Suppliers Require 10 Billion Euros in Loans from the EIB
16 Feb 2009, 14:13 UTC · By: Bogdan Popa / While several European car manufacturers have already received funds from their domestic governments, suppliers are still in a desperate situation and ask the European Investment Bank to provide no ...
Volkswagen Golf Remains Most Popular Car in Europe
16 Feb 2009, 11:47 UTC · By: Bogdan Popa / The automotive industry, no matter if we're talking about the European, the North American or the Middle East markets, undoubtedly faced the most difficult times in history, with the recession ...
Ford Motor Credit to Cut Workforce by 1,200
16 Feb 2009, 11:23 UTC · By: Bogdan Popa / While parent company Ford Motor Co. repeatedly said it doesn't need financial aid from the United States government, the lending division belonging to the automaker is still struggling to retur...
Spain to Provide 4 Billion Euros to Struggling Automakers
13 Feb 2009, 17:07 UTC · By: Bogdan Popa / Similar to various countries around the world, the Spanish government today agreed to provide 4 billion euros ($5.1 billion) to local automakers that may require financial aid following the massive ...
Nissan-Chrysler Small Car Put on Hold
13 Feb 2009, 15:47 UTC · By: Bogdan Popa / Nissan and Chrysler yesterday announced that they decided to put on hold a joint venture to develop a small car and a full-size pickup to be sold in North America, citing the economic recession as t...
Toyota Confirms New North American Production Cuts
13 Feb 2009, 08:51 UTC · By: Bogdan Popa / And the story continues... Unfortunately for both automotive sector and for the North American industry, Toyota today confirmed a couple of new cost-cutting measure, pointing to the same over-discus...
GM's Daewoo Calls for Financial Aid
12 Feb 2009, 15:31 UTC · By: Bogdan Popa / With the recession still making victims among global automakers, more and more companies decide to ask for support from their local governments, explaining that financial aid is absolutely mandatory...
Ford Has the Highest European Market Share Since 2004
11 Feb 2009, 17:09 UTC · By: Daniel Patrascu / January 2009 brought a small victory in Ford's war against the economic crisis. Last month's figures indicate a 0.5 percent increase across Europe's 19 markets, bringing the total to ...
US to Approve $1 Trillion to Boost Consumer Credit
11 Feb 2009, 15:23 UTC · By: Bogdan Popa / Since the global credit crunch together with all its allies, and count here the global recession as a whole plus the continuously collapsing new car demand, brought the world's largest automake...
Nissan Requests US Loan to Build Electric Cars
11 Feb 2009, 14:27 UTC · By: Bogdan Popa / Nissan has requested the United States government to provide financial support for its local operations in order to design new electric vehicles along with the batteries needed to power them. Even t...
PSA Sales Drop 7.4 Percent in 2008
11 Feb 2009, 13:26 UTC · By: Bogdan Popa / We all knew 2008 was a difficult year, particularly in the end when the economic recession started slashing sales, workforce and profits of automakers all over the world. The PSA Peugeot Citroen gro...
General Motors to Slash Workforce by 10,000 Employees
10 Feb 2009, 15:18 UTC · By: Bogdan Popa / General Motors today announced that it decided to reduce salaried employment globally by 10,000 workers to 63,000 by the end of the year as part of the company's plans to cut costs and countera...
US Willing to Give Even More Money to Struggling Automakers
10 Feb 2009, 11:07 UTC · By: Bogdan Popa / The United States government is willing to provide even more financial support to struggling domestic automakers, including General Motors and Chrysler, a White House official said yesterday. Howeve...
GM to Decide Saturn Future by the End of the Week
10 Feb 2009, 09:08 UTC · By: Bogdan Popa / With only a few days left until the February 17 deadline, when both General Motors and Chrysler must submit their viability plans to the United States government, GM is still unsure whether to conti...
Renault Applauds Government Loan, Promises Full-Electric Car
10 Feb 2009, 08:26 UTC · By: Bogdan Popa / Following the recent announcement that the French government will provide a 3 billion euro loan to the domestic struggling automakers, Renault officials came out and applauded the decision, explaini...
GM and Chrysler May Indeed Go Bankrupt
9 Feb 2009, 16:28 UTC · By: Alex Oagana / The Big Three automotive soap opera appeared to reach a happier-than-expected finale in mid-December, when General Motors and Chrysler LLC received a $17.4 billion low-interest loan from the United ...
Nissan Cuts Jobs after $2bn Loss Forecast
9 Feb 2009, 11:59 UTC · By: Daniel Patrascu / The $2.9 billion dollars annual loss forecasted by Nissan Motor has forced the company to consider reducing its employment scheme by 20,000 people worldwide by the end of March. The number represent...
GM Said to Plan to Further Cuts
7 Feb 2009, 14:31 UTC · By: Daniel Patrascu / The March 31st deadline has apparently pushed GM into a money saving frenzy. In their attempts to raise more money and create a more feasible plan for survival, it would appear that the company is p...
Toyota Bows as the Recession Continues to Slash Sales
6 Feb 2009, 14:46 UTC · By: Bogdan Popa / Recently crowned the world's number one automaker, problems are far from being over for Toyota as the Japanese company continues to fight against the economic downturn with all kinds of cost-cu...
Ford Plans to Let Go Up to 850 Workers in the UK
6 Feb 2009, 14:06 UTC · By: Bogdan Popa / Ford has just announced that it plans to cut around 850 jobs in the United Kingdom due to collapsing sales and decreasing demand, the main factors that pushed global automakers to similar decisions....