Auto Sector

TATA’s Jaguar Land-Rover to get 270 m pound European bank loan

TATA’s Jaguar Land-Rover to get 270 m pound European bank loanLondon, Apr. 6 : The TATA-owned struggling motor group Jaguar Land-Rover looks to set to receive a European bailout package of 270 million pounds to safeguard as many as 14,500 jobs in the UK.

JLR has been one of the victims of a 22 per cent drop in UK car sales over the last year.

The loan deal, which has been agreed with the European Investment Bank (EIB), a development bank, will see the company get 270 million pound in funding.

Japan's imported vehicle sales down 24.8 per cent for fiscal year

Japan's imported vehicle sales down 24.8 per cent for fiscal yearTokyo - Imported vehicle sales in the past fiscal year plunged 24.8 per cent from the year before to 199,115 units, the Japan Automobile Importers Association said Monday.

Sales of vehicles made by foreign manufacturers dropped 22.2 per cent in the year that ended March 31 to 176,723 units while those produced abroad by Japanese makers nosedived 40.3 per cent to 22,392 units.

Volkswagen sold 40,661 units for the year, ranking at the top with a market share of 20.42 per cent, but its sales fell
21.2 per cent year-on-year.

Tata Motors needs 10 months for removal of equipment from Singur

TataTATA Motors has asked for 10 months time from the West Bengal Industrial Development Corporation to remove equipment from the mother plant situated in Singur.

WBIDC Managing Director, Subrata Gupta, said, "Tata Motors had written to WBIDC in November that it would require 10 months to remove the equipment from Singur."

The ambitious project of Ratan Tata was earlier planned at Singur but later shifted to Sanand in Gujarat due to stiff opposition by Trinamool Congress led opposition parties over land and compensation issue.

TVS Motor says company not affected by ExhausTEC patent to Bajaj

TVS Motor says company not affected by ExhausTEC patent to Bajaj In reaction to the patent granted to Bajaj Auto for its ExhausTEC invention, TVS Motor Company's President Marketing, HS Goindi told Business Line that his company had neither infringed the patent nor would the grant of patent have any affect whatsoever on TVS' business, as "none of the products of the company utilize the said technology."

German officials reported to shrink from rescuing GM unit

GMMunich - German officials are increasingly reluctant to arrange a separate rescue deal for the German subsidiary of General Motors (GM) after concluding that it has no assets, a news magazine reported Saturday.

At the same time, both German labour leaders and the chief executive of GM Europe insisted serious talks were still being pursued to bring in an outside investor at the Opel volume carmaking unit.

The magazine Focus quoted an unnamed German minister saying Opel's patents, plant and real estate had already been mortgaged to the US government and US banks as security for loans, and could thus not be acquired by a new investor.

Unprecedented frenzy for Nano worries dealers!

Tata Nano The overwhelming response to Tata's Nano can be gauged from the fact that there is an unprecedented customer excitement at the showrooms of car dealers for enquires as well as bookings of the small wonder! People are reportedly flocking the car showrooms to get hold of the booking forms!

However, all the frenzy surrounding Nano has put the dealers in a fix - more so as there is a constriction with regard to the production of the car, and dealers are already at their wits' ends about how to cope with the highly built-up customer demand for the reasonably-priced Nano.

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