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Crunch watch Dec 08: the auto industry in crisis
Wed, 31 Dec 2008By Tim Pollard and Simon Stiel Motor Industry 31 December 2008 14:05 Wednesday 31 December 2008• GMAC, GM's finance arm, said it would immediately revise its criteria for providing loans, after the US government bail-out of the General's credit arm. It will now supply credit for anyone with a score of 621 or more on the Fico scale, the scale used to assess Amercian customers' creditworthiness (Financial Times)• The news means that 80% of US consumers would now qualify for a loan from GMAC – which should improve sales in the depressed US market (Detroit News)• Chrysler is being lambasted for taking out full-page adverts in the American national press thanking the nation for supporting its auto industry. But critics point out this is a fresh waste of bail-out resources, as pages in the Wall Street Journal – one of the titles in which the ad ran – reportedly cost up to $264,000.
BMW to build front-drive sedan
Wed, 25 Sep 2013BMW boss Norbert Reithofer has surefire plans for a new front-wheel-drive entry-level sedan, falling in just below the existing 3-series sedan. The new four-door, known internally at BMW's Munich-based headquarters under the working title NES (New Entry-level Sedan), forms part of a new range of front-wheel-drive models set to join the BMW lineup in the near future. “The NES is integral to our growth plans,” a BMW insider source revealed.
Land Rover at the Paris motor show 2008
Mon, 06 Oct 2008By Ged Maxwell Motor Shows 06 October 2008 09:57 Land Rover unveiled its most fuel-efficient car ever at the French motor show: the new Freelander TD4_e Stop/Start. No prizes for guessing it's a diesel 4x4, whose economy is improved by 3.8mpg and CO2 falls by 8 percent. Tell me more about the Freelander TD4_e Stop/StartLand Rover has been harping on about its new green technologies for quite a while – so it's a relief finally to see a production car (rather than the far-fetched concepts we've become used to) bristling with eco kit applied.