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News watch October 2011: today's auto industry news
Mon, 31 Oct 2011Welcome 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-hourMonday 31 October 2011• The two companies planning to buy Saab - China's Youngman and Pang Da - have agreed to pay a €50 million bridging loan, court documents show. And they are pledging €610m in long-term funding from 2012, according to ANE (Automotive News Europe) • Martin Winterkorn, the CEO of the Volkswagen group, says he is pleased with the performance of Seat and Skoda.
Lotus to create 100 new jobs (2013)
Thu, 01 Aug 2013Lotus is bouncing back from the five-car plan debacle that saw its CEO Dany Bahar dismissed for professional misconduct, and an ambitious plot to launch a Porsche-slaying five-car range go up in smoke without so much a test mule spy shot. The Norfolk-based outfit has announced today the creation of 103 new jobs to meet rising demand not just for its cars, but the brand’s legendary car set-up skills too. It follows a £100m investment from parent DRB-HICOM earlier in 2013.
Lexus gets new focus
Wed, 09 Mar 2011Battered by recalls and public inquisitions, Toyota is hoping to restore its once-pristine image with new hybrid products and a renewed focus on Lexus. Lexus increasingly will be positioned as a “global premium brand,” the company said on Wednesday, and see improved styling, more hybrids and better service. The brand's sales have fallen 9 percent this year, to 26,674 in the United States.