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Crunch watch Dec 08: the auto industry in crisis

By Tim Pollard and Simon Stiel Motor Industry 31 December 2008 14:05 Wednesday 31 December 2008• GMAC, GM's finance arm, said it would immediately revise its criteria for providing loans, after the US government bail-out of the General's credit arm. It will now supply credit for anyone with a score of 621 or more on the Fico scale, the scale used to assess Amercian customers' creditworthiness (Financial Times)• The news means that 80% of US consumers would now qualify for a loan from GMAC – which should improve sales in the depressed US market (Detroit News)• Chrysler is being lambasted for taking out full-page adverts in the American national press thanking the nation for supporting its auto industry. But critics point out this is a fresh waste of bail-out resources, as pages in the Wall Street Journal – one of the titles in which the ad ran – reportedly cost up to $264,000.

Fisker Karma gets EPA certification

Fisker Automotive received its U.S. Environmental Protection Agency certification this week, which means sales of the 2012 Karma sedan can begin. The Karma is a series plug-in hybrid, powered by a lithium-ion battery and a 2.0-liter range-extending gasoline engine.

Asda starts new fuel price war

DRIVERS are set to keep some extra money in their pockets with the announcement that Asda is to cut its fuel prices. From tomorrow the firm’s forecourts will knock 2p per litre off both its unleaded and its diesel. If past trends continue, rival supermarkets Tesco, Morrisons and Sainsbury’s are expected to follow suit and reduce their own fuel prices.