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News watch August 2010: today's industry news
Thu, 26 Aug 2010Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hourTuesday 31 August 2010• HSBC has sold its US car loan business to Spanish bank Santander, for an estimated £2.6bn in cash and assumed debt. The move sees the bank further distance itself from the collapsed US sub-prime market (Financial Times, subsription required) • Toll roads do not improve congestion, according to the Campaign For Better Transport. Its claims M6 toll road operator Midland Expressway Ltd is losing ‘tens of millions of pounds’ each year, while conditions on the original M6 have failed to improve (Campaign for Better Transport) Friday 27 August 2010• Spyker, which bought Saab earlier this year, has posted a €139m loss after tax in the first half of 2010 it announced today (Financial Times)• Fiat CEO Sergio Marchionne says the business is performing strongly in the third quarter – and has ruled out selling Alfa Romeo.
*CORRECTION* Thomas Ingenlath appointed Vice President of Design for Volvo
Thu, 15 Mar 2012Yesterday Car Design News reported that Thomas Ingenlath has been appointed Vice President of Design for Volvo, stating that he will report to Peter Horbury, who is now Senior Vice President Design, Geely Group. This information is innacurate as Ingenlath will in fact report directly to Volvo Car Company President & CEO, Stefan Jacoby. We apologize for any confusion caused by our error.
Mercedes to set world drifting record at Brooklands
Fri, 17 Jun 2011Mercedes are going after the world drifting record I can’t say we actually knew that there was a world record for drifting a car. But there is. And Mercedes - and driver Mauro Calo – hope it will be theirs after this weekend.