Fiat has reached an agreement with the U.S. Government that will give Fiat 52 percent of the shares in Chrysler and therefore the final controlling majorioty. The Treasury said on Thursday it will sell its remaining 6 percent equity stake in Chrysler to Italy’s Fiat in a deal that will net Washington $560 million, Reuters reports. (Read More…)
The Russian government offered foreign automakers a deal which would be very costly to refuse: Invest heavily into the Russian auto industry, and Mother Russia will let you import parts and components at negligible or zero duty rates. Present your plans no later than July 1. Miss the deadline, and you may as well kiss the Russian auto market good-bye. Ti ponemaesh? (Read More…)
Mazda will stop making cars in the U.S. at around 2013, The Nikkei [sub] heard from unnamed sources inside of the Japanese company. It’s not that Mazda is leaving America. It’s more a continuing process of its divorce from Ford. Mazda wants to sell its share in AutoAlliance International Inc., a 50-50 U.S. joint venture with Ford, back to Ford. (Read More…)
The civilian Chinese ersatz-HUMMER we had showed you here isn’t really for sale to civilians. Car News China had a great story a while ago about China’s Dongfeng getting their hands legally on a Cummins engine by making a civilian version that no civilian can buy. Now, Car News China (which must be following the dealings of China’s Dongfeng for a living) has a story about a Chinese ersatz-Hummer that even a lowly civilian like myself might be able to buy. (Read More…)
“The Chinese government is carrying out a nationwide investigation into the status of official motor vehicles in a bid to reform the way in which they are purchased and used.
Official vehicles will be surveyed and checked for registration as part of the campaign. Data collected during the survey will be used to lay the foundation for reforming the way official vehicles are managed, according to a statement from the central authorities. (Read More…)
According to lore, Germany’s autobahn is teeming with S-Class, Porsches, and the occasional Veyron mixed in. Not so, says Germany’s Über-DMV, the Kraftfahrtbundesamt, in an article about the 50 top selling cars in Germany of 2010. “Upper class and sports cars are not in the Top 50,” say Germany’s keepers of car data. The truth is in the following table. (Read More…)
Fresh indications that the Japanese auto industry is getting back on is feet faster than thought. Honda and Toyota were – in numbers of cars not produced – hardest hit by the ripple-effect of the March 11 tsunami. Both originally thought they would not be back to normal before year’s end. Today, The Nikkei [sub] writes that Honda “will likely have its domestic production nearly back to normal in July, sooner than expected, as autoparts manufacturers quickly get output back on track.” Yesterday, Toyota had confirmed, that the company will be back to 90 percent in June in Japan. Nissan is also near normal and wants to increase production capacity from September. (Read More…)
After tedious negotiations, and only after an arbitrator was brought in, GM’s Opel finally has a deal for its Bochum plant in Germany. As planned, 1,800 jobs will be cut. The deal will cost GM dearly. (Read More…)
How about a Volkswagen Golf with the insane, mindbending power of 235 horses under the hood? Want one? Then better stop reading. Book a flight to Klagenfurt (that’s KLU in airport-speak, your travel agent probably has never heard of it) and go like right now. There will probably be a stopover in Vienna. Then head to Reifnitz, Wörthersee and just follow the noise. From tomorrow, June 1 through June 4th, the bucolic town in Austria will host the world’s biggest Golf GTI Meet.
There will be two anniversaries to be celebrated. The Golf GTI Meet turns 30. And the Golf GTI has just turned 35. To celebrate the double anniversary, Volkswagen lays on the Golf GTI Edition 35, at 235 hp “the most powerful GTI ever,” says Volkswagen. (Read More…)
“Midwestern auto-industry towns that were hit hard in the recession are becoming an important backdrop for President Barack Obama and other Democrats hoping to use reinvigorated factories to paint a picture of the improving economy ahead of the 2012 elections.”
That’s how the Wall Street Journal starts off an article on how “Democrats hitch a ride on the auto-industry rebound.” As we had noted on Memorial Day, our beloved bail-out is becoming the battle cry of the 2012 presidential campaign. Says the Journal: (Read More…)
“Shares in Toyota Motor Corp. gained further ground Tuesday afternoon, after Moody’s Investors Service Inc. said during the lunch break it may downgrade Japan’s sovereign debt ratings.”
Welcome to the wicked world of global economics. (Read More…)
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