While Magna is pressing ahead with plans to acquire GM's European Opel/Vauxhall operations, the deal could still unravel. The process of due diligence and funding issues pose the potential for hiccups.
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Magna International plans to revamp Opel's model lineup and return the carmaker to profit by 2011, the supplier's Co-CEO Siegfried Wolf said. Opel will become profitable "in about two years," Wolf said in a Bloomberg Television interview.
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The CEOs of General Motors and Chrysler LLC told Congress today that slashing dealer networks were crucial for saving their companies. "We have no choice.
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General Motors and Chrysler LLC, both operating under Chapter 11 bankruptcy protection, will try today to ease congressional concern, and in some cases anger, over their plans to slash more than 2,400 dealerships.
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Toyota will ramp up production of six of its best-selling models over the next three months. North American production will increase by 65,000 units over the previous plan for the three-month period.
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Toyota will ramp up production of six of its best-selling models over the next three months. North American production will increase by 65,000 units over the previous plan for the three-month period.
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Toyota will ramp up production of six of its best-selling models over the next three months. North American production will increase by 65,000 units over the previous plan for the three-month period.
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A little-known player in China's heavy machinery industry emerged from nowhere to agree to buy General Motors' Hummer brand, raising eyebrows among peers who question whether it can turn around the U.S. auto maker.
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The French government has warned the European Commission that it needs to ensure that the financial rescue of Opel does not put French based rivals at a competitive disadvantage.
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PSA/Peugeot-Citroen may consider acquisitions or partnerships to boost its presence in markets it hopes will hold up in the face of a global car sales slump, new CEO Philippe Varin said on Wednesday.
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PSA/Peugeot-Citroen may look at external growth opportunities to support its development as it seeks to become more international, new CEO Philippe Varin said.
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Kelley Blue Book says that a survey it has conducted shows that new car shoppers are becoming more likely to buy a car from a bankrupt brand.
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PSA Peugeot Citroen Chief Executive Officer Philippe Varin said the company will seek partnerships with other car companies as it looks to grow and become more international.
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Saab says it has narrowed down potential buyers to just two according to CEO Jan-Ake Jonsson, who told the Swedish daily newspaper Dagens Industri that negotiations with one of these could start this week.
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Toyota Motor Corp is to lease out close to 200 plug-in hybrid vehicles in Japan in collaboration with a number of local governments in order to help promote the use of electric vehicles and plug-in hybrid vehicles.
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The sale of General Motors' European Opel and Vauxhall units to Magna International may not be completed until close to the end of this year according a lawyer involved in the process.
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The US light vehicle market declined by almost 34% year-on-year in May to 923,346 units. On an adjusted daily selling rate (DSR) basis the drop was estimated by Ward's at 31.2%.
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Porsche said it had asked the German government for a loan, raising fresh questions on Wednesday over its ability to manage a debt mountain that has already forced it to abandon a takeover of Volkswagen.
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Porsche will apply for a 1.75 billion euro ($2.5 billion) loan from German state bank KfW, a spokesman for the company said on Wednesday. The company does not aim to obtain state loan guarantees and plans to pay back the loan with interest, he said.
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Antonov has signed a cooperation agreement with China's Chong Qing Landai Industries and Lifan Industry Group.
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