Carnation Auto, promoted by Jagdish Khattar, former chairman and managing director of Maruti Suzuki, has signed a joint venture pact with the Variety Group to set up multi-brand auto solution hubs in Andhra Pradesh.

The venture would offer service and maintenance, sale of secondhand cars, insurance services, and accessories i. e. all services under one roof. The company, in near future, has also plan to sell new cars.

Under the arrangement, Carnation would hold a 51 per cent stake in the latest JV while Variety will hold the remaining stake in it.

Hyundai Motor India Ltd (HMIL), the second largest car manufacturer and the largest passenger car exporter, has finally forayed into taxi car segment in Mumbai on Monday.

The company, during a ceremony held at Modi Hyundai dealership in Mumbai, has handed over about 30 cars of Hyundai's best selling model - the Santro under its first batch, to the Mumbai Taxi Union.

Srinagar, Apr 7 : Nano, the dream car manufactured by Tata Motors, reached Srinagar to an overwhelming response from residents.

Even though official booking for Tata''s Nano is yet to begin, more than 2000 residents have already expressed their eagerness to buy this car.

"As far excitement of people is concerned, it is really overwhelming. We were getting regular enquiries for last few months. Our phones are busy throughout the day with people asking when the car is coming and as to what are the features and what kind of a car it is," said Ghulam Nabi Baba, Manager, Tata Motors showroom.

Despite the rather heavy booking amount, ranging between Rs. 95,000 and Rs. 1,40,000, the dealers of Tata Motors alone have had more than 51,000 forms sold to the excited customers for the small wonder Nano, during the five days since the forms were made available from April 1.

With the Pune-based Automobile Research Association of India testifying that the Tata Nano consumes less fuel, in comparison to the other available economical small car models, market leader Maruti Suzuki has lost its thus-far-unchallenged position as the manufacturer of the most fuel-efficient car!

New York  - Ford Motor Company said Monday it had trimmed its debts by 38 per cent in a massive effort to keep the car maker from seeking government aid to survive.

Ford, the only US carmaker not to have received government funds, has reduced its debt by 9.9 billion dollars through agreements with creditors. It offered last month to pay creditors discounted amounts using 2.4 billion dollars in cash and 468 million shares of stock.

The debt reduction will save Ford 500 million dollars in interest each year, the company said.