Motherson Sumi Systems said today that it has completed the acquisition of Visiocorp Group for 25 million euros in cash and allotment of 5 percent of its shares worth 1.5 million euros.
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Penske Automotive Group Inc., the nation's second-largest dealership group, cut $100 million last year from its budget of $1.32 billion in selling, general and administrative expenses, about half of those savings in personnel.
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Group 1 Automotive Inc., the No. 4 U.S. dealership group, reported a small operating profit in the fourth quarter of 2008, largely on the strength of service and parts income. But after writing down the value of its 97 U.S.
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The free fall of Detroit 3 finance companies reflects a shift in the new-vehicle market to import brands and damage from the credit crunch, which has hit domestics especially hard. The new order looks durable.
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America's hinterlands face outsized economic pressures. Besides the credit crunch and nationwide recession, dealers in rural Midwestern areas confront a declining population.
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As February U.S. sales fell to the lowest annualized rate in 27 years, automakers are slashing production in a desperate effort to control inventories. Manufacturers will produce only 4.
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In the teeth of a recession that has forced hundreds of U.S. auto dealerships to close, a group of investors headed by entertainment magnate Robert Johnson is rapidly building a retail empire.
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At first glance it looked like any other Geneva auto show and#x2014; the industry's annual feel-good festival and luxury-car cabaret. Rolls-Royce makes its big splashes here and did so again with the 200EX.
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Even as General Motors explores the sale of Opel, it will tap its European unit as a source for future Buick sedans. For the past two years, GM has shared Opel vehicles and design with Saturn.
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General Motors has revealed to its parts suppliers a plan for rolling out a payment-assurance program that it hopes the federal auto task force will approve this month. GM would like to see up to $4.
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Mercedes-Benz will launch the E-class sedan and coupe in the third quarter with a marketing strategy similar to its approach for the just-launched GLK SUV.
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General Motors denied a weekend newspaper report its German unit Opel was preparing for insolvency. "This scenario is currently not on the agenda," a GM Europe spokesman told Reuters.
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General Motors factory workers in Canada will face a wage freeze through 2012, along with shorter vacations and higher contributions to benefit plans, under a tentative deal with GM Canada, the CAW said today.
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Continental's chairman Hubertus von Gruenberg quit today in a row with its biggest shareholder, Schaeffler Group.
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German Chancellor Angela Merkel said on Saturday that General Motors must improve the rescue plan for its German unit Opel if it wants government support for the struggling carmaker.
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BERLIN (Reuters) -- German weekly magazine Der Spiegel said on Saturday that Opel was threatening to close its German plants in Eisenach and Bochum as well as its Belgian site in Antwerp.
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Daimler and BMW plan a share swap to boost cooperation between the two automakers, the German magazine Der Spiegel said today.
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Audi is considering a North American comeback for its allroad quattro, an all-wheel-drive wagon with extra performance features that it dropped in 2005.
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The redesigned, third-generation Toyota Prius hybrid offers better fuel economy than its predecessor, options commonly found in premium cars and a slightly larger interior.
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Pennsylvania auto dealer Gregory Graham died of a heart attack while torching new vehicles at his struggling dealership, police said last week. Four flaming cars drew firefighters to Graham Colonial Motors at 2 a.m. on Feb. 17.
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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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