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European car sales fell to a 20-year low in May as record joblessness caused by a recession in the euro area reduced demand at PSA Peugeot Citroen, Renault SA, Fiat SpA and General Motors Co.
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Daimler AG’s Mercedes-Benz set up a new sales-support unit for China and will step up the pace of dealership openings this year in the world’s biggest car market in a bid to catch rivals.
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Ford Motor Co. is counting on new models such as the EcoSport compact sport-utility vehicle to help reduce reliance on low-margin sales to rental-car companies in Europe to stem losses in the region.
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Volkswagen AG plans to refrain from using its stock to raise capital in the near future after Europe’s largest automaker amassed 3.7 billion euros ($4.94 billion) in the last seven months by selling bonds convertible into its preferred shares.
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Michelin & Cie agreed to form a joint venture with Indonesian petrochemical producer PT Chandra Asri Petrochemical Tbk to make synthetic rubber as Europe’s largest tiremaker forecast increasing demand for the material.
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The Porsche-Piech family bought Qatar Holding LLC’s 10 percent stake in Porsche Automobil Holding SE to regain full control of the majority owner of Volkswagen AG.
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Michelin & Cie rose the most in four weeks after Europe’s largest tiremaker reported monthly industry volumes that showed signs of stabilization in the region’s car market, which is poised to decline for the sixth straight year.
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Sergio Marchionne, chief executive officer of Fiat SpA and Chrysler Group LLC, is closing in on refinancing deals for both automakers ahead of a plan to merge the two companies, people familiar with the matter said.
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Volkswagen AG, PSA Peugeot Citroen and Ford Motor Co. haven’t taken a stand on German Chancellor Angela Merkel’s bid for a third term in September. They just want the election to be over.
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Volkswagen AG, Europe’s biggest carmaker, sold 1.2 billion euros ($1.6 billion) in debt convertible to preferred stock to finance expansion that includes new plants and a full takeover of truck unit MAN SE.
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