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Toyoda says company is ‘grasping for salvation', fears big sales loss

Toyota Motor Corp. President Akio Toyoda said his money-losing automaker is “grasping for salvation” as it struggles to return to profit. The world's largest car company was once targeting annual sales of 10 million vehicles but now expects sales of 7.3 million this year, down from 8.97 million in 2008, Toyoda said today at a news conference.

Renault and Caterham to develop affordable sports cars

Renault and Caterham are to join forces to create new, more affordable sports cars under the Alpine badge. The two groups will establish a jointly owned new group – Société des Automobiles Alpine Caterham – under the leadership of Bernard Ollivier and will develop models to be sold as both Renault Alpine and Caterham. Tony Fernandes, Caterham Group Chairman, said: "We know the markets we are going into and, particularly in my playground in Asia, there is a huge opportunity to replicate the AirAsia model and give consumers access to exciting, affordable products that marry our interests in F1 and technology and help make their dreams come true." At this year's Monaco Grand Prix Renault unveiled the Alpine A110-50 concept, which was seen as a relaunch of the brand despite it being essentially a reworked version of the Renault-branded DeZir concept from the 2010 Paris Motor Show.

Ford to sell Aston Martin

By Georg Kacher Motor Industry 31 August 2006 02:39 The world’s two biggest luxury goods firms – including the conglomerate behind brands like Moet and Louis Vuitton – are locked in a battle to buy Aston Martin from cash-starved Ford. Ford announced today that the British sports car manufacturer would be sold and CAR has learned that Swiss-based Richemont and the French holding company LVMH have emerged as most likely to take on Aston despite having no previous experience in the car industry. Ford desperately needs to tap into the potential $700m-$1bn the sale of Aston could generate and hopes to finalise a deal by the end of the year.