Ford officially announced that it has sold Aston Martin, its luxury sports car brand, to an investment group lead by David Richards, Prodrive founder and chairman. Ford said the deal is valued at $925 million, and it will retain a $77 million stake in Aston Martin.
The new owner of Aston Martin is a consortium […]

Ford expects its luxury Premier Automotive Group to report a profit in 2007, according to Lewis Booth, the head of Ford’s European operations. The Premier Automotive Group is made up of the Volvo, Jaguar, Land Rover, and Aston Martin brands. Last year, Ford announced that it is looking to sell Aston Martin. Current reports say […]

As we reported earlier today, Ford could announce the sale of Aston Martin as soon as this week. According to The Times, Ford is in exclusive talks with Prodrive for the sale of Aston Martin. Prodrive currently runs Aston Martin’s racing team and Subaru’s world rally team. It will enter Formula One with its own […]

The Ford Motor Company said on Wednesday that its accelerated Way Forward turnaround plan, announced in September, would cost an estimated $11.18 billion. This is a $1.2 billion increase from it previous estimate in January. Most of that amount will be spent on programs to lay off employees.
Ford says it has already accrued $9.98 billion […]

Lamborghini said that its 2006 pretax profits soared as new models attracted customers. Lamborghini’s profits for 2006 were more than four times higher than in 2005 (18.1 million euros vs. 4.4 million euros). The Italian luxury sports-car maker’s sales were up 30 percent in 2006 to a record 2,087 cars, and sales revenue was up […]

The Chrysler Group and the UAW have agreed to two special buyout programs that will provide early retirement and separation incentives to union represented employees as the automaker tries to reduce its hourly work force by 11,000 people. Earlier this month Chrysler announced that it is cutting 11,000 hourly jobs and 2,000 salaried jobs to […]

General Motors has been hyping its new global rear-wheel drive vehicle architecture, highlighting the platform nearly every time it talks about its upcoming Chevrolet Camaro and Pontiac G8. But the Camaro and G8 are just the first two U.S. products to ride on GM’s new RWD platform, which is engineered by Holden, GM’s Australian subsidiary.
With […]

Talks between General Motors and DaimlerChrysler about the future of the Chrysler Group are serious and have been going on for two months, according to the Detroit News. GM has been in discussions with DCX about acquiring all of the American arm and folding it into the greater GM.
The high-level talks started back in December, […]

Korean automaker Hyundai may also be interested in purchasing Chrysler from DaimlerChrysler, if DCX decides to dump its American arm, according to new reports. Last week, most of the speculation was on a General Motors purchase of Chrysler Group, but now rumors are spreading of a pack of international suitors. Last week, DaimlerChrysler chairman Dieter […]

Automotive News continues to insist that General Motors is in talks with DaimlerChrysler about the possible buyout of the Chrysler Group. Inside sources in both the U.S. and Germany claim that GM is interested, and that high-level talks are taking place between executives.
GM spokesman Tony Cervone wouldn’t comment, but said, “We have always said that […]