India’s Mahindra becomes preferred bidder for Ssangyong
Ssangyong said it would sign a Memorandum of Understanding (MoU) with the Indian carmaker by the end of this month before due diligence begins in September. Mahindra was chosen over Indian tyre maker Ruia Group and Young An Hat, a local headgear company that also owns bus maker Daewoo Bus Co. Three other suitors, including an alliance between France’s Renault and Nissan of Japan, chose not to submit bids apparently because of the high costs. Read More
Peugeot reveals details of the new Peugeot 508
The Peugeot 508 introduces the Marque’s new design look which has evolved from the stylistic codes first unveiled on the SR1 Concept Car. Combining both a stylish and strong design with cutting-edge technology; quality, purity and efficiency have been the watchwords that have guided the Peugeot designers and engineers during the creation of the 508. Read More
Toyota suspends auto exports to Iran over nuclear row
Toyota has suspended auto exports to Iran indefinitely in line with global sanctions against Tehran’s nuclear programme, the company said Wednesday. The world’s largest carmaker said in a statement it has halted auto shipments to Iran since early June, “considering the international environment”. “Our company will continue to closely monitor the international situation,” it said without elaborating. Read More
Boosted by big profit, GM preps for IPO with new boss
Riding high on a 1.3 billion dollar quarterly profit, General Motors announced Thursday that Ed Whitacre will step down as CEO next month as the biggest US automaker prepares to break free from government control and relist on the stock exchange. Revenues and profits swelled under Whitacre, 68, who was brought out of retirement last year by the Obama administration to lead the troubled company after a government-financed restructuring under bankruptcy protection. Read More
Honda’s compact hybrid to be cheapest in October
TOKYO: Honda Motor Co plans to sell a hybrid version of its popular Fit compact car at around 1.59 million yen ($18,600), making it the cheapest hybrid in Japan when it goes on sale in October, the Tokyo Shimbun daily said on Sunday. Thanks to Japanese subsidies on green-car purchases, hybrid cars have become popular in the market for new passenger cars in the past months. Read More
Is this bullet-proof?
Minister of Industries, Rishard Bahiurdeen inspects the world’s cheapest car, Tata Nano which was displayed at the Indian Trade Exhibition held on Friday at the Sri Lanka Exhibition and Convention Centre. The car is to hit Sri Lankan roads in the mid part of next year, according to DIMO officials present, who are the sole agent for Tata vehicles in Sri Lanka Read More
