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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.

Maserati Levante SUV confirmed for 2015 – Alfieri could arrive in 2016

The Maserati Levante SUV (pictured) will arrive in 2015 Fiat’s plans top revive the Maserati brand are off to a good start after sales grew strongly last year to more than 22,500 cars in the first nine months with the new Quattroporte and new Ghibli contributing strongly to those figures. But with a target of 50,000 sales a year, Maserati need new models too and the next in line for production is the Maserati Levante SUV, which Sergio Marchionne has now confirmed will arrive in production guise in 2015. It was expected the Levante would be a re-working of the new Jeep Grand Cherokee, but with the Grand Cherokee selling in droves – and with a desire to make the Levante as ‘Italian’ as possible – it now looks like the Levante will get a version of the platform underpinning the Ghibli and use Maserati’s own 4WD system.

Saab: Muller seeking €600 million Chinese Bank loan to placate GM

Saab €600 seeking million China Loan Victor Muller is seeking a €600 million loan from a Bank in China to allow Saab to survive and circumvent GM’s objection to Chinese ownership. We’re not sure if this is ‘Plan B’ or whether we’re way beyond that now. But the latest ‘Save Saab’ pitch from Victor Muller is to acquire a €600 million loan from a bank in China to save Saab.