Word: peugeot
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...Winterkorn for smiling this past week. VW has just turned the tables on would-be raider Porsche, placing Europe's biggest carmaker in the driver's seat for a planned merger with the much smaller and sportier firm. And while colleagues at rivals like Daimler, Fiat, General Motors and Peugeot are busy trying to survive the current economic storm, Winterkorn seems poised to throw VW into high gear...
...money needed to defuse the situation will be handed over. New Fabris was ordered into liquidation by a court in April, meaning its owners are in no condition to pay up. That's why workers are demanding that the plant's two biggest clients - the makers of Renault and Peugeot cars - provide the $41,000 for each job being eliminated. Not surprisingly, officials at both those groups say they aren't going to pony up the total $14 million that would cost - especially since the machinery and auto parts at the plant are scarcely worth $2.8 million. (See pictures...
...July 20 a delegation of New Fabris staffers will go to Paris and meet with French Industry Minister Christian Estrosi, who Eyermann says will be asked "to put pressure on [Peugeot maker] PSA and Renault." With both companies having received most of the $8 billion in state aid the government distributed to French automotive groups to weather the recession, Eyermann argues they should now help out industry workers who are losing jobs to the slowdown...
...auto firms. It plans to complete the process in a year or two by simply acquiring existing, well-known brands. There is no reason that a Chinese car firm cannot use government money to bid for Chrysler's assets if it is forced into bankruptcy. In France, Citroen and Peugeot are facing financial problems that could get much worse if car sales remain anemic. GM's (GM) Opel unit in Europe needs immediate capital and may be sold at a loss for the No.1 U.S. car company. The Chinese could pick up brands, manufacturing assets, product-development personnel and dealer...
...loss of 550 jobs. The move provoked a furious public outcry including denunciations from two government ministers, and the firm quickly backtracked, saying it had been a "communication error." For companies receiving government bailout money, the pressure is even more intense: French President Nicolas Sarkozy has told Renault and Peugeot that the price for receiving subsidies during the crisis is that the auto makers cannot cut jobs in France...