PSA Seeks 1-1.2 Billion Euro Loan
10 Mar 2009, 14:55 UTC · By: Bogdan Popa / French group PSA Peugeot Citron is now seeking a 1 to 1.2 billion euros (approximately $1.26 billion) loan and an agreement is expected within weeks. A company spokesman close to the matter confirme...
Opel Says It May Close German Factories After All
10 Mar 2009, 14:26 UTC · By: Bogdan Popa / Even though several officials clearly stated that Opel does not intend to close any of its production facilities, it may seem like the German brand may actually shut down some plants after all. Acco...
GM Pleased with Obama's Task Force's Visit to Michigan
10 Mar 2009, 09:08 UTC · By: Bogdan Popa / Just like we told you yesterday, Obama's Task Force formed to supervise the auto industry and bring ailing automakers on the floating line is going to test-drive Chevrolet Volt and visit GM...
White House Auto Task Force to Test Chevy Volt
9 Mar 2009, 14:32 UTC · By: Bogdan Popa / The White House task force especially formed to supervise the restructuring process of the automotive sector will test drive GM's Chevrolet Volt and will also visit Volt's production facil...
Mitsubishi Closes US Design Studio, 60 Employees Out of Work
9 Mar 2009, 08:29 UTC · By: Bogdan Popa / And the economic downturn continues. Today's recession news concern Mitsubishi and its design studio in the United States, with the Japanese automaker announcing it will close the facility as p...
White House Strives to Revamp Auto Sector
6 Mar 2009, 09:23 UTC · By: Bogdan Popa / With General Motors warning that it's possible to file for bankruptcy even with financial support sourced from the US government, White House officials today said Obama's administration is...
Vauxhall UK's Number One Automaker in February
6 Mar 2009, 08:11 UTC · By: Bogdan Popa / GM's European division Vauxhall is again the best-selling brand in the United Kingdom, the American automaker proudly announced today, emphasizing the fact that it became the number one car man...
Honda, Mazda Request State Aid from Japan
5 Mar 2009, 17:22 UTC · By: Bogdan Popa / There's no surprise Japanese automakers started to feel the pressure of the economic recession, despite their desperate efforts to slash production and save costs in all regions of the world. N...
German Govt. Unsatisfied with Opel's Survival Plan
5 Mar 2009, 14:09 UTC · By: Bogdan Popa / Representatives of the German government said the company can't make a decision whether to direct the requested funds to Opel as the rescue proposal is "inadequate", Autonews informed...
February Sales Down in Spain and France
2 Mar 2009, 17:24 UTC · By: Daniel Patrascu / The approaching spring seems to have little impact on the frozen new car sales the market is stuck with from some time now. Since an end to the economic crisis is yet to be foreseen, news of continu...
Mercedes Reports 55 Percent EBIT Drop in 2008
2 Mar 2009, 08:32 UTC · By: Bogdan Popa / Taking into account the economic turmoil that occurred in the third and fourth quarter of 2008, the disappointing figures automakers are now reporting shouldn't amaze anyone. Mercedes is probab...
US Automotive Aid Displeases France
27 Feb 2009, 15:49 UTC · By: Daniel Patrascu / As the economic crisis rages on, there is not a single car manufacturer on the planet that can escape its grip. We have all seen ever decreasing sales reports, massive job cuts and plant closures. M...
Dealers Willing to Buy a Stake in Opel
27 Feb 2009, 11:04 UTC · By: Bogdan Popa / As sales in both domestic and overseas markets decreased massively, Opel has already applied for state funds, saying that a 3.3 billion euro loan is absolutely necessary to finance a liquidity gap t...
Opel Reportedly Planning to Sell Corsa Production Facility
27 Feb 2009, 09:06 UTC · By: Bogdan Popa / As part of a broader attempt to save costs in the domestic market, Opel is apparently planning to sell its Eisenach plant that manufactures the Corsa small car. The German automaker contacted Merced...
GM Reports Net Loss of $16.8bn in 2008
26 Feb 2009, 14:33 UTC · By: Bogdan Popa / General Motors today published the fourth quarter and calendar year 2008 financial results, unveiling a net loss, excluding special items, of $16.8 billion compared to only $279 million the year bef...
Automakers Aren't Begging for Money, Says Renault's Ghosn
26 Feb 2009, 13:18 UTC · By: Bogdan Popa / Even if automakers around the world turned to desperate campaigns to convince their domestic governments to approve financial packages for the automotive industry, Renault's CEO Carlos Ghosn sa...
Crisis Causes 54% Production Drop for Nissan
26 Feb 2009, 09:46 UTC · By: Bogdan Popa / Just as we expected, automakers around the world reported very low production and sales figures for January 2009, which emphasized once again that the first month of the year was the toughest 30-day...
Skoda, SEAT to Cut More Costs, Share a Single Office Building
26 Feb 2009, 08:52 UTC · By: Bogdan Popa / The economic recession is still making victims in the automotive industry and, even if most automakers around the world already applied massive cost-cutting plans meant to help them cope with the re...
Mitsubishi Smiles Again, Increases Production for One Month
24 Feb 2009, 16:22 UTC · By: Bogdan Popa / After slashing workforce all around the world, cutting production at most facilities, canceling some future projects and postponing expansion into new regions of the world, Mitsubishi finally smiles...
Germany Asks Opel to Submit Viability Plan in Return for Funds
23 Feb 2009, 16:30 UTC · By: Bogdan Popa / Following Opel's call for support last week, German officials came out and explained that it's practically impossible to direct funds to a struggling automaker unless it submits a survival...