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Crunch watch Dec 08: the auto industry in crisis
Wed, 31 Dec 2008By 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.
Hyundai confirms luxury Genesis Brand to take on Lexus & Infiniti
Tue, 25 Oct 2011Hyundai are planning to launch the Genesis Brand (Hyundai Veloster pictured) The rise and rise of Hyundai (and Kia too) has lead to speculation for some time that the next stage in their evolution is a proper luxury brand to take on Infiniti and Lexus, and it’s now confirmed that Hyundai will be launching the ‘Genesis’ brand within two years. Not to be confused with the ‘Not for the UK’ Hyundai Genesis, the Genesis brand will be a range of cars from Hyundai offering real competition for the luxury brands from Nissan and Toyota, but with a dose of Hyundai pricing and warranty thrown in to the mix. Hyundai’s product manager in Australia – Roland Rivero - has come out and confirmed that the Genesis brand is in the making and will initially – at least in Australia – offer two RWD cars.
New Lancia Stratos: It’s a Pininfarina one-off
Sun, 08 Aug 2010The Lancia Stratos by Pininfarina - a one-off Enthusiasts have yearned for the return of the Lancia Stratos. There was glimmer of light for Stratos lovers in 2005 when the Fenomenon Stratos Concept showed up, but nothing much since. Until the last few weeks.