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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.

Toyota recalls Toyota Avensis & Lexus IS 250

Toyota recall the Avensis & Lexus IS 250 Toyota must have a sinking feeling of deja vu today, as the spectre of last year came back to haunt. 2010 was the year of the Toyota Recall, with millions of cars worldwide recalled to address the ‘Throttlegate’ issue of sticky accelerator pedals. But today’s recall announcement is not in that league, affects less than 20,000 cars in the UK (although over 1 million worldwide) and there have been no reports of any accidents relating to the recall in the UK.

Wulin Gaowa on GM’s new Chinese Advanced Design Studio

Following on from our story in September about Wulin Gaowa's appointment to GM Design as Director of its China Advanced Design, the company has released more details about the new studio and an interview with the designer. The company's "future hub for automotive design in Asia" will move into its new home in July 2012. The studio will be located at GM's GMIO and GM China Headquarters in Shanghai.