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&
Transportation equipment industry
DaimlerChrysler, the German-American carmaker, is set to acquire a 33.4% stake in Japan's Mitsubishi Motors for approximately $1.3 billion, marking a significant consolidation of the global automobile industry. The deal, expected to be announced tomorrow, would make DaimlerChrysler the world's third-largest automaker, trailing behind
Transportation equipment industry
A dramatic move by Ford to acquire a stake in BMW would also grant it control of Rover, following the US company's offer to buy the entire Rover group. This move comes as BMW agreed to sell Land Rover to Ford for £1.85bn, amidst talks of a
BMW Group
A heated dispute over the sale of Rover Group has escalated between Germany and Britain, with labor unions calling for a massive demonstration in London on April 1 to protest the expected thousands of job losses and the British government criticizing BMW's handling of the deal. The announcement
BMW Group
As the 9,000-strong workforce at the Rover plant in Longbridge, Birmingham, begins to feel the effects of the sell-off, with shifts being scaled down and pay reduced by £80 a month, the Trade and Industry Select Committee has announced an investigation into the events leading up to the sale.
BMW Group
As Jon Moulton, the British venture capitalist, laid out his strategy for the newly acquired Rover brand, workers at the Longbridge plant were left wondering about their future. The plant, a 94-year-old sprawling patchwork of assembly shops, has been the epicenter of the British automobile industry, employing 9,000 workers
BMW Group
The British automotive industry has undergone significant changes in recent years, with a decline in British ownership. In a surprising move, BMW A.G. announced that it will end its investment in the troubled Rover Group, selling off its Longbridge plant in Birmingham, England. The plant, which employs 9,000
Transportation equipment industry
UK government policy on the pound and the question of whether the UK would join the euro contributed to BMW's decision to sell Rover, according to BMW's chairman, Joachim Milberg. The sale of Rover marks the end of British car manufacturing under the brand. Land Rover,
Transportation equipment industry
BMW A. G. announced today that its supervisory board will consider selling most of Rover, the struggling British carmaker it acquired six years ago. Despite initial commitments to support Rover, the German carmaker has faced significant losses, with Rover losing 1.9 billion marks (approximately $1 billion) in 1998 and
Transportation equipment industry
The fate of South Korea's second-largest conglomerate, Daewoo, hangs in the balance as foreign banks decide whether to roll over the company's short-term debt. The government's decision to allow creditors to take over Daewoo's restructuring has sparked a cautious response from foreign
Transportation equipment industry
Volkswagen, Europe's largest carmaker, has warned that margins will remain under pressure this year, despite a stronger-than-expected European car market and a surge in US sales in the first half. The company's chairman, Ferdinand Piech, has said that Volkswagen will continue to adjust production to forecast
