PRESSURE FROM THE Global Financial Crisis, soaring petrol prices, a consumer shift away from large cars and a number of large, one-off expenses have all conspired to hit Holden squarely in the hip pocket.

Australia’s iconic automaker recorded a $70.2 million loss for 2008, thanks in large part to a whopping $76.8 million bill for various [...]

• 
• Comment
• Read More

We’ve been following SsangYong’s struggle to gain traction in a woeful global market and it now appears that significant workforce cuts may be inevitable.

According to Gasgoo.com, a decision has been made by the Korean carmaker to lay off 37 percent of its workforce (about 2,700 people), by the end of June.

It is hoped that [...]

• 
• Comment
• Read More

Following the announcement from its auditors that the future of General Motors is in substantial doubt, the European Commission has called a crisis meeting of European Union states that are home to GM plants.

GM has already announced an operating loss of USD $30.9 billion (AUD $48.1 billion) for 2008. The car maker has asked for [...]

• 
• Comment
• Read More

General Motors’ tale of woe continues this week with news that its German division, Opel, is to be partially sold. The process would see Opel transformed into a joint-stock company by selling off a 25 to 50 percent stake in the company.

GM plans to keep a majority share in Opel, however selling off part of [...]

• 
• Comment
• Read More

The falling demand for vehicles worldwide has claimed another scalp, with Lamborghini announcing a temporary shut down. Production will come to halt for two weeks between February and March, with 300 of the companies 1000 workers affected.

In an attempt to keep workers employed, Lamborghini has introduced working-time reductions to allow a more flexible approach to [...]

• 
• Comment
• Read More

At a time when vehicle sales are in decline like never before, the last thing any company would contemplate is raising prices. For Ford and Vauxhall in the UK however, the weakness of the Pound means they are left with no other choice.

For both, the majority of their manufacturing is carried out in Europe. The [...]

• 
• Comment
• Read More

As inventories of unsold vehicles build up everywhere and new car sales decline month-on-month, Toyota Motor Corporation has reportedly decided to halve the output of its Japanese factories over the coming months.

The Asahi Shimbun reports that factory stoppages will occur over an 11-day period sometime between February and the end of March, while the Kyodo [...]

• 
• Comment
• Read More

Despite the long-awaited introduction of exciting new products, and the prospect of more to come Jaguar-Land Rover today announced that it will be cutting 450 jobs in the UK.

The reduced demand for new cars and the current world-wide financial situation have been cited as the main reason behind the lay-offs. The job losses will consist [...]

• 
• Comment
• Read More

If you needed proof that the financial crisis gripping the world is serious, then this is it. The Japanese press is reporting that Toyota Motor Corp is likely to further cut its earnings forecasts and possibly report an operating loss of 100 billion yen ($1 billion) for the October-March period. The world’s largest automaker is [...]

• 
• Comment
• Read More

Poor sales in the US, Europe, and slowing growth in emerging markets, the increasing cost of raw materials, unstable oil prices, a strong yen and the US credit crisis have forced Toyota to drop its net income forecast to around a third of what it was last year.
“Currently, the financial crisis is negatively impacting the [...]

• 
• Comment
• Read More