Thursday, April 02, 2009
Experian wins new contract
The Retail Automotive Alliance has signed a renewed contract with Experian for vehicle data checks. It won a tender process under which the RAA considered products from rival provenance check companies. The three year contract with the RAA's 22 dealer group members represents an expected stock turn of 103,000 vehicles.
Experian was first appointed as the RAA's supplier of provenance services in 2007.
Marc Matthew, the RAA chairman and also chairman of the Lifestyle Europe dealer group, said: “We have enjoyed an excellent working relationship with Experian over the last two years, and our review of other provenance services showed that Experian’s continues to be the best choice in the marketplace. So much so, all of our members were unanimous in the decision to continue our relationship with Experian.”
DATED: 02.04.09
FEED: AM
Experian was first appointed as the RAA's supplier of provenance services in 2007.
Marc Matthew, the RAA chairman and also chairman of the Lifestyle Europe dealer group, said: “We have enjoyed an excellent working relationship with Experian over the last two years, and our review of other provenance services showed that Experian’s continues to be the best choice in the marketplace. So much so, all of our members were unanimous in the decision to continue our relationship with Experian.”
DATED: 02.04.09
FEED: AM
GM Chief says Bankruptcy a consideration
General Motors' new chief executive said yesterday that the carmaker is prepared to enter bankruptcy if it cannot restructure by itself.
Fritz Henderson, who became CEO after Rick Wagoner was ousted at the weekend, said: "Our preference is to do this outside a bankruptcy process."
However he revealed the carmaker has made contingency plans for bankruptcy should it be impossible to renegotiate its committments to bondholders and the United Auto Workers union.
DATED: 02.04.09
FEED: AM
Fritz Henderson, who became CEO after Rick Wagoner was ousted at the weekend, said: "Our preference is to do this outside a bankruptcy process."
However he revealed the carmaker has made contingency plans for bankruptcy should it be impossible to renegotiate its committments to bondholders and the United Auto Workers union.
DATED: 02.04.09
FEED: AM
Pendragon Confirms Discussions with Lenders
The UK's largest dealer group Pendragon today confirmed that it is in the process of negotiating its borrowings.
In a statement, it said: "The Board of Pendragon notes the increase in the Group's share price following recent press speculation about a potential restructuring of its existing borrowing arrangements.
"Pendragon confirms it has been reviewing its financing structure in light of the current economic climate.
"As part of that review we can confirm that we are having discussions with lenders regarding changes to our loan agreements which would make them more appropriate for anticipated future trading conditions.
"We will make a further announcement when appropriate.
Pendragon has been busy cutting the debt pile left over from its takeover of Reg Vardy by reducing staff count and dealer outlets.
The company was forced to request a covenant waiver late last year in order not to breach the terms of its borrowings.
There had been speculation that renegotiating its debts will cost £25m, including a one off hit of £7.5m.
DATED: 02.04.09
FEED: AM
In a statement, it said: "The Board of Pendragon notes the increase in the Group's share price following recent press speculation about a potential restructuring of its existing borrowing arrangements.
"Pendragon confirms it has been reviewing its financing structure in light of the current economic climate.
"As part of that review we can confirm that we are having discussions with lenders regarding changes to our loan agreements which would make them more appropriate for anticipated future trading conditions.
"We will make a further announcement when appropriate.
Pendragon has been busy cutting the debt pile left over from its takeover of Reg Vardy by reducing staff count and dealer outlets.
The company was forced to request a covenant waiver late last year in order not to breach the terms of its borrowings.
There had been speculation that renegotiating its debts will cost £25m, including a one off hit of £7.5m.
DATED: 02.04.09
FEED: AM
Tuesday, March 31, 2009
Kia unveil dramatic wind-assisted Aero-Soul
In a dramatic move aimed at delivering environmental benefits without expensive technology Kia has revealed its new Aero-Soul concept that reduces fuel consumption and exhaust emissions with a simple and low-cost system called Air Propulsion and Retardation Installation Line.
