China’s Beijing Auto to assist Koenigsegg with SAAB purchase

As we reported last week Koenigsegg will not seek additional Swedish government funding in its purchase of SAAB from General Motors, however, according to a report published by Reuters Newsagency today, China’s Beijing Automotive Industry Holdings Company will take a minority stake in Koenigsegg to further assist the group with its purchase.

It’s the second such [...]

GM angers Germany over Opel decision

The game of brinkmanship that General Motors has been playing over the future of its loss-making European subsidiary, GM Europe, which makes Opel and Vauxhall vehicles, has started to unravel it would seem.

GM has been suggesting for more than a week that it was about to decide between two suitors for Opel/Vauxhall and would announce [...]

‘New GM’ exits bankruptcy – prepares for future

Leaner, meaner and a with a whole lot less debt than it had 40 days ago, a new General Motors Company has emerged from Chapter 11 bankruptcy protection in the United States.

GM’s chief executive officer, Fritz Henderson, has described the new company as the “most public private company in the world” a reference to the [...]

Judge approves General Motors sale plan

A US judge has approved General Motors’ bankruptcy sale, in a move that will allow the company’s most profitable assets to exit Chapter 11 bankruptcy protection under government ownership.

Reuters Newsagency says Judge Robert Gerber of the US bankruptcy court in Manhattan said the sale would “prevent the death of the patient on the operating table.”

Opel/Vauxhall future decided soon

While General Motors thrashes out the intricacies of its future in a US bankruptcy court, across in Europe the future of its loss-making Opel/Vauxhall subsidiary also hangs in the balance.

It seems increasingly likely that a majority chunk of GM Europe will end up in the hands of Canadian car parts maker Magna International and its [...]

Porsche to cut 911 production – report

Weakening demand may force German sports car maker Porsche to further cut production of its iconic 911 model, according to reports.

Reuters Newsagency says that the falling sales is forcing Porsche to consider cutting production later this year at its main Zuffenhausen plant near Stuttgart where the 911 Carrera is built.

New GM moves a step closer

General Motors has taken a step closer to the creation of the “New GM” that will be its corporate future with its chief executive telling a US bankruptcy court that the sale of GM’s main assets to the government-backed “New GM” must win court approval in order for the iconic carmaker to survive.

Fritz Henderson told [...]

Holden posts $70.2 million loss

Holden has today announced a $70.2 million loss for the 2007-08 financial year.

The big loss came after the company tallied up charges of $76.8 million that relate to the forthcoming closure of its Family II engine plant in Port Melbourne, Victora as well as a $50.3 million hit on employee’s superannuation as the financial crisis [...]

Chrysler gets back into production

Just a week after it finalised the deal with Italian carmaker Fiat that allowed it to move out of bankruptcy, Chrysler Group LLC has said it will restart seven of its North American plants the week of June 29.

The plants, which have been closed since Chrysler filed for bankruptcy on April 30, will open to [...]