In an effort to show that it is serious about its bid, Fiat CEO Sergio Marchionne went to meet with Chancellor Angela Merkel earlier today to discuss Fiat’s proposal to buy General Motors’ Opel brand. Marchionne drove out of the chancellery in his black Fiat without talking to reporters. Merkel also made no public appearance. [...]
According to Chancellor Angela Merkel, the German government is expected to decide on the final bidder for GM’s Opel by the middle of the week. Merkel told reporters that pressure is mounting on as GM’s June 1 U.S. government-imposed deadline nears. While GM will have the final say on who the bidder will be, the [...]
Fiat confirmed today that it has submitted an offer to buy Opel and British brand Vauxhall from General Motors. Sources told Reuters that investment firm RHJ International has also put in a bid and that Magna is also firming up its proposal. The German government had asked bidders for Opel to have their final bids in [...]
Unlike General Motors’ Chevrolet Volt, which is developed all in-house, Ford is getting ready to sell an electric-car that is developed almost entirely by an outside supplier. Canadian auto parts supplier, Magna International, will develop Ford’s electric-offering mostly on its own. For example, the Ford BEV Concept seen at the 2009 Detroit Auto Show earlier [...]
Magna Steyr, an automobile manufacturer based in Oberwaltersdorf, Austria, will be rolling into the 2009 Geneva Motor Show with a new electric-car concept that it says is built on a “flexible platform.” Known as the Mila EV, the concept is not intended for production, but Magna is hoping to attract customers that may be interested [...]
North America’s largest auto supplier, Magna International Inc., reported a fourth-quarter loss of $148 million, citing the drop in demand for new cars as the reason. Magna said that it ended 2008 with sales of $23.7 billion, a 9 percent drop when compared to the same period last year. Co-executive chairman Don Walker said that Magna [...]
Magna International will be closing its gear assembly plant in Syracuse, New York. The Canadian auto parts maker said Wednesday the move comes after workers rejected a contract the company said was necessary to keep the factory running and to keep it competitive. Magna said a total of 1,400 jobs at the New Process Gear [...]
