It’s big, it’s brash, it’s American and you can’t afford it. Or can you? Gavin Foster comes to grips with the car environmentalists love to hate.
Japan’s current account balance swung to its largest deficit on record in January, with the income surplus tumbling about a third from a year earlier.
General Motors (GM) on Thursday warned it would go bust within 30 days unless the US Treasury swiftly gives it a further multibillion-dollar loan.
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/ 24 February 2009
South Africa’s trade and industry minister will meet car makers to discuss a rescue package to help limit job losses, a spokesperson said on Tuesday.
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/ 16 February 2009
President Barack Obama has decided to form a government task force for restructuring the struggling US car industry instead of naming a ”car czar”.
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/ 11 February 2009
Glut expected on market as demand plummets for 2008’s must-have executive perk.
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/ 6 February 2009
The SA vehicle industry has approached the government for loans to help curb job losses as it struggles with a domestic and global economic downturn.
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/ 12 January 2009
China posted a sharp fall in 2008 car sales growth on Monday as makers worldwide grapple with slowing demand.
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/ 12 January 2009
Carmakers put on a brave face at the world’s biggest car show on Sunday, with the sales outlook bleak for the coming year.
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/ 31 December 2008
Another day, another batch of warning signs indicating the world will enter 2009 in the throes of a sharp economic slowdown.
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/ 20 December 2008
United States car makers mulled painful reforms on Saturday after President George Bush unveiled a $13,4-billion rescue loan for the industry.
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/ 18 December 2008
Chrysler said on Wednesday that it would halt factory operations for at least a month, putting new pressure on the Bush administration.
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/ 11 December 2008
The House of Representatives has approved a lifeline to the teetering US auto industry, but the legislation now faces stiff opposition in the Senate.
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/ 10 December 2008
The White House and congressional Democrats on Tuesday night reached an agreement in principle on a -billion proposal for bailing out US carmakers.
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/ 9 December 2008
The White House voiced concern about a Democratic plan on Monday to bail out stricken automakers with up to -billion in loans.
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/ 8 December 2008
The US Senate was due to reconvene on Monday as congressional negotiators sought to draft legislation to bail out the US car industry.
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/ 6 December 2008
Congressional Democrats and the White House have reached agreement on emergency aid for United States automakers.
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/ 5 December 2008
The CEOs of General Motors and Chrysler said they would consider restarting merger talks if needed to win their slice of up to -billion in aid.
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/ 2 December 2008
SA new vehicle sales declined by 28,3% in November compared to the same month last year, in another sign that interest rates are taking their toll.
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/ 22 November 2008
Wall Street enters the year-end holiday season this week with little to cheer about as the worst bear market in decades appears to be grinding on.
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/ 20 November 2008
Chances have dimmed that a last-minute plan being crafted to provide -billion to bail out US automakers would receive enough backing.
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/ 19 November 2008
United States automakers renewed pleas on Wednesday for a government bailout to avert a "catastrophic collapse" of the economy.
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/ 18 November 2008
US Senate Democrats took the first step towards bailing out the nation’s crippled auto industry on Monday by proposing a -billion loan programme.
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/ 12 November 2008
More grim news on Wednesday that Germany and UK are battling recession increased pressure on world leaders ahead of an economic summit this weekend.
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/ 8 November 2008
General Motors and Ford reported far deeper-than-expected quarterly losses on Friday and said their rate of cash burn had accelerated
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/ 11 September 2008
Auto manufacturers in South Africa are expected to double vehicle production by 2020 in response to revised government incentives, say experts.
The gloom surrounding the motor industry deepened on Friday when General Motors announced a ,5-billion loss and BMW issued a profits warning.
General Motors posted a ,5bn loss as North American sales dropped by 20% and plunging prices for SUVs prompted charges for its finance business.
South African new-car sales for June were the lowest since 1999. Ray Leathern looks at an automotive industry struggling to stay buoyant.
Fears are growing over a potential cash crisis at the United States’s top carmakers after Ford warned its losses are running into billions.
More than 60 teams from nine countries have lined up to chase a -million prize for making a green supercar that smashes records for fuel efficiency, organisers of the competition said on Thursday. ”We’re not talking about concept cars,” said Peter Diamandis, chief executive of the X Prize Foundation.
An affiliate of United States-based buyout firm Carlyle Group has defaulted on about ,6-billion of debt and expects its lenders to seize remaining assets as the global credit crunch tightens around leveraged investors. A ”successful refinancing is not possible,” Carlyle Capital said.