On The Road
Automotive News and Reviews for the Petrolhead By Reuters
In this week's issue:
Rather than the usual mid-life tweak, Citroen has given the slow-selling C5 a major overhaul. In an attempt to address the look of the old car (you could hardly dignify the random collection of shapes with the term "styling") it receives a new front and rear end. This is certainly a huge improvement and elevates the appearance from worst-in-class to middling.
In a typically French move, Citroen has sought to boost its appeal with a host of electronic toys such as a lane departure warning system, that alerts drivers if they drift across lanes, as well as Xenon dual function directional headlamps which turn as the car corners. Other features include laminated side glass plus front and rear parking sensors with visual warnings on a multifunctional screen. Safety is enhanced by the fitment of seven airbags, including one to protect the knee area, as well as a speed limiter and the latest generation ESP (Electronic Stability Control). The engine range is largely as before, but there are new six speed manual and automatic gearboxes.
The new car will go on sale following its official launch at the Paris Motor Show in September.
Fiat has some of the most improved car dealerships in the country, according to new data released today.
The study by Sewells for its upcoming annual Dealer Attitude Survey shows the company's poor performance could be on the mend.
Over the last 12 months Fiat has moved up nine places in the manufacturers' 'league table' - the third highest movement overall - and posting an overall score which makes it the second most improved franchise.
Dealer perception of Fiat as a motor industry franchise improved in 16 of the 17 sections surveyed - and the Italian company is now widely regarded as one of the most profitable franchises. Cars like the heavily revised Multipla and the award winning new Panda are helping the company with their fightback.
BMW is taking the craze for personalisation to extreme lengths with the launch of a six metre-long Mini Cooper S limo!
The Mini XXL which will make its world premiere in Athens this week at the start of the Olympic Games.
The six-seater stretch car was built by a specialist coach builder in Los Angeles. Fully loaded with all of the toys you would expect to find in a limousine, the XXL comes equipped with a retractable flat screen TV, DVD player and telephone.
However, the highlight of the car is the whirlpool integrated into the rear section of the car! The pool seats two people and a detachable roof means that it can be covered when not in use, while emptying it is a simple matter of pulling the plug to release the water. To accommodate the extra body length, the car is supported by a third rear axle that has two additional wheels.
Following its stay in Athens the XXL will commence a tour around Europe and parts of Asia where it is set to be the star attraction at various events.
DaimlerChrysler Pulls Out of Hyundai
DaimlerChrysler says it has raised more than $900 million (490 million pounds) by selling its 10.5 percent stake in Hyundai, a remnant of its dented ambitions to build a global carmaking empire. DaimlerChrysler, the world's fifth-biggest automaker, is unwinding its alliance with Hyundai but said it will continue joint projects with its Korean partner.
"Our proceeds were just over $900 million," a Daimler spokesman said on Monday. He would not comment on how or when DaimlerChrysler would account for the gain. DaimlerChrysler paid $428 million for 10 percent of Hyundai in June 2000, but raised the stake in 2001 to 10.5 percent. In all, it paid around $571.6 million for the entire stake.
"Our projects continue, world engine and the like," the spokesman added, referring to a joint campaign with Hyundai and Mitsubishi Motors Corp to develop and manufacture petrol engines. Daimler also distributes some Hyundai models in Mexico and they work together on procurement. DaimlerChrysler mandated broker Goldman Sachs to sell 45.8 million global depositary receipts to financial institutions on its behalf. Goldman sold the shares at $19.92 each, raising $912 million.
The stock was sold at a discount to the traded price of 5 percent, which banking sources said was one of the tightest among Asian deals this year. The companies announced on May 12 that DaimlerChrysler would sell its stake after the partners scaled back a four-year-old alliance in commercial vehicles and cars.
The news came just weeks after Daimler pulled the plug on further financial aid to struggling Japanese ally Mitsubishi. The moves blew a hole in the ambitious Asia plans of Chief Executive Juergen Schrempp, who once dreamed of creating a global carmaking empire dubbed "World Inc".
GM to Sell Daewoos as Chevrolets
General Motors plans to sell Daewoo cars in Europe with Chevrolet nameplates as part of its campaign to make Chevrolet a global brand, an industry source says.
"Indeed GM is going to build Chevrolet into a worldwide brand," the source said on Tuesday, adding that part of the Daewoo product line would be marketed as Chevrolets in Europe, while South Korea's Daewoo would focus on its domestic market.
The source was confirming a report in German newspaper Handelsblatt, which said the switch would happen in 2005. GM markets the Russian-built Niva offroader as a Chevrolet, and other models such as the Opel Meriva minivan built in South Africa would also join the fold, he said.
GM, the world's biggest carmaker, owns 42.1 percent of GM Daewoo Auto and Technology Co, while Suzuki Motor Corp owns 14.9 percent, Shanghai Automotives Industry Corp 10 percent and Daewoo creditors one third. GM Daewoo sold 115,600 cars and light commercial vehicles in western Europe last year and another 16,700 in central Europe.
A GM Europe spokesman declined to comment on the report, other than to say: "We will make a big announcement in Paris", referring to the Paris Auto Show next month.
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