The weak economy knows no borders, rampaging across the globe taking its toll in lost jobs and bankruptcies. The car industry in particular is no stranger to this strife, and some might say Great Britain's carmakers most of all, considering their rocky history. In late January UK Business Secretary Lord Mandelson announced the government would offer loans totaling up to £1.3 billion with another £1 billion in guarantees to the struggling industry (£2.3 billion, or $3.25 billion in total), but it had to clear approval with the European Commission's trade practices authorities. Today that...
Lamborghini sales drop 40%, Winkelmann fighting to stay in the black
Luxury sports car manufacturers are having a tough year in 2009, despite their successes last year. Earlier this month we heard from Porsche, who had experienced a massive drop in sales for the first six months of fiscal 2008/2009 following their record profits last year and now a similar story is...Ralph Hanson
Chrysler cost Daimler $1.75 billion in 2008
The divorce of Daimler from Chrysler in 2007 wasn't complete - the German company Daimler still holds 19.9% of Chrysler - and now that lingering relationship has come back with a vengeance. Despite a year that would be only moderately unsuccessful for Daimler, Chrysler's involvement more than...Nelson Ireson
Toyota to build more cars in North America than Chrysler
Toyota's North American car output will surpass Chrysler's for the first time during the first quarter of 2009. The two companies' downward trajectories will soon cross, leaving Toyota as the third largest domestic producer behind Ford and General Motors. Both Chrysler and Toyota are sharply...Ralph Hanson