Porsche announced today that it has locked in a 10 billion euro ($13.5 billion) loan from several banks to help it solidify its majority stake in Volkswagen AG. Porsche Automobil Holding SE says that it can extend the amount to 12.5 billion euros ($16.8 billion) Among the 15 bank guaranteeing the credit line are Barclays Capital, [...]
Tesla and Fisker are the only two start-ups making a huge wave with the development of their electric-vehicles and plug-in hybrid cars. EV Innovations from Mooresville, N.C. will now jump in on the game with two new electric sports car that will make their debut at the 2009 New York Auto Show. The first will [...]
We couldn’t be happier to hear this. According to CARandDRIVER Volkswagen has decided to ditch the “Rabbit” nameplate when the six-generation version of the hatchback arrives later this year. That’s right – the 2009 Volkswagen Golf will keep its original, worldwide successful name when it hits U.S. shores. Jochen Sengpiehl, executive director of Volkswagen marketing said [...]
During an economic crisis where auto sales are down, automakers are forced to come up with new ideas to adjust their product offering with the demand of consumers. Lightweight, fuel-efficient vehicles have seemed to become the “thing to do” for auto manufacturers and luxury sports car makers are no exception. The best recent example of [...]
This week, the world saw the world’s cheapest car being unveiled in India. Starting at 100,000 rupees ($1,983 USD), the Tata Nano will be available in 1,000 cities in India starting April 9th. But will the Nano ever come to the U.S.? Our friend Shrawan of IndianAutosBlog attended the press event live and pitched our question to [...]
FoMoCo today submitted documents to the Securities and Exchange Commission that show that CEO Alan Mulally’s total compensation was cut 37 percent last year. Including cash, stock and stock options, Mulally’s total compensation is worth more than $13.5 million. Mulally’s salary totaled $4.9 million in 2008 with $8.7 million in stock option. However, Mulally’s $8.7 [...]
According to a survey by R.L. Polk, more than three and five Americans (that’s 61 percent) oppose giving General Motors and Chrysler additional government loans. Of course, since it’s the taxpayer’s money that goes to the two automakers, their voice about what happens with their money matters. Nonetheless, we’ll found out more details on March [...]
Fisker Automotive announced today the first group of U.S. retailers that will sell and service the company’s first plug-in hybrid – the $87,900 Fisker Karma sedan. Sales will begin later this year at 32 confirmed locations that will carry and service the Karma. Fisker said that it has a goal of having 40 locations by [...]
It is reported that only 14 automakers will be present at the 2009 Tokyo Motor Show. Nonetheless, the show is expected to be pretty exciting with Japanese automakers making some significant debuts. Toyota’s Akio Toyoda will be taking over the steering wheel as the company’s CEO starting April. That alone is expected to generate some [...]
A bunch of Alfa Romeo MiTo Cabriolet renderings have popped up online showing what the drop-top version of the hottest Italian hatchback could look like. It was reported in June of last year that Alfa Romeo is working on a soft-top convertible version of the MiTo due for launch in 18 months. According to that [...]
