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Saab on brink of closing after GM rejects rescue plan
Mon, 19 Dec 2011Saab Automobile filed for bankruptcy on Monday and is on the brink of shutting for good after former owner General Motors rejected a rescue plan. The move sets the scene for the end of Saab's struggle to survive after months of hastily drawn-up deals for a company that hasn't made a vehicle in months. The latest plan involved Chinese automaker Zhejiang Youngman Lotus Automobile, but this was vetoed by GM, still a key Saab supplier, over the weekend "After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded," Saab's Dutch owner, Swedish Automobile, said in a statement.
Honda Fit arrives in US showrooms next summer
Wed, 09 Oct 2013Honda Motor Co. president Takanobu Ito says the redesigned Fit, due in U.S. showrooms next summer, is the company's “most important” car.
Vehicles recalled amid airbags fear
Mon, 23 Jun 2014JAPANESE car giants Honda, Mazda and Nissan are recalling millions of vehicles worldwide amid fears that a defect in airbags manufactured by supplier Takata Corp could cause them to explode. No accidents have been reported. Honda recalled 2.03 million vehicles over the airbag problem, including 1.02 million vehicles in North America and nearly 669,000 in Japan.