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Crunch watch Dec 08: the auto industry in crisis

By 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.

What you missed before CES even started

CES officially opens Tuesday, January 7, but the news started happening the day before. What do we mean? Everything from jumping robots to an all-electric formula race car took a bow in Las Vegas on the eve of the Consumer Electronics Show.

Mercedes-Benz inaugurates Advanced Design Studio in Beijing, China

Mercedes-Benz inaugurated its global Advanced Design Center in Beijing, China, yesterday, Thursday July 21. The Beijing design center, Daimler's fifth advanced design studio worldwide, further reinforces the growing importance of the Chinese auto market and Beijing in particular; the city is increasingly influencing changing needs and trends. The new 1,000 square meter Advanced Design Studio employs a total of around 20 designers who will contribute to the future design of Mercedes-Benz automobiles, competing and working with the company's other studios in Germany, Italy, Japan and the USA.