Auto Sector

Automakers try to make case for funds

WASHINGTON, Dec. 4  -- Plans for energy-efficient cars, fewer showrooms and shared sacrifice were aired Thursday by the three U. S. automakers seeking emergency funding from Congress.

Chief executives told the U. S. Senate Banking Committee that they needed bridge financing to help them whether tough financial times brought on by the swooning U. S. economy, telling the panel that they would agree to be subject to a decision-making, proactive, government-appointed board that the Government Accounting Office recommended.

All three auto executives pledged to cut costs and share concessions across all constituencies, as well as explain that they needed a bridge loan now to avoid potential collapse.

US carmakers take bail-out plea before Congress - again

US carmakers take bail-out plea before Congress - again Washington - The heads of the United States' three ailing carmakers headed to Congress Thursday for the second time in less than a month to ask for a 34-billion-dollar bail-out in light of an economic recession.

General Motors Corp, Ford Motor Co and Chrysler LLC this week submitted extensive recovery plans demanded by lawmakers as a condition for any loan. They agreed to revamp business models, cut wages and speed up the roll-out of more fuel-efficient cars.

Sanand Farmers Move to Court Against Govt Over Nano Land

Sanand Farmers Move to Court Against Govt Over Nano LandTata Motors is in for yet another debacle. The Gujarat High Court has directed the state government to produce documents of acquisition of land in Sanand, alloted to Tatas for the Nano car project. The farmers in Sanand, the site of the Nano project in Gujarat, have filed a case against the Gujarat government and Tata motors, seeking greater compensation for their land.

Car sales crash in Australia

Car sales crash in AustraliaSydney - Car sales slumped 22 per cent in November as Australians postponed purchases for fear of losing their jobs in a recession, figures released Thursday showed.

Around 20,000 fewer vehicles were sold last month than in November 2007. It was the fifth consecutive monthly drop.

Hindustan Motors Introduces Mini-truck

Hindustan Motors Introduces Mini-truckHindustan Motors have launched a mini-truck co-branded with Chinese auto company Shandong Shefing. Christened HM-Shifeng Winner, the vehicle will roll out of HM's Uttarpara plant.

With retail finance becoming a serious problem in the last three months, Ambassador sales had nearly halved between July and October as compared to the same quarter in 2007. The mother unit at Uttarpara has an annual capacity of 24,000 units.

Hindustan Motors Managing Director R. Santhanam said, "With the new car 'HM-Shifeng-Winner' we hope to utilise some of the excess capacity."

Tata Motors To Close Down Pune Plant For 3 Days In Dec.

Tata Motors To Close Down Pune Plant For 3 Days In DecTata Motors commercial vehicles plant at Pune shall be shut down for 3 days again this month, owing to poor demand in the market. Demand for commercial vehicles has been severely hit by lack of vehicle financing, rising interest rates and higher input costs.

According to Sujeet Patil, leader, Tata Motors Employees Union, it was likely that the commercial vehicles plant would go in for block closure for another three days towards the end of December.

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