Indian automaker Mahindra is reportedly close to finalizing a deal to buy the famous Italian design house Pininfarina. The two sides have been negotiating the deal for weeks, anonymous insiders indicated.
Don't expect General Motors Corp. to make any new announcements regarding Saab now or in the near future, according GM spokesman Chris Preuss. According to a report in Automotive News, Preuss added that no new Saab deals are imminent with any interested parties.
Consumers wary of purchasing vehicles off eBay may take a bit of comfort in the online auction site's announcement that all vehicles built since 1981 will now include free vehicle history reports effective today. The "AutoCheck" information, supplied by Experian Automotive, will detail whether vehicles have been involved in major accidents, have salvage titles, have been stolen or repossessed, have had their odometers tampered with, or have seen special duty as a taxi or police vehicle. Of cours
In some cities, people don't want to pony up loose change for a meter-fed parking spot. In Boston, an abundance of available spaces would be like a dream come true, as evidenced by the exorbitant prices being paid on a regular basis in some areas. For example, The Boston Globe reports that a spot at 48 Commonwealth in the Back Bay district has just gone for a record $300,000 after residents in the area engaged in a bidding war for it. The couple that sold the space is also trying to sell their h
The supervisory board of Volkswagen Group just gave approval for Porsche AG to take a majority stake in the people's automaker. Porsche currently owns 31% of Volkswagen, and this move will ultimately increase that share to 51%. The increase in ownership is estimated to cost Porsche upwards of $20 billion, although the financial deets have not yet been released. Porsche is saying that owning a majority stake in VW will not result in the two companies combining, creating a German mega-automaker of
At least one of the bidders in the race to buy Jaguar and Land Rover has dropped out of the competition. Indian manufacturer Mahindra & Mahindra apparently couldn't get the guarantees they wanted regarding powertrain supplies. With new limits on CO2 emissions expected to be enacted in the EU beginning in 2012, the ability of both brands to meet the standards with their larger vehicles poses a problem, as well.
Earlier this month, Autocar reported that BMW had expressed significant interest in buying the Volvo brand from Ford Motor Company early in 2007. The report claimed BMW had gone so far as to request financial data about the Swedish automaker.
The Detroit News is reporting that a group of 25 Chrysler employees in Toledo have formed a group called the "Employee Buyout Committee" and are actively exploring the necessary steps required to see the fate of Chrysler end up in the hands of its employees. Their proposal would give Chrysler employees a 70% stake in the automaker, with DaimlerChrysler retaining the remaining 30%. The group appears to be making all the right moves so far, having submitted its proposal first to the UAW, whose leg
In the ongoing struggle between magazines and websites, it should be immediately clear to anyone where we stand. With websites like ours getting constantly updated as the news emerges, magazines are increasingly becoming an outdated relic for delivering automotive news to enthusiasts (like yourself, reading this post).
The world's second-largest truck company, Volvo AB, has agreed to buy Nissan Diesel Motor Co. for $1.1 billion in a bid to gain a greater foothold in the booming Asian market. Asia has been a weak spot for Volvo thus far, comprising just seven percent of its sales in 2006. By buying Japan's fourth largest truck producer, Volvo should be able to establish a far more secure position through Nissan's regional brand name and production capabilities.
All the bids are in and the winning bidder has been revealed: Aston Martin is being bought by LVMH Moet Hennessy Louis Vuitton SA, the French luxury goods consortium that produces upper-crust products ranging from leather trunks and wallets to champagne and cognac...and now exotic luxury sports cars, too.
Toyota announced today that it will spend $373 million on a deal with Isuzu that will transfer 5.9% of the truck- and diesel-maker to the giant Japanese automaker. Toyota's goal in purchasing a stake in Isuzu is to bolster its diesel portfolio, which apparently lags behind other major automakers like cross-town rival Honda who announced in September it would have diesel-powered passenger cars for sale in the U.S. within three years.
The A1 Grand Prix World Cup of Motorsport is in the process of being sold to a consortium of investment firms. Sheikh Maktoum Hasher Maktoum Al Maktoum, literally the biggest name in racing and the founder of the series, is selling all his stock in A1GP for an as-yet undisclosed cash (yes, we said cash) sum.