Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Porsche cancels Boxster/Cayman production contract, Magna wants cash]]>http://www.autoblog.com/2009/11/27/porsche-cancels-boxster-cayman-production-contract-magna-wants/http://www.autoblog.com/2009/11/27/porsche-cancels-boxster-cayman-production-contract-magna-wants/http://www.autoblog.com/2009/11/27/porsche-cancels-boxster-cayman-production-contract-magna-wants/#commentsFiled under: ,

2009 Porsche Boxster S - Click above for high res image gallery

Shortly after the Boxster debuted in 1996, Porsche contracted with Valmet Automotive of Finland as a second production source for the sports car, and a few years later, employed the facili along with the Cayman coupe. In 2008 Porsche decided that it would shift that production contract from Valmet to Magna International and its assembly plant in Graz Austria. Today, with Porsche being subsumed into the Volkswagen Group, the sports car maker has decided to cancel the Magna deal. With Volkswagen now buying up the remains of Karmann, the Boxster and Cayman are now expected be built at the coachbuilder's factory in Osnabrueck, Germany.

Magna claims it has already invested a significant amount of money on development to prepare for production. As a result Magna is seeking €400 million in compensation from Porsche. There's no word from Stuttgart on its plans to repay Magna, but with VW's legal arm exercised and ready to go, the battle is sure to be drawn out over the coming months and years.


Gallery: First Drive: 2009 Porsche Boxster S PDK


[Source: Reuters]

Porsche cancels Boxster/Cayman production contract, Magna wants cash originally appeared on Autoblog on Fri, 27 Nov 2009 17:03:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>boxster productionBoxsterProductionmagna internationalMagna International Incmagna international inc.MagnaInternationalMagnaInternationalIncMagnaInternationalInc.Porscheporsche boxsterPorscheBoxsterFri, 27 Nov 2009 17:03:00 EST<![CDATA[Porsche to pull Boxster production from Magna over Opel stake?]]>http://www.autoblog.com/2009/09/28/porsche-to-pull-boxster-production-from-magna-over-opel-stake/http://www.autoblog.com/2009/09/28/porsche-to-pull-boxster-production-from-magna-over-opel-stake/http://www.autoblog.com/2009/09/28/porsche-to-pull-boxster-production-from-magna-over-opel-stake/#commentsFiled under: , , , , ,


2009 Porsche Boxster S - Click above for high-res image gallery

After a great deal of international haggling, Magna ended up winning the competition for Opel. One of the many questions to be answered now is: How will the deal affect Magna's engineering and assembly business? Even as companies like VW and BMW have said they would be looking closely at working with Magna if it owned Opel, Magna head Frank Stronach must have been convinced he could keep his clients happy.

That hasn't happened yet, and now Porsche is saying it might take future production away from Magna. The Stuttgart firm contracted Magna to build the next Boxster and Cayman in 2013 in Austria, but now it's worried that its costs and engineering might end up in the wrong hands if left with Magna.

Porsche's alternatives would be to keep Boxster production in-house at Zuffenhausen, where the cars are currently made, or to contract with Karmann, which just earned a chunk of VW's electric car business. The alternatives for Magna, though, aren't so clear - with BMW and VW also casting wary eyes, does it continue with the carmaker adventure at the risk of losing the business that got it to the top in the first place?


Gallery: First Drive: 2009 Porsche Boxster S PDK


[Source: Autoweek]

Porsche to pull Boxster production from Magna over Opel stake? originally appeared on Autoblog on Mon, 28 Sep 2009 09:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bmwboxstercaymaneuropemagnamagna internationalmagna porscheMagnaInternationalMagnaPorschemanufacturingporscheporsche boxsterporsche caymanPorscheBoxsterPorscheCaymanvolkswagenvwMon, 28 Sep 2009 09:29:00 EST<![CDATA[BREAKING: GM board recommends coughing up 55% Opel stake to Magna, Sberbank]]>http://www.autoblog.com/2009/09/10/report-gm-coughs-up-55-opel-stake-to-magna-sberbank/http://www.autoblog.com/2009/09/10/report-gm-coughs-up-55-opel-stake-to-magna-sberbank/http://www.autoblog.com/2009/09/10/report-gm-coughs-up-55-opel-stake-to-magna-sberbank/#commentsFiled under: , , , , ,



Finally, after what seems like an eternity of protracted negotiations, bickering and stalling tactics, General Motors has agreed to sell a majority stake in its European operations to Magna International and its Russian financial partner Sberbank. Under the terms of the deal, 55% of Opel and Vauxhall will be owned by Magna/Sberbank; The General will hold on to a 35% stake and employees of the two companies will hold the final 10 percent.

