Transportation equipment industry
The future of Rover, a UK-based motor manufacturer, has been secured with a £10 takeover by the Phoenix Consortium, a group of Midlands businessmen. The deal, which also includes a £500m cash payment by BMW to the consortium, is expected to safeguard over 27,000 jobs at Rover's
Transportation equipment industry
As the UK government weighs its options, the consortium trying to buy MG Rover, Phoenix, is engaged in a high-stakes game of negotiations with BMW, with the outcome determining the future of the ailing car manufacturer. In a last-ditch effort, Phoenix has held talks with Honda about a potential alliance,
Transportation equipment industry
BMW, Renault, and Delphi Automotive Systems have solidified a memorandum of understanding (MOU) to co-develop vehicles with solid-oxide fuel cells as auxiliary electric power. This partnership builds on a previous agreement between Delphi and BMW to jointly develop a fuel cell system for passenger cars, now expanding to incorporate diesel
Transportation equipment industry
Jaguar sales have reached new heights in the US, with over 4,000 vehicles sold in April, nearly doubling the number sold in the same month in 1999. This significant increase is attributed to the company's successful efforts in raising its profile in the American market, led by
Transportation equipment industry
ABB National's backing of the Phoenix consortium with Pounds 500m has lifted hopes that the closure of Rover cars can be averted. The consortium, fronted by John Towers, the former Rover chief executive, has also secured financial guarantees from BMW and Abbey National, with Pounds 1.2 billion
Transportation equipment industry
BMW's impending exit from Rover remains shrouded in uncertainty, with the collapse of a deal with Alchemy leaving a bid led by John Towers as the only viable option. The German automaker's continued delay in making a decision may ultimately seal the fate of the Longbridge
Transportation equipment industry
A cross-party Commons Trade and Industry select committee has cleared DTI Secretary Stephen Byers of having had advance knowledge of BMW's decision to ditch Rover or doctoring company statements to back his case. The committee was critical of BMW's "excessive secrecy and incompetence" over
Transportation equipment industry
Former Rover Group chief executive, John Towers, held talks with Rover's chief Walter S1/3amann, facilitated by trade and industry secretary, Stephen Byers, to discuss an alternative buyout plan for the troubled car group. The meeting, described as "constructive" by the DTI, aimed to assess BMW&
Transportation equipment industry
Volkswagen has emerged as a favourite to take over BMW, a move that could see the German car company acquire both the Mini and the Rolls-Royce. The Quandt family, which owns nearly half of BMW, is ready to sell the company for up to Pounds 20billion after sustaining huge losses
Transportation equipment industry
Stephen Byers, the Secretary of State for Trade and Industry, expressed "anger" at BMW's lack of transparency in keeping him in the dark about the break-up of Rover, preventing the UK government from helping to rescue the British car-maker. During a heated questioning by the Commons
BMW Group
The British Grand Prix is set to host a protest against BMW's plan to sell off Rover to the highest bidder, threatening job losses in the UK. The Transport & General Workers Union has been approached by a group aiming to take action at the race, citing the
BMW Group
BMW has disclosed that Land Rover has incurred losses for the past two years, despite reaching record international sales. The company's finance director, Dr. Helmut Panke, attributed the deficit to the company's position in the market, which was not as strong as public perception. Meanwhile, BMW&