Although unveiled on the company's stylish and fun cross-over Soul the patented system can be easily extended to all the company's vehicles and will even be available as a bolt-on accessory for vehicles already in use.
The system relies on small sensors built into the front and rear bumpers which monitor external wind speed and deploy panels when the wind is sufficient to provide additional directional impetus according to the car's behaviour.
So at cruising speeds if the wind behind the car is strong - such as in winter gales - the panels will harness wind power to provide forward motion. If the car is slowing or under braking the panels will deploy to provide additional retardation effort. Additionally a small electrically powered baffle can be lowered just behind the exhaust pipe under harsh braking to provide the kind of "reverse-thrust" normally associated with aircraft during landing - this element will only be available as a factory-fitted device.
Systems Manager Avril Babo at Kia's Eco-Technology Research Institute in Mabuk, south of Seoul said: "The big problem with most emission reduction systems is that they are expensive. We wanted to come up with an answer that didn't cost the earth and could be retrospectively applied to cars already on the road.
"Tests of this system at our Nong Dam facility have shown that during windy weather fuel consumption can be reduced by up to 25 per cent and emissions by anything up 40 per cent. Even in calm weather using the system simply under braking can result in reductions of 10 per cent and 15 per cent respectively. In perfect conditions - downhill with a following wind fuel use and exhaust gasses can be reduced to almost zero! Plus, brake-pad life can be extended by anything up to 50 per cent depending on driver behaviour, she added.
The new A.P.R.I.L. system will be available on all vehicles ordered after midnight on March 31, 2010 and the accessory pack will be available the following day. Prices will be announced in due course.
Although unveiled on the company's stylish and fun cross-over Soul the patented system can be easily extended to all the company's vehicles and will even be available as a bolt-on accessory for vehicles already in use.
The system relies on small sensors built into the front and rear bumpers which monitor external wind speed and deploy panels when the wind is sufficient to provide additional directional impetus according to the car's behaviour.
So at cruising speeds if the wind behind the car is strong - such as in winter gales - the panels will harness wind power to provide forward motion. If the car is slowing or under braking the panels will deploy to provide additional retardation effort. Additionally a small electrically powered baffle can be lowered just behind the exhaust pipe under harsh braking to provide the kind of "reverse-thrust" normally associated with aircraft during landing - this element will only be available as a factory-fitted device.
Systems Manager Avril Babo at Kia's Eco-Technology Research Institute in Mabuk, south of Seoul said: "The big problem with most emission reduction systems is that they are expensive. We wanted to come up with an answer that didn't cost the earth and could be retrospectively applied to cars already on the road.
"Tests of this system at our Nong Dam facility have shown that during windy weather fuel consumption can be reduced by up to 25 per cent and emissions by anything up 40 per cent. Even in calm weather using the system simply under braking can result in reductions of 10 per cent and 15 per cent respectively. In perfect conditions - downhill with a following wind fuel use and exhaust gasses can be reduced to almost zero! Plus, brake-pad life can be extended by anything up to 50 per cent depending on driver behaviour, she added.
The new A.P.R.I.L. system will be available on all vehicles ordered after midnight on March 31, 2010 and the accessory pack will be available the following day. Prices will be announced in due course.
DATED: 01.04.09
FEED: PTL
New Hyundai i10 conversion
Hyundai is proud to announce the launch of a new i10 model specifically targeted at the booming market among world and religious leaders.
The first demonstrator is due to be trialled by a German customer who currently resides in Italy.
The Korean manufacturer has identified that many global leaders are becoming concerned about the emissions from large limousines and adapted 4x4 vehicles which traditionally form the basis of all presidential, papal and prime ministerial transport.
In addition, the global financial crisis has made it necessary for political and faith leaders to adopt less ostentatious lifestyles, including more cost effective vehicular solutions.
As a result, Hyundai is to build a range of specially-adapted vehicles using the acclaimed i10 city car as their basis. Powered by the new 1.2-litre Kappa engine, the special i10s produce only 119g/km of CO2 and are easier to manoeuvre among large crowds of adoring subjects.
