UK fights for Vauxhall as GM bankruptcy looms
Business secretary Lord Mandelson has held “substantial telephone conversations” with GM amid final negotiations with bidders for its European arm.
The Government has explicitly linked any financial support for the spin-off of General Motors’ European operations to the future of its two UK car plants in Luton and Ellesmere Port.
Britain is lobbying to prevent the German government from bowing to election-year pressure with a pledge to protect domestic jobs at the expense of Vauxhall’s UK plants.
The three main bidders for GM’s European arm are Fiat, Canadian car parts maker Magna and financial investor RHJ. There are claims that whichever bidder wins, up to 10,000 jobs could be cut at Vauxhall/Opel.
Beijing Automotive Industry Corp has emerged as a fourth contender for the business and insiders claim it will try to avoid job cuts in Germany for two years.
As the winning bid is being decided, General Motors has acknowledged that it has failed to secure agreement from holders of $27bn in bonds for a contentious debt-for-equity offer, and said that its directors will meet “to discuss GM’s next steps”.
The setback, which was widely expected, clears the way for the carmaker to seek bankruptcy protection on or before June 1, the deadline set by the US government for GM to meet conditions for future financial aid, including the debt-exchange.
A General Motors bankruptcy would be the largest ever in US industrial history. (Daily Telegraph; Daily Mail; Daily Express; The Guardian: FT.com; just-auto.com: May 27)
Citroen issues termination notices in expansion plan
Citroen UK has issued two-year termination notices to all its 640 sales and service centres and parts distributors this week.
The manufacturer says the move is part of an ambitious sales growth and enhanced customer care strategy – plus the need to safeguard profitability.
The aim is to have fewer dealers, doing a better job and making more money, the firm said.
The majority of Citroen’s 200 sales outlets will be unaffected, but 20 have been told the carmaker may end their contracts, unless they improve customer care and/or sales performance against targets in 2009 and 2010.
Another 20 has been told the territory they represent is no longer viable. (am-online: May 27)
Football and driving don’t mix
Listening to football commentary on the radio while driving can be a dangerous distraction, scientists have warned.
They found that listeners’ driving became much more erratic when they were listening to the match.
Tests carried out using a driving simulator also showed that the pace of the game, goals and penalty decisions affected the ability and concentration of fans behind the wheel. (Daily Telegraph; Daily Mail: May 27)
Thursday, 28 May 2009
Wednesday, 27 May 2009
BUGATTI VEYRON TO WOW THE CROWDS AT PAGENT OF POWER
It costs nearly a million pounds – if you can get on the waiting list – tops 250 mph and has over 1,000 bhp – and it’s coming to the Cholmondeley Pageant of Power!
The Bugatti Veyron is simply one of the greatest supercars of all time and a rare sight even in Monte Carlo or Hollywood.
“We are absolutely delighted that Bugatti are bringing the Veyron to Cholmondeley,” said Event Director James Hall. “This year we are celebrating all things Bugatti as Lord Cholmondeley’s grandfather was a friend and customer of Etorre Bugatti and the cars were once a common sight around here.
“We already have lots of older Bugattis on the entry list but having the Veyron here really will make this a special event for us.”
Bugatti are just one marque among many at the second Pageant of Power to be held at Cholmondeley Castle on July 18th and 19th. Historic and competition cars from the 1920s right up to date will feature on both days.
In addition to the action on the track, the air will be crowded with in excess of 150 helicopters making this the UK’s biggest gathering. There will be a flypast of historic aircraft including both a Spitfire and a Seafire while on the Mere inshore powerboats will compete for the coveted Breitling Trophy.
To complete a great family weekend the Saturday evening will see the annual Cholmondeley Fireworks Concert while military support will include marching bands and the Army’s Challenger 2 Main Battle Tank.
This year tickets are being restricted in the popular “Paddock Enclosure” and only those bought in advance will guarantee access. A new lower tier ticket price of £15 has been introduced for the “Park”, which will make the event one of the best value days out this summer.
For more information tickets please visit www.pageantofpower.com.
