Wang Jiangwei recalls spending last summer sweating through a month of military drills conducted by Chinese People’s Liberation Army instructors. Wang isn’t a soldier; he’s a researcher at Great Wall Motor Co.
Chinese automakers are about a decade away from being globally competitive and will have to increase their spending on research and development to close the gap, according to Sanford C. Bernstein & Co.
Fiat SpA Chief Executive Officer Sergio Marchionne , rejecting overtures from Volkswagen AG, says Alfa Romeo isn’t for sale. That means at least two more years of depressed profit for the Italian company’s shareholders.
Volkswagen AG, Europe’s biggest carmaker, sold 2.5 billion euros ($3.2 billion) in bonds that will automatically convert to shares at maturity to boost liquidity following the purchases of Porsche and Ducati.
Daimler AG’s board is set to extend Chief Executive Officer Dieter Zetsche’s contract by five years, handing him the chance to deliver on his goals or risk the Mercedes brand falling further behind its competitors.