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Tuesday 26th of May 2009

News Tag: car industry

May 18, 2009

‘Bangers for Cash’ scheme now in force

by Kay Murchie
‘Bangers for Cash’ scheme now in force
In a bid to boost the fall in demand for new cars, the UK’s car-scrappage scheme comes into force today. The scheme, which pays consumers to get rid of their old cars and replace it with a more environmentally friendly car, has been successful in overseas, particularly in Germany who reported a 40% increase in new car sales for March. The £300 ...

March 31, 2009

Oil prices have fallen amid fears of car industry

by Peter Charalambous
After continued fear of the threat of the global economic downturn spreading to Asia, as well as the car industry across the world, has pushed oil prices below $50. Energy analysts have not found a reason to suggest that oil prices will rebound like they did at the end of last month, from $40 per barrel to above $50. At ...

March 30, 2009

Obama calls for GM chief to step down

by Kay Murchie
Rick Wagoner, chief executive of US beleaguered car giant, General Motors (GM), has been ordered to resign by US President Barack Obama. 56-year-old Wagoner has been at the helm of GM for eight years but has been with the company since leaving Harvard University with an MBA more than 30 years ago. He received the order in return for ...

March 26, 2009

Japanese exports down by 50%

by Peter Charalambous
Japan has had a further knock-back as the economy struggles with the announcement that in February there was a 49.4 percent drop in exports after the latest data published by the Japan's finance ministry. Exports have been hit hard, both in the US and in Europe, which has experienced more than a fifty percent drop but China has similarly experienced a fall in ...

March 3, 2009

Car sales rise in Germany but Ford and Toyota report falls

by Kay Murchie
Official figures from the VDA have revealed that sales of new Germany cars rose by 22% compared with the same month in 2008 - the highest February sales for a decade. A total of 277,800 vehicles were sold in Germany during the month after a Government incentive scheme offered consumers €2,500 (£2,236) to scrap their old car ...

January 27, 2009

Mandelson to reveal plans to boost car industry

by Kay Murchie
Business Secretary, Lord Mandelson, will this afternoon unveil plans to help the struggling car industry since the economic downturn has meant that car sales have plummeted in recent times. However, No. 10 have said that the support is ‘not a bailout’ but is expected to include measures such as guarantees for loans to the industry to assist with short-term finance ...