Ministers could face growing calls to bail out Britain’s car industry after France stepped in with an €8bn (£7.2bn) rescue package for its own firms.The French government has stakes in both businesses, and the total amount of aid includes a €5bn loan to Renault.The bailout will trigger fresh demands for Britain to look at a similar plan with its car industry in a parlous position, as this video documents.
Category: Newswire
Ferrari Announces Settlement of its Notes offering
Maranello (Italy), 27 May 2020 – Ferrari N.V. (NYSE/MTA: RACE) announces the settlement of the offering, previously announced, of Euro 650 million in aggregate principal amount of 1.500% notes due in May 2025, with an issue price of 98.898% (the “Notes”). The net proceeds of the offering were approximately Euro 641 million after payment of… Continue reading Ferrari Announces Settlement of its Notes offering
Karma Automotive Begins Prototype Testing For Supercar-Capable E-Flex Platform
Equipped with Karma’s racing-inspired E-Flex platform suitable for both road and track day applications, the AWD performance prototype aims to achieve 1,100 HP. A combination of attributes including 10,500 lb-ft (14,000 Nm) wheel torque, electronic torque vectoring and front and rear mounted dual electric motors will generate superior power and handling for the test vehicle.… Continue reading Karma Automotive Begins Prototype Testing For Supercar-Capable E-Flex Platform
Daimler Forges Ahead with Plans for Electric Flagship Sedan
Daimler AG is pushing ahead with plans to produce an all-electric version of its flagship Mercedes S-Class sedan from next year even as it cuts back in other areas to weather a slump in demand across the industry.
Fiat Chrysler Nears $6.9 Billion State-Backed Loan From Intesa
Lender Intesa Sanpaolo SpA is nearing approval of a 6.3 billion-euro ($6.9 billion) credit facility for Fiat Chrysler Automobiles NV, in what would be Europe’s biggest government-backed financing to a carmaker since the start of the coronavirus pandemic.
Aston Martin chief to leave, Mercedes-AMG CEO to replace him
May 24 (Reuters) – Aston Martin Chief Executive Andy Palmer is leaving the business as part of a management shake-up and will be replaced by Tobias Moers, CEO of Mercedes-AMG, a source familiar with the matter told Reuters on Sunday.
The luxury carmaker said in an emailed statement that it is reviewing its management team but declined to comment on Palmer's fate.
Palmer and Germany's Daimler AG, which owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines, also declined to comment.
The Financial Times newspaper had reported earlier that the Aston Martin chief was going to leave as part of a shake-up of its leadership, with an official announcement expected on Tuesday.
Palmer had not been informed of the upcoming announcement, the newspaper reported.
Aston Martin, famed for being fictional secret agent James Bond's car of choice, has seen its share price plummet since floating in October 2018.
The 107-year old British luxury carmaker earlier t..
Renault could ‘disappear’ without government help, French finance minister warns
London (CNN Business)Renault may not survive the shock of the coronavirus pandemic without help from the French government.The French government and Japan’s Nissan (NSANF) are Renault’s largest shareholders, each owning a 15% stake in the company.The government is currently negotiating the terms of a €5 billion ($5.4 billion) loan for Renault.
Ford Throws Lifeline to Auto-Parts Suppliers Facing Cash Crunch
Ford Motor Co. is helping some of its suppliers survive a cash crunch by paying its bills early to ensure that critically needed parts keep flowing to its auto factories.
Exide Technologies Announces Court Approval of First Day Motions Allowing Business Operations to Proceed in Ordinary Course
MILTON, Ga., May 21, 2020 /PRNewswire/ — Exide Technologies (“Exide” or the “Company”), a global provider of stored energy solutions, today announced that customary first day motions to help facilitate continued operations in the ordinary course of business while the Company operates in Chapter 11 were approved by Judge Christopher S. Sontchi of the U.S.… Continue reading Exide Technologies Announces Court Approval of First Day Motions Allowing Business Operations to Proceed in Ordinary Course
GM’s ‘Ultra Cruise’ to take on Tesla with hands-free city driving
General Motors is close to taking its self-driving tech onto neighborhood streets.Super Cruise uses facial recognition technology to ensure a driver is looking ahead with their eyes open, and a combination of cameras, GPS and hyper-accurate 3D maps to steer the vehicle in a lane on certain highways.