Auto Sector

1,400 UK jobs at two Vauxhall plants are at risk

As many as 1,400 Vauxhall workers may be axed as Canadian car parts manufacturer Magna International is going to restructure Opel.

A German newspaper claimed that the Canadian car parts giant was planning job cuts at two plants viz. Ellesmere Port and Luton, which employs around 5,500 workers.

It may be noted here that general Motors has agreed to sell 55 per cent stake in Opel and Vauxhall to Magna International.

Magna has plans to axe slash as many as 11,000 jobs through out Europe, but Non-German workers are more at risk.

The Phoenix Four should apologize

Business Secretary Lord Mandelson has asked the four executives of MG Rover viz. John Edwards, John Towers, Nick Stephenson and Peter Beale to apologize to the
6,300 former Rover employees who lost their jobs and investors who lost their money.

An official report into the car-maker's demise said that the so-called Phoenix Four paid themselves millions of pounds while MG Rover collapsed and provided misleading information to MPs.

McLaren unveils MP4-12C supercar

Formula One team McLaren has released McLaren MP4-12C supercar, which is scheduled to go on sale worldwide in early 2011.

The much anticipated car, which follows the McLaren F1 supercar that was launched roughly 17 years ago, will cost around £150,000.

McLaren MP4-12C is built around a carbon Monocell, which is one piece carbon fiber structure that forms the vehicle's basic chassis.

The vehicle gets power from 3.8 liter, V8, twin-turbo engine with 600bhp.

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.