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News watch February 2012: today's auto industry news
Wed, 29 Feb 2012Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hour Wednesday 29 February 2012• Following on from yesterday's news of a cross-holding between PSA and GM, it now appears that Peugeot Citroen would offer a €1bn rights issue to create cash and strip back jobs as part of its proposed alliance with GM (Automotive News Europe) • The Bloomberg Riskless Return Ranking, a survey of investor performance, suggests that Kia has outperformed all 22 other car makers with a risk-adjusted return of 9.2% in the past five years. Second highest was Hyundai, whose shares rose 4.8% in the same period (Bloomberg)• Fisker has a new chief executive officer, as founder Henrik Fisker moves to executive chairman. The new boss is Tom LaSorda, the former top man at Chrysler pre-bankruptcy (Fisker)Tuesday 28 February 2012• General Motors is in talks to buy a 5% to 7% stake in PSA Peugeot Citroen, according to reports by news agencies Bloomberg and Reuters.
Channel 4′s 4Car to close
Fri, 18 Dec 2009Car website 4Car is to close at the end of the year. Despite the British love of cars, there really aren’t a huge number of car web sites that make an impact. And certainly not car websites that aren’t linked to either classified ads or existing car magazines.
BMW recalls 1.3 million 5 & 6 Series cars
Tue, 27 Mar 2012BMW recall 1.3 million 5 & 6 Series BMW is to recall 1.3 million 5 Series and 6 Series cars built between 2003 and 2010 to fix a battery cable cover. It’s been an expensive year for BMW on the recall front. January saw MINI recall 235,000 Cooper and JCW models to fix a faulty auxiliary water pump on the turbo, and now a massive 1.3 million BMW 5 Series and 6 Series cars are being recalled. The cars affected are the BMW 5 and 6 Series built between 2003 and 2010 where BMW has discovered a battery cable cover in the boot may have been mounted incorrectly.