Below: The cars of the Marquess and Marchioness of Cholmondeley at the family seat. Left: Chassis 57739 Figoni & Falaschi fastback saloon. Right: Chassis 57698 Atalante Type 57C
Image taken from Bugatti 57 - The Last French Bugatti - 2nd Edition by Barrie Price.A concise history, from conception & development to the end of production, of the Bugatti Type 57, including the supercharged 57S and the Type 64 & 101. With revised text and many more period illustrations, this new edition becomes the standard reference on the 57 and its close relatives.
Click here for more info about the book.
Tuesday, 26 May 2009
PICTURES FROM MINI UNITED 2009
Thursday, 21 May 2009
IN THE NEWS
Three bids expected for GM’s European operations
At least three bidders were expected to make formal offers for a stake in General Motors’ European operations today (Wednesday, May 20), and will be asked to come up with about €650 million.
RJH International, the Brussels-listed car parts holding company, Fiat and Canadian-based parts company Magna are reported to be the serious contenders for the struggling US carmaker’s Vauxhall/Opel division.
All three groups were expected to make offers for the stake by today’s deadline. The size of the stake will be worked out in talks, but GM wants to keep a minority stake of up to 40%.
Additional bids from up to three other private equity and sovereign wealth investors were still feasible but not as likely.
GM will give preference to cash bids, which could complicate Fiat’s bid as the Italian manufacturer is opposed to injecting cash into the group.
GM, which is expected to file for Chapter 11 bankruptcy protection in the US by June 1, has said that it wants to choose a partner for Vauxhall/Opel by the end of May. (Financial Times: May 20).
Saab to select buyer from three suitors
Saab says it has selected three suitors for continued talks as the up-for-sale loss-making General Motors-owned manufacturer looks for a new parent company.
The Swedish manufacturer has applied to the courts for an extension to its grace period under creditor protection.
The company has asked the Swedish courts for an additional three months of protection from creditors and revealed that it had whittled the field of interested parties down from 10 potential suitors.
The negotiations with the three selected organisations, which have not been identified, will be carried out during the remainder of May in order to select the final candidate.
The carmaker sought protection from creditors in February to buy time to find a new owner, after GM said it would cut ties with the brand by the turn of the year.
The courts will make a decision on whether to allow the reorganisation process to be extended late next week. (National newspapers: May 20).
Porsche chief in talks with Middle East investors
The long-running saga involving German vehicle manufacturers Porsche and Volkswagen has taken another twist with the news that the sports carmaker’s chief executive Wendelin Wiedeking is trying to woo Middle East investors.
He has held talks with several Middle East funds, some from Kuwait, Abu Dhabi and Qatar, about taking a stake of up to 25% in the carmaker through a cash injection thought to be up to €4 billion. Porsche is struggling under a €9bn debt pile.
However, it remains unclear whether the talks represent a bid to bolster Porsche’s endangered independence that will enable it to walk away from the proposed merger with Volkswagen, or were aimed at strengthening the sports carmaker’s clout in further negotiations.
Volkswagen suspended merger talks with Porsche over the weekend after it accused Porsche’s management of obstructing the negotiations about integration. However, since then there have been behind the scenes moves to bring the derailed talks back on track. (Financial Times/The Times: May 20).
At least three bidders were expected to make formal offers for a stake in General Motors’ European operations today (Wednesday, May 20), and will be asked to come up with about €650 million.
RJH International, the Brussels-listed car parts holding company, Fiat and Canadian-based parts company Magna are reported to be the serious contenders for the struggling US carmaker’s Vauxhall/Opel division.
All three groups were expected to make offers for the stake by today’s deadline. The size of the stake will be worked out in talks, but GM wants to keep a minority stake of up to 40%.
Additional bids from up to three other private equity and sovereign wealth investors were still feasible but not as likely.
GM will give preference to cash bids, which could complicate Fiat’s bid as the Italian manufacturer is opposed to injecting cash into the group.
GM, which is expected to file for Chapter 11 bankruptcy protection in the US by June 1, has said that it wants to choose a partner for Vauxhall/Opel by the end of May. (Financial Times: May 20).
Saab to select buyer from three suitors
Saab says it has selected three suitors for continued talks as the up-for-sale loss-making General Motors-owned manufacturer looks for a new parent company.
