Hindustan 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 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.

Washington  - President-elect Barack Obama on Wednesday welcomed plans submitted this week by US carmakers to Congress seeking billions of dollars in government assistance to keep them afloat.

Ford Motor Company, General Motors Corp and Chrysler LLC on Tuesday asked for a total of 34 billion dollars from the government to see them through the economic downturn as sales of vehicles fell to the lowest level in 25 years. The chief executives of the so- called Big Three are to testify before Congress later this week on the requests.

Force Motors has announced that it would sell up to 14.5 per cent stake in its joint venture with Germany's MAN Nutzfahrzeuge for about Rs 300 crore. The move would enable the German auto firm to raise its stake in the JV to 50 per cent.

Experts believe that the proposed change in the equity structure of the JV would take place in two steps. First, Force will sell 14.2% stake to MAN for Rs 300 crore. Through a rights issue, MAN will later fill Rs 250 crore in the JV. Force will abstain from subscribing to the issue. As a result, MAN's stake will go up to 50% from the current 30%.

Stockholm/Detroit - Ailing US carmaker General Motors (GM) could be planning to sell off its Swedish subsidiary Saab, Saab's deputy director Frederick Henderson told Stockholm's SR radio station Wednesday.

Henderson said GM was looking to resolve its financial troubles as quickly as possible, and a sell-off of Saab was one of several options.

GM bought shares in Saab in 1990 and has been the sole shareholder since 2000.

GM asked the US government for 18 billion dollars in credit on Tuesday to avoid going bust.

Norwich, England  - The British sports car manufacturer, Lotus, has pepped-up the predecessor S with the new Lotus Europa SE model and improved performance, modified the chassis and the AP four-piston, racing-brake system.

The turbocharged, two-litre engine has increased performance by 12 per cent at 225 hp. Acceleration from zero to 100 km/h is listed at 4.9 seconds with a top speed of 235 km/h. But it is a bit of a petrol-guzzler at 11.8 litres per 100 kilometres.