Industry
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Despite its best efforts to raise funds, the death knell is ringing for Saab, with news coming out today that Sweden's Debt Enforcement Agency has commenced collection proceeding against the automaker following Tuesday’s deadline for payments to suppliers. The agency is in the process of investigating Saab’s assets, including bank accounts, in the hope that it can recover around $625,000 owing to suppliers. Most of this figure is going to just two suppliers, but Saab’s list of creditors is more than 100 strong, eight of which are calling for Saab to be put into receivership...
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Saab Offers More Shares, Pulls Out Of Frankfurt Auto ShowStruggling Saab is offering more shares while skipping a major international auto show.
Tim Healey -
GM Slashing Vehicle Platforms, Starting Cadillac Production In ChinaBy 2018, General Motors hopes to halve its number of vehicle platforms from a current 30 down to just 14.
Viknesh Vijayenthiran -
Audi Posts Record $3.5 Billion Operating Profit For First Half Of 2011Audi has kept up with rivals such as Daimler and BMW by posting record profits so far this year, thanks mostly to strong demand for its luxury cars in China.
Viknesh Vijayenthiran -
Saab Gains New Investor, Promises To Pay WorkersSaab has issued a new allotment of shares, roughly 17 percent of the company, to investment group GEM Global Yield Fund Limited.
Viknesh Vijayenthiran -
Audi Signs On As Sponsor For 63rd Annual Emmy AwardsThe deal between Audi and the Academy of Television Arts & Sciences, the organizer of the Emmy awards, is multi-year one.
Viknesh Vijayenthiran -
With its strong second quarter results, BMW is now predicting annual sales in excess of 1.6 million units.
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Porsche Profits Rise 59 Percent In First Six Months Of 2011Porsche is already on track for a record year of sales but has even more models in the pipeline, including the 918 Spyder, Cajun crossover and a new entry-level roadster.
Viknesh Vijayenthiran -
Official: Obama Announces 54.5 MPG Gas Mileage Standard For 2025While most automakers are happy with the new standards, some aren’t due to an exemption for full-size trucks and some SUV models.
Viknesh Vijayenthiran -
Audi Settles A6 Ad Dispute With Eminem Publisher Eight Mile StyleAudi has come to terms with the publisher of Eminem, Eight Mile Style, over the illegal use of the rapper's famous track Lose Yourself in an ad for its new A6 Avant in Europe.
Viknesh Vijayenthiran -
Ferrari Brings 7-Year Free Maintenance Program To U.S.One clear advantage for owners is improved resale value as prospective buyers will know the car has been looked after to Ferrari's exact standards.
Viknesh Vijayenthiran -
Ferrari Sells Record Number Of Cars, Launches New Tailor Made Customization ProgramIf Ferrari continues its strong performance, 2011 is going to turn out to be one of the best years in the automaker's history.
Viknesh Vijayenthiran -
Luxury nameplates are commonly at the top of the J.D. Power and Associates Automotive Performance, Execution and Layout (APEAL) Study--just as you'd expect. This year, BMW, Porsche, and Lexus score class wins, but dark horse Hyundai takes the top overall model win with the Equus. The APEAL study scores cars based on owner-reported rankings of how "gratifying" a new car is to own and drive over the first 90 days, with over 73,000 purchasers surveyed in this year's study. BMW's X3, Z4, and 5-Series all took awards for their classes, while Lexus's IS and Porsche's Cayenne also took their...
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Daimler Posts Record $2.5 Billion Profit For Second QuarterDaimler is now on track to post revenues of more than $145 billion for 2011 on the back of strong demand for its luxury cars.
Viknesh Vijayenthiran -
Peter Stevens, McLaren F1 designer, lands at Rivian AutomotiveIf you’ve never heard of Rivian Automotive, consider yourself in good company. Most car fans, even the diehard among us, would be hard-pressed to answer the question, “What automaker, based in Rockledge, Florida, aims to produce fuel-efficient and affordable sports cars by 2013?”...
Kurt Ernst -
Mercedes-Benz Investing $2 Billion In Alabama PlantThe money will go towards the installation of tooling for the new M-Class and next-generation GL-Class and C-Class models in Tuscaloosa, as well as the expansion of capacity.
Viknesh Vijayenthiran -
Saab Delays Production Start Yet AgainSaab has close to 11,000 orders for cars in its books but can’t secure the delivery of parts to start building them.
Viknesh Vijayenthiran -
Audi To Build New Plant In Mexico Instead Of Using VW's U.S. PlantVolkswagen builds a lot of cars in North America. Some of them are built in Mexico, but many are built right here in the U.S. Audi wants to get in on the cheaper construction and shipping costs available here, but it doesn't want to borrow VW's extra capacity. Instead, it will build its own new...
Nelson Ireson -
Saab and a Chinese partner are working to develop three new models.
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Fraudsters Claim Luxury Cars As Farm Equipment To Escape High Insurance BillFraudulent insurance policies for farming vehicles is costing insurance agencies close to $150 million per year.
Viknesh Vijayenthiran -
Porsche Remains Committed To Doubling Sales By 2018Porsche should easily reach its ambitious sales target thanks to several all-new models in the works, as well as the next-generation 911 due out this year.
Viknesh Vijayenthiran -
Ferrari Boss Says No To Going PublicFerrari chairman Luca Cordero de Montezemolo has quashed rumors that the famous Italian sports car manufacturer may be going public, reaffirming previous comments from Fiat boss Sergio Marchionne that there were no plans to sell the brand. "There is no program to list Ferrari, no program at all,"...
Viknesh Vijayenthiran -
Zagato And British Coachbuilder CPP Form Joint VentureOne of the first fruits of the joint-venture established by Zagato and CPP was the stunning Aston Martin V12 Zagato.
Viknesh Vijayenthiran -
Jaguars And Land Rovers To Feature Engines Developed With Tata?With the low-cost production expertise of parent company Tata, Jaguar and Land Rover will be in a better position to penetrate price sensitive markets such as India.
Viknesh Vijayenthiran