October 13th, 2011 by Car and SUV
Italian coach builder Pininfarina is set for a big shake up that will see 127 workers made redundant when the company shuts down the manufacturing arm of its business. The iconic firm will now focus on what its more traditional strengths of design and engineering. The company points to the declining automotive market as the reason behind the move.
The redundancies and structure changes are expected to cost the company around €2.9 million. Pininfarina is also getting busy trying to find an investor to purchase a stake in the design firm as part of a debt restructuring agreement with the company’s creditors. French billionaire Vincent Ballore is one investor who has shown an early interest in purchasing part of the family-owned company. Read the rest of this entry »
October 12th, 2011 by Car and SUV
Following the path cut by other luxury carmakers, Jaguar and Land Rover are gearing up for a full scale assault on the Chinese market. Despite a cooling international market, the Chinese have a strong appetite for foreign luxury cars and Jaguar/Land Rover want a piece of the action.
Earlier this year there were reports that Jaguar and Land Rover owner, Tata Motors, would invest heavily in the two brands in order to improve their sales. It was also revealed that Tata was considering options for assembly and localization of selected Jaguar Land Rover products in China.
But it’s not easy getting a foothold in the Chinese market, you can’t just roll in and build a manufacturing plant. According to the Chinese law, you need to have a local partner. Which leaves JLR looking at possible joint ventures. Apparently, JLR has decided to form a partnership with Chery, and the two companies are already seeking approval from local authorities to go ahead with their business plan. Read the rest of this entry »