The first of this special range has just been completed by Hyundai's skilled coachbuilders. The roof of the i10 has been specially raised in order to accommodate the relevant VIP in either a standing or seated position, while the rear seats have been swapped for a single, electrically adjustable item from Hyundai's flagship Grandeur.
As a demonstration of the bespoke options available, all leather has been removed from the seat facings and the upholstery is made up of parts of a tapestry woven by monks from the Indian city of Utta Bullacs. The cloth was nicknamed ‘holy sheet' by Hyundai's specialist trimmers.
Although details of the security package are confidential, this special i10 has features over and above the standard model's central locking. Part of this involves an innovative, lightweight composite armour built into the top of the car. This material, named Armour Protected Roof Integrated Lining®, was originally developed for use in offshore powerboat racing in Switzerland.
In order to meet recycling and sustainability targets, part of the armour is made from a fully organic material. The ‘string' part of runner beans is actually lighter and stronger than Kevlar when woven into matting and encased in resin made from tree sap. The panels of Weave BeanTM add just 25g to the weight of the i10.
Hyundai's head of specialist vehicle conversions, Paul Legg, said "traditional personal movement solutions for global leaders are no longer seen as appropriate. The i10 is the perfect car for any ruler wanting to draw a line under excessive spending."
Other conversions currently being developed include a pink 32-foot stretched i10 limo being built for Ben Datroof, lead singer of top-selling Dutch boy band Pork Pie. The band's manager, Mick Etayk, said "The Hyundai will be particularly appropriate transport for Pork Pie. There are five boys in the band, so they'll have ten eyes in an i10!"
As with all Hyundai cars, the i10 special conversions are covered by a five year, manufacturer-backed warranty which is fully transferable to new owners after general elections, military coups and early evictions from reality TV programmes.
The first demonstrator is due to be trialled by a German customer who currently resides in Italy.
The Korean manufacturer has identified that many global leaders are becoming concerned about the emissions from large limousines and adapted 4x4 vehicles which traditionally form the basis of all presidential, papal and prime ministerial transport.
In addition, the global financial crisis has made it necessary for political and faith leaders to adopt less ostentatious lifestyles, including more cost effective vehicular solutions.
As a result, Hyundai is to build a range of specially-adapted vehicles using the acclaimed i10 city car as their basis. Powered by the new 1.2-litre Kappa engine, the special i10s produce only 119g/km of CO2 and are easier to manoeuvre among large crowds of adoring subjects.
The first of this special range has just been completed by Hyundai's skilled coachbuilders. The roof of the i10 has been specially raised in order to accommodate the relevant VIP in either a standing or seated position, while the rear seats have been swapped for a single, electrically adjustable item from Hyundai's flagship Grandeur.
As a demonstration of the bespoke options available, all leather has been removed from the seat facings and the upholstery is made up of parts of a tapestry woven by monks from the Indian city of Utta Bullacs. The cloth was nicknamed ‘holy sheet' by Hyundai's specialist trimmers.
Although details of the security package are confidential, this special i10 has features over and above the standard model's central locking. Part of this involves an innovative, lightweight composite armour built into the top of the car. This material, named Armour Protected Roof Integrated Lining®, was originally developed for use in offshore powerboat racing in Switzerland.
In order to meet recycling and sustainability targets, part of the armour is made from a fully organic material. The ‘string' part of runner beans is actually lighter and stronger than Kevlar when woven into matting and encased in resin made from tree sap. The panels of Weave BeanTM add just 25g to the weight of the i10.
Hyundai's head of specialist vehicle conversions, Paul Legg, said "traditional personal movement solutions for global leaders are no longer seen as appropriate. The i10 is the perfect car for any ruler wanting to draw a line under excessive spending."
Other conversions currently being developed include a pink 32-foot stretched i10 limo being built for Ben Datroof, lead singer of top-selling Dutch boy band Pork Pie. The band's manager, Mick Etayk, said "The Hyundai will be particularly appropriate transport for Pork Pie. There are five boys in the band, so they'll have ten eyes in an i10!"
