Other motors stories in brief...
Saab courted by buyers, says minister
Sweden’s industry minister Maud Olofsson said yesterday a number of parties have expressed interest in struggling Saab brand, the Swedish unit of US car giant General Motors.
“There are a number of interested parties,” Olofsson said. “There are many who go to apartment viewings, but not everyone is there to buy,” she said.
Saab has said that it is being courted by six to eight “very large” companies.
Saab last month sought protection from creditors to buy time to find a new owner after its US parent announced it would cut its ties with the loss-making unit at the latest by 2010.
Aston Martin not for sale
Aston Martin chief executive Ulrich Bez said he doesn’t expect the luxury carmaker to be sold off as its Kuwaiti owner, Investment Dar, disposes of assets to help reduce its debts.
The Middle Eastern investment firm, which controls 50 per cent of Aston, said on Monday that it may sell “non-core assets” as part of a new strategy of focusing on unspecified parts of its banking, real-estate and luxury-goods operations.
“Our shareholders are committed to a long-term investment in Aston Martin,” Bez said in response.
Investment Dar has helped Aston to invest in new products and supports a strategy of bringing back the Lagonda brand, Bez said, adding that the company last year posted the second- highest profit in its 95-year history. Earlier this month the firm revealed the new Lagonda (pictured above) concept SUV, one of the most striking models at the Geneva motor show.
Chinese carmaker may be in driving seat for Volvo purchase
China’s biggest private car firm, Geely, which is said to have been in talks with Ford to buy its Volvo brand, is seeking overseas acquisitions to expand outside China.
“Geely will look for target companies in the international market based on its own development strategies,” the Hangzhou, east China-based car firm said in a statement, without elaborating.
Ford, seeking to raise cash to avoid a US government bailout, has approached Geely, Chery and Chongqing Changan Automobiles as it attempts to sell the Volvo unit.
Turkey cuts tax to boost new car sales
The Turkish government has cut the special consumption tax on vehicle sales in an attempt to reduce the stock of unsold vehicles and assist its local car industry.
Under the scheme the special consumption tax on vehicles of less than 1,600cc has been reduced to 18 per cent from 37 per cent.
Passenger and light commercial vehicle sales in the country shrank 17 per cent last year with an expected fall of 25 per cent for 2009, prior to the tax cut, which came into effect on Monday. – (Reuters)