The Italian automaker Fiat has just bought a 6 percent stake in Chrysler from the US government paying $500 million to the United States Treasury and raising its share to a controlling interest of 52 percent. Sergio Marchionne, the CEO of Fiat-Chrysler can now consolidate a full takeover of Chrysler instead of making it a [...]
Russian automaker Marussia Motors has just started the production of the B1 and B2 models and also opened their first showroom in Moscow this week. The Marussia B1 was first unveiled two years ago and even though it was initially powered by a hybrid powerplant, the Russian automaker drooped that plan and mounted a Cosworth [...]
The famous Porsche tuner Gemballa is back in business with a new CEO, Andreas Schwarz, who has reserved the rights of the old company. The new Gemballa is built on the remains of the previous company after the liquidators broke it up and it will be located in Leonberg, Germany. The new CEO of the [...]
Chinese automaker Geely has finalized these days the purchase of Volvo Cars from the Ford Motor Company in a $1.8 billion deal. Geely paid Ford $1.3 billion in cash and issued a promissory note for an additional $200 million while the remainder of the sale price will be paid later in the year. The acquisition [...]
Ford executives will be presenting a proposal to the company’s directors in July to shut down the Mercury brand which is slowly going down and its already being starved of models. Sales of the Mercury brand went down by 74% in the last decade and last year only 92,299 models were sold while in 1978 [...]
The Volkswagen Group has officially announced yesterday that they bought a 90.1% stake in the Italian design company Italdesign Giugiaro S.p.A. The shares were acquired by Audi’s Italian subsidiary Lamborghini Holding S.p.A. and this deal was done as part of Volkswagen’s global expansion plan. The Giugiaro family will keep a 9.9% stake in the company [...]
There were a lot of rumors lately about a possible deal between Tesla and Toyota and today we finally got the official details about it. Tesla has revealed the location of their recently bought production plant which is actually the former Toyota Nummi factory in Northern California. The cost of the deal hasn’t been revealed [...]
The Volkswagen Group is about to buy a controlling stake in Italy’s largest design and engineering firm, Italdesign Giugiaro according to sources quoted by the AutoNews. Volkswagen and Italdesign declined to comment on the rumors but apparently an official announcement will be made as early as next week. Volkswagen plans to become the largest automaker [...]
