Thursday, August 28, 2008
Lamborghini expands UK dealer network
Jardine Motors opens fifth showroom
Lamborghini has expanded its UK dealer network to five sites with the opening of a dealership in Reading.
Jardine Motors Group has been appointed to operate the new Lamborghini Reading dealership, located at Bennet Road.
The site started operations in July from temporary facilities, with a brand new showroom and service centre to be opened in 2009.
Automobili Lamborghini’s president and CEO Stephan Winkelmann said: “The opening of the Reading location strategically serves the Thames Valley corridor and the south west.
“The UK is extremely important to Lamborghini as one of our five most significant world-wide markets.”
Lamborghini has increased its worldwide dealer network from 65 outlets at the start of 2005 to 117 with this latest appointment.
The Italian manufacturer recorded a record year in 2007, with a 15.3 per cent increase in deliveries up to 2406 cars woldwide.
DATED: 28.08.08
FEED: MT
Lamborghini has expanded its UK dealer network to five sites with the opening of a dealership in Reading.
Jardine Motors Group has been appointed to operate the new Lamborghini Reading dealership, located at Bennet Road.
The site started operations in July from temporary facilities, with a brand new showroom and service centre to be opened in 2009.
Automobili Lamborghini’s president and CEO Stephan Winkelmann said: “The opening of the Reading location strategically serves the Thames Valley corridor and the south west.
“The UK is extremely important to Lamborghini as one of our five most significant world-wide markets.”
Lamborghini has increased its worldwide dealer network from 65 outlets at the start of 2005 to 117 with this latest appointment.
The Italian manufacturer recorded a record year in 2007, with a 15.3 per cent increase in deliveries up to 2406 cars woldwide.
DATED: 28.08.08
FEED: MT
Kia Motors boss returns to Volkswagen
Paul Willis will head up the brand's Irish business
After moving from Volkswagen to Kia in January this year, Paul Willis is moving back to VW as managing director of the group’s operations in Ireland.
From 1 October Willis will take over from Bob O’Callaghan, who will be retiring after 43 years with the company.
Willis’s appointment will coincide with the transfer of responsibility for the import business of VW, Audi, Skoda and VW Commercial Vehicles from O’Flaherty Holdings to Volkswagen.
Willis will come to the position from his current position as chief operating officer of Kia Europe.
Willis held his initial position at VW from 2000 to January 2008.
Prior to joining the German brand he worked as a senior manager with Ford and Toyota, followed by director level positions with Mazda UK and BMW GB.
VW has said Ireland is an increasingly important market for the group, which holds a market share of 18.3 per cent in the country.
DATED: 28.08.08
FEED: MT
After moving from Volkswagen to Kia in January this year, Paul Willis is moving back to VW as managing director of the group’s operations in Ireland.
From 1 October Willis will take over from Bob O’Callaghan, who will be retiring after 43 years with the company.
Willis’s appointment will coincide with the transfer of responsibility for the import business of VW, Audi, Skoda and VW Commercial Vehicles from O’Flaherty Holdings to Volkswagen.
Willis will come to the position from his current position as chief operating officer of Kia Europe.
Willis held his initial position at VW from 2000 to January 2008.
Prior to joining the German brand he worked as a senior manager with Ford and Toyota, followed by director level positions with Mazda UK and BMW GB.
VW has said Ireland is an increasingly important market for the group, which holds a market share of 18.3 per cent in the country.
DATED: 28.08.08
FEED: MT
Pendragon in the black but cuts dividend
Britain's biggest car dealership, Pendragon, which said eight weeks ago that it was difficult to forecast year-end profits after a sharp fall in sales, will announce this week it will slash its dividend. Trevor Finn, the group's chief executive, is to scale down the payout to reflect the tougher economic conditions Pendragon is facing. But it is understood he will not scrap it. The company will reveal, when it reports full-year results, that pre-tax profits have collapsed from the previous year's figure of £34.8 million on sales of £5.1 billion.
DATED: 28.08.08
FEED: AW
DATED: 28.08.08
FEED: AW
Electric sports car to be made in the UK
Tesla Motors, a silicon valley start-up company is to begin UK production of its £92,000 electric sports car. The car, based on a Lotus Elise, is currently built at Lotus in Norfolk and transported to the United States to have the electric drivetrain and battery packs fitted. Tesla is now planning to have the final assembly of cars for the European market carried out in Britain. In the US, Tesla has an order book for more than 1,100 roadster cars with 60 orders from Europe. By the end of 2010, Tesla intends to offer a second model, a four-door, four-seater coupe.
