Chinese upstart Qoros Auto Co. is out to challenge Volkswagen AG, PSA Peugeot Citroen and other Europeans on their home turf, signaling a broader push by the country’s car manufacturers to target western customers.
Volkswagen AG is bidding 6.7 billion euros ($9.2 billion) for the rest of Scania AB to restart a stalled plan to create a global heavy trucks unit that can compete with industry leaders Daimler AG and Volvo AB.
Daimler AG nominated former Volkswagen AG Chief Executive Officer Bernd Pischetsrieder to the luxury-car producer’s supervisory board as VW hired a previous Daimler manager to run heavy-truck operations.
A photo in Christian von Koenigsegg’s office shows one of the 41-year-old Swede’s limited-edition supercars -- a 2011 Agera R, in fire-engine red -- alongside a sparkly gold abomination that looks like it drove off the set of “Chitty Chitty Bang Bang.” The latter is a recreation of the car von Koenigsegg first saw at age 5 in a stop-motion Norwegian film called “Flaklypa Grand Prix,” which tells the story of a small-town bicycle repairman who builds a race car from scrap parts and -- in the face of doubt and ridicule from established automakers -- goes on to win the 24 Hours of Le Mans.
As General Motors Co. Vice Chairman Steve Girsky took a new assignment last year to stem more than a decade of losses in Europe, a colleague gave him a Latin phrase that translates as “I shall either find a way or make one.”
Bayerische Motoren Werke AG , the world’s biggest maker of luxury cars, made less money in the third quarter on its cars than Volkswagen AG’s Audi and Daimler AG’s Mercedes-Benz even as the revamped 5-Series boosted profit.
PSA Peugeot Citroen’s move to name former Renault SA operations chief Carlos Tavares as its future chief executive officer stands to help secure an alliance with Dongfeng Motor Corp., which may be the carmaker’s last chance to end its reliance on Europe’s slumping car market.