Sergio Marchionne News
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Volkswagen AG’s Porsche debuted the revamped Panamera coupe at the Shanghai Auto Show where it sought to outshine Maserati’s all-new Ghibli to win over China’s growing ranks of luxury-car buyers.
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Daimler AG and other global automakers, already predicting a drop in European deliveries of as much as 5 percent this year, will probably have to lower their forecasts after demand in Germany dropped the most in 2 1/2 years last month.
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European car sales are sliding to a 20-year low after German concerns over the debt crisis sent demand plunging last month in the region’s biggest economy and removed the main buffer protecting automakers.
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Volkswagen AG, Europe’s biggest automaker, said global sales growth slowed in March and that headwinds in its home region are intensifying.
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Fiat SpA, the Italian carmaker that controls Chrysler Group LLC, said it has enough resources already to buy the remaining stake in the unit from an employee group, and won’t sell new shares to finance a transaction.
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Chrysler Group LLC, the automaker majority owned by Fiat SpA, said its March production slipped 5.6 percent from a year earlier to 208,043 cars and light trucks.
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Italian industrial output fell more than expected in February, signalling the country may still be mired in its longest recession in two decades.
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Bayerische Motoren Werke AG widened its luxury-auto sales lead over Audi AG last month on demand for the 3-Series sedan and X1 sport-utility vehicle, while Daimler AG’s Mercedes-Benz brand gained momentum with new small cars.
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The bottom was already falling out of the Italian auto market. Then the political turmoil hit.
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The euro-area jobless rate rose to a record 12 percent in early 2013, adding to signs that the currency bloc’s recession extended into the first quarter.
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