Archive for the ‘Business News’ Category

Fisker Automotive to Buy U.S. Assembly Plant to Build Affordable Plug-in Hybrid Cars

Tuesday, October 27th, 2009

Wilmington, DE — Fisker Automotive has selected the Wilmington Assembly plant in Wilmington Delaware to build affordable plug-in hybrid cars.

Fisker executives made the announcement inside the dormant facility today, joined by Vice President Joe Biden, Delaware Governor Jack Markell and other state officials.

The plant will support Fisker Automotive's Project NINA, the development and build of an affordable, family-oriented plug-in hybrid sedan costing about $39,900 after federal tax credits.

Production is scheduled to begin in late 2012. Fisker Automotive anticipates Project NINA will ultimately create or support 2,000 factory jobs and more than 3,000 vendor and supplier jobs by 2014, as production ramps up to full capacity of 75,000–100,000 vehicles per year. More than half will be exported, the largest percentage of any domestic manufacturer. (more…)

GM DAT Raises US$412 Million in Equity Rights Issue Through an Investment by its Majority Shareholder, General Motors

Friday, October 23rd, 2009

Seoul — October 23, GM Daewoo Auto & Technology Co. (“GM DAT”) announced today that it raised KRW 491.2 billion (US$412 million) in an equity rights issue through an investment by its majority shareholder, General Motors Company (“GM”). GM DAT will use the proceeds, which will be received by October 28, for general corporate purposes, including funding the repayment of maturing debt.

Other shareholders in GM DAT — the Korea Development Bank (“KDB”), Suzuki Motor Corp. (“Suzuki”) and Shanghai Automotive Industry Corp. Group (“SAIC”) — chose not to subscribe to the equity rights issue. In the absence of other shareholders exercising their rights, GM decided to subscribe for the entire issue. (more…)

GM India and Reva Announce Electric Vehicle Partnership

Thursday, September 24th, 2009

New Delhi — General Motors India and Reva Electric Car Company announced today in New Delhi the signing of an agreement to cooperate in the development of electric vehicles for the India market.

GM India and Reva will jointly develop car platforms, electric vehicle technology and advanced vehicle control systems. Their goal is to create and launch an affordable small car for domestic consumers.

“We are pleased to be joining hands with Reva, a leader in the development of electric drivetrains and control systems,” said GM India President and Managing Director Karl Slym. “We will also work closely with the government of India, which has expressed a goal of reducing fossil fuel dependence, in the development of an electric vehicle infrastructure. (more…)

GM Board Recommendation to Sell Majority Stake in Opel/Vauxhall to Magna International/Sberbank

Thursday, September 10th, 2009

Zurich — General Motors today announced that its Board of Directors supports a bid from the consortium of Magna International Inc. and Sberbank to buy a majority stake in its European Opel/Vauxhall operations.

Several key issues will be finalized over the next few weeks to secure the binding agreements, including the written support of the labor unions to support the deal with the necessary cost restructuring for viability and the finalization of a definitive financing package from the German government. The definitive agreements should be ready to sign within a few weeks, with closing to follow within the next few months. Under the deal, Magna/Sberbank will purchase a 55 percent stake in New Opel; GM will hold a 35 percent stake and employees will be provided a 10 percent stake. (more…)

New Step in the Electric Vehicles Cooperative Agreement Between Mitsubishi Motors Corporation and PSA Peugeot Citroën

Friday, September 4th, 2009
Osamu Masuko and Philippe Varin sign a cooperative agreement
© PSA Peugeot Citroën

Paris/Tokyo — Osamu Masuko, CEO of Mitsubishi Motors Corporation (MMC), and Philippe Varin, CEO of PSA Peugeot Citroën, signed today in Paris a cooperative agreement that signifies a new step in their partnership on electric vehicles (EV).

The main points of this cooperative agreement are:

  • The development of an EV for the European market based on MMC's Japanese i-MiEV¹ model
  • The vehicle is to be sold in Europe, with both Peugeot and Citroën versions
  • Production is planned to commence in October 2010 for commercial launch in the European market by the end of 2010.