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Crunch watch October 09: the auto industry in crisis

Tuesday 20 October 2009• Honda's CEO said he would consider launching electric vehicles for sale in Europe, Japan and the USA in a possible change of strategy for the Japanese car manufacturer (Automotive News, subscription required)• Ford 59-plate car sales up by 22% in September ‘09 compared to the same month last year. Ford claims a 14.8% share of total new car sales for the same period (Ford)• Porsche, VW and Daimler all sent top executives to the Shanghai motor show in April, but chose to snub the Tokyo motor show this week. The news comes as China’s automotive market is set to become the world’s largest (Bloomberg)• Toyota enters the Korean car market, challenging the 72% market share owned by Hyundai Motor Co (Bloomberg)  Monday 19 October 2009 • The organisers of the Geneva motor show claim that 'all of the major manufacturers have already confirmed their participation' for the March 2010 event (Geneva Palexpo)• Jaguar is auctioning off the first XJ off the line to raise £1m for the NSPCC children's charity.

MG Rover – Serious Fraud Office (SFO) to investigate

The Rover 75 Coupe - one of MG Rover's last big ideas before its collapse in 2005 MG Rover was bought from BMW for the princely sum of £10 after BMW had had enough of trying to make a viable company out of a business that was still undermined by the woes – and attitudes – of the British Leyland years. That £10 purchase price also came with £425 million in loans from BMW, so MG Rover had a chance. But the collapse, and the subsequent sale of the rights to the MG trademark to SAIC (Shanghai Automotive Industry Corporation), brought accusations that the ‘Phoenix Four’ – Directors and owners of MG Rover – has acted fraudulently when it was revealed they had acquired more than £40 million in pension rights, salary and assets in the intervening five years between purchase from BMW and collapse.

Used car buyers warned against friends' advice

USED CAR buyers are being cautioned against taking advice from friends when buying their next car. Many misconceptions are passed on by well-meaning friends and, says used car history experts at HPI, this can lead to buyers losing money on their next car. There are five myths that many used buyers believe, says HPI.