Wednesday, March 28, 2007
Coming next year - the Infiniti G37 coupe
INFINITI, Nissan's up-market brand which lands in Europe next year, has revealed photographs of the G37 Coupe.
The coupe will go on show at next month's New York Motor Show (the brand is already established in the US) and will come to the UK as a RHD version in 2008.
A new 3.7-litre VVEL 24-valve DOHC V6 engine will produce an estimated 330 horsepower and 270 lb-ft of torque.
Prices have not been announced but we suggest they will head northwards from £30,000.
DATED: 28.03.07
FEED: AW
The coupe will go on show at next month's New York Motor Show (the brand is already established in the US) and will come to the UK as a RHD version in 2008.
A new 3.7-litre VVEL 24-valve DOHC V6 engine will produce an estimated 330 horsepower and 270 lb-ft of torque.
Prices have not been announced but we suggest they will head northwards from £30,000.
DATED: 28.03.07
FEED: AW
MG production launched in China
PRODUCTION of MG cars commenced in China, yesterday, as Nanjing Automobile started assembling the MG7 and TF sports car.
The MG7 is a mid-scale saloon and the TF is the first sports car to be manufactured in China.
The new factory, in the eastern city of Nanjing, where the state-owned Chinese automaker was founded 60 years ago, has taken just 1-year to build.
DATED: 28.03.07
FEED: AW
The MG7 is a mid-scale saloon and the TF is the first sports car to be manufactured in China.
The new factory, in the eastern city of Nanjing, where the state-owned Chinese automaker was founded 60 years ago, has taken just 1-year to build.
DATED: 28.03.07
FEED: AW
Future of Automotive Skills subject of debate
THE SECTOR Skills agency is expected to make a decision 'within weeks' on the future of troubled Automotive Skills.
Since last October, when chief executive Patricia Richards left the organisation without explanation, the IMI chief, Sarah Sillars, has been temporarily holding the fort at Automotive Skills.
Amidst stories of massive over-spending and lax management, Sillars has now presented her recommendations for Automotive Skills to the Sector Skills Council.
Within the options put forward are that the body should merge with the larger SEMTA (Science, Engineering and Manufacturing Technologies Alliance), or merge with the Institute of the Motor Industry.
A spokesman for the IMI told AutoWired that the Sector Skills Council is looking at a number of models regarding the future of Automotive Skills.
"It is in their hands. They are considering the models. Any further announcements will come from them," he said.
DATED: 28.03.07
FEED: AW
Since last October, when chief executive Patricia Richards left the organisation without explanation, the IMI chief, Sarah Sillars, has been temporarily holding the fort at Automotive Skills.
Amidst stories of massive over-spending and lax management, Sillars has now presented her recommendations for Automotive Skills to the Sector Skills Council.
Within the options put forward are that the body should merge with the larger SEMTA (Science, Engineering and Manufacturing Technologies Alliance), or merge with the Institute of the Motor Industry.
A spokesman for the IMI told AutoWired that the Sector Skills Council is looking at a number of models regarding the future of Automotive Skills.
"It is in their hands. They are considering the models. Any further announcements will come from them," he said.
DATED: 28.03.07
FEED: AW
Dealers join the queue for MG franchise
AROUND 80 dealers have expressed interest in running franchises for the reborn MG brand in Britain, said a Nanjing spokesman, this morning.
Earlier this year, it was thought a 50-strong network would be created but interest has been stronger than anticipated after two models were sent down the unfinished production lines in Longbridge two months ago.
The new UK built two-seaters will begin pilot assembly in May with production starting in the autumn for delivery to dealers by the end of the year.
Longbridge will supply two-seaters based on the MG-TF to markets taking right hand drive models.
DATED: 28.03.07
FEED: AW
Earlier this year, it was thought a 50-strong network would be created but interest has been stronger than anticipated after two models were sent down the unfinished production lines in Longbridge two months ago.
The new UK built two-seaters will begin pilot assembly in May with production starting in the autumn for delivery to dealers by the end of the year.
Longbridge will supply two-seaters based on the MG-TF to markets taking right hand drive models.
DATED: 28.03.07
FEED: AW
Vertu on road to expansion with Bristol Street
VERTU MOTORS has formally completed the acquisition of Bristol Street Group.
