UK sports car maker Group Lotus said it plans to cut as many as 325 jobs, a quarter of its workforce, as it seeks to reduce losses.
Stefan Sommer, ZF CEO sees more acquisitions beyond TRW purchase
ZF Friedrichshafen, which agreed to buy TRW Automotive Holdings for $11.7 billion on Sept. 15, sees a need for more acquisitions as even the largest auto suppliers seek size and technology.
ZF net debt seen at €8.5 billion after TRW deal
German auto supplier ZF Friedrichhafen’s net debt will rise to some €8.5 billion ($11 billion), or about 2.4 times core earnings (EBITDA), after it buys rival TRW, a banker familiar with the deal said.
Earlier this week, ZF agreed to buy U.S.-based TRW for $13.5 billion including debt, paying $105.60 in cash for each TRW share, or nearly $12 billion based on shares outstanding.
Americans Loving Their New Cars, Neglecting Auto Loan Payments
By Brian O’Connell
It’s all champagne and caviar for automakers, as U.S. car, SUV and truck sales are at an eight-year high. Fiat Chrysler reported sales up 20% so far in 2014, while BMW reported an 11% gain through August.
Ford reveals all-new S-MAX; Adaptive Steering Technology
Ford of Europe revealed the all-new S?MAX seven-seat sports activity vehicle. The new S-MAX will debut Ford Adaptive Steering technology in Europe for optimized response to driver input when it goes on sale in 2015.