The Swedish manufacturer has applied to the courts for an extension to its grace period under creditor protection.
The company has asked the Swedish courts for an additional three months of protection from creditors and revealed that it had whittled the field of interested parties down from 10 potential suitors.
The negotiations with the three selected organisations, which have not been identified, will be carried out during the remainder of May in order to select the final candidate.
The carmaker sought protection from creditors in February to buy time to find a new owner, after GM said it would cut ties with the brand by the turn of the year.
The courts will make a decision on whether to allow the reorganisation process to be extended late next week. (National newspapers: May 20).
Porsche chief in talks with Middle East investors
The long-running saga involving German vehicle manufacturers Porsche and Volkswagen has taken another twist with the news that the sports carmaker’s chief executive Wendelin Wiedeking is trying to woo Middle East investors.
He has held talks with several Middle East funds, some from Kuwait, Abu Dhabi and Qatar, about taking a stake of up to 25% in the carmaker through a cash injection thought to be up to €4 billion. Porsche is struggling under a €9bn debt pile.
However, it remains unclear whether the talks represent a bid to bolster Porsche’s endangered independence that will enable it to walk away from the proposed merger with Volkswagen, or were aimed at strengthening the sports carmaker’s clout in further negotiations.
Volkswagen suspended merger talks with Porsche over the weekend after it accused Porsche’s management of obstructing the negotiations about integration. However, since then there have been behind the scenes moves to bring the derailed talks back on track. (Financial Times/The Times: May 20).
Wednesday, 20 May 2009
TWO BRAND NEW PORSCHE BOOKS FROM VELOCE
-PRESS RELEASE-
Porsche 908 – The long distance runner
By Jörg Thomas Födisch, Jost Nesshöver, Dieter Rossbach, Harold Schwarz, Rainer Rossbach
PORSCHE 908 GOES THE DISTANCE
The most famous racing drivers drove it and actor Steve McQueen not only raced a 908 successfully, but one was used as the camera car for the film "Le Mans" in which he starred. Endurance racer par excellence, the 908 raced successfully from the late 60s through to the 80s first as a works car and later driven by privateers. Now, finally, the first comprehensive work about the 908 has been published in the English language. The authors portray the fascinating history of the Porsche 908 racing car in all its forms, and clearly explain its complex technology. The car's racing history is fully documented, and detailed statistics enable the reader to quickly look up all of the racing data. In addition, there are little-known anecdotes and contemporary reports from eye-witnesses and drivers. A wealth of contemporary, previously unreleased images evoke the fascinating atmosphere and excitement of the great seventies endurance racing era.
Porsche 908 – The long distance runner is published by Veloce at ￡45.00 in hardback with 336 colour and black and white pictures.
"... this is the only 908 book you'll ever need." – Classic & Sports Car
Porsche 928
By Brian Long
THE PERFECT GUIDE TO PORSCHE'S V8-ENGINED GRAND TOURER
"Porsche 928" is a brand new book by acknowledged motoring historian and Porsche expert Brian Long. This, the definitive record, looks closely at the variants sold on the American, British, Australian and Japanese markets from the time the car was launched in 1977, until the last one was built in 1995.
The 928 was originally designed as a replacement for the legendary 911, although traditionalists wouldn’t let the air-cooled machine die, and the fuel crisis that occurred soon after the new Grand Tourer was launched meant its stunning on the road performance would not be matched in terms of showroom performance ...
Now gaining the recognition it has long deserved, the 928 has become an extremely collectible and surprising affordable modern classic.
Porsche 928 is published by Veloce at ￡34.99 in hardback with 400 colour pictures, mainly in colour.
"GOOD TIMING on Veloce's part: interest in the 928 seems to be taking off, yet the cars are still comparatively cheap to buy." – Octane
Porsche 908 – The long distance runnerBy Jörg Thomas Födisch, Jost Nesshöver, Dieter Rossbach, Harold Schwarz, Rainer Rossbach
PORSCHE 908 GOES THE DISTANCE
The most famous racing drivers drove it and actor Steve McQueen not only raced a 908 successfully, but one was used as the camera car for the film "Le Mans" in which he starred. Endurance racer par excellence, the 908 raced successfully from the late 60s through to the 80s first as a works car and later driven by privateers. Now, finally, the first comprehensive work about the 908 has been published in the English language. The authors portray the fascinating history of the Porsche 908 racing car in all its forms, and clearly explain its complex technology. The car's racing history is fully documented, and detailed statistics enable the reader to quickly look up all of the racing data. In addition, there are little-known anecdotes and contemporary reports from eye-witnesses and drivers. A wealth of contemporary, previously unreleased images evoke the fascinating atmosphere and excitement of the great seventies endurance racing era.
