Category: High Finance
First, National Electric Vehicle Sweden was going to be taken to district court and forced to file bankruptcy. Then, it was spared. Then, it saw its application for creditor protection denied due to being “vague.”
Now? The application has moved forward, but at the price of the Saab name.
Forty years ago, the North Koreans and the Swedes entered into an agreement where the latter’s socialist and industrialist interests aimed to bring recognition to the former’s regime while filling its pockets from the country’s mining industry. Part of this agreement included 1,000 Volvo 144 GLs, which were meant to be paid in copper and zinc.
But that was 40 years ago.
Former Porsche CEO Wendelin Wiedeking may be facing jail time in the future if convicted on charges of market manipulation recently revived by a German court.
The latest Q2 2014 data from Experian was released this week, and key metrics like repossessions, loan delinquencies and outstanding balances have all seen increases.
Hold onto your wallets: Ford and Chevrolet are getting the jump on Labor Day sales weeks in advance of what most consider the end of the summer season.
Remember when Saab’s new parent company was close to being taken to court and forced to declare bankruptcy by one of its suppliers? New information may have helped changed course.
Former General Motors lending subsidiary Ally Financial is one step closer from leaving government oversight, thanks to the United States Treasury cutting its stake in the company.
Saab’s newest parent company may soon be declared bankrupt by a Swedish court, once again bringing the make toward the grave.
Volkswagen AG execs will have to go back to the drawing board to determine where to cut costs after its works council demanded outside consultants be shown the door.
Following GM Financial’s subpoena from the Department of Justice, Santander Consumer said that it had received a subpoena as well related to
“production of documents and communications that, among other things relate to the underwriting and securitization of nonprime auto loans since 2007,”
Last Friday was the first day claims linked to accidents and fatalities related to the ignition switch that kicked-off the 2014 General Motors recall parade could be submitted to the compensation fund set up by GM and Kenneth Feinberg. Thus far, 93 such claims have been submitted.
Daimler’s partnership with Aston Martin is growing, as the former will supply electric and electronic components to the latter for a 1 percent increase in holdings.
Business is booming on the lot, with the industry on pace to move some 16 million vehicles out onto the highway by the end of 2014. However, some Wall Street insiders are growing bearish with this bull market, blaming easy credit for the surge in demand.
While the parent company goes through the federal ringer over product safety, GM Financial is under the gun after receiving a subpoena from the U.S. Department of Justice regarding potential deceptive practices in subprime lending.
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