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GM's top battery executive for the Volt to join California startup

General Motors's top executive in charge of developing batteries for the Chevrolet Volt plug-in hybrid is leaving to take a position with an unnamed startup battery company in California. Denise Gray, 46, global director of rechargeable energy storage systems, will step down March 5 after more than three years in the post. This was “an opportunity that I could just not resist,” Gray said in a phone interview.

Luxury car price crash in China

Mercedes in China offering 25 per cent discounts on S Class Mercedes, BMW and Audi are having to offer discounts of up to 25 per cent on luxury cars in China to shift stock. The huge Chinese car market has been seen as a sales salvation for Western car makers; the automotive equivalent of shooting fish in a barrel. But it looks like that’s all changing, particularly at the luxury end of the market.

Some secured lenders object to quick sale of Chrysler

A minority group of Chrysler LLC secured lenders has objected in bankruptcy court to the quick sale of Chrysler to a new corporate entity led by Fiat S.p.A. The group of about 40 banks and hedge funds holds about $3 billion of the $6.9 billion in secured loans that Chrysler has with the banks. Four major New York banks holding $4 billion of that debt agreed last week to settle for $2 billion in payment for the $6.9 billion owed.