Porsche 908 – The long distance runner is published by Veloce at ￡45.00 in hardback with 336 colour and black and white pictures.
"... this is the only 908 book you'll ever need." – Classic & Sports Car
Porsche 928By Brian Long
THE PERFECT GUIDE TO PORSCHE'S V8-ENGINED GRAND TOURER
"Porsche 928" is a brand new book by acknowledged motoring historian and Porsche expert Brian Long. This, the definitive record, looks closely at the variants sold on the American, British, Australian and Japanese markets from the time the car was launched in 1977, until the last one was built in 1995.
The 928 was originally designed as a replacement for the legendary 911, although traditionalists wouldn’t let the air-cooled machine die, and the fuel crisis that occurred soon after the new Grand Tourer was launched meant its stunning on the road performance would not be matched in terms of showroom performance ...
Now gaining the recognition it has long deserved, the 928 has become an extremely collectible and surprising affordable modern classic.
Porsche 928 is published by Veloce at ￡34.99 in hardback with 400 colour pictures, mainly in colour.
"GOOD TIMING on Veloce's part: interest in the 928 seems to be taking off, yet the cars are still comparatively cheap to buy." – Octane
AUTO HEADLINES
Porsche moves to restart Volkswagen talks
The family owners of Porsche have pushed to restart stalled merger talks with Volkswagen.
The move came as thousands of workers at the debt-ridden sports car manufacturer gathered to protest against Ferdinand Piech, the Volkswagen chairman.
The feuding Porsche and Piech families are expected this week to discuss getting the derailed negotiations back on track, according to people familiar with the situation.
The move came after Volkswagen at the weekend suspended merger talks with Porsche. It said that Porsche’s management had hampered the talks by not being fully transparent about the sport carmaker’s financial situation. (Financial Times: May 19).
RAC takes the toll out of motoring this Bank Holiday
RAC says it is giving motorists something to smile about over the Bank Holiday weekend by paying for 3,000 cars to go through the M6 Toll.
Recent RAC research shows that more people are planning to stay in the UK this year, so the motoring organisation says it will bring some cheer and goodwill to the weekend by paying for 1,000 lucky motorists tolls every day throughout the Spring Bank Holiday.
The gesture will see RAC covering the cost of 3,000 motorists toll fees, from Saturday (May 23) to Monday, May 25 inclusive. The offer will be open to drivers heading both North and South on the main M6 Toll plaza over the weekend and lucky drivers will be selected at random by toll staff to have their toll paid as they go through the manned booths - £4.50 on Saturday and Sunday and £4.70 on Monday.
The initiative comes as RAC shares its Bank Holiday traffic and travel predictions. Set to be one of the busiest this year as school half term and the Bank Holiday coincide, RAC predicts that millions of motorists will hit the road and the traffic will build up on all major routes throughout the weekend. Traffic will be heavier still if the sun shines and families flock to the beaches.
Meanwhile, the AA says that drivers can expect a 50% increase in journey times on Friday (May 22) as commuters, holidaymakers and large numbers of caravans hit the road at the start of the Bank Holiday weekend.
As cars get stuck in tailbacks, the AA estimates that 80,000 breakdowns in the UK could be prevented this weekend if drivers check their cars beforehand.
Problems such as overheating are made worse as 80% of motorists do not even regularly check their car’s coolant level, according to an AA poll of more than 14,500 motorists. (RAC/AA: May 19).
Daimler buys stake in electric carmaker
Daimler has bought a near 10% stake in Tesla, the Silicon Valley-based maker of electric-powered sports cars, the two companies said in a statement.
