The mooted reversal of roles between Continental and Schaeffler in Germany last week takes the two companies a big step closer towards resolving the huge debt overhang (totally ?23bn) of the two suppliers. SupplierBusiness reports.
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German ball bearing maker Schaeffler has struck a deal with labor to avoid forced layoffs for one year and let workers take a stake in the company in exchange for pay cuts, a top IG Metall union leader said.
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German ball bearing maker Schaeffler has struck a deal with labor to avoid forced layoffs for one year and let workers take a stake in the company in exchange for pay cuts, a top IG Metall union leader said.
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GAZ Group's debt to banks currently amounts to 42bn rubles, Valery Shantsev, governor of the Nizhny Novgorod Region, told Prime-Tass on Tuesday.
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Russia's car output fell 60.9% year on year to 183,000 units in January-April, the industry and trade ministry said in a report obtained by Prime-Tass.
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Despite General Motors' current economic woes, production of a convertible version of the Chevrolet Camaro is on track to start in early 2011.
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Entrepreneur Roger Penske wants to use the Saturn dealership network to sell vehicles built by Renault Samsung Motors and imported from South Korea.
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German Economy Minister Karl-Theodor zu Guttenberg said on Tuesday he expected a preliminary decision on bidders for Opel on Wednesday, but talks could continue with more than one investor afterwards.
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The US light vehicle market is hitting rock bottom and will slowly recover volume over the next few years, according to analysts at IHS Global Insight.
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The German government is continuing talks with Fiat S.p.A. and other bidders for carmaker Opel following constructive negotiations with the Italian auto company, a government official said on Tuesday.
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Satisfying the Indiana state treasurer's demands would lead to the liquidation of Chrysler, resulting in the loss of more than 4,000 Chrysler jobs and 9,000 retiree pensions in Indiana alone, the automaker said in a statement.
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UAW officials are gathering on Tuesday to hear how many more US factory jobs General Motors will cut.
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Volkswagen and Chinese automaker BYD [Build Your Dreams] have signed a memorandum of understanding to explore the options for partnership in the area of hybrids and electric vehicles powered by lithium batteries, VW said in a statement.
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Closest title race in years continues in Cheshire – and Chilton eyes podium
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GAC Toyota Motor (GTMC), a vehicle-production and sales joint venture between Toyota Motor and Guangzhou Automobile Group, on Tuesday held a line-off ceremony for the Highlander [Kluger] SUV, produced on GTMC's new production line at its plant in Nansha District, Guangzhou, Guangdong, China.
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Intesa SanPaolo is ready to give financial support to Fiat S.p.A. for its Opel bid, the Italian banking giant's chief executive said on Tuesday.
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Despite developing the Nano as the world's cheapest car, Tata Motors said only 20% of the initial 203,000 orders for the car are for the no-frills US$2,600 model while half of buyers have opted for the top-end model, which costs $3,600.
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After almost three years, the Brazilian programme of vehicular labelling focusing on fuel consumption has begun at last.
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Porsche has confirmed it received a EUR700m (US$980m) loan from Volkswagen but insisted it was not struggling with debt issues.
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With the current economy the last thing you need is for your vehicle to break down. Whether your driving a reliable car or a busted up
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