Lotus plans VX220
LONDON - Lotus Group International Ltd. plans to build a two-seat sports car for General Motors' Vauxhall Motors Ltd. The Vauxhall VX220 will be built at Lotus' Hethal, England, factory, Bloomberg News reported.
The car was unveiled previously at the Geneva auto show under the name Speedster. The VX220 will be powered by a 2.2-liter, 16-valve engine and is expected to have a top speed of 137 mph. Total production will be limited to a few thousand units.
SALES SINK IN BRAZIL
SAO PAULO, Brazil - Brazilian car sales tumbled 19 percent in October as prices rose after the termination of a state-sponsored tax break. The country saw about 80,000 new vehicles sold las t month, compared with 98,400 in October 1998, Bloomberg News reported.
High interest rates and a currency devaluation also contributed to the sales slump, the nation's car dealers' association said. To compound the industry's woes, price increases in raw materials accounted for an additional 12 percent price boost on new vehicles in October.
The association expects 1999 sales to come in at about 1.14 million, down 22 percent from 1998. The automotive industry accounts for 12 percent of Brazil's gross domestic product.
LOS ANGELES - Nissan North America Inc. has awarded IBM Global Services a $1 billion, 91/2-year contract to run its information-services operations.
The change, expected to trim costs by 25 percent, was one element of the Nissan revival plan announced last month in Tokyo. Nissan and IBM will explore the possibility of IBM's providing information-technology services for Niss an in other parts of the world as well.