Tuesday, May 5th, 2009
Reports have it that the second leading U.S. leadership group is interested in acquiring GM’s Saturn brand. It is no secret that General Motors is busy trying to figure out how to balance its business operations and apparently one striking semblance we know of today includes that of offering their down lines to interested people who want to continue their rise in the auto industry.
It is no secret that General Motors is busy trying to figure out how to balance its business operations and apparently one striking semblance we know of today includes that of offering their down lines to interested people who want to continue their rise in the auto industry.
Penske, which has 310 retail automotive franchises and is the exclusive U.S. distributor of Daimler AG’s Smart cars in the United States, said it has not yet made a proposal to GM. Penske is the second bidder to disclose interest in Saturn.
Last month, an investor group that includes private equity firm Black Oak Partners LLC and some Saturn dealers said it approached GM about buying the assets of the brand and distribution network.
GM, which announced plans in February to either spinoff or shutdown Saturn, said it has a number of potential buyers for brand and would look to secure an agreement later this year. It has retained S.J. Girsky & Co as a financial adviser. It created Saturn in 1984 to compete with Japanese vehicles in terms of quality and service and created a “no hassle” flat-price sales model that took much of the negotiating out of buying a new car. The brand languished over the past decade.
(Source) Reuters
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auto industry,
buying a new car,
daimler ag,
General Motors,
gm saturn,
investor group,
japanese vehicles,
penske,
saturn dealers,
smart cars
Posted in Business, GM, Industry | Comments
Sunday, April 19th, 2009
China may be the only country right now that is showing positive sign of life as far as the car industry is concerned. Hence, with that in mind, the Shanghai Motor Show officially opened in China to which carmakers are expected to unveil 13 new models.
China has just overtaken the US as the world’s largest car market, with buyers spurred on by government incentives. US and European car sales are sharply down in the global recession.
Porsche kicked off the show on Sunday night by unveiling the Panamera, the German luxury carmaker’s first foray into the sedan segment. In another world premiere on Sunday, German automaker Daimler AG unveiled the remodelled Mercedes-Benz S65 AMG sedan. AMG sales nearly tripled in China last year.
The company says it expects government incentives to give sales of luxury cars a major boost this year. Beijing has introduced tax cuts on fuel-efficient cars and incentives for people in rural areas to buy newer models.
Organizers say the Auto Shanghai 2009 will feature 13 launches, mostly from local brands, but up from five at the show two years ago.
Most Chinese carmakers have so far focused on competing mainly on price with basic and often rudimentary vehicles, leaving foreign-branded cars to sweep up the mid- to high-end segments.
The show opens to the public for a week starting on 22 April.
(Source) BBC
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car industry,
car market,
car sales,
daimler ag,
foray,
fuel efficient cars,
german automaker,
global recession,
local brands,
luxury carmaker,
luxury cars,
mercedes benz s65 amg,
Mercedes-Benz,
panamera,
rural areas,
shanghai,
world premiere
Posted in Business, Cars, Industry | Comments
Sunday, April 5th, 2009
Toyota is not exempted from the declining car buying market as they found that out through figures on sales for their $64,000 Lexus LS sedan and $67,000 Lexus SC Coupe. Demand for the best-selling luxury car brand in the U.S. dropped 37 percent in the first quarter, led a 43 percent plunge in sales of the costliest car models. The company has sacrificed profit margins to stanch the decline.
Toyota had its first annual loss in six decades as the global recession decimates auto sales. Surging incentives at other luxury brands including Bayerische Motoren Werke AG, Daimler AG and Audi AG has forced the Toyota City, Japan-based carmaker to more than quadruple discounts on Lexus models in the last two years, according to Edmunds.com.
U.S. Lexus sales shrank 27 percent in Toyota’s fiscal year that ended March 31, versus a combined 23 percent drop for Toyota and Scion models. While the premium line accounts for 12 percent of Toyota’s overall U.S. volume, analysts estimate it has generated a much larger portion of profit.
(Source) Bloomberg
Tags:
audi ag,
bayerische motoren werke,
bayerische motoren werke ag,
car brand,
car models,
carmaker,
daimler ag,
down economy,
edmunds,
global recession,
lexus ls,
lexus models,
lexus sc,
line accounts,
luxury brands,
luxury car,
profit margins,
toyota city,
toyota lexus
Posted in Toyota | Comments