Naturally, the European automakers will continue to offer the recently redesigned Astra and Insignia, and future technologies - such as the extended-range electric powertrain that will be used in the upcoming Ampera - will be shared between the U.S. and European companies.

According to Automotive News, there are still strings attached to the deal and the German government doesn't expect anything to be completely finalized until after the next set of elections scheduled to take place in Germany on September 27, so the saga is likely to continue. Click past the break for the official statement from GM.

[Sources: General Motors; Automotive News - sub. req'd]

Continue reading BREAKING: GM board recommends coughing up 55% Opel stake to Magna, Sberbank

BREAKING: GM board recommends coughing up 55% Opel stake to Magna, Sberbank originally appeared on Autoblog on Thu, 10 Sep 2009 11:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>breakinggeneral motorsGeneralMotorsgermanygmmagnamagna internationalmagna sberbankMagnaInternationalMagnaSberbankopelsberbankvauxhallThu, 10 Sep 2009 11:30:00 EST<![CDATA[Opel fate still up in the air as Russian involvement reportedly complicates Magna offer]]>http://www.autoblog.com/2009/08/07/opel-fate-still-up-in-the-air-as-russian-involvement-reportedly/http://www.autoblog.com/2009/08/07/opel-fate-still-up-in-the-air-as-russian-involvement-reportedly/http://www.autoblog.com/2009/08/07/opel-fate-still-up-in-the-air-as-russian-involvement-reportedly/#commentsFiled under: , , , ,



Over on General Motors' Europe "Driving Conversations" blog, VP John Smith has posted an update on the company's negotiations to sell a majority stake in Opel and Vauxhall. Although no final decision has been made yet, it's looking increasingly likely that the previous tentative agreement with Magna International may be usurped by a bid from RHJ International. This, despite the fact that the German government has been favoring the Magna bid because of the suppliers commitment to preserving jobs at German factories.

However, most of the money for the Magna bid is coming from the Russian government and Russian bank Sberbank. The involvement of multiple parties from different countries is making things difficult because of concerns with transferring intellectual property. GM's move to a global development process over the past decade means that Opel shares in much of the technology for hybrids, fuel cells and electric vehicles that the automaker has developed. For obvious competitive reasons, GM wants to retain control of much of that institutional knowledge, and the Belgian holding company seems to be much more amenable to that idea. Smith promises more updates in the coming weeks.

[Source: General Motors]

Opel fate still up in the air as Russian involvement reportedly complicates Magna offer originally appeared on Autoblog on Fri, 07 Aug 2009 08:58:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>gm europegm europe saleGmEuropeGmEuropeSalemagnamagna internationalmagnainternationalopel saleOpelSalerhjrhj internationalRhjInternationalsberbankFri, 07 Aug 2009 08:58:00 EST<![CDATA[German economics minister reportedly says no to Opel buy-back option for GM]]>http://www.autoblog.com/2009/07/20/report-german-economics-minister-says-no-opel-buy-back-option-f/http://www.autoblog.com/2009/07/20/report-german-economics-minister-says-no-opel-buy-back-option-f/http://www.autoblog.com/2009/07/20/report-german-economics-minister-says-no-opel-buy-back-option-f/#commentsFiled under: , ,



One of the many clauses that General Motors is reportedly trying negotiate into any deal involving majority control of Opel is the option to eventually buy back the stake it is selling.

As the theory goes, GM isn't selling Opel because it feels like it doesn't add value - Opel in fact offers huge value to GM and has had lead responsibility for developing the global mid-sized, compact and small car platforms being used by the automaker. Instead, Opel is on the block because the home office needs the cash. Thus, if GM is able to be flush with cash once again, it would like to reserve the right to regain to full control.

According to Reuters, Karl-Theodor zu Guttenberg, Germany's economics minister is having none of that business. In fact, he has apparently told Frankfurter Allgemeine Sonntagszeitung that no such clause would be allowed if Opel is to receive any German government aid. The German government is also wary of any financial groups like Belgium's RHJ International taking a stake - instead, they reportedly prefer an owner with a long term interest in the industry like Magna International.