The deal marks a further push by the maker of Mercedes-Benz luxury vehicles into battery-powered cars, and represents a vote of confidence in Tesla, a pioneer in electric cars that has struggled to raise funds during the credit crunch.
The companies, which already co-operate on electric versions of Daimler’s Smart car, will work together on batteries, electric drive systems, and vehicle projects. No price was given for the stake in privately held Tesla. (FT.com: May 19).
The family owners of Porsche have pushed to restart stalled merger talks with Volkswagen.
The move came as thousands of workers at the debt-ridden sports car manufacturer gathered to protest against Ferdinand Piech, the Volkswagen chairman.
The feuding Porsche and Piech families are expected this week to discuss getting the derailed negotiations back on track, according to people familiar with the situation.
The move came after Volkswagen at the weekend suspended merger talks with Porsche. It said that Porsche’s management had hampered the talks by not being fully transparent about the sport carmaker’s financial situation. (Financial Times: May 19).
RAC takes the toll out of motoring this Bank Holiday
RAC says it is giving motorists something to smile about over the Bank Holiday weekend by paying for 3,000 cars to go through the M6 Toll.
Recent RAC research shows that more people are planning to stay in the UK this year, so the motoring organisation says it will bring some cheer and goodwill to the weekend by paying for 1,000 lucky motorists tolls every day throughout the Spring Bank Holiday.
The gesture will see RAC covering the cost of 3,000 motorists toll fees, from Saturday (May 23) to Monday, May 25 inclusive. The offer will be open to drivers heading both North and South on the main M6 Toll plaza over the weekend and lucky drivers will be selected at random by toll staff to have their toll paid as they go through the manned booths - £4.50 on Saturday and Sunday and £4.70 on Monday.
The initiative comes as RAC shares its Bank Holiday traffic and travel predictions. Set to be one of the busiest this year as school half term and the Bank Holiday coincide, RAC predicts that millions of motorists will hit the road and the traffic will build up on all major routes throughout the weekend. Traffic will be heavier still if the sun shines and families flock to the beaches.
Meanwhile, the AA says that drivers can expect a 50% increase in journey times on Friday (May 22) as commuters, holidaymakers and large numbers of caravans hit the road at the start of the Bank Holiday weekend.
As cars get stuck in tailbacks, the AA estimates that 80,000 breakdowns in the UK could be prevented this weekend if drivers check their cars beforehand.
Problems such as overheating are made worse as 80% of motorists do not even regularly check their car’s coolant level, according to an AA poll of more than 14,500 motorists. (RAC/AA: May 19).
Daimler buys stake in electric carmaker
Daimler has bought a near 10% stake in Tesla, the Silicon Valley-based maker of electric-powered sports cars, the two companies said in a statement.
The deal marks a further push by the maker of Mercedes-Benz luxury vehicles into battery-powered cars, and represents a vote of confidence in Tesla, a pioneer in electric cars that has struggled to raise funds during the credit crunch.
The companies, which already co-operate on electric versions of Daimler’s Smart car, will work together on batteries, electric drive systems, and vehicle projects. No price was given for the stake in privately held Tesla. (FT.com: May 19).
Tuesday, 19 May 2009
STOCK NEWS: THE LAST REAL AUSTINS NOW AVAILABLE
One of the great pictures from the brand new book The Last Real Austins - 1946-1959 by Colin Peck. Click here to see more on flickr.
This book chronicles how Austin overcame the tough austerity period immediately after WWII and went on to design a comprehensive range of cars, sports cars, limousines, taxicabs, off-roaders, military vehicles, vans and trucks that has never been equalled by one single manufacturer.In the immediate post-war years its modern and innovative range of cars, trucks and vans were forced to take on world markets as a result of the British Government’s “Export or die” mandate to help pay off massive war debts. At its peak, Austin was required to export 75% of production, resulting in long waiting lists for new vehicles on the home market. As a result, many of its impressive range of modern vehicles were to find customers in the four corners of the world, helping to establish Austin as one of the world’s best known auto makers at the time. This book chronicles each model and focuses on how and where it was used and received, and is illustrated with rare archive material and stunning new colour photography which will be appreciated by enthusiasts and restorers alike. Click here for more info about the book or buy it now using paypal or credit card.
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