Auto Sector

Chrysler head "confident" of next 3 billion dollars from government

Detroit, Michigan - Ailing US carmaker Chrysler is confident of receiving a further 3 billion dollars in order to survive, the firm's head said Sunday at the North American International Auto Show in Detroit, Michigan.

Chief Executive Officer Robert Nardelli said he was confident the company would receive the second part of a 7-billion-dollar bail-out that is dependent on a restructuring of the third largest carmaker in the United States.

Chrysler received 4 billion dollars of government aid in January, which it used to pay employees and suppliers and to incentivize car dealers.

Nardelli said the company was not "hibernating" while it waited for a buy-out, Bloomberg News reported.

Hyundai Genesis named 2009 North American Car of the Year

Detroit, Michigan  - The Hyundai Genesis was named 2009 North American Car of the Year at the North American International Auto Show in Detroit on Sunday.

Ford F-150 named 2009 North American Truck of the Year

Detroit, Michigan  - The Ford F-150 was named the 2009 North American Truck of the Year at the North American International Auto Show in Detroit on Sunday.

The decision was made by a jury of 50 motoring journalists from the United States and Canada, the show's organizers said in a statement.

"Winning 2009 North America Truck of the Year honours is a special distinction because it acknowledges the team's efforts to push harder and deliver even more for customers - including quality, safety leadership, unsurpassed fuel economy and smart features aimed at further improving their productivity," said Mark Fields, Ford's president for the Americas.

Germany to fund engine-design work by car industry

Berlin  - Germany is to inject government funding into engine-design work in the car industry, Chancellor Angela Merkel said in a newspaper interview published Sunday.

She spoke as the industry, a key German exporter, scales back production amid plunging worldwide sales.

"Germany invented the first cars a century ago. Now we are in a fresh competition to see if German industry can build the 21st century car," Merkel, who has a doctorate in physics, told the Bild am Sonntag newspaper.

She said German carmakers had to try harder to innovate.

World’s first flying car set for lift-off next month

World’s first flying car set for lift-off next monthLondon, Jan 11 : The Terrafugia Transition, which can transform itself from a two-seater road car to a plane in 15 seconds, is scheduled to take to the air next month.

If it survives its first test flight, the technological breakthrough, is expected to land in showrooms in about 18 months' time.

Its manufacturer says it is easy to keep and run since it uses normal unleaded fuel and will fit into a garage, reports TimesOnline.

Taiwan's AIDC to join Mitsubishi in developing regional jet

MitsubishiTaipei - Taiwan's Aerospace Industrial Development Corp (AIDC) will join Japans's Mitsubishi Heavy Industries Ltd in developing regional jets, the Central News Agency (CNA) said Saturday.

Mitsubishi has invited AIDC to jointly develop regional jets due to AIDC 's capability in aircraft design and manufacturing, CNA quoted Economics Minister Yin Chi-ming as saying.

AIDC and Mitsubishi have formed a "partnership relationship" on developing commercial regional jets. Yin will visit Mitsubishi's aeronautics department next week to push the deal, CNA said.

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