DATED: 28.08.08
FEED: AW
DATED: 28.08.08
FEED: AW
BMW leads industry in emissions cuts
BMW is reducing its vehicles' emissions at four times the rate of other major manufacturers, according to a leading Brussels-based environmental watchdog group. The average new car sold last year by the Munich-based carmaker typically emitted 7.3 per cent less carbon dioxide per kilometer than in 2006, according to a report on carmakers' fuel efficiency by Transport & Environment, the campaign group. The finding will vindicate BMW's Efficient Dynamics strategy of improving fuel efficiency and reducing emissions across its vehicle lineup, rather than focusing on a small number of image-boosting "eco-cars." BMW, with a fleet dominated by the kind of high-performance luxury cars now in the sights of carbon-cutting legislators, has one of the industry's largest research and development budgets. It is investing heavily in more efficient engines, "stop-start" or microhybrid systems, and other emissions-cutting technology in response to pressure from local and national regulators, including the European Union, which wants carmakers to cut their cars' average CO2 by about a quarter by 2012 to 130 g/km.
DATED: 28.08.08
FEED: AW
DATED: 28.08.08
FEED: AW
Lookers battles challenging market conditions
Top 10 AM100 dealer group Lookers this morning reported a dip in operating profits from trading over the first half of 2008.
Turnover increased by 18.2% to £1,039.2 million against £878.9 million in the same period last year.
However this boost was largely due to acquisition and integration of rival dealer Dutton Forshaw last October, and the May acquisition of Bramall & Jones Volkswagen outlets, as Lookers reported that like for like new car sales for the first six months were down 4.9%, and used car sales also declined 5%.
Operating profits after amortisation of intangible assets and exceptional items suffered a 5.2% dip to £23.7 million from £25 million.
The group's shares rose 7.4% to 54p following the announcement this morning.
Chief executive Ken Surgenor said: "The more turbulent macroeconomic environment has resulted in challenging trading conditions across the UK new and used car markets particularly in May and June and this has impacted the performance of our new and used car businesses.
"However, I am pleased to announce that against this tougher backdrop the group has delivered a solid performance for the period.
"Our diversified business model gives us the flexibility to adapt to the current uncertainties within the UK and global economies and our used car supermarkets and independent parts businesses are showing significant year on year progress."
Lookers expects its year-end results to be at the lower end of market expectations, as it does not predict an improvement in the market this year.
Focus on tight control of working capital has left the business in a stronger position, with £44.4m of working capital compared to £24.3m last year, and gearing has reduced from 113% to 98%.
The company has also taken some cost out of the business, through closing four satellite dealerships and considering dual-franchising showrooms where necessary.
"The subsequent benefits will begin to be seen in the second half, and will be more substantial in 2009," said Surgenor.
It now operates 139 dealerships representing 31 brands.
Lookers reports that its used car supermarkets have returned to profit following changes to their management structure and the closure of one site, Essex Trade Centre.
It said it has had a solid first half performance from its aftermarket parts division, which contributed £66.1m to total turnover. This division includes distributor FPS, braking parts supplier Apec and BTN Turbo Charger Service.
DATED: 28.08.08
FEED: AM
Turnover increased by 18.2% to £1,039.2 million against £878.9 million in the same period last year.
However this boost was largely due to acquisition and integration of rival dealer Dutton Forshaw last October, and the May acquisition of Bramall & Jones Volkswagen outlets, as Lookers reported that like for like new car sales for the first six months were down 4.9%, and used car sales also declined 5%.
Operating profits after amortisation of intangible assets and exceptional items suffered a 5.2% dip to £23.7 million from £25 million.
The group's shares rose 7.4% to 54p following the announcement this morning.
Chief executive Ken Surgenor said: "The more turbulent macroeconomic environment has resulted in challenging trading conditions across the UK new and used car markets particularly in May and June and this has impacted the performance of our new and used car businesses.
"However, I am pleased to announce that against this tougher backdrop the group has delivered a solid performance for the period.
"Our diversified business model gives us the flexibility to adapt to the current uncertainties within the UK and global economies and our used car supermarkets and independent parts businesses are showing significant year on year progress."
