Business and FinanceFormer Saab Chairman Muller to be summoned in tax inquiry, report saysMay 23, 2013 09:34 CET  A Swedish prosecutor wants to question former Saab Automobile Chairman Victor Muller as part of an inquiry into suspected tax offenses at the automaker, a Swedish newspaper reported.... Read More »
GM recalls more than 27,000 Cadillac SRXs with possible wheel issue 12:01 am U.S. ET | May 23, 2013  General Motors is recalling worldwide more than 27,000 Cadillac crossover vehicles whose wheels could fall off due to potentially loose wheel nuts.... Read More »
Small BMW team rethought electric cars for huge citiesMay 23, 2013 06:01 CET  Nearly six years ago, BMW's Project i began to position the automaker for the future. Project i chief Ulrich Kranz explained how the idea of a carbon-body car for megacities emerged from his team.... Read More »
Lamborghini's Egoista concept highlights edgy designMay 23, 2013 06:01 CET  The Lamborghini Egoista concept shown earlier this month at the company's 50th anniversary celebration in Bologna, Italy, isn't planned for production, but it does have a purpose: countering critics who think Lamborghini has lost some of its design edginess.... Read More »
Nissan will recall 841,000 vehicles globally due to steering wheel glitchMay 23, 2013 09:44 CET  Nissan will recall about 841,000 vehicles worldwide, including UK-built Micra subcompacts, as a result of a steering wheel glitch that could result in a loss of steering. The automaker said no accidents have been reported.... Read More »
European carmakers shares decline on weakening China manufacturingMay 23, 2013 11:04 CET Volkswagen, PSA and Renault shares all dropped 5 percent or more after preliminary data showed Chinese manufacturing is unexpectedly contracting.... Read More »
Ford to shutter Australia car, engine plants in 2016May 23, 2013 06:01 CET  Ford will close its Australian car and engine assembly plants in 2016, ending almost nine decades of manufacturing in the country.... Read More »
Marchionne will face gov't pressure to commit to ItalyMay 23, 2013 06:01 CET  The Italian government plans to meet with Fiat CEO Sergio Marchionne over concerns he's shifting the carmaker and heavy truck manufacturer Fiat Industrial away from the country. Fiat Industrial plans for tax purposes to have its fiscal headquarters in the UK, but Fiat has said a move for the carmaker is not on its agenda at the moment.... Read More »
Ford to shutter Australia car, engine plants in 2016 8:04 pm U.S. ET | May 22, 2013  Ford, citing high operating costs, falling sales and financial losses, will close its Australian car and engine assembly plants in 2016, ending almost nine decades of manufacturing in the country. Ford, the smallest of the country's three manufacturers after Toyota and GM, will shut its assembly plant in Broadmeadows in northern Melbourne and an engine plant in Geelong to the west of the city, Ford Australia CEO Bob Graziano said.... Read More »
Tesla pays back balance of DOE loan 10:48 am U.S. ET | May 22, 2013  Tesla Motors said it paid off the entire balance of its federal government loan given as part of a Department of Energy program to spur development of alternative energy vehicles.... Read More »
Michael Stanton, longtime D.C. advocate for automakers, to retire in 2014 11:50 am U.S. ET | May 22, 2013  Michael Stanton, a longtime lobbyist and a driving force for automakers in public policy, plans to retire as president and CEO of the Association of Global Automakers in early 2014.... Read More »
Gentex CFO leaves but will work with supplier as consultant 4:02 pm U.S. ET | May 22, 2013 Gentex, a maker of rearview mirrors and electronics parts, said its CFO and vice president of finance has left the company but will remain a consultant with the supplier.... Read More »
DAVE GUILFORD Why Infiniti, Lincoln face the same challenge 2:51 pm U.S. ET | May 22, 2013  The luxury marque hasn't lived up to its dreams. In fact, there was talk that its parent company might kill it. Now with a dynamic new leader, it's trying to build buzz with a more exciting lineup.... Read More »
Ford, Chrysler to reduce summer shutdowns at most N.A. plants 12:01 am U.S. ET | May 22, 2013  Ford Motor and Chrysler Group said today they are scaling back annual summer production shutdowns this year in hopes of boosting output of key models in North America. General Motors declined to disclose specific summer plans.... Read More »
JIM HENRY Are worries over slower, smaller tax refunds overblown? 12:01 am U.S. ET | May 22, 2013  Some lenders complained in first-quarter earnings reports about smaller and later tax refunds. IRS refund statistics weren’t down by much, but any change is important because tax refunds contribute to the annual peak in subprime financing, according to dealers and subprime lenders.... Read More »
JAMIE LaREAU For happier customers, sales and F&I need to talk 12:01 am U.S. ET | May 22, 2013  Good communication between sales and finance staff cannot be overstated. That’s my takeaway from reading a recent chat on a Facebook page shared by finance managers.... Read More »
GM moving treasury office to Detroit headquarters from New York 9:35 am U.S. ET | May 22, 2013  GM said it will move its treasury office to its Detroit headquarters from New York in mid-2014, affecting about 70 employees.... Read More »
Daimler may sell company-owned German dealerships to cut costsMay 22, 2013 13:19 CET  Daimler may sell four company-owned Mercedes-Benz dealerships in Germany to cut costs and help close a profitability gap with rivals BMW and Audi. Daimler owns 98 Mercedes car showrooms that account for about half of its car sales in Germany, the brand's second-biggest market after the United States.... Read More »
PSA will close r&d site to reduce spendingMay 22, 2013 09:49 CET  PSA will shut a French r&d facility as part of a program to reduce spending.... Read More »
Two Denso execs to plead guilty to price fixing, U.S. saysMay 22, 2013 06:01 CET Two executives at Toyota-affiliated supplier Denso have agreed to plead guilty to conspiring to fix prices and have agreed to cooperate with an ongoing criminal investigation, the U.S. Justice Department said.... Read More »
Lutz's VL Automotive, Chinese supplier bid for Fisker, report saysMay 22, 2013 06:01 CET  A boutique carmaker led by a former GM executive Bob Lutz and China's largest auto parts supplier submitted an offer to buy cash-strapped automaker Fisker Automotive, people familiar with the matter told Reuters.... Read More »
VW to modify late-model diesels in N. America to prevent improper fuelingMay 22, 2013 06:01 CET  Volkswagen plans to refit more than a quarter million 2009-12 diesel cars to prevent North American customers from mistakenly pumping gasoline into the fuel tanks.... Read More »
Opel keeps Bochum logistics center open to fulfill contractMay 22, 2013 06:01 CET  Opel will keep a spare-parts distribution center open until 2016 at its plant in Bochum, Germany, as long as two years after car production ends at the site. The plant, which makes the Zafira minivan, is scheduled to close by the end of 2014 after workers rejected a restructuring plan in March that would have extended manufacturing there for another two years.... Read More »
NADA, automakers reach out with aid for tornado victims 7:23 pm U.S. ET | May 21, 2013 The National Automobile Dealers Association and several automakers are reaching out with assistance to dealers and victims affected by Monday's tornado in Oklahoma.... Read More »
Lutz's VL Automotive, Chinese supplier bid $20 million for Fisker, report says 2:02 pm U.S. ET | May 21, 2013  A boutique carmaker led by a former GM executive Bob Lutz and China's largest auto parts supplier submitted an offer of $20 million to buy cash-strapped automaker Fisker Automotive, people familiar with the matter told Reuters today.... Read More »
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