Shareholders at yesterday's extraordinary general meeting gave Vertu the go ahead for the acquisition and the placing of £26.2m of its ordinary shares and the re-admission of the entire issued share capital of Vertu to trading on AIM.
"We are delighted to have completed the acquisition of Bristol Street Motors, Paul Williams and his team have worked tirelessly to bring this transaction to fruition and it is my pleasure to welcome them into the Vertu Motors fold," said CEO, Robert Forrester.
"The completion of this transaction is the first step in the delivery of our strategy as set out at the time of our IPO and provides us with the perfect platform from which we can take advantage of consolidation opportunities in the UK motor retail market."
DATED: 28.03.07
FEED: AW
Shareholders at yesterday's extraordinary general meeting gave Vertu the go ahead for the acquisition and the placing of £26.2m of its ordinary shares and the re-admission of the entire issued share capital of Vertu to trading on AIM.
"We are delighted to have completed the acquisition of Bristol Street Motors, Paul Williams and his team have worked tirelessly to bring this transaction to fruition and it is my pleasure to welcome them into the Vertu Motors fold," said CEO, Robert Forrester.
"The completion of this transaction is the first step in the delivery of our strategy as set out at the time of our IPO and provides us with the perfect platform from which we can take advantage of consolidation opportunities in the UK motor retail market."
DATED: 28.03.07
FEED: AW
Saarlouis starts C-Max production Genk starts rolling-out Mondeos
PRODUCTION OF the new Ford C-Max started, yesterday at the Ford plant in Saarlouis, Germany.
Roland Henz, lord mayor of Saarlouis, and plant manager, Jacques Pollenus, drove the first vehicle from the production line. The new C-Max will be launched across Europe starting in May. Production volume in 2007 is expected to be 129,000 units.
The Saarlouis plant is working at a maximum daily capacity of 1,920 units, producing 1,300 units of the Focus three- and five-door models, as well as the estate and 620 units of the Ford C-Max.
DATED: 28.03.07
FEED: AW
Roland Henz, lord mayor of Saarlouis, and plant manager, Jacques Pollenus, drove the first vehicle from the production line. The new C-Max will be launched across Europe starting in May. Production volume in 2007 is expected to be 129,000 units.
The Saarlouis plant is working at a maximum daily capacity of 1,920 units, producing 1,300 units of the Focus three- and five-door models, as well as the estate and 620 units of the Ford C-Max.
DATED: 28.03.07
FEED: AW
Tuesday, March 27, 2007
Porsche raises VW stake to 30.9%
AS PREDICTED, Porsche has raised its holding in Volkswagen to 30.9%.
The purchase triggered a mandatory takeover offer under German law, but as the sports car-maker is offering only the minimum price required by law for the remaining shares in Volkswagen, there will be few accepting the offer.
Porsche boss, Wendelin Wiedeking, said the move was to stop hedge funds dismantling VW.
The completion of the latest share acquisition is expected to take place on Wednesday.
Volkswagen shares fell 4.8% on the news. Porsche shares gained more than 3%.
DATED: 27.03.07
FEED: AW
The purchase triggered a mandatory takeover offer under German law, but as the sports car-maker is offering only the minimum price required by law for the remaining shares in Volkswagen, there will be few accepting the offer.
Porsche boss, Wendelin Wiedeking, said the move was to stop hedge funds dismantling VW.
The completion of the latest share acquisition is expected to take place on Wednesday.
Volkswagen shares fell 4.8% on the news. Porsche shares gained more than 3%.
DATED: 27.03.07
FEED: AW
OFT clears Inchcape EMH take-over
INCHCAPE'S acquisition of European Motor Holdings will not be referred to the Competition Commission -f for the moment.
The Office of Fair Trading said it would accept appropriate undertakings from Inchcape to address the competition concerns that arose from the merger.
The OFT said it would make a decision 'as soon as is reasonably practicable'.
DATED: 27.03.07
FEED: AW
The Office of Fair Trading said it would accept appropriate undertakings from Inchcape to address the competition concerns that arose from the merger.
The OFT said it would make a decision 'as soon as is reasonably practicable'.
DATED: 27.03.07
FEED: AW
Nanjing may sell 50% stake in MG unit
NANJING AUTOMOBILE may sell up to 50% of its stake in Nanjing MG Motor, the unit responsible for producing MG cars in both China and Longbridge in the UK.
