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Porsche buy launches VW drive for world domination
Volkswagen’s triumphant bid to take over luxury German carmaker Porsche marks the end of a bitter family power struggle and the start of a drive to become the world’s top auto manufacturer. “VW and Porsche are entering a new era — the company has the means to become number one,” pipping Japan’s Toyota by...
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Nissan To Ax 20,000 After Loss Warning
Japan’s No. 3 automaker is set to post a net loss of almost $3 billion in this financial year and needs to trim costs. To survive the current global economic crisis, Nissan Motor needed to shed some excess weight. About 8.5% of its entire work force, 20,000 jobs, will be cut worldwide after the...
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Toyota expects $5 billion loss
Toyota Motor Corp. said Friday it expects to post an even greater net loss for fiscal 2009 — its first full-year loss since 1950. Blaming world-market conditions, Toyota said Friday it expects to lose 450 billion yen or $5 billion in the current fiscal year — ending in March. Revenue for the third quarter...
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Toyota to Shut Factories for 11 Days
TOKYO — Toyota Motor will idle its plants in Japan for 11 days in February and March to reduce output in the face of steeply declining global vehicle sales, the company said Tuesday. The Japanese auto giant said the suspension will affect production at all 12 of its directly operated domestic plants, which include...
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French, German Leaders Urge Help for European Auto Industry
The leaders of France and Germany agreed at a summit Monday on the need to shore up Europe’s ailing auto industry, but they differed on the merits of a multi-billion dollar EU rescue package to help the region weather the global economic crisis. Lisa Bryant has more for VOA from Paris. French President Nicolas...
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US auto execs plead for Congress to fund bailout
WASHINGTON (Reuters) – U.S. auto executives warned Congress on Tuesday that their industry was teetering on the brink of disaster as they pleaded for a $25 billion (£16.58 billion) aid package despite political opposition to another multibillion-dollar government bailout. The hearings come as government and business officials around the globe decide if, and how,...
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Fiat CEO says car aid should not be selective
TURIN, Italy (Reuters) – Possible government aid for Europe’s ailing car industry should be broad based and not selective, Fiat SpA (FIA.MI: Quote, Profile, Research) Chief Executive Officer Sergio Marchionne said on Wednesday. The European Union is studying support for its carmakers, and Industry Commissioner Guenter Verheugen has signalled support for a German offer...
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Ford loses $2.9 billion on automotive operations in third quarter
Struggling Ford Motor Co. today posted a narrower net loss for the third quarter, but said it lost $2.9 billion on automotive operations during the period as demand for its vehicles collapsed. The No. 2 U.S. automaker also said it would make further cuts in its white-collar worker ranks in an attempt to further...
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Toyota says market worsening, U.S. outlook weak
TOKYO (Reuters) – The president of Toyota Motor Corp (7203.T) said the business environment has deteriorated beyond earlier expectations and predicted the key North American car market would remain sluggish through next year. Katsuaki Watanabe told reporters that he was worried the financial market turmoil originating in the United States was starting to impact...
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Germany’s Car Industry Crashes
For years, Germany Inc.’s best promotional vehicles have been the world-class luxury cars the country produces. Shiny Audi, BMW and Mercedes-Benz cars are like mobile billboards for excellence, from New York to Moscow, Buenos Aires to Shanghai. But as the global financial crisis begins to take its toll on the real economy, Germany’s export...
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