Auto News 5

Two venture capital firms are pumping $85 million into Fisker Automotive Inc. as the California automaker gears up for production of its first hybrid car due this fall. Full story...

Fisker Automotive is to receive an additional US$85m in venture capital funding for the development and manufacturing of its Karma plug-in hybrid automobiles, the company has said. Full story...

IRVINE, Calif., April 6/ -- Fisker Automotive, Inc., a leading producer of advanced green technology automobiles, announced today it has entered into definitive agreements to receive an additional $85 million in venture capital funding for the development and manufacturing of its Karma plug-in hybrid automobiles. The financing is expected to be completed this month and will be the fourth and largest investment round since the company's inception in August 2007. Full story...

Ford on Monday announced the completion of debt restructuring initiatives that will reduce its automotive debt by US$9.9bn from $25.8bn at 31 December, 2008, and lower its annual cash interest expense by over $500m based on current interest rates. Full story...

Ford Motor Co. has reduced its automotive debt by 38 percent, or $9.9 billion, part of a series of moves to bolster its finances amid the global automotive downturn, the company said today. Full story...

Continental has opened a new technology facility in Shanghai. The German group said the Automotive Tech Centre will be used for application development and to system test technology and products customised for the Chinese OEM market. Full story...

A decline in Western Europe's new-car sales slowed to 7.2 percent in March helped by increasingly effective government-sponsored scrapping incentives, J.D. Power's automotive forecasting division said on Monday. Full story...

West European car sales were down by just 7% in March, showing a marked reduction in the rate of decline compared with earlier months, in year-on-year terms, according to data released by JD Power Automotive Forecasting. Full story...

West European car sales were down by just 7% in March, showing a marked reduction in the rate of decline compared with earlier months, in year-on-year terms, according to data released by JD Power Automotive Forecasting. Full story...

Several large dealership groups that are testing multistore used-vehicle Web sites have put those pilot projects on hold until the economy turns around. Of those top retailers, only Hendrick Automotive Group, of Charlotte, N.C. Full story...

Here are profiles of seven of the 25 finalists in the 2009 Automotive News PACE Awards. The companies: Robert Bosch LLC, PPG Industries Inc., Dassault Systemes Delmia Corp., Microsoft Corp., Visteon Corp. Full story...

Could this be the automotive world's biggest oxymoron? The Cadillac Escalade was never an SUV celebrated for its environmental initiatives- -though GM now sells it powered optionally by their Two-Mode hybrid system. Full story...

Cooper-Standard Automotive's net loss narrowed to $116.1 million in the fourth quarter, from a loss of $152.6 million a year earlier. Global sales tumbled 33.2 percent to $473.3 million from $708.3 million, the company said yesterday. Full story...

German automotive parts suppliers Continental and its controlling shareholder Schaeffler expect to save hundreds of millions of euros annually from joint purchasing, the two companies said on Friday. Full story...

Official VFACTS data released by the Federal Chamber of Automotive Industries (FCAI) showed that 75,650 passenger cars, SUVs and commercial vehicles were sold in March 2009 - down 17.1% (15,635 vehicles) compared to the same month in 2008. Full story...

The original Kia Sorento was a 'landmark' vehicle which took the Korean brand into a whole new section of the automotive market all around the world. Introduced in 2002, it marked a huge step for Kia, challenging many established brands and starting the process of changing public perception of Kia as a 'maker of small cars.' Full story...

Sonic Automotive Inc. said Tuesday it posted a fourth-quarter loss and echoed auditors' concerns about the dealership group's ability to continue operations. Sonic's auditors said they had doubts the company could continue as a going concern. Full story...

The crossover/SUV segment is a congested sector of the automotive market, with many makes and models to choose from. Nissan's Murano joined the fray in 2003. It delivered unique styling that awoke other manufacturers to the idea that such versatile vehicles could also evoke passion. Full story...

Sonic Automotive Inc. posted a fourth-quarter loss and said auditors raised doubts about the dealership group's ability to continue as a going concern. Full story...

Sonic Automotive Inc. said today that auditors have raised doubts about the dealership group's ability to continue as a going concern. Full story...