The smaller second-quarter European losses posted last week by General Motors and Ford Motor Co. appeared to signal that the region’s car market has reached its nadir and is beginning to heal.
But neither automaker seems to believe that — or at least they’re not banking on a market rebound to cure the weak demand and capacity glut that drained nearly $2 billion from each company last year.
Accountancy firm Deloitte has lost its appeal against a ruling that it failed to manage conflicts of interest in its advice to collapsed UK carmaker MG Rover Group, in a decision it said could force all accountants to examine what advice they can give.
The Rover Group, later MG Rover, collapsed in 2005. Photo credit: Reuters
A Frazer Nash Le Mans replica is one of the stars of Historics classic car auction at Brooklands on 31 August. The Le Mans Replica Evocation on offer is ‘WOK1’, Oswald Werner’s personal prototype, manufactured in 1988 and employing parts, as required, from a Bristol 405. Estimate is £105,000-120,000.
RM Auctions has assembled an incredible collection of cars for sale for its flagship two-day sale in Monterey, California, 16-17 August, during the world-famous Pebble Beach Concours d’Elegance motoring week – with no less than 25 cars estimated to achieve in excess of $1,000,000 each at the sale.
Audi has released a teaser video previewing a new model that will make its public debut at the Frankfurt Motor Show in September.