[Source: Reuters | Image: Ralph Orlowski/Getty]

German economics minister reportedly says no to Opel buy-back option for GM originally appeared on Autoblog on Mon, 20 Jul 2009 09:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>baicbeijing automotivebeijing automotive industry corpBeijingAutomotiveBeijingAutomotiveIndustryCorpgeneral motorsGeneralMotorsgm opelgm opel vauxhallGmOpelGmOpelVauxhallKarl-Theodor zu GuttenbergKarl-theodorZuGuttenbergmagnamagna internationalmagnainternationalopelopel saleOpelSalerhjrhj internationalRhjInternationalMon, 20 Jul 2009 09:29:00 EST<![CDATA[Opel stake could give Russian automaker an injection of "know-how"]]>http://www.autoblog.com/2009/06/09/opel-stake-could-give-russian-automaker-an-injection-of-know-ho/http://www.autoblog.com/2009/06/09/opel-stake-could-give-russian-automaker-an-injection-of-know-ho/http://www.autoblog.com/2009/06/09/opel-stake-could-give-russian-automaker-an-injection-of-know-ho/#commentsFiled under: ,

If you tried telling us even as recently as a year ago that General Motors would be forced to sell its European assets and that a partnership between a Canadian parts supplier and a Russian bank would step up to take the stake, we'd have probably raised a few eyebrows. But such is the state of the General and the industry at large, with Magna and Sberbank looking poised to take a big chunk of Opel of GM's hands. The question everyone is asking, however, is what the Russian state bank wants with the German automaker.

According to emerging reports, the Russian financial institution could be preparing to pass on its share of the Opel shares to Russian automaker Gorkovsky Avtomobilny Zavod (GAZ). It's no great secret that the auto industry in Russia has failed to advance at the same rate as the rest of the world, and both the Russian federal government and Russian automakers like GAZ are keen to take their products into the, err... present. Taking advantage of Opel's technologies could be the winning ticket. In addition to the Opel stake, the deal also reportedly includes the purchase of GM's assembly plant in St. Petersburg for a princely $92 million.

[Source: Automotive News Europe - Sub. Req.]

Opel stake could give Russian automaker an injection of "know-how" originally appeared on Autoblog on Tue, 09 Jun 2009 06:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>gazgorkovsky avtomobilny zavodGorkovskyAvtomobilnyZavodgorky automobile plantGorkyAutomobilePlantgorskymagnamagna internationalMagnaInternationalopelsberbankTue, 09 Jun 2009 06:58:00 EST<![CDATA[German government approves majority sale of Opel to Magna, Russians]]>http://www.autoblog.com/2009/05/31/german-government-approves-majority-sale-of-opel-to-magna-russia/http://www.autoblog.com/2009/05/31/german-government-approves-majority-sale-of-opel-to-magna-russia/http://www.autoblog.com/2009/05/31/german-government-approves-majority-sale-of-opel-to-magna-russia/#commentsFiled under: , ,

With General Motors expected to file for chapter 11 bankruptcy protection in New York on Monday morning, negotiators in Germany scrambled to finalize a deal to save Opel from insolvency. Following a six-hour meeting in the German Chancellor's office in Berlin on Friday evening, a deal was finally announced by finance minister Peer Steinbrueck. Although an overall deal to transfer control of Opel from General Motors was reached, details are still being worked out and a final contract won't be signed for several more weeks.

Under the deal announced early Saturday morning, GM will retain a 35-percent stake in Opel, which would allow the automaker to continue sharing technology with the German brand. Russia's government-controlled Sberbank is providing most of the financing for the deal and also gets a 35-percent share. Canadian auto parts maker and contract assembler Magna International will own 20 percent and the remaining 10 percent will go to Opel employees.

The German government will also provide a $2.1 billion bridge loan to Opel to help it keep operating during the transition phase. A key to the deal was German government demands that Opel assets be protected from GM creditors during a US bankruptcy proceeding. Opel will apparently be placed into some sort of trust in order to keep it whole and preserve its value for the new majority owners. President Barack Obama agreed to the deal with German Chancellor Angela Merkel during a late-night phone call.

It's not known at this point how GM's UK operations at Vauxhalll figure in to all of this and whether any of it will be preserved, consolidated into Opel, or sold off separately.