As with all Hyundai cars, the i10 special conversions are covered by a five year, manufacturer-backed warranty which is fully transferable to new owners after general elections, military coups and early evictions from reality TV programmes.
DATED: 01.04.09
FEED: PTL
Europcar launches pay per mile meters in cars
Europcar is to launch pay as you go car hire with the UK's first hire cars fitted with meters. The meters will take £1 coins so that customers can literally pay as they go rather than pay for the time of the rental. At a rate of £1.04p per mile and with a minimum load charged at £2 per journey, Europcar's metered hire cars will provide a truly economical solution for urban travel.
Each car will be supplied with £10 worth of mileage on the meter and once this has been used, the customer will need to feed the meter according to the miles they anticipate travelling. In order to avoid people breaking down when the meter runs out of money, Europcar will be fitting change machines in each of its 200 locations across the UK and for home deliveries, bags of pound coins will be offered in exchange for notes.
Catriona Lougher, Marketing Director for Europcar said "We already offer rentals by the hour, delivery and collection and the UK's widest choice of rental cars and soon customers will have the choice to take one of our metered vehicles which will prove really cost-effective for short journeys."
The vehicles fitted with meters will be available from key urban locations from 1st April 2010, allowing the business to test the service throughout 2009 at selected branches in London, Manchester and Birmingham.
Catriona Lougher concludes: "We'd be a fool not to test this concept on our customers fully before our launch in 2010 but really hope this will prove to be a way forward for urban car rental."
Each car will be supplied with £10 worth of mileage on the meter and once this has been used, the customer will need to feed the meter according to the miles they anticipate travelling. In order to avoid people breaking down when the meter runs out of money, Europcar will be fitting change machines in each of its 200 locations across the UK and for home deliveries, bags of pound coins will be offered in exchange for notes.
Catriona Lougher, Marketing Director for Europcar said "We already offer rentals by the hour, delivery and collection and the UK's widest choice of rental cars and soon customers will have the choice to take one of our metered vehicles which will prove really cost-effective for short journeys."
The vehicles fitted with meters will be available from key urban locations from 1st April 2010, allowing the business to test the service throughout 2009 at selected branches in London, Manchester and Birmingham.
Catriona Lougher concludes: "We'd be a fool not to test this concept on our customers fully before our launch in 2010 but really hope this will prove to be a way forward for urban car rental."
DATED: 01.04.09
FEED: PTL
Obama sets tight auto aid terms
US President Barack Obama has given US carmakers General Motors (GM) and Chrysler strict deadlines to restructure before getting more aid. General Motors will be given 60 days and Chrysler just 30 days to submit new plans for recovery. Soon after ordering the resignation of GM chief Rick Wagoner, Mr Obama said bankruptcy protection could speed up the restructuring process. But he also offered conditional assurances about the industry's future. Government guarantees "We cannot, we must not and we will not let our auto industry simply vanish," said Mr Obama. "But our auto industry is not moving in the right direction fast enough to succeed." He said the car firms had run into trouble because of a "failure of leadership - from Washington to Detroit". Restructuring plans may "mean using our bankruptcy code as a mechanism to help them restructure quickly and emerge stronger", he said. This could make it easier for the firms to "quickly clear away their old debts that are weighing them down so they can get back on their feet and on to a path of success". Mr Obama said this would not have to involve breaking the companies up. Stocks slide Talk of bankruptcy unsettled investors and US stocks fell sharply. The leading Dow Jones index ended down 3.3% at 7,522.02 points in New York, with GM shares down 25% at $2.71. Mr Obama reassured would-be buyers of vehicles made by Chrysler and GM that after-sales support would not be affected by the restructuring plans. "If you buy a car from Chrysler or GM, you will be able to get your car serviced and repaired. Your warranty will be safe," he said. "Because, starting today, the US government will stand behind your warranty." Mr Obama said the restructuring plans submitted by the carmakers did not go "far enough to warrant the substantial new investments that these companies are requesting". GM and Chrysler are looking for more than $20bn of government aid. "My administration will offer GM and Chrysler a limited period of time with creditors, unions, and other stakeholders to fundamentally restructure in a way that would justify an investment of additional tax dollars." The president also said he would work with Congress on a programme to encourage consumers to replace old, less fuel-efficient cars with newer, cleaner vehicles. Germany and others have adopted such schemes, thus boosting vehicle sales. 