The company confirmed it is looking for up to £200m to fund increased production.
"We have been in talks with several potential partners, including funds, in North America and Europe and could sell as much as 50 percent, general manager, Zhang Xin," said.
Last week, the Chinese car-maker said it was looking for financial support from the Beijing government.
DATED: 27.03.07
FEED: AW
The company confirmed it is looking for up to £200m to fund increased production.
"We have been in talks with several potential partners, including funds, in North America and Europe and could sell as much as 50 percent, general manager, Zhang Xin," said.
Last week, the Chinese car-maker said it was looking for financial support from the Beijing government.
DATED: 27.03.07
FEED: AW
Tony Bramall sells £20m of Lookers' shares
TONY BRAMALL has sold 10m of his shares in Lookers Group, leaving him and his family with 33,835,710 shares - 18.8% of the company's share capital.
He said he is not intending to make any further disposals in the foreseeable future.
"We have made this disposal for portfolio management and personal reasons and in the light of institutional demand following the recent excellent results," he said.
Bramall, who sold his CD Bramall empire to Pendragon and then bought Lookers shares to help it fend-off a hostile take-over from Pendragon, sold the shares (5.5% of Lookers' share capital) at 208p each.
Bramall is a member of the board of directors at Lookers.
DATED: 27.03.07
FEED: AW
He said he is not intending to make any further disposals in the foreseeable future.
"We have made this disposal for portfolio management and personal reasons and in the light of institutional demand following the recent excellent results," he said.
Bramall, who sold his CD Bramall empire to Pendragon and then bought Lookers shares to help it fend-off a hostile take-over from Pendragon, sold the shares (5.5% of Lookers' share capital) at 208p each.
Bramall is a member of the board of directors at Lookers.
DATED: 27.03.07
FEED: AW
Porsche pulls a fast one with VW bid
PORSCHE is increasing its stake in Volkswagen.
The German sports car-maker is taking advantage of the market so that it can boost its control over VW but without the cost of having to take-over the whole company.
Porsche seized the opportunity on Friday after a surge in VW shares.
Porsche already controls 27.3% of VW's voting rights, but if its holding reaches the 31% mark, by law it has to meet a mandatory requirement to offer to buy-out all remaining shares.
As VW shares rose over the past few days, Porsche is seizing the opportunity to buy a further 3.7% of VW and, at the same time, will offer to buy all the remaining shares at a price which is 14% below Friday's closing price.
Few, if any, of VW shareholders are likely to accept such a low offer.
DATED: 27.03.07
FEED: AW
The German sports car-maker is taking advantage of the market so that it can boost its control over VW but without the cost of having to take-over the whole company.
Porsche seized the opportunity on Friday after a surge in VW shares.
Porsche already controls 27.3% of VW's voting rights, but if its holding reaches the 31% mark, by law it has to meet a mandatory requirement to offer to buy-out all remaining shares.
As VW shares rose over the past few days, Porsche is seizing the opportunity to buy a further 3.7% of VW and, at the same time, will offer to buy all the remaining shares at a price which is 14% below Friday's closing price.
Few, if any, of VW shareholders are likely to accept such a low offer.
DATED: 27.03.07
FEED: AW
Sunday, March 25, 2007
Disappointed Nash sees no help for green-minded
SAAB GB managing director, Jonathan Nash, says that Gordon Brown's changes to vehicle excise duty (VED) would give no encouragement to private buyers of a flex-fuel car.
"Vehicles that run on bioethanol E85 such as the Saab Bio Power range typically reduce CO2 emissions by 50-70 per cent. Unfortunately, Mr Brown's headline-grabbing increase in VED, which is designed to hit the most polluting cars on the road, won't help green-minded drivers to opt for a flex-fuel car," he said.
"I am deeply disappointed that vehicle excise duty (VED) rates take no account of the positive contribution that biofuels can make. That makes no sense if the chancellor's objective is to reduce CO2 from road transport," Nash pointed out.
DATED: 25.03.07
FEED: AW
"Vehicles that run on bioethanol E85 such as the Saab Bio Power range typically reduce CO2 emissions by 50-70 per cent. Unfortunately, Mr Brown's headline-grabbing increase in VED, which is designed to hit the most polluting cars on the road, won't help green-minded drivers to opt for a flex-fuel car," he said.
