Arndt Ellinghorst News
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President Barack Obama’s re-election bid today in part is a referendum on the government-backed auto- industry restructuring. Win or lose, his administration’s work on the U.S. auto industry is held up as a model for Europe.
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Daimler AG scrapped a Mercedes-Benz earnings target for the second time, highlighting the luxury-car brand’s widening gap to leader Bayerische Motoren Werke AG.
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PSA Peugeot Citroen, whose shares plummeted 60 percent in the last year as car sales plunged, may get a funding lifeline from the French government for its finance arm, a move that would amount to an indirect bailout of the crisis-hit automaker.
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Daimler AG, the world’s third- largest maker of luxury cars, is planning to cut annual costs by at least 1 billion euros ($1.31 billion) in response to the region’s deteriorating auto market, a person familiar with the matter said.
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Daimler AG and Porsche AG provided evidence that the worst European car market in 17 years has started to spread to the luxury brands, mirroring a broader recession that has spilled from southern Europe to Germany.
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Ferrari, Bentley and Lamborghini are bracing for slower growth as the European debt crisis saps demand even for high-priced toys for the wealthy.
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Bayerische Motoren Werke AG, the world’s biggest manufacturer of luxury vehicles, expanded its lead over Volkswagen AG’s Audi, buoyed by demand for the X3 sport-utility vehicle.
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Ford Motor Co. led the steepest decline in European car sales in six months as the region’s economic woes hurt demand in Germany.
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There has never been a better time to buy a Mercedes-Benz in China. The problem for luxury carmakers such as Daimler AG is that the incentives are likely to get even bigger.
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Daimler AG, the world’s third- largest maker of luxury vehicles, failed to keep pace with competitors in the second quarter, projecting slower sales growth than Bayerische Motoren Werke AG and posting truck profits that trailed Volvo AB.
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