German-based carmaker Volkswagen intends to introduce a mid-sized sports utility vehicle for its North American market in 2016 as part of its $7 billion investment program, Bloomberg reported.
Automotive
Google Executive Chairman Eric Schmidt warns technological advances could endanger jobs
Eric Schmidt, the Executive Chairman of search giant Google, has warned that technological advances could eliminate a wide variety of jobs, the Financial Times reported.
US-based car buying service CarWoo! closes down
Burlingame, California-based car buying service CarWoo! posted an announcement on its website saying the company will be shutting down, with some of its employees heading to rival TrueCar.
Indian firm LIC cuts stake in Bharat Forge
Indian state-run insurance firm Life Insurance Corp (LIC) sold a 2.001% stake in Pune-based metal forger Bharat forge in a deal valued at INR150.53 crore, reducing its total stake in the company to 5.0205%.
Malaysia to relax foreign auto restrictions to lure in investments
Malaysia will implement a new policy that will selectively allow foreign auto makers to manufacture small passenger cars, according to the chief executive officer of a trade ministry unit.
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Judge Kevin Gross of the US Bankruptcy Court in Wilmington, Delaware on Friday rejected a planned sale of Fisker Automotive to Hong Kong businessman Richard Li. Gross ruled in favor a competitive bidding between Li and Chinese auto parts maker Wanxiang Group instead.
China-based automotive glass supplier Fuyao Glass Industry Co will pour in a $200-million investment to build a manufacturing facility at the former assembly plant of General Motors (GM) in Ohio, US.
The new Mercedes-Benz C-Class has cameras that can read road signs and sensors to judge distance to the car in front, but is not yet able to make full use of the hardware.
Sergio Marchionne, chief executive officer of Italy's Fiat, said that the carmaker could issue a mandatory convertible bond as a way of financing investments after its $4.35 billion deal to buy the rest of Chrysler.
Santander Consumer USA Holdings is seeking a valuation of as much as $8.4 billion in its initial public offering. The auto loan company owned by Spain's Banco Santander as well as private equity firms expects to raise $1.56 billion in the listing.
Tencent Holdings Ltd, the biggest Internet firm in Asia, invested an unconfirmed amount in China-based cab booking app Didi Taxi to promote its payment service to mobile web users.
China-based car parts conglomerate Wanxiang has sweetened its bid for failed US electric car maker Fisker Automotive in a battle with its rival suitor, Hong Kong-based firm Hybrid Technology.
Rolls-Royce Motor Cars Ltd., the world's second largest aircraft engine maker, is reportedly negotiating to buy the marine propulsion division of Finalnd-based power plant and ship engine maker Wartsila. Wartsila has previously refused other approaches for its marine unit.
Ford Motor Co. chief executive Alan Mulally, once and for all, said that he will not replace Microsoft Corp.'s retiring CEO Steve Ballmer and will remain at the US automaker through 2014. Some prominent Microsoft investors had campaigned for Mulally's candidacy for the top job at the software giant.