Lookers expects its year-end results to be at the lower end of market expectations, as it does not predict an improvement in the market this year.
Focus on tight control of working capital has left the business in a stronger position, with £44.4m of working capital compared to £24.3m last year, and gearing has reduced from 113% to 98%.
The company has also taken some cost out of the business, through closing four satellite dealerships and considering dual-franchising showrooms where necessary.
"The subsequent benefits will begin to be seen in the second half, and will be more substantial in 2009," said Surgenor.
It now operates 139 dealerships representing 31 brands.
Lookers reports that its used car supermarkets have returned to profit following changes to their management structure and the closure of one site, Essex Trade Centre.
It said it has had a solid first half performance from its aftermarket parts division, which contributed £66.1m to total turnover. This division includes distributor FPS, braking parts supplier Apec and BTN Turbo Charger Service.
DATED: 28.08.08
FEED: AM
Hummer attracts interest from Middle East
Two Gulf-based Arab investors have shown an interest in buying the Hummer brand from General Motors, according to reports.
It follows reports earlier this month that Russian olligarch Oleg Deripaska had held early-stage talks with GM about the brand, although Deripaska has since said he is not interested.
GM remains upbeat about the sales prospects of Hummer, however industry observers question the merit of buying a 4x4-focused brand at a point when the market for large SUVs in western Europe and the USA has crashed.
DATED: 28.08.08
FEED: AM
It follows reports earlier this month that Russian olligarch Oleg Deripaska had held early-stage talks with GM about the brand, although Deripaska has since said he is not interested.
GM remains upbeat about the sales prospects of Hummer, however industry observers question the merit of buying a 4x4-focused brand at a point when the market for large SUVs in western Europe and the USA has crashed.
DATED: 28.08.08
FEED: AM
Network prepares for MG relaunch
MG dealers have now been sent signage for their showrooms and 40 of the 57 dealer designates have now returned their contracts.
NAC MG UK hopes to gradually build up its network to a maximum of 100 dealers following the launch of the new TF in September (an official on sale date still hasn’t been announced).
A spokeswoman for NAC MG UK said: “We’re already promoting the TF LE 500 through owner club magazines and lifestyle magazines, but we won’t be doing a television advertising campaign.”
The UK’s consumer press will be driving and reviewing the TF LE 500 at the end of next week.
NAC MG UK has also confirmed that a standard run of the TF will follow from the 500 run of the limited edition version.
While it’s likely that more models from the MG stable will follow to the UK, like the MG7 saloon, NAC wouldn’t confirm what models would be coming next, citing it was “purely focussing on the TF for now”.
The TF LE 500, which is being constructed at NAC’s Longbridge factory, was absent from the British International Motor Show in July.
However, NAC said it would be representing at other European motor shows in the future.
The LE TF 500 stirred up a bit of controversy when its price tag of £16,399 meant it was more expensive than its nearest competitor, the entry level Mazda MX-5.
DATED: 28.08.08
FEED: AM
NAC MG UK hopes to gradually build up its network to a maximum of 100 dealers following the launch of the new TF in September (an official on sale date still hasn’t been announced).
A spokeswoman for NAC MG UK said: “We’re already promoting the TF LE 500 through owner club magazines and lifestyle magazines, but we won’t be doing a television advertising campaign.”
The UK’s consumer press will be driving and reviewing the TF LE 500 at the end of next week.
NAC MG UK has also confirmed that a standard run of the TF will follow from the 500 run of the limited edition version.
While it’s likely that more models from the MG stable will follow to the UK, like the MG7 saloon, NAC wouldn’t confirm what models would be coming next, citing it was “purely focussing on the TF for now”.
The TF LE 500, which is being constructed at NAC’s Longbridge factory, was absent from the British International Motor Show in July.
However, NAC said it would be representing at other European motor shows in the future.
The LE TF 500 stirred up a bit of controversy when its price tag of £16,399 meant it was more expensive than its nearest competitor, the entry level Mazda MX-5.
DATED: 28.08.08
FEED: AM
Used car dealer cleared by advertising watchdog
Complaints against a marketing campaign by used car dealer Fortnums have been thrown out by the Advertising Standards Authority.
The objections related to individual promotions which offered a free TomTom sat-nav, servicing or RAC breakdown cover to buyers who drove away the same day on purchasing their car.
