F&I Management & Training

Swedish car brand Saab said on Thursday it was too early to talk about a possible co-operation with Volvo Cars on producing a new model, pouring cold water on reported interest from its domestic rival.

Swedish business daily Dagens Industri had earlier reported that carmaker Volvo Cars, recently bought by China's Zhejiang Geely, was interested in cooperating with domestic rival Saab in soft-top model cars.

The newspaper had cited Volvo spokesman Olle Axelson, who later told Reuters that Volvo had had no actual discussions with Saab over product development, though the firm was always open to discussions with other car makers.

"Our priority number one ... is China operations right now," Axelson said.

"There are absolutely no discussions and have never been any discussions on the executive level at Volvo to cooperate around product development with Saab."

Saab Nederland spokesman Dick Braakhekke said it was too early to talk about whether Saab and Volvo Cars would work on a new model together.

"There are talks on various levels, but I'm not aware of whether talks are on a product level. It's too early to say whether Saab and Volvo would work on a new car," he said.

Braakhekke said Saab was in talks with Volvo Cars about parts delivery and the pick-up of cars at the factory. Saab is also talking to other manufacturers, he said.

French carmaker Renault has raised 3.1bn euros ($4.3bn; £2.7bn) by selling a large part of its stake in Swedish truckmaker Volvo.

Renault said the proceeds from the sale would help it to cut its debt to below 3bn euros from 4.6bn euros.

Markets welcomed the deal, with Renault shares up 6.4% early on Thursday, the strongest riser in the Cac 40 index.

Renault had previously said that its investment in Volvo was "not strategic".
'Major shareholder'

Volvo's share price has risen by nearly 60% since the beginning of the year as demand for trucks has started to recover.

In a statement, Renault said it had sold all its Volvo B shares, which represented 14.9% of the firm's share capital and 3.8% of the voting rights.

However, chief executive Carlos Ghosn said that Renault would remain a "major shareholder with 17.5% of voting rights".

French carmaker Renault has raised 3.1bn euros ($4.3bn; £2.7bn) by selling a large part of its stake in Swedish truckmaker Volvo.

Renault said the proceeds from the sale would help it to cut its debt to below 3bn euros from 4.6bn euros.

Markets welcomed the deal, with Renault shares up 6.4% early on Thursday, the strongest riser in the Cac 40 index.

Renault had previously said that its investment in Volvo was "not strategic".
'Major shareholder'

Volvo's share price has risen by nearly 60% since the beginning of the year as demand for trucks has started to recover.

In a statement, Renault said it had sold all its Volvo B shares, which represented 14.9% of the firm's share capital and 3.8% of the voting rights.

However, chief executive Carlos Ghosn said that Renault would remain a "major shareholder with 17.5% of voting rights".

These latest signings join Sytner, Marshall, Ford Retail, Lookers and Pentagon.

Auction houses supporting the scheme include BCA, Manheim, Aston Barclay, Wilsons and Scottish Motor Auctions.

Ben said money raised from the initiative will help support over 15,000 people from the automotive industry, many of whom work or have worked in the retail sector.

"The response to Dealers Backing Ben has been magnificent and it isn't just the major groups who are participating. Any dealer who sells cars through the auctions can support their industry charity through this simple and valuable initiative," said Nigel Williams Ben's commercial development manager.

"Dealers Backing Ben has really captured the imagination of the retail sector" adds Williams, "however we believe that the initiative is still only the tip of the iceberg and we'd like the opportunity to discuss enrolling in the initiative with all the retail dealers."

DATED: 05.10.10

FEED: MT

BMW is working "quickly" to resolve problems that have caused a recall about 350,000 luxury cars worldwide.

Rolls-Royce chairman and BMW executive Ian Robertson told the BBC the firm is "resolving the situation quickly".

The German firm said the recall was due to a fault with the power-braking system but the cars were not unsafe.

Globally, 348,000 BMWs are affected, plus a further 5,800 Rolls-Royces.

'Premium brand'

"We take these issues very seriously," said Mr Robertson, a member of BMW Group's board of management in charge of sales and marketing, and chairman of Rolls-Royce Motor Cars.

Speaking to the BBC at the Paris Motor Show, he said that he hoped the defect would not discourage people from buying their cars.

"I think we're behaving in a way that people would expect of a premium brand," he said.

"I think most manufacturers that are here in Paris today have one time or another had a recall. It is how you deal with it that is important."

No accidents

A leak may develop in the power braking system of the affected cars, potentially causing a vacuum loss and consequent reduction of power braking assistance, according to a statement from the company.

However, mechanical braking is still available to slow and stop the vehicle, and there have been no reported accidents or injuries.

"You get a slight reduction in braking. You do not lose it," said Mr Robertson.

"We are dealing with very complex products, but at the same time we have very robust systems."

The recall affects V8 and V12-powered BMW 5 Series, 6 Series, 7 Series, and Rolls-Royce models produced between July 2001 and November 2009.

Of the total, 11,427 cars - including 905 Rolls-Royces - are in the UK, and 198,000 in the US.