VW's supervisory board decided on Friday to retain for now a special committee that limits top shareholder Porsche's power, rebuffing the sports carmaker. Porsche has been fighting for ways to gain more control over VW.
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British-based carmaker Jaguar Land Rover is in secret talks with the UK government over a 1 billion pound ($1.48 billion) loan, just nine months after the Indian conglomerate Tata Group bought the luxury carmaker, the Sunday Times newspaper reported.
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Daimler is currently reevaluating all investment plans and if they do not directly contribute to improve the competitiveness of the company they will be cut.
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EU industry commissioner, Günter Verheugen, has said that it would be up to the German government alone to decide whether to give guarantees to Opel in the event of its parent company's bankruptcy.
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Porsche chief Wendelin Wiedeking will set out a roadmap for the takeover Volkswagen at its financial press conference this week on Wednesday, and may give forecasts for the current year.
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It's not exactly a full-on illumination, but Volvo has revealed a first glimpse of the Volvo S60 Concept car which will be unveiled at the Detroit Motor Show in early January 2009, giving an indication of what the all-new Volvo S60 will look like when it's launched in 2010.
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Honda's zero-emission fuel cell supercar concept - the FC Sport design study model - has been revealed at the LA Auto Show.
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Symbols matter. The Detroit 3 CEOs got slapped around in congressional hearings last week because they forgot this first rule of politics David Sedgwick is editor of Automotive News.
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If the Detroit 3's cash and credit crises don't send the companies over the edge, a political stalemate on Capitol Hill could provide the final shove.
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Without a federal bailout, extreme cost cutting will be needed to reduce General Motors' cash burn enough for the automaker to survive the next few months. Company executives say GM needs $11 billion to $14 billion on hand to operate.
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President-elect Barack Obama backs congressional demands that U.S. automakers provide a game plan for long-term survival before lawmakers approve a taxpayer funded bailout, a senior adviser said today.
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Renault has pulled its company-owned dealer network out of Hungary and plans to do the same in the Netherlands by year-end.
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The economic crisis is cutting into Renault's European new-car sales, but Renault Retail Group General Manager Gilles Messier says the company-owned dealer network remains on track heading into 2009.
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Some of Washington's bailout schemes have the same desperate elements that led to the creation of British Leyland in 1968.
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In their almost gleeful calls for the death of the domestic auto industry, some U.S. senators and other critics of the Detroit 3 have suggested rampant incompetence and utterly failed business models.
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GMAC Financial Services could end up in bankruptcy court if it fails to get government bailout money, says Standard and#38; Poor's, the credit rating agency. But a GMAC spokesman said the possibility of bankruptcy is "pure speculation."
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If Congress demands new management in exchange for financial aid to the Detroit 3, lawmakers may have a tough time figuring out which executives must go.
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With federal bailout money on the line, Chrysler CEO Bob Nardelli last week gave the world a peek at his private company's finances. The picture behind the veil wasn't pretty. Chrysler is running on fumes and may run out of cash by year end.
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