JAGUAR IN TROUBLE: Luxury car maker Jaguar yesterday said it expected a further injection of capital from owner Ford after reporting 2003 heavy losses for 2003.
It took a €755 million charge to cover a writedown on the company's investments after losing €850 million in 2003, double the previous year.
The previously-undisclosed figure, lodged with regulators late last month, left Jaguar with a "negative net worth" €455 million, a spokesman said. Jaguar has not issued last year's numbers but chief executive Joe Greenwell said last autumn that losses were "hundreds of millions of pounds".
MORE SAUCE FOR CAYENNE:
Porsche's Cayenne SUV is to get even more muscle when Swiss design house Rinspeed unveils its radically different Chopster (above) version at the Geneva show on March 1st. Designer and builder EDAG has chopped the roof of the production vehicle by an impressive 70mm and provided a muscular side profile. A new front with large air inlets, distinctive and side sills emphasise the ready-to-prance look of the 600-hp car.
The 600hp power pack is available on order from April and will start at €325,000.
KIA GIVES TSUNAMI AID:
Kia has announced a €1.1 million donation to the countries affected by the Indian Ocean tsunami. The Korean car-maker will give €400,000 to India and €112,000 each to Indonesia, Malaysia, Thailand, and Sri Lanka. It will also provide €276,000 worth of free vehicle repairs and free parts supply to the affected nations.
DROPHEAD GORGEOUS:
Bentley is considering putting into production a 168mph four-seater Bentley Arnage Drophead Coupe next year. Powered by a 6.7-litre V8 engine, the new model, unveiled at the Los Angeles Auto Show in California, can go from 0-60mph in 5.7 seconds and is slightly bigger than the previous Bentley Azure convertible.
SAUBER CANCELS LAUNCH:
The Sauber Formula One team has cancelled the planned launch of its 2005 car, which was due to be held in Kuala Lumpur, next week.
An announcement from the Swiss outfit, which is heavily sponsored by Malaysian oil company Petronas, said that the decision had been taken as a mark of respect to those who lost their lives in the recent tsunami disaster in the region.