[Source: Reuters]

German government approves majority sale of Opel to Magna, Russians originally appeared on Autoblog on Sun, 31 May 2009 11:44:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>angela merkelAngelaMerkelbankruptcygm eugm europeGmEuGmEuropemagnamagna internationalMagnaInternationalopel saleOpelSaleSun, 31 May 2009 11:44:00 EST<![CDATA[BREAKING: BBC says Magna has agreed to take majority stake in Opel from GM]]>http://www.autoblog.com/2009/05/29/breaking-bbc-says-magna-has-agreed-to-take-majority-stake-in-op/http://www.autoblog.com/2009/05/29/breaking-bbc-says-magna-has-agreed-to-take-majority-stake-in-op/http://www.autoblog.com/2009/05/29/breaking-bbc-says-magna-has-agreed-to-take-majority-stake-in-op/#commentsFiled under: , , , , ,



According to the BBC News, supplier Magna International has come to terms with General Motors to purchase a majority stake in its European Opel division. While an agreement has been reached between the two parties, the German government - which has agreed to provide financial assistance for Opel - needs to sign off on the matter. Magna and GM have signed a memorandum of understanding that will reportedly help Opel secure some 1.5 billion euros ($2.1B USD) in bridge loans, as well as shore up protections against creditors in the event of a GM bankruptcy.

For its part, Magna will reportedly pour somewhere between 500-700 million euros into Opel, and it plans to cut 10% of the marque's workforce in Germany - about 2,500 employees.

Interestingly, GM will reportedly hold on to a 35% stake in the brand, while Opel workers themselves will end up with 10% of the company. No word yet on what will happen to Vauxhall, Opel's UK twin. Thanks to everyone for the tips!

[Source: BBC]

BREAKING: BBC says Magna has agreed to take majority stake in Opel from GM originally appeared on Autoblog on Fri, 29 May 2009 13:27:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>breakingbreakingnewsbridge loanBridgeLoanGeneral MotorsGeneralMotorsGermanGMmagnamagna internationalMagnaInternationalsupplierVauxhallFri, 29 May 2009 13:27:00 EST<![CDATA[REPORT: Magna eyeing Saturn]]>http://www.autoblog.com/2009/05/21/report-magna-eyeing-saturn/http://www.autoblog.com/2009/05/21/report-magna-eyeing-saturn/http://www.autoblog.com/2009/05/21/report-magna-eyeing-saturn/#commentsFiled under: , , , , ,



Magna tried and lost when Chrysler was for sale. Pulling a Marchionne, Magna's now trying to win GM Europe's Opel division for itself, and rumor is that Saturn is also on the shopping list. GM would get much-needed capital for the transactions, but it could also be facing its old properties as new competition. Of course, coughing up the money might be difficult, considering Magna's taken a shellacking so far this year.

Some think keeping Opel and Saturn together makes sense, because they're already joined at the hip through current parent GM, and they're both slated for spin-off or sudden death. That may be fine for now, on the platforms the brands currently use, giving Magna time to figure out where the underpinnings come from for the next vehicle cycle. If Magna wants to go from supplier to automaker, there's more properties on the market with lots of potential than any time in our collective memory. Funny thing, potential -- Magna could either be wildly successful in winning Saturn and Opel, connecting with consumers, and generally rocking it where there had once been much wailing and gnashing of teeth. Or, it could all go down in a pire of torched Dollars, Loonies, and Euros. Thanks for the tips, Richard.

[Source: WSJ]

REPORT: Magna eyeing Saturn originally appeared on Autoblog on Thu, 21 May 2009 09:34:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>magnamagna opelmagna opel saturnmagna saturnmagna steyrmagnainternationalMagnaOpelMagnaOpelSaturnMagnaSaturnMagnaSteyrThu, 21 May 2009 09:34:00 EST<![CDATA[Henderson: Buyer for Opel picked by end of month]]>http://www.autoblog.com/2009/05/12/henderson-buyer-for-opel-picked-by-end-of-month/http://www.autoblog.com/2009/05/12/henderson-buyer-for-opel-picked-by-end-of-month/http://www.autoblog.com/2009/05/12/henderson-buyer-for-opel-picked-by-end-of-month/#commentsFiled under: , ,



The Opel brand may be churning out some solid-looking products of late, but the European brand isn't long for the GM world. That isn't news, but the fact that a buyer will be chosen before the end of May is. GM CEO Fritz Henderson promised the quick turnaround of Opel during a Monday news conference, saying "several bidders" are interested in the brand.