'Far too slow' GM has been told to come up with a new, more radical restructuring plan within 60 days in order to qualify for further funds. The auto task force set up by the US administration to oversee the government bail-out of the carmakers said in a written report that GM "could be a viable business with a more aggressive restructuring plan". The carmaker has already announced tens of thousands of job cuts and a number of factory closures in order to cut costs that have spiralled out of control as sales have slumped during the economic downturn. But the task force criticised GM's progress on current restructuring efforts for being "far too slow". Fiat alliance In Chrysler's case, the task force questioned whether the company could survive alone and demanded a merger with Italy's Fiat - the two firms created a strategic alliance earlier this year - or another carmaker. After President Obama's speech, Fiat and Chrysler announced they had reached the framework on a global alliance. The US government would provide working capital for a further 30 days while a merger was discussed, it added. If a merger is successful, then the government will consider investing up to $6bn. The two carmakers have already received $17.4bn (£14.4bn) in bail-outs. Chrysler has requested a further $5bn, while GM says it needs $16.6bn more.
DATED: 31.03.09
FEED: AW
DATED: 31.03.09
FEED: AW
Volkswagen boosts Porsche profits
Porsche has announced a massive increase in profits in the six months to the end of January, in large part due to its stake in Volkswagen Group. The German luxury carmaker's net profits for the period were 5.5bn euros (£5.1bn; $7.3bn), four times higher than a year earlier. The increased profits were due to a big rise in the price of shares in VW, in which Porsche owns a 50% holding. The strong performance of VW helped to mask a drop in car sales of a quarter. "The principal reason for this dramatic increase is the positive contribution to profits from changes in the stock exchange price of VW shares," Porsche said. The share price rises contributed 6.84bn euros to the company's pre-tax profit of 7.34bn euros. Falling sales Porsche pointed out that if the VW shares fell in value, the profit figure could fall. "The amount [contributed by VW shares] could decrease again and could, by the end of the business year, be less than the half-year amount," it said. Turnover fell by 12.8% over the six months, to 3.04bn euros. Sales fell by 26.7% to 34,266 vehicles. The iconic 911 sports car sold 13,543 units, down from 16,261 a year earlier. The Cayenne sports utility vehicle sold 16,773, down from 20,638. Last week, Porsche secured a 10bn euro loan to increase its stake in VW.
DATED: 31.03.09
FEED: AW
DATED: 31.03.09
FEED: AW
Pendragon accelerates towards new bank deal
Pendragon, Britain's biggest car retailer, is close to securing a crucial but expensive new financing deal with its banks. It is understood that the highly indebted company will be forced to pay a total of around £25 million - more than two thirds of its market value - for a fresh set of banking covenants. That, it is suggested, will give it much needed breathing space with its banks as the car market continues to deteriorate. The deal is likely to be announced alongside the company's full-year results next month.
DATED: 31.03.09
FEED: AW
DATED: 31.03.09
FEED: AW
Proton to build electric cars
Malaysian motor manufacturer Proton is to mass produce electric cars under licence for Detroit Electric, a privately-owned start-up that will supply the technology and sell the vehicles in Europe, China and the United States. Detroit Electric will market the cars under its own brand, launching in Europe and Asia from next February and in the United States three to six months later. The company will initially sell its cars in European countries with strong incentives for low emission vehicles, including the UK, Spain, Denmark, France and the Netherlands. Detroit Electric will produce vehicles on Proton's saloon car and hatchback manufacturing platforms, with styling changes made to distinguish them from the Malaysian company's existing line-up.
