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Fiat Chrysler Automobiles got an offer from a well-known Chinese automaker to buy it, but at a small premium over its market value. Of course the offer was rejected because of the price offered, but what’s more important here is that the Chinese powers started to show interest in Fiat. Meanwhile, other sources independently identified executives from other large Chinese automakers conducting their own due diligence on a potential purchase of FCA, including meeting last week with representatives of U.S. retail groups about a potential acquisition. A source said FCA executives h...
Daimler’s management board just approved some measures to cut diesel pollution including an investment of 22o million euros to update more than 3 million Mercedes-Benz diesel cars in Europe. German regulators might have been the main reason why the company has taken these serious steps, since they have blamed it for causing respiratory disease. The plan extends a service action that began in March on compact cars and also included V-class vans. Germany’s Transport Ministry declined immediately to comment on the recall. Daimler executives last week were summoned to attend...
U.S. auto sales plunged for the fourth successive month in June, down 3%. All the Detroit giants registered disappointing sales declines for the month compared to a year ago. Based on the first half of the year, the prospects for the remainder of the year look bleak, indicating this year’s industrial sales will fall short of last year’s record sales. The sales projections for the full year now stand at 17.1 million units, which would represent a 3% sales decline from 2016’s record sales. Retail demand has been waning over the past several quarters. SUVs and crossov...
Takata Corp. filed for bankruptcy protection in Japan and the U.S., after the world’s biggest automotive recall scandal. The company will be bought by the U.S. supplier Key Safety for $1.59 billion. The sale will not include some operations related to Takata’s business in the ammonium nitrate airbag inflators that were the subject of a global recall linked to defects that resulted in some airbags exploding with too much force and spraying the cabin with metal shards. Malfunctioning Takata airbag inflators have been linked to at least 16 deaths and 180 injuries worldwide ...
General Motors aims to keep reducing the flow of vehicles from its plants to U.S. rental lots at least through 2018, continuing a strategy that has helped the automaker's North American operations pile up more than $26 billion in profits under CEO Mary Barra even as its overall market share keeps sliding. Alan Batey, GM's president of North America, said that sales to daily-rental fleets would fall by about 50,000 units this year and an unspecified amount in 2018. That would represent four straight years of declines for GM's rental deliveries, which already dropped from 16.1 percen...