So far, Fiat and Magna International have publicly expressed interest, but some are expecting at least one Chinese automaker to be in the mix. Henderson insists that the General would have the final say on the winning bidder, though the German government would be counseled on any decision. The German government has been asked to provide $2.5 billion euros in loans to finance the new company.

The sale of Opel is just one facet of GM's larger viability plan, which will pare the General down to four core brands; Chevrolet, GMC, Buick, and Cadillac.

[Source: Automotive News - Sub. Req.]

Henderson: Buyer for Opel picked by end of month originally appeared on Autoblog on Tue, 12 May 2009 08:27:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>fiatgeneral motorsGeneralMotorsgermanygmmagna internationalMagnaInternationalopelTue, 12 May 2009 08:27:00 EST<![CDATA[Marchionne to Germans: If you have a better offer for Opel, take it]]>http://www.autoblog.com/2009/05/08/marchionne-to-germans-if-you-have-a-better-offer-for-opel-take/http://www.autoblog.com/2009/05/08/marchionne-to-germans-if-you-have-a-better-offer-for-opel-take/http://www.autoblog.com/2009/05/08/marchionne-to-germans-if-you-have-a-better-offer-for-opel-take/#commentsFiled under: , , , , ,



Fiat's bid for worldwide domination of the automotive industry has seen a bit of a snag in Germany, where government officials are said to be balking at the Italian automaker's plan to take over GM's struggling Opel brand. Fiat CEO Sergio Marchionne sounds confident that his plan is the best way forward for Opel, saying:
"I'm offering the German government a car business that will be effectively debt-free and I will take on Opel's liabilities, including pensions. I told them: if you have a better offer, take it."
Indeed, the German government may do just that. A competing bid from auto parts supplier Magna International is said to be the more attractive proposal from Germany's standpoint since it would likely offer guarantees that manufacturing sites in Germany, Belgium and England would remain humming along at full capacity.

Fiat's plan would rely heavily on the expected cost savings realized by combining all of its various automobiles on a single set of platforms - a process that would almost assuredly also dictate a corresponding loss of jobs.

[Source: Automotive News - Sub. Req'd | Image: AFP/Getty]

Marchionne to Germans: If you have a better offer for Opel, take it originally appeared on Autoblog on Fri, 08 May 2009 19:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>fiatfiat opelFiatOpelmagnamagna internationalmagna opelMagnaInternationalMagnaOpelopelopel germanyOpelGermanysergio marchionneSergioMarchionneFri, 08 May 2009 19:00:00 EST<![CDATA[Fiat and Magna emerge as serious bidders for Opel]]>http://www.autoblog.com/2009/04/28/fiat-and-magna-emerge-as-serious-bidders-for-opel/http://www.autoblog.com/2009/04/28/fiat-and-magna-emerge-as-serious-bidders-for-opel/http://www.autoblog.com/2009/04/28/fiat-and-magna-emerge-as-serious-bidders-for-opel/#commentsFiled under: , , , , ,



General Motors is looking for outside investment into German automaker Opel, and new reports coming out of Europe indicate that two main bidders have separated from the rest of the pack: Fiat, which we've already heard about, and Magna International. Oleg Deripaska, a familiar name to those who follow the auto industry closely, is said to have aligned himself with Magna in an attempt to acquire a 50% stake in Opel.

Fiat chairman Luca de Montezemolo has denied that his company is interested in purchasing General Motors' Opel brand, but reports from a number of reputable sources, including Fiat's own CEO Sergio Marchionne, indicate otherwise.

GM is said to favor a single bidder, which may improve Fiat's chances somewhat. Union officials and policymakers in Germany, on the other hand, have voiced concerns over the Italian automaker's plans, saying they welcome the alternative plan from Magna. It should be interesting to see how this all plays out in the coming weeks.