DATED: 31.03.09
FEED: AW
DATED: 31.03.09
FEED: AW
GM chief Wagoner ousted by Obama
The chief executive of struggling US car company General Motors has been ordered to step down by US President Barack Obama. Rick Wagoner will leave immediately, a government official confirmed. Mr Obama is preparing to outline terms for offering more help to GM and fellow car giant Chrysler. The two firms have already received $17.4bn (£14.4bn) in bail-outs. Chrysler has requested a further $5bn while GM says it needs $16.7bn more. Plans rejected Reports have suggested that a frustrated Mr Obama will reject GM and Chrysler's turnaround plans as unrealistic, raising the risk of the carmakers' bankruptcy. The auto task force appointed by Mr Obama released two reports on Monday on the financial health of both carmakers, saying that Chrysler was "not viable" in its current form. It demanded a merger with Italy's Fiat or another carmaker if Chrysler was to survive and said the Obama administration would only provide the company working capital for the next 30 days. It also said that it would pledge to fund GM's operations for the next 60 days only, requiring the carmaker to come up with another plan detailing further restructuring. "While Chrysler and GM are different companies with different paths forward, both have unsustainable liabilities and both need a fresh start," the task force said. "Their best chance at success may well require utilising the bankruptcy code in a quick and surgical way." Leaner, meaner In an interview with US broadcaster CBS, President Obama said the firms must do more to justify further aid, saying "they're not there yet". "We think we can have a successful US auto industry," the president said. "But it's got to be one that's realistically designed to weather this storm and to emerge - at the other end - much more lean, mean, and competitive than it currently is." GM plans to axe 47,000 jobs and Chrysler 3,000, as well as shedding a number of car models. The job cuts would take place by the end of 2009 and are the largest work-force reduction announced by a US firm in the current downturn. Mr Wagoner, 56, has headed GM since 2000, after first joining the company in 1977. Fritz Henderson, the GM president and chief operating officer, will replace Mr Wagoner. The news comes as France's biggest carmaker, Peugeot Citroen, sacked its chairman Christian Streiff, citing "extraordinary difficulties" in the automotive industry.
DATED: 31.03.09
FEED: AW
DATED: 31.03.09
FEED: AW
Peugeot Citroen drops CEO Streiff
France's biggest carmaker, PSA Peugeot Citroen, has sacked its chairman weeks after it announced huge losses and a massive programme of job cuts. The firm said it had removed Christian Streiff because of the "extraordinary difficulties" the motor industry faces. He will be replaced by Philippe Varin, current chief executive of the Anglo-Dutch steel group Corus. Consumer demand for cars has dropped since the credit crunch, plunging the sector into crisis. Government bailout The carmaker's supervisory board chairman, Thierry Peugeot, announced the departure of Mr Streiff in a statement. "Given the extraordinary difficulties currently faced by the automotive industry, the supervisory board decided unanimously that a change in the senior leadership position was necessary," he said. Mr Streiff, 54, a former boss of aeroplane maker Airbus, had been in the post for little more than two years but had been suffering from ill-health. Mr Varin will take over as Peugeot chief on 1 June, with an interim boss being appointed until then. "I am confident that under the leadership of Philippe Varin, the group will be able, with all the teams, to unlock its potential," said Mr Peugeot. One in 10 French workers are employed in the car industry, and President Nicolas Sarkozy has promised that the sector will not be allowed to collapsed. The government has already agreed to lend Peugeot Citroen 3bn euros ($4bn; £2.8bn), with a similar loan being agreed for rival firm Renault. The firm, Europe's second-biggest car maker, reported an unexpected 2008 net loss of 343m euros after its sales slumped. It plans to cut more than 11,000 jobs this year.
DATED: 31.03.09
FEED: AW
DATED: 31.03.09
FEED: AW
Job-saving car unveiled to Sunderland workers
A new car that will save more than 1,000 British jobs has been unveiled to workers at Nissan's Sunderland plant. The Nissan Qazana will go into production at the factory next year, safeguarding the future of 1,100 staff. Nissan has spent £57 million bringing the model to Sunderland, taking its investment in the UK to £2.5 billion. The Qazana, a crossover 4x4 that was unveiled as a concept at the recent Geneva Motor Show, was designed in London and engineered at Nissan's research and development centre in Bedfordshire. Trevor Mann, Nissan's senior vice-president for manufacturing in Europe, said: "Qazana points the way to securing a long and positive future for the plant."
