Documents filed with the U.S. Security and Exchange Commission revealed that Fisker, maker of the Karma hybrid sports car, is raising an additional $100 million in funding in advance of the company’s first customer deliveries. While the investors have not been identified, the money comes in addition to Fisker’s $190 million in financing secured already. The Karma… Continue Reading...
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With the apparent collapse of the deal between Hawtai and Spyker, the Dutch parent company of Saab is now courting Chinese automaker Great Wall in an apparent bid to find a partner for the ailing Saab brand. Hawtai was apparently unable to get the necessary approval to complete a transaction with Saab worth 150 million… Continue Reading...
Chrysler filed documents with the Security and Exchange Commission that revealed that parent company Fiat has a one year option to increase its stake in the American automaker to as much as 70 percent. The increase is contingent on Chrysler repaying its government loans, and the automaker will be issuing new debt in a bid to allow… Continue Reading...
With Saab parent company Spyker Cars having secured a 30 million euro short-term loan, Saab vehicles will now resume production after a payment dispute with suppliers forced them to suspend their operations. Saab CEO Victor Muller released a statement to the media, remarking “I would like to apologize to our dedicated employees, suppliers, dealers and customers… Continue Reading...
Saab’s attempt at selling off assets to a Russian financial magnate Vladimir Antonov has stalled after the European Investment Bank told the Swedish auto maker to essentially find a new partner within a set time frame. The EIB and other parties have expressed concerns regarding Antonov’s reported Russian mafia connections. All parties involved are understandably… Continue Reading...
Fiat is set to increase ownership in Chrysler, from 25 to 30 percent, within the next few weeks, assuming regulatory bodies are satisfied with Fiat’s ability to meet specific demands for Chrysler. Fiat has already been able to generate $1.5 billion in revenue for Chrysler outside of North America, but still needs to build a… Continue Reading...
Canadians get a raw deal when it comes to cars. Even though their dollar is worth a little bit more than the greenback (and is projected to rise in the near future) cars still cost about 30 percent more on average. Due to the discrepancy, it’s common for Canadians looking for luxury vehicles to buy… Continue Reading...
Fiat is looking to up their stake in Chrysler from 20 percent to over 50 percent, according to reports in the Detroit News. Fiat was awarded a 20 percent stake in the company as part of Chrysler’s bankruptcy proceedings in 2009, and can increase its ownership as it passes a series of milestones. Marchionne also… Continue Reading...
Tesla Motors share price feel by roughly 15 percent Monday as company insiders rushed to dump their shares after the expiration of a 180 day limit on selling their stock holdings. The shares being sold were previously not available on the open market, and were reportedly offered to investors and other insiders as a form… Continue Reading...
General Motors long awaited IPO began trading on Thursday, and was up approximately $2 as of 12 noon, Thursday. Listed at $33 a share, the stock price quickly climbed to $35 a share, as GM’s CEO Dan Akerson rang the opening bell at the New York Stock Exchange. IPO’s are often volatile, with new startup… Continue Reading...
Steve Rattner, who oversaw President Obama’s auto industry bailout, told Bloomberg News that GM’s Initial Public Offering share price was undervalued. “There is definitely a greater level of confidence in the ability of the carmakers to perform,” Rattner said at an Automotive Press Association event in Detroit. “That’s because of the profit numbers.” According to… Continue Reading...
General Motors upcoming IPO is attracting a lot of attention, not least from Chinese car manufacturer SAIC. A long time partner of the General, SAIC is looking to buy a significant portion of GM’s IPO, and with nearly $6 billion in cash reserves, the company is in a good position to do so. According to… Continue Reading...
GM Buys AmeriCredit For $3.5 Billion, Wants To Give Subprime Loans Another Shot (It’s Deja Vu All Over Again)
General Motors is buying AmeriCorp, a company that offers subprime loans (loans to those with poor credit), for $3.5 billion dollars. GM says the move is necessary to expand financing to those with subprime credit scores. 40 percent of Americans hold these subprime ratings, which are defined as a score below 620 on a 300… Continue Reading...