Tag Archive
Luxury Carmakers Stabilizing In Europe – US-FOREX.US
Luxury carmakers appear to be moving ahead of their mid-market counterparts in Europe. Analysts at investment bank JPMorgan say premium car sales in Western Europe are finally finding a bottom.”The share of total luxury car sales in Western Europe continues to improve, month-on-month, to 16.3% in June, versus 16.1% in May 2009 and 15.9% in… »
Ex-Porsche CEO Save The Journalists – US-FOREX.US
Porsche Chief Executive Wendelin Wiedeking is on his way out to make way for a merger with Volkswagen. But his payoff should soften the blow: The outgoing CEO is getting a check for 71.1 million, despite the obvious failure of his plan to buy out Volkswagen. In fact, it now looks like Volkswagen could end… »
Porsche Chief Gets The Boot – US-FOREX.US
Porsche Chief Executive Wendelin Wiedeking headed for the exit on Thursday, holding a tidy 71.2 million payout as the luxury automaker drew closer to a tie-up with sister company Volkswagen. It’s a step in the right direction: His replacement, Michael Macht, as well as his deputy Thomas Edig, will be better positioned to smooth the… »
Volvo Not As Bad As It Seems – US-FOREX.US
Swedish truck maker Volvo has been stuck in the mud recently: sales have dropped almost 60%, order intakes have fallen 50% year-on-year and it swung to an operating loss on Tuesday thanks to the sharp deterioration in consumer demand. But some are still positive on the stock.Analysts at Nomura said Wednesday that although Volvo’s recent… »
TomTom Back On Track – US-FOREX.US
Dutch navigation device specialist TomTom has had a tough time over the past 12 months, thanks to its hefty debt pile from acquiring Tele Atlas in 2007 and a depressed consumer environment. The company’s stock is still down 90% from its peak in late 2007. But a set of strong second-quarter results boosted hopes of… »
Volvo Holds Out For Stability – US-FOREX.US
Volvo is still in trouble. The world’s second-largest maker of trucks skidded on Tuesday to a wider-than-expected operating loss, as sales fell almost 60% in Europe.”The second quarter of 2009 remained difficult in terms of earnings in the wake of the exceptionally rapid decline in demand that followed the crisis in the financial system,” said… »
Renault Vive La Cash- US-FOREX.US
Renault’s efforts to keep a tight rein on its cash seem to be paying off. The French carmaker said Friday that car sales fell 13.7% in the first half of the year, but it had also achieved “significantly positive free cash flow.” Other European carmakers like Volkswagen and BMW are expected to end the year… »
Porsche VW Seen Close To Deal – US-FOREX.US
It looks like the auto industry’s biggest soap opera is almost over. German carmaker Volkswagen is on the verge of buying half of Porsche’s car-making business, according to German press reports, while the sheikh of Qatar is buying a stake in Porsche and options that control 20% of Volkswagen shares, from Porsche. This could put… »
Another Road Bump For Porsche – US-FOREX.US
These are tense times for luxury German automaker Porsche. After failing in its plan to take over sister company Volkswagen, the company’s board is days away from deciding whether to approve an unconfirmed offer from Qatar’s sovereign wealth fund for a 10% to 25% stake. But although a lot of uncertainty is surrounding Chief Executive… »
Fiat Eyes Another Struggling Carmaker – US-FOREX.US
Fiat is going on another shopping spree of troubled auto companies. The Italian carmaker confirmed on Tuesday that it was interested in acquiring the struggling industrial arm of boutique car maker Bertone.
“We will express our interest in Bertone’s industrial assets before the deadline on Thursday,” a Fiat spokesman said. Berton is a boutique company that… »