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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.

2009 Mazda 3 hatchback unveiled ahead of Bologna

Mazda has today released the first pictures of the new Mazda 3 hatchback, ahead of the Bologna Motor Show on December 3rd. The pictures come hot on the heels of the recently announced saloon and, just like the saloon, the Mazda 3 hatchback is a much fresher design, with far more sporty pretensions. One of the big aims for Mazda with the 3 was, of course, a much more economical car without sacrificing the old model’s strengths.

New Land Rover Freelander will actually be a Discovery

It seems – as we expected – that Land Rover are looking to make more sense of their range of off-roaders as new models are launched, and are going to concentrate on three core brands – Range Rover, Discovery and Defender – instead of the current mish-mash where many models really overlap with others (the top end Discoverys are really a cheaper Range Rover). So the next Freelander will become an entry-level Discovery with underpinnings borrowed from the Evoque (which is itself based on the current Freelander platform, a development of the Ford Galaxy’s platform), and arrive in both 5-seat and 7-seat guise, with the new Discovery ’5′ getting a platform based on the new Range Rover and perhaps spawning two models. The new Discovery range will be targeted as a ‘Lifestyle’ core range for Land Rover (much as the original Disco was) and the Range Rover range will be both sporty and luxurious, with a 7-seat Grand Evoque XL joining the current Evoque, Range Rover Sport and Range Rover.