Transportation equipment industry
BMW unveiled a groundbreaking productivity deal with unions at the Rover Group, which will save Rover's giant Longbridge factory in Birmingham but lead to more than 2,500 job cuts. The deal, which brings cost savings of $150 million by 2000, will enable Rover to move workers from
Transportation equipment industry
BMW's supervisory board meeting in Munich will consider approving Rover Group's agreement with unions, securing car production and a £1.5 billion investment in return for 2,500 redundancies and flexible working practices. The deal has received unanimous backing from shop stewards representing Rover workers. Meanwhile,
Transportation equipment industry
As the United Kingdom remains a prominent manufacturer of cars, its role as a hub for cutting-edge automotive innovation is dwindling. The latest trends indicate that an increasing number of new car models conceived and developed overseas. The British car industry's most celebrated brands, including Jaguar, Range Rover,
Transportation equipment industry
BMW-owned Rover Group will implement significant cost cuts and job losses, saving the UK's largest car plant at Longbridge from closure, according to a senior Rover source. After weeks of intense rescue talks, company and union leaders have agreed on a plan to boost productivity by 30% to
Transportation equipment industry
A division of Ford Motor Co. is under scrutiny by 21 states for allegedly allowing dealers to overcharge customers who terminated their car leases early. The states claim that Ford Motor Credit withheld information about the payoff amount owed to terminate a lease before its expiration, resulting in some consumers
Transportation equipment industry
Ford's luxury car division, Jaguar, is being considered to make a return to the Formula One racing scene in 2001, sources close to the company have revealed. This move would be part of an ambitious marketing exercise by Ford to maintain its presence in the high-profile sport, where
Transportation equipment industry
In a move that combines two industry giants, the Chrysler Corporation and Daimler-Benz A.G. of Germany are set to merge on Thursday, creating the world's fourth largest automaker, DaimlerChrysler A.G. The new company will boast $140 billion in annual sales, with 428,000 employees and a
Transportation equipment industry
Investors remained uncertain about the Federal Reserve's decision to cut short-term interest rates next week, while also weighing the possibility of military action against Iraq, leading to a broad decline in stock prices. Despite this, select technology stocks, including Intel, rose after the company projected stronger-than-expected revenue for
Transportation equipment industry
Technology and pharmaceutical companies led the charge Friday, with several prominent names hitting 52-week highs. Merck, which has been working on a new generation of arthritis drugs, was a standout performer, trading as high as $145.50 before closing at $144.93 3/4. The company is expected to release
Transportation equipment industry
Safeway Inc., the second-biggest U.S. supermarket chain, has been selected to replace Chrysler Corp. in the Standard & Poor's 500 Index. This move is set to take effect on November 12, when Chrysler completes its merger with Daimler-Benz AG. Safeway's selection is a result of
Transportation equipment industry
The 50th anniversary of the Torch Drive campaign in metropolitan Detroit is being celebrated with the announcement of campaign totals, set to take place at the Hyatt Regency Hubbard Ballroom in Dearborn on October 30. Nearly 500 volunteers are expected to attend the event, which will feature a Halloween-themed presentation
Transportation equipment industry
The U.S. government has announced plans to convene in San Francisco on October 29 to review the 1995 U.S.-Japan automotive trade agreement, marking the third annual bilateral review. This announcement comes on the heels of a new auto agreement between the U.S. and the Republic of
