8 unit with 433bhp. It is comparatively light in weight and is capable of pick a speed of 0-60mph in approximately 5.5 seconds with a top speed of about 180mph.

Scrappage scheme eases fall in UK car production

The number of new cars produced in Britain was down 17.9 per cent in July as compared with a year earlier, but it was the smallest decline this year owing to the scrapping schemes.

According to the Society of Motor Manufacturers and Traders, 107,635 cars were manufactured in July 2009, up from 91,718 cars in June 2009.

Pendragon urges govt to widen “cash for bangers” scheme

Pendragon, the UK's largest operator of franchised motor dealerships, has urged the govt. to widen its “cash for bangers” scheme as it has encouraged the car-market and the careworn auto-industry has started taking a U-turn.

Cash-for-bangers scheme provides a rebate worth £2,000 on the purchase of new cars to those buyers who scrap their more than 10-year old cars.