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Jaguar Land Rover – Clever Finance Deal

JLR releases £170 million by financing cars in transit Car makers have been begging lines of credit from wherever they can in the last year as the recession has bitten hard in to their finances. Jaguar Land Rover started off down the Government Loan route, but it soon became clear that the strings attached to any Government sourced finance where unacceptable. But in a sign that the future of JLR looks pretty rosy JLR managed to secure £175 million in private financing back in August as part of a bid to raise £500 million, and Tata have refinanced the loans used to acquire JLR.

Penske calls off Saturn deal, brand will close

IndyCar team owner and dealer magnate Roger Penske will not buy Saturn and the brand will be shuttered, General Motors said Wednesday. GM said Penske called off discussions after failing to line up more future products. Penske had been in talks with Renault for vehicles.

Volvo’s new VEA family of four-cylinder engines starts production

As a result, Volvo has been planning a new range of four-cylinder engines to power their range in the future – the new Volvo Engine Architecture (VEA) – and has spent the last couple of years readying their design – and their facility in Skövde – to start production. And now it’s underway. Together with Volvo’s Scalable Product Architecture (SPA) the new VEA engines will be a core part of every new Volvo before too long, and will replace the five and six cylinder engines Volvo currently uses and will provide more power than current six-cylinder engines with economy and emissions better than current four-cylinder engines.