[Source: Automotive News - sub. req'd]

Fiat and Magna emerge as serious bidders for Opel originally appeared on Autoblog on Tue, 28 Apr 2009 18:26:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>fiatfiat opelFiatOpelmagna internationalmagna international opelMagnaInternationalMagnaInternationalOpeloleg deripaskaOlegDeripaskaopelopel biddersOpelBiddersTue, 28 Apr 2009 18:26:00 EST<![CDATA[Geneva Preview: Magna Steyr unveils flexible Mila EV concept]]>http://www.autoblog.com/2009/03/02/geneva-preview-magna-steyr-unveils-flexible-mila-ev-concept/http://www.autoblog.com/2009/03/02/geneva-preview-magna-steyr-unveils-flexible-mila-ev-concept/http://www.autoblog.com/2009/03/02/geneva-preview-magna-steyr-unveils-flexible-mila-ev-concept/#commentsFiled under: , , ,


Click above for high-res image gallery of the Magna Steyr mila ev concept

Amongst all of the various concept and production-ready vehicles that major automakers will unveil this week at the Geneva Motor Show is a new concept from auto supplier Magna Steyr called the mila ev. This electric machine was designed from the start to eschew the carbon-spewing, petroleum-chugging internal combustion engine, so no compromises stemming from the conversion of a previously-gas-powered vehicle were necessary. For this reason, Magna says its concept is immediately ready for series production at its own manufacturing plants and could be configured to accept a natural gas, hydrogen fuel cell or hybrid powertrain.

In its current form, the mile ev uses a five-door hatchback bodystyle and a set of lithium-ion batteries allowing for a range of up to 150 kilometers (nearly 100 miles) after a 2.5-hour charge. That unit sends electrons to a 67-horsepower electric motor that we presume drives the front wheels. Solar cells embedded on the glass rooftop should provide just a bit more juice for the electric vehicle, possibly enough to keep up climate control without draining the battery pack.

Magna already has a bit of experience with EVs, having designed and built a prototype for Ford based on the current Focus platform for this year's Detroit Auto Show. That work should pay off in 2011 when the Blue Oval launches a production version of the machine, also with a range of around 100 miles. Our intrepid team is currently roaming the halls in Geneva with their eyes peeled for interesting things like the mila ev to point their camera lenses at, so click here to keep an eye on our live coverage of the show.

Gallery: Geneva Preview: Magna Steyr mila ev


[Source: Magna Steyrg]

Continue reading Geneva Preview: Magna Steyr unveils flexible Mila EV concept

Geneva Preview: Magna Steyr unveils flexible Mila EV concept originally appeared on Autoblog on Mon, 02 Mar 2009 11:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>genevageneva 2009geneva motor showGeneva2009GenevaMotorShowgreenmagnamagna internationalmagna steyrmagna steyr mila evMagnaInternationalMagnaSteyrMagnaSteyrMilaEvmila evmila ev conceptMilaEvMilaEvConceptMon, 02 Mar 2009 11:29:00 EST<![CDATA[BMW and Mercedes talk to Magna about Mila]]>http://www.autoblog.com/2008/04/12/bmw-and-mercedes-talk-to-magna-about-mila/http://www.autoblog.com/2008/04/12/bmw-and-mercedes-talk-to-magna-about-mila/http://www.autoblog.com/2008/04/12/bmw-and-mercedes-talk-to-magna-about-mila/#commentsFiled under: , , , , ,



The Magna MILA Alpin concept car shown in Geneva has gotten the attention of both Mercedes and BMW. The button-cute 4-wheeler rode on a flexible platform, could utilize a variety of fuel sources, climb 45-degree angles, and get up to 120 mph. Those capabilities, and the ability to be easily rebodied and cost-effectively manufactured, have the two premium brands looking at ways to bolster their lineups and enviro-credentials.

Mercedes is known to be working on developing a 4-wheel-drive A-Class sedan. While the sandwich floors in the A-Class and B-Class cars were specifically created to allow flexible drivetrains, it is open to exploring options with BMW. Those other Bavarians in blue and white appear to be even more serious, having engaged Magna to discuss strategy and market demand. The MILA could provide a sound platform for BMW's electric car rumblings, as well as cost-effective, outsourced manufacturing.

[Source: Auto Motor und Sport via TTAC]

BMW and Mercedes talk to Magna about Mila originally appeared on Autoblog on Sat, 12 Apr 2008 18:51:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bmwmagnamagna internationalmagna mila alpinmagna mila alpin conceptmagna mila conceptmagna mila coneptmagna steyrMagnaInternationalMagnaMilaAlpinMagnaMilaAlpinConceptMagnaMilaConceptMagnaMilaConeptmagnasteyrmercedesmilaSat, 12 Apr 2008 18:51:00 EST<![CDATA[From Russia, With Love: Owner of GAZ buys 5% of GM]]>http://www.autoblog.com/2007/08/07/from-russia-with-love-owner-of-gaz-buys-5-of-gm/http://www.autoblog.com/2007/08/07/from-russia-with-love-owner-of-gaz-buys-5-of-gm/http://www.autoblog.com/2007/08/07/from-russia-with-love-owner-of-gaz-buys-5-of-gm/#commentsFiled under: ,



