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Crunch watch Mar 09: the auto industry in crisis
Tue, 31 Mar 2009By Ben Pulman and Tim Pollard Motor Industry 31 March 2009 13:48 Tuesday 31 March 2009• Porsche said that its earnings before tax rose to €7.3 billion in the six months to the end of January – including a €6.8bn windfall from its VW share options (Financial Times)• Fritz Henderson, GM's president and chief operating officer, will step up to replace Rick Wagoner, who was ousted on Sunday as CEO of General Motors (Financial Times)• President Obama is essentially CEO-in-chief of GM – despite not owning a single cent of stock, says Detroit News commentator (Detroit News)• German chancellor Angela Merkel gives assurances that any would-be investors in GM's European arm will be given state support. Opel is asking for €3.3 billion in aid – and up to 25,000 jobs in Germany depend on it, with up to 300,000 jobs across Europe including Saab and Vauxhall (BBC News)Monday 30 March 2009• General Motors' chief executive Rick Wagoner has been ordered to resign by US president Barack Obama with immediate effect. It's part of Obama's administration's critique of GM and Chrysler's turnaround plans – he's understood to be unhappy with the plans submitted (BBC News)• New GM non-executive chairman Kent Kresa has admitted that at the company's next general meeting it will have 'a majority of new directors' (General Motors)• Chrysler will receive US government aid for the next 30 days, but the Obama administration has said that if the company cannot secure a tie-up with the Fiat Group within that time period it will not receive any more money from the taxpayers and could go into liquidation.
Ford Mondeo Vignale revealed – it’s back to the days of Ford Ghia
Wed, 04 Sep 2013The Ford Mondeo Vignale (picture) has been revealed as Ford’s new range-topper Mainstream car makers have always tried to add some glitz and gloss to their models by tagging on a badge they thought made their cars more exclusive. Like Ford with endless ‘Ghia’ models sitting at the top of the Ford range after they bought Ghia of Turin in 1970. Ford continued to use the Ghia badge to mark out its best-equipped models until very recently (you could still buy a Fiesta Ghia as recently as 2008) but they finally dropped the badge and moved their top of the tree badge over to the ‘Titanium’ moniker.
Best petrol price falls since 2008
Fri, 18 Oct 2013MOTORISTS are enjoying the biggest fall in petrol prices since the credit crunch days of 2008. But the AA has warned that a further dip in prices is unlikely. Average petrol prices in the UK fell 5.49p a litre between mid September and mid-October - the biggest monthly fall since the 11.5p petrol price collapse in November 2008, the AA said.