The complainant, a customer of Fortnums, claimed the offers were bogus and it was not possible to drive away the same day.
However on investigating, the ASA received evidence showing that customers had received the free promotions, on being able to drive.
Fortnums, which has dealerships in Staines and Fareham, said it depended on the customer's financial circumstances whether they could drive away the same day.
DATED: 28.08.08
FEED: AM
The objections related to individual promotions which offered a free TomTom sat-nav, servicing or RAC breakdown cover to buyers who drove away the same day on purchasing their car.
The complainant, a customer of Fortnums, claimed the offers were bogus and it was not possible to drive away the same day.
However on investigating, the ASA received evidence showing that customers had received the free promotions, on being able to drive.
Fortnums, which has dealerships in Staines and Fareham, said it depended on the customer's financial circumstances whether they could drive away the same day.
DATED: 28.08.08
FEED: AM
Tuesday, August 26, 2008
Vehicle production defies economic downturn
Volumes robust in July and ahead over year-to-date
Vehicle production in the UK remains unaffected by the global economic turndown after the industry posted healthy figures in July.
Volumes rose 5.8 per cent year-on-year to 152,076 units, according to the latest figures from the SMMT.
Production over the year-to-date is now up 7.9 per cent compared to the same period last year at almost 1.1 million units.
Car production rose 1 per cent but commercial vehicle production soared by 50 per cent, buoyed by high demand from eastern Europe.
“Commercial vehicle production saw exceptional growth of 50% in July 2008,” said Paul Everitt, SMMT chief executive.
“The 2002-2006 average for the month is around the 15,000 mark, so 21,000 is well above the norm.”
DATED: 26.08.08
FEED: MT
Vehicle production in the UK remains unaffected by the global economic turndown after the industry posted healthy figures in July.
Volumes rose 5.8 per cent year-on-year to 152,076 units, according to the latest figures from the SMMT.
Production over the year-to-date is now up 7.9 per cent compared to the same period last year at almost 1.1 million units.
Car production rose 1 per cent but commercial vehicle production soared by 50 per cent, buoyed by high demand from eastern Europe.
“Commercial vehicle production saw exceptional growth of 50% in July 2008,” said Paul Everitt, SMMT chief executive.
“The 2002-2006 average for the month is around the 15,000 mark, so 21,000 is well above the norm.”
DATED: 26.08.08
FEED: MT
Planners thwart Caffyns' disposals
Plans by publicly listed dealer group Caffyns to raise funds from sales to housing developers of two disused dealerships have been thwarted.
The company had exchanged contracts in 2007 for the sale of a site in Hove to Banner Homes, and another site in East Grinstead to Alburn (Minos) Ltd, both subject to the purchasers' plans for housing developments on each site being approved.
However planning applications were refused, and both sales have now fallen through.
Caffyns said it will now seek alternative buyers for both sites.
The dealer group has been battling to rebuild its business after enduring tough trading conditions in recent years.
It is also current the subject of a campaign by activist investors, who have called for changes in its management board and want the business to consider sale or merger in order to improve returns for shareholders.
DATED: 26.08.08
FEED: AM
The company had exchanged contracts in 2007 for the sale of a site in Hove to Banner Homes, and another site in East Grinstead to Alburn (Minos) Ltd, both subject to the purchasers' plans for housing developments on each site being approved.
However planning applications were refused, and both sales have now fallen through.
Caffyns said it will now seek alternative buyers for both sites.
The dealer group has been battling to rebuild its business after enduring tough trading conditions in recent years.
It is also current the subject of a campaign by activist investors, who have called for changes in its management board and want the business to consider sale or merger in order to improve returns for shareholders.
DATED: 26.08.08
FEED: AM
LDV expands chassic cab range
Van maker LDV is expanding its Maxus line-up with the addition of chassis cab extended frame vehicles.
Available in its chassis cab, dropside and Luton derivatives from September 1, extended frame adds 750mm to the vehicle's length.
It features an uprated rear axle, with the plated weight increasing to 2300KG from the standard 2120KG., and an uprated wheel and tyre assembly.
Further new features include a new longer electrical harness, rear parabolic spring, CAT 6 side repeaters and new long arm mirrors.
MAXUS Extended Frame dropside and Luton vehicles cost £450 more than standard Dropside and Luton models.
