Auto Industry | featured news

Porsche has rejected Volkswagen AG's bid to take a 49% stake in the sports carmaker, a company spokesman said Monday.

The sports car maker's chairman accused VW of blackmail as he claimed Europe's biggest carmaker was exerting pressure to reach an agreement between the German groups.

The deal between General Motors and the Obama administration solves a problem that could have troubled the company’s plan for quick restructuring.

The Obama Administration will lend Tesla Motors $465 million to build an electric sedan and the battery packs needed to propel it.

The government is poised to disclose that Ford, Tesla and Nissan will be among the first beneficiaries of a $25 billion loan program to help develop fuel-efficient vehicles.

CarMax posted only a 2.7% drop in profit despite sharply lower sales and losses at its auto-finance unit, as the used-car dealer's profit per vehicle sold rose.

Toyota Motor Corp. got 180,000 orders for the new Prius hybrid in Japan in just a month, far surpassing its target of 10,000 vehicles in monthly sales, the automaker said Friday.

The third-generation Prius, which rolled out a month ago, has been a big hit here, partly because of tax-breaks and other new government incentives that are meant to perk growth during the nation's downturn.

Automaker to sell its Swedish unit Saab to sports car manufacturer Koenigsegg.

G.M is close to selling Saab to Koenigsegg, a Swedish maker of high-end sports cars, a person close to the negotiations said.

The Supreme Court on Tuesday cleared the way for the U.S. government-backed sale of Chrysler LLC to a group led by Italian carmaker Fiat SpA, a victory for the bankrupt automaker and the Obama administration.