Auto Sector

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. 

Volkswagen inks deal to acquire Porsche

Volkswagen, Europe's biggest carmaker, and luxury auto manufacturer Porsche have finally approved a plan to merge by 2011.

The move will create an automotive giant, which includes ten major brands - including Volkswagen, Porsche, Audi and Skoda.

Under the terms of the agreement, Volkswagen will pay up to 3.3 billion euros for the stake by the end of 2009 and issue new preferred shares sometime in the first half of
2010 to finance the deal.

Man Industries secures order worth Rs 750 crore

Man Industries India Limited, part of the well-diversified UK-based Man Group, has secured two new orders worth Rs 750 crore from different firms for supplying pipes.

The company has bagged first orders worth Rs 200 crore from GAIL, while the second order worth Rs 550 crore has been secured from the Middle East and African continent.

With the latest order the company's total order book stands about Rs 2,500 crore.

Pages