DATED: 31.03.09
FEED: AW
DATED: 31.03.09
FEED: AW
Monday, March 30, 2009
Peugeot Citroen drops CEO Streiff
France's biggest carmaker, Peugeot Citroen, has sacked its chairman weeks after it announced huge losses and a massive programme of job cuts.
The firm said it had removed Christian Streiff because of the "extraordinary difficulties" the motor industry faces. He will be replaced by Philippe Varin, current chief executive of the Anglo-Dutch steel group Corus.
Consumer demand for cars has dropped since the credit crunch, plunging the sector into crisis.
Government bailout The carmaker's supervisory board chairman, Thierry Peugeot, announced the departure of Mr Streiff in a statement. "Given the extraordinary difficulties currently faced by the automotive industry, the supervisory board decided unanimously that a change in the senior leadership position was necessary," he said.
Mr Streiff, 54, a former boss of aeroplane maker Airbus, had been in the post for little more than two years but had been suffering from ill-health. Mr Varin will take over as Peugeot chief on 1 June, with an interim boss being appointed until then. "I am confident that under the leadership of Philippe Varin, the group will be able, with all the teams, to unlock its potential," said Mr Peugeot.
One in 10 French workers are employed in the car industry, and President Nicolas Sarkozy has promised that the sector will not be allowed to collapse. The government has already agreed to lend Peugeot Citroen 3bn euros ($4bn; £2.8bn), with a similar loan being agreed for rival firm Renault. The firm, Europe's second-biggest car maker, reported an unexpected 2008 net loss of 343m euros after its sales slumped. It plans to cut more than 11,000 jobs this year.
DATED: 30.03.09
FEED: BBC
The firm said it had removed Christian Streiff because of the "extraordinary difficulties" the motor industry faces. He will be replaced by Philippe Varin, current chief executive of the Anglo-Dutch steel group Corus.
Consumer demand for cars has dropped since the credit crunch, plunging the sector into crisis.
Government bailout The carmaker's supervisory board chairman, Thierry Peugeot, announced the departure of Mr Streiff in a statement. "Given the extraordinary difficulties currently faced by the automotive industry, the supervisory board decided unanimously that a change in the senior leadership position was necessary," he said.
Mr Streiff, 54, a former boss of aeroplane maker Airbus, had been in the post for little more than two years but had been suffering from ill-health. Mr Varin will take over as Peugeot chief on 1 June, with an interim boss being appointed until then. "I am confident that under the leadership of Philippe Varin, the group will be able, with all the teams, to unlock its potential," said Mr Peugeot.
One in 10 French workers are employed in the car industry, and President Nicolas Sarkozy has promised that the sector will not be allowed to collapse. The government has already agreed to lend Peugeot Citroen 3bn euros ($4bn; £2.8bn), with a similar loan being agreed for rival firm Renault. The firm, Europe's second-biggest car maker, reported an unexpected 2008 net loss of 343m euros after its sales slumped. It plans to cut more than 11,000 jobs this year.
DATED: 30.03.09
FEED: BBC
Wagoner to quit GM ?
NEW YORK -- General Motors CEO Rick Wagoner is about to resign from the top job after an eight-year tenure at the struggling automaker, media reports said. Wagoner came under fire for his stewardship of GM late last year when U.S. lawmakers debated a bailout for the automaker. He has repeatedly said that he intended to stay on, and GM's board has offered unanimous support for him.A senior Obama administration official told NBC's John Yang that Wagoner was asked to step down by the administration.The automaker, which hasn't posted a profit since 2004, awaits word Monday from President Obama on a request for as much as $16.6 billion in additional U.S. aid. GM is surviving on $13.4 billion in U.S. loans.
DATED: 30.03.09
FEED: ANE
DATED: 30.03.09
FEED: ANE
