March 28, 2000 |
DaimlerChrysler's announcement Monday that it will buy a 34% stake in Mitsubishi Motors Corp. gives the German-American company a fighting chance to meet goals of controlling 25% of the fast-growing Asian market as well as demands in Europe and the U.S. for cars that are more fuel-efficient and less polluting. For the auto giant that was created in 1998 by fusing Daimler and Chrysler Corp.
March 17, 1999 |
Renault of France offered Tuesday to buy a controlling 35% share of troubled Nissan Motor Co., a deal that would give Europe its first beachhead to Japan's auto-manufacturing industry. Although details are still being negotiated, the linkup would in theory enable Nissan, No. 7 worldwide in vehicle production, and No. 11 Renault to compete more effectively against bigger players in the rapidly consolidating global auto industry.
January 11, 1999 |
Fiat, Europe's third-biggest car maker, confirmed Sunday that it is in talks with Swedish car and truck maker Volvo about forging an alliance, according to a member of Italy's Agnelli family, which controls Fiat. Umberto Agnelli, chairman of Ifil, an Agnelli family holding company and the dominant shareholder in Fiat, said Volvo was one of "two or three" possible partners for Fiat. There is no deadline for the talks, and a combination isn't "indispensable" for Fiat, he said.
November 28, 1998 |
Volkswagen, Europe's largest auto maker, said Friday it will spend $36 billion on improving its production facilities and developing new models over the next five years. The investment was approved by VW's supervisory board here the same day the company began selling the first New Beetle in Europe--nine months after its U.S. introduction. VW is hoping the wave of Beetlemania that engulfed the American public this year will spill into its home market.
November 18, 1998 |
DaimlerChrysler, created from a merger of two of the world's most venerable car concerns, held a financial coming-out party Tuesday that may herald a new era of global automotive competition. But behind the hoopla surrounding the combination of Chrysler Corp. and Daimler-Benz of Germany remains the difficult task of melding two huge institutions with proud heritages and vastly different cultures. It won't be easy.
October 26, 1998 |
One of General Motors Corp.'s top European executives quit because of disagreements with GM about how the car maker is being run, just days after reports surfaced that the chief executive of Adam Opel is being abruptly recalled to the U.S. GM said in a prepared statement that Hans Wilhelm Gaeb, the vice president of GM Europe and chairman of Opel's supervisory board, was resigning. Gaeb, 62, stepped down "due to differing perceptions of the company's business strategy," GM said.