The plight of the automotive industry has dominated not only the business pages of the world’s newspapers but also the front pages to such an extent recently, you’d think its performance was the sole barometer for economic recovery.
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Never has this been more true that this week, when Chrysler announced it was entering Chapter 11. The story and its analysis – as well as the announcement that Fiat was indeed entering into a partnership with its beleaguered US counterpart – grabbed most of the top spots in our list of most-read articles over the last five days.
However, there was also news this week of GM’s future, Jaguar Land Rover’s entry into India, results from Honda and Renault and the first signs swine flu could be affecting the auto industry.
Until next week…
US: Chrysler to file for Chapter 11
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By GlobalDataPresident Obama has confirmed that Chrysler is to enter Chapter 11 bankruptcy protection after failing to persuade its main lenders to write off debts.
GOLDING’S TAKE: Marchionne’s coded messages on European car plant closures
Something very important is going on. Europe knows it needs to do an Obama on its car industry, but the job is like herding cats.
GERMANY: Politicians want Opel to go to Magna
German politicians would rather Magna take over Opel while Fiat would keep all four German Opel sites in production, though not necessarily at current levels, media reports said on Monday.
GOLDING’S TAKE: Lawyers may yet prove that GM is not dead but merely resting
Chapter 11 is this lovely legal device which allows American companies that are dead to pretend that they are not. A Chapter 11 administrator for GM will – like the pet shop owner in the celebrated Monty Python sketch – be able to reassure customers that GM is not dead but has just been resting.
INDIA: Jaguar Land Rover confirms Indian entry
Jaguar Land Rover has confirmed that it is to begin selling cars and sports utility vehicles in the Indian market later this year. The company said that it has reached agreement with its parent group Tata Motors Limited to be the importer.
US: Pontiac for the chop in ‘faster, deeper’ GM reorganisation
General Motors is expected to announce the death of Pontiac later today. The closure of the brand once renowned for sports cars follows the axing of Oldsmobile in 2004, which reportedly cost GM US$1bn in costs, including compensation for early termination of dealer contracts.
JAPAN: Firms ban Mexico trips on swine flu fears
Several Japanese companies have stepped up their state of alert following the outbreak of swine flu in Mexico and the US, deciding to introduce countermeasures such as banning employees from travelling to Mexico.
US: Nissan restructures Americas operations
Nissan has overhauled its management and operational structure for its Americas business. The company said the move had been made to capitalise on synergies across the region.
JAPAN: Honda forecasts 95% operating income plunge
Honda Motor has posted a fourth quarter operating loss of JPY283bn, down JPY 451.8bn compared to Q4 2008. Auto sales were off 35.3% to 680,000 units and revenue fell 41.6% to JPY1,783.8bn due to that and other factors including negative currency effects.
GERMANY: Audi optimistic as Q1 results falter
First quarter operating profit at Volkswagen Group’s premium car unit Audi fell 29% to EUR363m as revenue fell 19% to EUR6.70bn.
