Warning of impending layoffs should government aid for Jaguar-Land Rover not arrive soon, Tata Motors Chairman Ratan Tata restated the need for government-sourced funds. An urgent call went out in February from the company's CEO, and though aid of £2.3 billion ($3.25 billion) was approved by the EU earlier this month, it has yet to be distributed. "If funds are not available the company will not be able to run," said Tata in a television interview. "So layoffs will take place." Many are afraid, however, that a game of economic chicken is being played, with thousands of jobs and billions of...
Report: Chinese government gives Chery Auto approval for Volvo acquisition
Ford is having trouble offloading its failing Volvo subsidiary but the company is determined to sell it and has already started approaching potential buyers in spite of the tough economic conditions. The Blue Oval has been in talks with a number of potential suitors in the recent past, and the...Viknesh Vijayenthiran
Ford refuses to comment on talks with Chinese firms over Volvo sale
Earlier this week reports emerged that Ford was in talks with Chinese carmakers Shanghai Automotive Industry Corporation (SAIC) and Changan Auto over a potential sale of Volvo. The Blue Oval has now confirmed that the struggling Swedish carmaker is up for sale but refused to comment on whether...Viknesh Vijayenthiran
Volvo lays off 2,700 workers, in sale talks with China's SAIC
Labor negotiations between Volvo and Sweden's auto worker union have come to a close today, resulting in the termination of 2,721 emloyees, the vast majority of which are blue collar workers. The layoffs come as Ford has engaged Shanghai Automotive Industry Corporation (SAIC) in talks to buy the...Nelson Ireson