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GM sells Suzuki shares to raise emergency funds

By Tim Pollard Motor Industry 17 November 2008 15:24 GM is flogging its entire stake in Suzuki to pump cash into its survival funds. The General owns a 3% holding in Suzuki Motor Corporation and will sell 16,413,000 shares on the open market tomorrow. Based on today’s values, GM will raise an estimated £154 million through the sale, although Suzuki will exercise an option to buy back an equivalent number of its own shares in treasury stock.

45,000 complain about used car buys

USED CARS bought from independent dealers drew the highest number of complaints from disgruntled consumers in the last year, according to new figures. Citizens Advice has called on retailers to display consumer rights information at checkouts after more than half a million people complained about shoddy products worth £3.5 billion in the last year. Figures show 45,000 used car buyers lodged a complaint in the year to February, followed by 12,000 regarding mobile phone contracts and 11,500 about repairs by an independent garage.

Spyker signs deal with China's Hawtai Motor to raise funds for Saab

Saab owner Spyker Cars on Tuesday said it has signed an agreement with China's Hawtai Motor Group to form joint ventures for manufacturing, technology and distribution. The agreement will also provide $222 million (150 million euros) funding for Saab, which has been forced to halt production because it cannot pay suppliers' bills. Victor Muller, Spyker CEO and Saab chairman, said the partnership will allow Saab to enter the Chinese car market with a strong Chinese manufacturer.