PENSION SLIDE: GM is to borrow $10 billion and commit "substantially all" of it to help prop up its pension plan, which currently is underfunded by some $19.3 billion. There are 450,000 retirees or family members on its pension plan - or 2.5 beneficiaries for every current worker. The value of its pension fund has collapsed with the sliding stock market of the last few years. Today, its long-term pension obligations amount to about $80 billion, but the company has only about $61 billion in pension assets.
SHOWING THE FLAGSHIP: The third chapter of the Maserati Renaissance is now taking shape with its new
Quattroporte (above), Maserati's flagship model which will be unveiled at the Frankfurt Motor Show in September. Designed by Pininfarina it's powered by a 400 bhp V8.
OLYMPIAN TRANSPORT: Toyota Ireland has provided the Special Olympics organisers with the biggest fleet of cars ever to be used at a sporting event in Ireland. The company has supplied 285 vehicles to delegates and organisers.
PROFIT MARGINS: European profits at Mitsubishi Motors will be more than twice as high as expected this year because of the sharp drop in the yen against the euro, the Japanese car maker said. Meanwhile Mitsubishi Motors Europe has renewed its contract with Frank Keane Holdings for the Irish franchises for Mitsubishi cars, and light and heavy commercial vehicles.
X3 MARKS THE SPOT: BMW has released more official photos of its new mini-SUV, to be known as the X3. Built in Graz, Austria by the Magna Group and due to debut at the Frankfurt motor show, the X3 will be powered by BMW's 3-litre straight six petrol and diesel engines. It will target the upper end of mini-SUV segment, occupied by the likes of the Land Rover Freelander and some of the soft-roaders. However, the X3 will feature all-wheel-drive. The petrol version will offer 231 bhp, while its diesel equivalent will
have an output of 204 bhp. It should be making its way to Irish showrooms early in 2004.
HATS IN THE RING: Peugeot has launched a 307 test-drive campaign whereby those who test drive any Peugeot 307 model, including the 307 SW at any main Peugeot Dealer will be entered into a draw to win a Peugeot 307 1.4 XR 5-door model worth €19,395.