What the papers say: December 10
Volkswagen will ask for Government aid
VW will become the first German car maker to ask its Government for state aid, according to the Financial Times. The company's affiliates Volkswagen Bank and Volkswagen Financial Services, are seeking to tap into the Government's €500 billion banking rescue plan. The paper says the move highlights the global spread of the car industry's woes.
Troubled times for F1 as teams fail payment test
The nine remaining teams in Formula One have had their creditworthiness questioned, according to the Financial Times. A study by German business intelligence group Dun & Bradstreet has revealed that on average only two of them paid their bills on, or before the due date in 2008. The study rates Toyota as the most creditworthy and Force India as the least. Ferrari and McLaren rate six and seven respectively. Honda ranked number 8.
Chrysler end deal with Chery
Chrysler has ended its deal with China's Chery Automobile, according to the Financial Times. The deal, for Chery to manufacture small cars for export, was one of the US firm's highest-profile international projects.
Volvo could be sold to Chinese
Ford could be about to sell Volvo to one of China's largest car makers, according to the Times. The US firm is in talks with Changan.
US car industry loan hangs on proving viability
The Financial Times reports that a $15 billion (£10 billion) US state-backed loan to Chrysler, Ford and GM is still not certain to be approved. The Bill was yesterday caught in discussions between the White House and Congress, as Republicans called for tough measures to curb any further financial demands by the industry
White van man stays at home
The Times reports that van hire firm Northgate has announced a 46% fall in first half pre-tax profits. Northgate reports hires are down, with 10% of its fleet remaining idle, and resale value of vans has fallen by 110%. The firm said it will cut 380 jobs, 11% of its workforce, by April. Job cuts will be split 50/50 between its workforces in the UK and Spain.
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