Okay, so maybe GAZ wasn't really interested in buying Land Rover and Jaguar from Ford, but that hasn't stopped Russian billionaire Oleg Deripaska from buying a big chunk of another U.S. automaker. Deripaska is the owner of GAZ and he just bought 5% of General Motors on the open market. Said to be worth about $16.8 billion, Deripaska seems perfectly capable of coughing up the $900 million it will take him to purchase his 5% at Monday's closing price of $32.45 per share. Besides his links to GAZ and now GM, and along with rumors of his interest in Jaguar/Land Rover, Deripaska's Basic Element firm is also about to invest $1.54 billion in Magna International. Seriously, this guy needs a hobby other than spending money.

[Source: Automotive News, sub. req.]

From Russia, With Love: Owner of GAZ buys 5% of GM originally appeared on Autoblog on Tue, 07 Aug 2007 12:34:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>GAZMagna InternationalMagnaInternationalOleg DeripaskaOlegDeripaskaTue, 07 Aug 2007 12:34:00 EST<![CDATA[Magna's mortgage has been pre-approved, time to close the deal]]>http://www.autoblog.com/2007/05/10/magnas-mortgage-has-been-pre-approved-time-to-close-the-deal/http://www.autoblog.com/2007/05/10/magnas-mortgage-has-been-pre-approved-time-to-close-the-deal/http://www.autoblog.com/2007/05/10/magnas-mortgage-has-been-pre-approved-time-to-close-the-deal/#commentsFiled under: ,

Frank Stronach, founder and chairman of Magna International, has acknowledged that his company is definitely making a bid to take control of Chrysler and that they have the money lined up. Magna is partnering with Onex Corporation to make the bid based on $2 billion in cash reserves from Magna with the rest coming from Onex. Stronach doesn't intend to borrow any money up front for the purchase and is thought to have made a bid of about $4.5 billion. Magna and Onex are also considering taking on more partners, presumably so that they can sweeten the bid without borrowing. Stronach also said that more employment bloodletting is "unavoidable" if the deal goes through.

[Source: Toronto Star]

Magna's mortgage has been pre-approved, time to close the deal originally appeared on Autoblog on Thu, 10 May 2007 13:34:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>magna internationalMagnaInternationalonex corpOnexCorpThu, 10 May 2007 13:34:00 EST<![CDATA[Could Magna buy Chrysler and put Bernhard at the helm?]]>http://www.autoblog.com/2007/02/22/could-magna-buy-chrysler-and-put-bernhard-at-the-helm/http://www.autoblog.com/2007/02/22/could-magna-buy-chrysler-and-put-bernhard-at-the-helm/http://www.autoblog.com/2007/02/22/could-magna-buy-chrysler-and-put-bernhard-at-the-helm/#commentsFiled under:


Toronto, Ontario based Magna International is the third largest automotive supplier in the world with 2005 sales of $22.8 billion. They have had a long relationship with DaimlerChrylser both in North America and Europe including running an assembly plant in Graz, Austria that builds various Chrysler models for the European market. Amid the flurry of speculation in recent days about the fate of the Chrysler Group comes a new one from Just-Auto: Magna buys Chrysler and hooks up Wolfgang Bernhard to run the show in Auburn Hills.

Although Magna is a big enough company that they may well be able to pull off such a large transaction, other suppliers are worried about the effects on them. If a company like Magna owned the carmaker would they lock out other competing suppliers like Lear, Johnson Controls, Collins and Aikman and others? Certainly, when GM owned what is now Delphi, it was a lot harder for outside suppliers to bid on contracts that Delphi also produced like brake and steering systems. The other big part of this speculation has Wolfgang Bernhard, now free of his VW obligations stepping in to run the show. This one evolves out of a previous rumor that Bernhard was going to be hired to succeed Magna founder Frank Stronach who may be ready to retire.

[Source: Just-Auto - subscription required]

Could Magna buy Chrysler and put Bernhard at the helm? originally appeared on Autoblog on Thu, 22 Feb 2007 10:06:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>magna internationalMagnaInternationalwolfgang bernhardWolfgangBernhardThu, 22 Feb 2007 10:06:00 EST