Mercedes-Benz gained ground against larger luxury-car competitors Bayerische Motoren Werke AG and Audi AG last month as the introduction of the CLA coupe helped demand almost double for the company’s compact models.
Daimler AG cut Chief Executive Officer Dieter Zetsche’s pay 5.8 percent amid a reduction in managers’ bonuses as the world’s third-biggest maker of luxury cars fell behind competitors in sales and dropped profit goals.
Porsche SE , the sports-car maker that plans to merge with Volkswagen AG, has had a very high acceptance rate for its 5 billion-euro ($7.3 billion) rights offering, a person familiar with the matter said.
Avis Budget Group Inc. agreed to pay 636 million pounds ($1.04 billion) for Avis Europe Plc , the second-biggest car-rental company on the continent, possibly taking Avis Budget out of the bidding for Dollar Thrifty Automotive Group Inc.
Volkswagen AG, Europe’s biggest car manufacturer, backed off plans to name executives to MAN SE’s supervisory board to help facilitate regulatory clearance to merge the companies’ truckmaking operations with Scania AB.
Continental AG, Europe’s second- biggest car-parts maker, rose to the highest in almost 21 years as forecasts that the region’s car and truck markets will stop declining raised investor confidence in the industry.