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Ford cuts cash use by 49%
Ford Motors has posted a $1.8bn Q1 loss that beat analysts' estimates as it cut cash use almost in half. The automaker reduced cash consumption by 49% to $3.7bn from the previous three months, and cited $1.9bn in savings, including more-efficient manufacturing and engineering, and $700m in price improvements in part through offering fewer sales incentives.
GM considers Pontiac stoppage
General Motors is preparing plans to ditch its 82-year-old Pontiac division, it has been announced. Pontiac's sales have dropped 70% since 1978, and the group has been a steady money loser in recent years. GM spokesman Jim Hopson said no final decision on Pontiac's future has been made, but he said nothing is guaranteed. 'Everything has been put under review,' Hopson said.
Jaguar sales 6% up in Middle East
Jaguar in the Middle East has announced increased total sales by 6% for the January to March 2009 compared to the same period in 2008. The brand is set to launch to the Middle East market the XFR and the new 2010 Model Year XK.
Volkswagen Q1 profit down 74%
Volkswagen, the largest European automaker, said its first quarter profit fell 74% from €929m to only €243m, and its revenue slid 11% to €24bn. The group saw its Volkswagen brand increase its share of the global market to 7.4% from 6.3%.
Peugeot Q1 sales down 25%
PSA Peugeot Citroen has announced that Q1 sales globally declined by 25% due to slow demand. The automaker's revenue dropped to $14.2bn from $18.94bn a year earlier. The company reduced its inventory to 523,000 vehicles as of March 31 from 628,000 at the beginning of 2009.
Escalade Platinum offers magnetic ride control
The Escalade Platinum, now on sale in the Middle East, is the world's first SUV to be equipped with Cadillac's advanced Magnetic Ride Control technology. This highly advanced suspension system replaces conventional mechanical-valve shocks with electronically controlled shocks filled with a synthetic fluid containing minute iron particles. Under the presence of magnetic charge, the iron particles align to provide dampening resistance almost instantly, according to a press statement.
GM to lay off 1,600 workers
General Motors said it is notifying 1,600 white collar employees throughout the company that they will lose their jobs with immediate effect. The layoffs are an attempt to slash costs and qualify for more government loans.
KIA launches Soul in Kuwait
KIA Motors launched their allÜnew 2010 KIA Soul five-seater youth urban crossover vehicle in Kuwait in a special ceremony held at the Virgin Megastore. Medhat Khalil, Kia Brand Manager said with Soul, the company is targeting the young generation from 18 years to 30 years.
Kuwait Mini Club launched
Ali Alghanim & Sons Automotive, the exclusive importer of Mini in Kuwait, has launched the Mini Club Kuwait, a nonÜprofit, social and entertainment club aimed at recognizing and uniting Mini owners and increasing recognition of the iconic Mini brand. 'Members will get the opportunity to participate in club gatherings and drive events, and benefit from discounts and special offers provided by Ali Alghanim & Sons Automotive and other firms that want to be part of the Mini magic,' chairman of the MCK, Khaled AlÜMarzouq said.
Alfardan opens Ferrari and Maserati showroom
Alfardan Sports Motors, a subsidiary of Alfardan Group, has opened a showroom exclusively for Ferrari and Maserati at The Pearl Island in Qatar. The $2m, 720sqm showroom includes a dedicated Ferrari and Maserati car configuration service. 'This showroom will have an assortment of the most spectacular line-up of the two brands,' said Omar Alfardan, CEO of Alfardan Sports Motors.
BMW down by 9% in Middle East
BMW Group Middle East has announced 9% loss in sales for the first quarter of 2009, compared to its 2008 Q1 performance across 14 importers in the region. Market share however, increased as Lebanon and Syria delivered 108% and 116% sales growth, respectively. Saudi Arabia reported growth of 15%.
Lamborghini sales down 35%
Stephan Winkelmann, CEO of Lamborghini has announced that Q1 sales fell by 35%. The sales decline contrasts with 1% growth in 2008, when Lamborghini delivered a record 2,430 cars. The manufacturer is cutting production by reducing hours for almost one-third of its 1,000 employees.
Bahraini dealer launches cash giveaways
National Motor Company, a Chevrolet and GMC dealer in Bahrain, is giving consumers an opportunity to win vouchers worth up to BD1,000 ($2,650). Showroom visitors who participate in the new 'Click & Win' game have the chance of winning vouchers and enter a raffle to win a brand new Chevrolet. National Motor Company is also offering zero down payment, free extended warranty and one hour bank approvals, the dealer said.
GM recalls 1.5m cars due to fire risk
GM said it is recalling 1.5 million vehicles which have a condition in which drops of engine oil may be deposited on the exhaust manifold under hard braking. NHTSA said that this could start a small fire that could spread to a plastic spark plug wire channel and beyond, increasing the risk of an engine compartment fire. GM dealers will remove the plastic spark plug retention channel and install two new spark plug wire retainers free of charge. Models being recalled are 1997-2003 Buick Regal; 1998-2003 Chevrolet Lumina, Monte Carlo and Impala; 1998-99 Oldsmobile Intrigue; and 1997-2003 Pontiac Grand Prix.
AUS students build solar car
Eight engineering students from the American University of Sharjah GCC have completed work on the region's first student-built solar powered car. The car is the result of a collaboration between Siemens, the regional arm of the global engineering firm, Siemens AG, and the AUS College of Engineering. The vehicle, which is known as the Siemens Sunchaser, is a 1.5 horsepower car capable of moving at speeds up to 100 kilometres per hour. It harnesses its power from the sun through a series of 740 cells arranged on the body of the car in solar panels.
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