Last month federal government announced, in its budget, the formation of the Canadian Secured Credit Facility under which Ottawa will purchase up to $12 billion in securities from financial institutions including banks.
The securities would be supported by loans and leases on vehicles and equipment. This would enable the automakers to offer financing to more consumers and dealers.
This news comes as the much needed relief to the automobile industry scorched by recession. But they seem to be getting much too impatient to wait till June.
Paris - French car maker Renault saw its profits plunge in 2008 after posting a huge loss in the second half of the year, the company said on Thursday.
Profits for last year totaled 571 million euros (735 million dollars), down 78.6 per cent from 2007, Renault said in a press statement.
The profit downturn was the result of a shrinking car market in the second half of 2008, when Renault posted a loss of 980 million euros.
Turnover for the year fell by 7 per cent, to 37.79 billion euros, as sales of Renault vehicles dropped by 4.1 per cent "in a world market that shrank by 5 per cent," the company said.
With the intention to attract new customers, South Korean auto maker Hyundai Motors has launched the updated version of its highly acclaimed “Verna” with four variants in the Indian market.
The new Verna, which comes with innovative and enhanced interiors as well as exteriors, will carry the price tag ranging from Rs 637,700 to Rs 865,350 (ex-showroom).
General Motors has launched new version of small car Spark, to implement its expansion plan despite unfavourable conditions of economic market under the impact of global financial crisis. The auto gaint launched new version of compact car, Spark, with price tag of Rs 3.27 lakh on Tuesday and announced to launch sedan, Cruze, and a mini car by the end of current financial year.
The new version of Spark is equipped with an integrated music system, refreshed interiors and many more modern features using cutting edge technology.
Gaydon, England - British sports car maker Aston Martin will unveil its V12 Vantage car at the Geneva Motor Show in a limited run of 1,000 units after preview concept designs of the super car at several previous shows.
Based on the V8 Vantage, the sporty credentials of the V12 are underlined by larger air-intakes on the front skirts, and a rear spoiler lip for better road holding at high speed. The six-litre engine produces 510 horsepower with a top speed of over 300 kilometres. Acceleration is from zero to 100 km/h is 4.2 seconds.
Remscheid, Germany (dpa) - Bored of the colour of your car but can't afford a respray? Then why not join the growing club of drivers who have had their car clad in a thin protective foil which not only makes the car look brand new again, but in the colour of your choice.
Last month federal government announced, in its budget, the formation of the Canadian Secured Credit Facility under which Ottawa will purchase up to $12 billion in securities from financial institutions including banks.
With the intention to attract new customers, South Korean auto maker Hyundai Motors has launched the updated version of its highly acclaimed “Verna” with four variants in the Indian market. 
General Motors has launched new version of small car Spark, to implement its expansion plan despite unfavourable conditions of economic market under the impact of global financial crisis. The auto gaint launched new version of compact car, Spark, with price tag of Rs 3.27 lakh on Tuesday and announced to launch sedan, Cruze, and a mini car by the end of current financial year.
Gaydon, England - British sports car maker Aston Martin will unveil its V12 Vantage car at the Geneva Motor Show in a limited run of 1,000 units after preview concept designs of the super car at several previous shows.
