11 October 2008
Proton says time right for foreign alliance
Talks are also ongoing for Proton to secure a diesel engine from either PSA Peugeot or Fiat and there is a need for Proton to secure a small capacity engine. [The Star]
http://thestar.com.my/news/story.asp?file=/2008/10/11/business/2251152&sec=business
Reports: Chrysler, GM discuss merger, acquisition
Published reports say General Motors Corp. and Chrysler LLC have held preliminary talks about a merger or an acquisition of Chrysler by GM. The Wall Street Journal, citing people it described as familiar with the discussions, says Cerberus Capital Management, the private equity firm that owns 80.1 percent of Chrysler and 51 percent of GMAC Financial Services, proposed trading Chrysler's automotive operations to GM. [The Star]
http://thestar.com.my/news/story.asp?file=/2008/10/11/business/20081011121730&sec=business
13 October 2008
Hyundai may make small car in US
Hyundai Motor Co, South Korea's top carmaker, is considering making a small car in the US as the financial crisis has lifted demand for such models, officials at the company and a car parts maker said yesterday. A company president said earlier Hyundai was unlikely to meet its US sales target for this year as the credit crunch hit demand in the world's top car market. [Business Times]
http://www.btimes.com.my/Current_News/BTIMES/Monday/Corporate/hyi.xml/Article/
14 October 2008
GM-Chrysler merger may make things worse
General Motors Corp and Chrysler LLC probably wouldn't solve their financial problems with a merger or partnership, and combining the money-losing carmakers might make matters worse, analysts said. "There is just a tremendous amount of overlap," said Michael Robinet, an analyst at consulting firm CSM Worldwide Inc in Northville, Michigan. "If they agreed on an alliance or merger today, any real benefits would be years off. This is not going to be an overnight success." [Business Times]
http://www.btimes.com.my/Current_News/BTIMES/Tuesday/Corporate/grys-2.xml/Article/
15 October 2008
Australia's Tariffs On Imported Cars To Fall, Says Auto Review Chief
Australia's tariffs on imported cars will fall to "almost nothing" in the near future, according to Automotive Review head Steve Bracks. He told the Melbourne Institute Economics Forum yesterday that he expected Australia would reduce its car tariffs from 10 percent to five percent in 2010, as his report released in August had recommended. [Bernama]
http://www.bernama.com/bernama/v5/news_lite.php?id=364355
Daimler to cut jobs in US, Canada
German heavy truck maker Daimler said yesterday it will eliminate 3,500 North American jobs owing to the worsening economic slowdown, a day after Japan's Nissan announced nearly 1,700 jobs were being axed. [Business Times]
http://www.btimes.com.my/Current_News/BTIMES/Wednesday/BizBriefs/20081015000117/Article/
16 October 2008
Not Selling MV Agusta Shares Would Have Put Proton In RM1 Bln Debt
Datuk Seri Najib Tun Razak said the decision to dispose off Proton's shares in MV Agusta Motors Spa (MVAM) was taken after detailed study was made and found that by not making the sale, Proton would have been burdened with an estimated more than RM1 billion debt. The Deputy Prime Minister said Proton had originally planned to revitalise MVAM's position and during the time of the purchase of the shares, MVAM was facing financial difficulties and recording losses. [Bernama]
http://www.bernama.com/bernama/v5/news_lite.php?id=364801
17 October 2008
Sime Darby Auto Connexion Shifts Into High Gear
Sime Darby Auto Connexion Sdn Bhd (Auto ConneXion), a wholly-owned subsidiary of Sime Darby Motor Division, is shifting into high gear from this month with a campaign to strengthen its position as a key player in the automotive industry. Auto ConneXion manages the Ford, Land Rover and Alfa Romeo brands following the restructuring of Sime Darbys automotive business in Malaysia this year. [Bernama]
http://www.bernama.com/bernama/v5/news_lite.php?id=365064