Guy Jones, marketing director, said: "The newly launched extended frame range will provide our customers with a class-leading payload of up to 1,474kg alongside an internal load length of 4.20 metres for the extended frame dropside and 4.02 metres for the Luton."
All vehicles will come with MAXUS ONE, LDV’s four year/120,000 mile manufacturer’s warranty and MAXUS Assist which provides roadside assistance in the UK and Europe for two years.
DATED: 26.08.08
FEED: AM
Available in its chassis cab, dropside and Luton derivatives from September 1, extended frame adds 750mm to the vehicle's length.
It features an uprated rear axle, with the plated weight increasing to 2300KG from the standard 2120KG., and an uprated wheel and tyre assembly.
Further new features include a new longer electrical harness, rear parabolic spring, CAT 6 side repeaters and new long arm mirrors.
MAXUS Extended Frame dropside and Luton vehicles cost £450 more than standard Dropside and Luton models.
Guy Jones, marketing director, said: "The newly launched extended frame range will provide our customers with a class-leading payload of up to 1,474kg alongside an internal load length of 4.20 metres for the extended frame dropside and 4.02 metres for the Luton."
All vehicles will come with MAXUS ONE, LDV’s four year/120,000 mile manufacturer’s warranty and MAXUS Assist which provides roadside assistance in the UK and Europe for two years.
DATED: 26.08.08
FEED: AM
Willis quits Kia role to return to German brand
Former Volkswagen UK boss Paul Willis is leaving his current post as chief operating officer of Kia Motors Europe after barely nine months in the role.
On October 1 he will take over responsibility as managing director of Volkswagen Group Ireland from Bob O'Callaghan, who is retiring.
Willis's appointment coincides with Volkswagen AG's taking responsibility for the Irish distribution business of Volkswagen, Audi, Skoda and Volkswagen Commercial Vehicles, previously licensed to O'Flaherty Holdings.
DATED: 26.08.08
FEED: AM
On October 1 he will take over responsibility as managing director of Volkswagen Group Ireland from Bob O'Callaghan, who is retiring.
Willis's appointment coincides with Volkswagen AG's taking responsibility for the Irish distribution business of Volkswagen, Audi, Skoda and Volkswagen Commercial Vehicles, previously licensed to O'Flaherty Holdings.
DATED: 26.08.08
FEED: AM
Motor industry gathers SkillMiles
More than 100 businesses and another 100 individuals have signed up to the automotive sector's SkillMiles initiative in its first six months.
And more than 30,000 SkillMiles points have already been awarded by the Institute of the Motor Industry (IMI) in reward of activity such as participation on working groups or loan of vehicles or equipment.
Collectively, these points are equivalent in value to over £300,000 of support from across the sector.
The SkillMiles scheme was launched by the IMI to award points to individuals and businesses helping to support its work in raising skill levels.
That support can include financial as well as ‘in kind’ contributions, such as a person’s time.
A tiered points system ensures that contributions are weighted fairly and there are four levels of recognition – bronze, silver, gold and platinum.
Through the scheme, the IMI will also be able to show the Government that employers and individuals in the automotive retail industry are making valuable contributions to skills development, which had not been recognised previously on an industry-wide scale.
Sarah Sillars, IMI Chief Executive, said: "The SkillMiles scheme was devised to offer a meaningful way of acknowledging the efforts of employers and individuals in driving forward skills development.
"We’re delighted that so many businesses have already signed up to play their part and have their contribution recognised."
Marshall Motor Group and Snap-on Tools Europe are two of the businesses which have earned SkillMiles for work in promoting careers in the industry at schools and events.
Carole Minter, Marshall's head of HR, said: "In order to attract and retain talented professionals within Marshall Motor Group, it is vital that we assume responsibility for promoting the automotive industry in our territory as well as continuing to develop our people so that they are suitably skilled to deliver a fantastic customer experience whilst ensuring that they are kept up to date with the technological changes that are taking place in the sector."
Terry Barcham, Snap-on Tools Europe managing director, added: "It should be apparent to all of us in the automotive business that we have a gap between perception and reality as to how complex, technologically advanced and customer focused the sector has become.
"SkillMiles is a powerful component in changing that perception.”
During September, the IMI will launch new developments to the SkillMiles website, which will show a list of those signed up and the level they have attained so far.
