Word: volkswagen
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...Meanwhile, each of the Big Six (the three domestic carmakers plus Toyota, Honda and Nissan, which together account for 75% of all vehicle sales in the U.S.) reported double-digit declines in sales. The declines ranged from 11% at Ford to nearly 42% at Chrysler. German automakers such as Volkswagen, BMW, Porsche and Mercedes-Benz also reported double-digit declines. (See the 50 worst cars of all time...
...German carmakers faring? They aren't doing great. Volkswagen, BMW, Porsche and Mercedes-Benz have all reported double-digit sales declines so far this year. On the plus side, the overall German share of the market is up slightly, but hanging on doesn't guarantee success. Both Porsche, which is in danger of being swallowed by BMW, and Mercedes-Benz parent Daimler AG have gone to the Middle East for more cash...
...plum location between Washington and Dulles, the major highways cutting through it - has made it endlessly marketable to businesses despite the suburban gridlock. Unlike abandoned subdivisions and flailing inner cities, Tysons thrives (hence the traffic). The Hilton Corp. plans to move its headquarters here from Beverly Hills, Calif. Volkswagen and Gannett already call Tysons home. (See TIME's Pictures of the Week...
...addition, several automakers, among them Ford Motor Co., Volkswagen, Nissan, Honda and Mitsubishi, have applied for assistance under the Federal Reserve Board's Term Asset-Backed Securities Loan Facility or TALF. The TALF, which was set up last fall, was designed to subsidize the sale of asset-backed securities, a critical source of funding for car loans, student loans and credit card receivables...
...epic battle between Porsche and VW is emblematic of the easy money days automakers were enjoying before the financial crisis hit. With annual sales of more than $151 billion, Volkswagen is Europe's biggest carmaker, 16 times the size of Porsche, which generates annual sales of about $9.3 billion. But through a series of highly leveraged financial deals that began in 2005, Porsche acquired a voting stake of 50.8% in VW. In January, Porsche said it planned to raise its stake to 75% this year...