Category: Newswire

Aston Martin boosts capital-raising plan after coronavirus market volatility

LONDON, March 13 (Reuters) – Aston Martin is increasing a 500-million pound ($617 million) capital-raising plan by 36 million pounds due to the coronavirus outbreak which will now see a consortium led by Canadian billionaire Lawrence Stroll take a roughly 25% stake in the firm.
Aston, which has seen its share price tumble in recent days in addition to big losses last year after it failed to meet sales expectations, announced plans for Stroll to buy up to 20% of the company in January in a bid to turn around its fortunes.
“In light of recent extraordinary equity market volatility related to concerns over Covid-19, the company has renegotiated certain terms relating to the proposed investment,” the company said on Friday.
Short-term working capital from Yew Tree, a vehicle controlled by Stroll, is also being increased to 75.5 million pounds.
The firm, which builds all its cars in Britain, said the third production trial of its first sport utility vehicle is going ahead as planned.
It sai..

Several Renault-Nissan plants in Spain halted amid coronavirus outbreak

MADRID, March 13 (Reuters) – Several Renault-Nissan plants in Spain halted production temporarily on Friday or were planning stoppages next week due to a lack of parts amid the coronavirus epidemic, company officials said.
Nissan's two Barcelona plants stopped on Friday afternoon as a wheels supplier was affected by a lockdown in the town of Odena nearby because of a coronavirus outbreak. The stoppage will last at least until Monday, a company spokesman said. The plants are closed on weekends.
Renault's plants, in Valladolid and in Palencia, will cease production for two days next week due to a lack of components.
“Yesterday we had no problems, and now we have to stop for two days from Monday in Palencia and Valladolid,” a spokesman said, explaining that the supply chain had suffered setbacks in Catalonia. There are about 6,000 workers at the two plants.

Ferrari introduces additional preventive measures to safeguard employee wellbeing  

           Maranello, 13 marzo 2020 – Ferrari has activated additional and even more rigorous  preventive measures to guarantee the highest standards of health procedures, following the decree on COVID-19 issued by the Italian Government on March 11.The workforce present in  Maranello and Modena has been reduced to a minimum, while remaining personnel is working remotely, in… Continue reading Ferrari introduces additional preventive measures to safeguard employee wellbeing  

Nissan to start online car leasing service PREMIUM

Nissan Motor Co. will start an online leasing service for new cars on Saturday, The Yomiuri Shimbun has learned. The company plans to start the online service in the Sapporo area, in addition to the Tokai region, where their cars had already been test-marketed under the system. Nissan plans to expan…

GAC MOTOR Provides Luxury SUV GS8 on Special Offer for Russian Consumers

The GS8 is the automaker’s debut vehicle in Russia, and comes following the vehicle’s resounding popularity in other regions. Available both in front-wheel drive and all-wheel drive, the SUV houses power and performance in a spacious, sleek design, and comes equipped with GAC MOTOR’s second-generation 320T engine and third-generation Aisin 6-speed AMT. Priced starting from… Continue reading GAC MOTOR Provides Luxury SUV GS8 on Special Offer for Russian Consumers

Changan starts mass production of L3 self-driving cars

CHONGQING, March 12 (Xinhua) — Chinese carmaker Changan Auto has started mass production of its level 3 autonomous driving car model “UNI-T.”
The car model is equipped with an L3 autonomous driving system developed by Changan that uses five millimeter-wave radars, six cameras and 12 ultrasonic radars as the main sensors, said Zhu Huarong, president of Changan Auto, in the southwestern Chinese city of Chongqing on Tuesday.
The system can fulfill three 360-degree situational awareness outside the vehicle, with a maximum detection distance of more than 200 meters and ten-centimeter measurement accuracy.
The system can effectively identify traffic information such as vehicles, pedestrians, cyclists, lane lines, guardrails, traffic signs in the driving environment, and monitor the driver's vision and fatigue state to ensure the accuracy of autonomous driving.
“Our system has completed tens of thousands of scene matching tests and 50 million km of road tests. Drivers can let the vehicl..

CNH Industrial suspends four plants in Italy to fight virus

* Three of the four plants set to reopen next week
* Measures include allowing more space between workers
* Source says no client impact as stocks are ample (Updates with detail, context)
MILAN, March 12 (Reuters) – CNH Industrial on Thursday said it was halting operations at four plants to allow for measures such as deep cleaning, becoming the latest major Italian group to take action against the coronavirus.
Rome added restrictions on Wednesday to a lockdown imposed to fight the coronavirus, ordering all unnecessary services, including bars and restaurants, to close after the highest daily increase in deaths since the first cases found in Italy at the end of January.
CNH Industrial, the maker of farm machinery, Iveco commercial vehicles, construction equipment and powertrains, has suspended operations at four of its plants in Italy to implement actions to fight the outbreak, a spokesman said on Thursday, asking not to be named.
Measures include sanitisation of work and rest areas and..

Fiat Chrysler closes four plants as Italy fights coronavirus with lockdown

London (CNN Business)Fiat Chrysler (FCAU) is cutting car production and temporarily closing four plants across Italy as the coronavirus takes its toll on the world’s eighth biggest economy.The move follows a decision by the Italian government to impose sweeping restrictions on travel and public gatherings as it tries to contain the worst outbreak of coronavirus, or Covid 19, outside China.Italy on Monday imposed widespread restrictions on travel and public life across the country, including closing schools, movie theaters, museums and gyms, and limiting opening hours for bars, restaurants and shops.