Among the companies registered are Autodata, bluecycle.com, Clelands of the Borders, Delphi Automotive, Fleet Auction Group, JZMachtech, Lifestyle Europe, Lloyds TSB Autolease, Thatcham and Thunder Road Motorcycles.
DATED: 26.08.08
FEED: AM
And more than 30,000 SkillMiles points have already been awarded by the Institute of the Motor Industry (IMI) in reward of activity such as participation on working groups or loan of vehicles or equipment.
Collectively, these points are equivalent in value to over £300,000 of support from across the sector.
The SkillMiles scheme was launched by the IMI to award points to individuals and businesses helping to support its work in raising skill levels.
That support can include financial as well as ‘in kind’ contributions, such as a person’s time.
A tiered points system ensures that contributions are weighted fairly and there are four levels of recognition – bronze, silver, gold and platinum.
Through the scheme, the IMI will also be able to show the Government that employers and individuals in the automotive retail industry are making valuable contributions to skills development, which had not been recognised previously on an industry-wide scale.
Sarah Sillars, IMI Chief Executive, said: "The SkillMiles scheme was devised to offer a meaningful way of acknowledging the efforts of employers and individuals in driving forward skills development.
"We’re delighted that so many businesses have already signed up to play their part and have their contribution recognised."
Marshall Motor Group and Snap-on Tools Europe are two of the businesses which have earned SkillMiles for work in promoting careers in the industry at schools and events.
Carole Minter, Marshall's head of HR, said: "In order to attract and retain talented professionals within Marshall Motor Group, it is vital that we assume responsibility for promoting the automotive industry in our territory as well as continuing to develop our people so that they are suitably skilled to deliver a fantastic customer experience whilst ensuring that they are kept up to date with the technological changes that are taking place in the sector."
Terry Barcham, Snap-on Tools Europe managing director, added: "It should be apparent to all of us in the automotive business that we have a gap between perception and reality as to how complex, technologically advanced and customer focused the sector has become.
"SkillMiles is a powerful component in changing that perception.”
During September, the IMI will launch new developments to the SkillMiles website, which will show a list of those signed up and the level they have attained so far.
Among the companies registered are Autodata, bluecycle.com, Clelands of the Borders, Delphi Automotive, Fleet Auction Group, JZMachtech, Lifestyle Europe, Lloyds TSB Autolease, Thatcham and Thunder Road Motorcycles.
DATED: 26.08.08
FEED: AM
New design chief at Chrysler
Chrysler has replaced its head of design with Ralph Gilles, the designer responsible for its only widely successful model, the 300C.
Trevor Creed, the former head, is retiring at the end of the month.
Creed led Chrysler to launch a raft of distinctive products to its global markets, including the PT Cruiser hatchback and Viper supercar.
Reports suggest that Gilles wants to add more attention to detail in future products, and may abandon Chrysler's more angular designs in favor of a swooping, aerodynamic look that will be perceived as more fuel efficient.
DATED: 26.08.08
FEED: AM
Trevor Creed, the former head, is retiring at the end of the month.
Creed led Chrysler to launch a raft of distinctive products to its global markets, including the PT Cruiser hatchback and Viper supercar.
Reports suggest that Gilles wants to add more attention to detail in future products, and may abandon Chrysler's more angular designs in favor of a swooping, aerodynamic look that will be perceived as more fuel efficient.
DATED: 26.08.08
FEED: AM
Carmakers fall short of cutting CO2 emissions
Car manufacturers have only reduced their CO2 emissions by 1.7% over the last year, a figure drastically short of the average 17% cut they have to achieve over the next four years to comply with planned Europe legislation.
According to Transport and Environment, a green non-governmental organisation, BMW made the largest step forward, with a 7.3% cut in its emissions, while Honda’s average CO2 emissions increased by 1.1%.
French and Italian carmakers remain in the best position to meet the 130 g/km CO2 target by 2012, as proposed by the European Commission last December.
DATED: 26.08.08
FEED: AM
According to Transport and Environment, a green non-governmental organisation, BMW made the largest step forward, with a 7.3% cut in its emissions, while Honda’s average CO2 emissions increased by 1.1%.
French and Italian carmakers remain in the best position to meet the 130 g/km CO2 target by 2012, as proposed by the European Commission last December.
DATED: 26.08.08
FEED: AM
