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
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
BP Amoco and Ford Motor Company on Monday announced the availability of newly reformulated lower sulfur fuels in the Detroit area, aiming to reduce smog-producing vehicle exhaust emissions. The cleaner gasolines, Crystal Clear Amoco Ultimate and BP Super 93, will keep an estimated 176,000 pounds of emissions out of
Transportation equipment industry
Ford Motor Co., the world's second largest automaker, is relocating its Volvo, Jaguar, and Aston Martin divisions to a new complex in Irvine, California. This move follows the relocation of Ford's Lincoln and Mercury divisions to the same area in July 1998. The shift marks a
Transportation equipment industry
Unions and management at Peugeot's Ryton plant have reached an agreement on new working hours for production workers. The deal includes a 36-hour working week, including all breaks, and job protection for 900 workers taken on last year to start a third production shift. The new deal follows
Transportation equipment industry
Ford, one of five bidders for the South Korean automaker Daewoo Motor, is poised to initiate its due diligence process next week. As the first among the five bidders, including General Motors, DaimlerChrysler, Fiat, and Hyundai Motor, to conduct a thorough examination of Daewoo Motor's financials, operations, and
Transportation equipment industry
The NASCAR Winston Cup Series NAPA Daytona 500 took place at Daytona International Speedway in Florida, with Dale Jarrett securing the top spot. Jarrett's victory propelled him to the lead in the NASCAR Winston Cup Points Leaders, followed by Jeff Burton and Bill Elliott. Key Takeaways: * Dale Jarrett
Transportation equipment industry
The once-thriving South Korean conglomerate Daewoo, known for its rapid expansion across Asia, the Middle East, and Europe, is now on the brink of collapse. As its sales plummet and debt mounts, creditors plan to auction off its 22 affiliates, including its prized automotive operation. This move has attracted the
Transportation equipment industry
Dale Earnhardt Jr., the 25-year-old driver of the brand new No. 8 Budweiser Monte Carlo, is among the most anticipated first-year drivers to ever race in the Daytona 500. He joins a group of talented rookies, including Matt Kenseth, Dave Blaney, Mike Bliss, and others, who have collectively won 22
Transportation equipment industry
As South Korea's Daewoo Motors is reportedly being wooed by several of the world's biggest car-makers, including General Motors and Ford, analysts predict a potential alliance between Hyundai and Ford to counter the GM-Daewoo partnership. Hyundai has expressed interest in acquiring Daewoo, while Ford is said
