Industry

Poor sales, growing public concern for the environment and the recession have all added up to weaken General Motors’ chances of finding many buyers for Hummer but the struggling automaker confirmed last week that at least one company was interested in the sale. That company was Chinese...

A little over a week ago we reported on Porsche's financial troubles and the company’s attempts to seek a lifeline from both the German government and outside investors - namely in the form of an investment from the Gulf state of Qatar. More details have since emerged about Qatar's interest...

The Cash for Clunkers bill is just one of the incentives the government is trying to implement to bring the U.S. auto industry back to its pre-recession levels. Now, the Cash for Clunkers scheme has garnered the approval of both House and Senate negotiation teams, with the two sides reaching an...

No one at this point doubts the country's, or the world's, economic woes, most especially those within the car industry. So the announcement today that the U.S. Treasury has expanded its offer of a tax break on new car sales to those bought in states without a sales tax comes as a welcome aid...

Chrysler has been trying to sell its Dodge Viper sports car business since late last year but according to the struggling automaker, the once prominent brand couldn’t even muster up offers of $10 million. In fact, Chrysler insisted that it had received only one bid of $5.5 million from Devon...

You would think that an entity with as much cachet as the Dodge Viper business would have no trouble being sold during a fire sale but according to Chrysler the business couldn’t even muster up offers of $10 million. Reports last month that only one offer was made for the Viper business has...

Last year was Lamborghini’s most successful year on record but even it cannot escape the effects of the world economic crisis. Lamborghini sales are down more than 30% for the first five months of the year and the company is expecting things to stay this way until at least 2011. Speaking with...

General Motors already has plans to slash hundreds of its dealers late next year, but for the dealers who make it through the cuts it won't just be a case of 'business as usual'. Instead, the struggling automaker will be modifying its contracts with the remaining 4,100 or so dealers in its network...

The Supreme Court has approved the sale of substantially all of Chrysler's assets to Fiat, helping to finalize their alliance as well as the American automaker’s bankruptcy proceedings. Approval was given for the $2 billion sale of the assets to a new company that will be 68% controlled by a...

Earlier this year the original ‘Cash for Clunkers’ bill was rejected by the Senate because of research that showed the program wouldn't have made much impact on auto sales or emissions. A revised version of that bill has since been presented to Congress and was approved by the House in...

General Motors and Penske Automotive Group today confirmed details of a proposed transaction under which Penske would acquire the Saturn brand. If completed, the deal would save more than 350 dealerships and 13,000 jobs at Saturn and its retailers in the U.S., as well as preserving the brand...

GM has picked Penske Automotive Group as the buyer for Saturn. Click here for all the details. GM's preparations for bankruptcy means the company is looking to sell as many of its 'bad' assets as possible in order to raise capital and streamline operations. One of these is the Saturn brand, which...

General Motors is proceeding to the next step with respect to the sale of Saturn, confirming this week that it’s in talks with up to 16 potential buyers and that it will look to secure an agreement with a specific group by the end of the year. Speaking at a press conference yesterday, GM...

Earlier this week Opel managed to secure a $2.1 billion bridge financing package from the German government to keep itself operating until ownership is transferred from GM to another investor. This new investor will be Canada’s Magna International, which together with Russian bank Sherbank...

Seek out any modern supercar and chances are you'll see some carbon ceramic brake discs behind its wheels, often with the Brembo logo emblazoned on them. Now, Brembo is announcing a new partnership with SGL Group, a company specializing in carbon-fiber production, and together the two will jointly...

A U.S. bankruptcy judge on Sunday approved the sale of substantially all of Chrysler's assets to Fiat, helping to finalize the two automaker’s alliance as well as the American company’s bankruptcy proceedings. Approval was given for the $2 billion sale of the assets to a new company...

General Motors confirmed the sale of its Hummer brand last August and followed up the announcement with the release of an official document for potential buyers just one month later. Poor sales, growing public concern for the environment and the recession have all added up to weaken Hummer's sales...

Just a couple of weeks ago General Motors revealed that it would be cutting ties with over 1,100 dealerships, and the bad news keeps coming for dealers as the struggling automaker is expected to cut a further 450 dealerships in the coming months. Many dealerships are under franchise agreements with...

The future of General Motors’ European division Opel will soon be a lot clearer as a buyer for the brand is expected to be announced within the next week. Up until now, one of the leading bidders for the brand was Fiat but today it has been revealed that the Italian auto giant has walked away...

The collapse of GM and Chrysler in recent months has seen the manufacturing employees and the extensive dealer networks of both firms suffer heavily, but now there may be a new and revolutionary product in sight that not only gives flailing dealers a chance to pick themselves up but may also keep...