Auto Sector

Ferrari threatens to quit Formula One over standardised engines plan

London, Oct 28 : Ferrari believes that a move to use standardised engines would negate their reason for existing in Formula One. 

Ferrari warned on Monday that they could quit formula one if the sport’s governing body continues with its plans to slash costs, the Guardian reported. 

The famous Italian team, which has been in Formula One since its inauguration in 1950, sent a firm signal to the FIA president, Max Mosley, that his idea of introducing so-called standard engines into the sport would take away their raison d’être for competing in motor racing.

Indian PM expresses concern over the Nano episode

Indian PM expresses concern over the Nano episode The Indian Prime Minister Manmohan Singh, expressed his concerns over the situations under which Ratan Tata had to shift the Nano car project from West Bengal to Gujarat. Furthermore, the PM added that there is an earnest need for industrialization in the country. 

Nano episode had been making headlines in Media from quite some time now, and when Mr.Singh was asked to comment on it, he said, "Well, we are a free democratic country. It is certainly sad the circumstances in which Ratan Tata had to move his project."

Volkswagen shares soar amid slump

Volkswagen shares soar amid slumpFrankfurt - Rare Volkswagen shares commanded giddying prices Monday on the Frankfurt Stock Exchange after Porsche announced it was within sight of 
75-per-cent control of Europe's biggest carmaker.

The stock spiked 200 per cent before settling to 520 euros at the close of electronic trading, up 146 per cent from Friday.

Analysts said it was not luxury car-maker Porsche that was paying the high price, but short sellers who had expected the stock to fall in value and suddenly needed to settle contracts.

BMW and Daimler to idle car plants as sales crash

Stuttgart - Daimler is to idle factories for five weeks because world sales of its Mercedes cars have slumped, a newspaper reported on Sunday, quoting a company spokesman.

The report came as Germany's other main premium car manufacturer, BMW, announced a four-day standstill at one of its car plants, in Leipzig, eastern Germany, amid signs that the world recession will be worse than so far feared.

The Frankfurter Allgemeine Sonntagszeitung said the Mercedes closure would begin in mid-December, but gave no precise date. It said stocktaking would take place on December 12 and plants would not re-open before an annual holiday break at Christmas. Plants re-open on January 12.

Maruti reports dismal results due to low margins

Maruti reports dismal financial results

Maruti hikes prices of its selected models

New Delhi: It’s certainly not a good news for those who wanted to purchase Maruti this Diwali. India’s largest carmaker Maruti Suzuki has announced an increase in prices of its selected models by upto Rs 6,000 just ahead of Diwali. The price hike on select models would range between Rs 2,000 and Rs 6,000.

In a press release, the company said, “'The company has announced a marginal price hike of between 0.7 per cent to 1.1 per cent (between Rs 2000 to Rs 60000) in the ex-showroom prices of its cars.”

The price of the entry model ‘800cc’car have been hiked by Rs 2,000, while ‘Alto’ will cost Rs 2,500 more.