"I am deeply disappointed that vehicle excise duty (VED) rates take no account of the positive contribution that biofuels can make. That makes no sense if the chancellor's objective is to reduce CO2 from road transport," Nash pointed out.
DATED: 25.03.07
FEED: AW
MG SETBACK: Nanjing seeks Chinese government aid
NANJING AUTOMOBILE, which hopes to see production of MGs re-commence at Longbridge in the UK, next month, is asking the Beijing government for financial support.
China's oldest car-maker has asked the National People's Congress (NPC) for support, fuelling rumours that the company is in difficulty.
The company is reported to have submitted a proposal to the NPC, seeking government support for up to three billion yuan (about £200m, $390m)
The Chinese car-maker plans to start production of MG cars in Nanjing, next week.
It is planning to build 200,000 MG vehicles in Chine over the next 5-years.
DATED: 25.03.07
FEED: AW
China's oldest car-maker has asked the National People's Congress (NPC) for support, fuelling rumours that the company is in difficulty.
The company is reported to have submitted a proposal to the NPC, seeking government support for up to three billion yuan (about £200m, $390m)
The Chinese car-maker plans to start production of MG cars in Nanjing, next week.
It is planning to build 200,000 MG vehicles in Chine over the next 5-years.
DATED: 25.03.07
FEED: AW
Green Car Show debut for new Axon Caterham
AXON AUTOMOTIVE, based in Wellingborough, Northamptonshire, will make its debut at the Co-operative Insurance-sponsored, Sexy Green Car Show.
The company will show its Eco-M edition based on a Caterham 7 Classic. It uses the standard 1.4 litre petrol engine. To improve its aerodynamics and reduce its weight Axon has done away with the roof and windscreen and brought-in new lightweight components made from recycled carbon fibre.
Alongside the Eco-M, Axon is building an affordable, environmentally-friendly hatchback which should be available in 2008.
DATED: 25.03.07
FEED: AW
The company will show its Eco-M edition based on a Caterham 7 Classic. It uses the standard 1.4 litre petrol engine. To improve its aerodynamics and reduce its weight Axon has done away with the roof and windscreen and brought-in new lightweight components made from recycled carbon fibre.
Alongside the Eco-M, Axon is building an affordable, environmentally-friendly hatchback which should be available in 2008.
DATED: 25.03.07
FEED: AW
Mercedes-Benz takes action on prices
MERCEDES-BENZ has adjusted the prices of some of its models, registered from 1 April 2007, applying an average increase of 0.6% across the range.
The list price for the entry-level A 150 Classic 3-door hatch rises £70, giving an on-the-road price of £13,840.
Four model ranges: C-Class Estate, the new CL-Class Coupé, the R-Class Luxury Multi-Activity Vehicle and the award-winning S-Class Saloon, remain at their 2006 price levels.
Similarly, the M-Class Edition S, SLK-Class Sport Edition and SLK Edition 10 remain at their previous prices.
DATED: 25.03.07
FEED: AW
The list price for the entry-level A 150 Classic 3-door hatch rises £70, giving an on-the-road price of £13,840.
Four model ranges: C-Class Estate, the new CL-Class Coupé, the R-Class Luxury Multi-Activity Vehicle and the award-winning S-Class Saloon, remain at their 2006 price levels.
Similarly, the M-Class Edition S, SLK-Class Sport Edition and SLK Edition 10 remain at their previous prices.
DATED: 25.03.07
FEED: AW
Proton clears Lotus' £40m debts
PROTON HAS wiped the slate clean for its UK subsidiary, Group Lotus.
Malaysia's national car maker has given Lotus a £40m loan to enable it to pay-off the debts it has run up with external lenders.
Proton is to convert the loan into further equity in the Norfolk-based company, effectively writing it off unless, and until, the firm can turn around its financial fortunes.
DATED: 25.03.07
FEED: AW
Malaysia's national car maker has given Lotus a £40m loan to enable it to pay-off the debts it has run up with external lenders.
Proton is to convert the loan into further equity in the Norfolk-based company, effectively writing it off unless, and until, the firm can turn around its financial fortunes.
DATED: 25.03.07
FEED: AW
