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DaimlerChrysler makes Asia deal: Mitsubishi to cede control

Article Abstract:

DaimlerChrysler AG of Germany has agreed to acquire a controlling 34% equity interest in Mitsubishi Motors Corp of Japan for $2.1 billion. The deal requires Mitsubishi to pay off a substantial amount of its $16- billion debt, which may mean two things that Japanese companies are loathe to, and rarely, do: close factories and lay off workers. If Mitsubishi's restructuring is as drastic as Nissan Motor's, it will mean one job in every seven being lost and perhaps a 20% cut in domestic production capacity.

Asset sales & divestitures, DaimlerChrysler AG

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Ford: 2003 hybrid SUV to get 40 mpg

Article Abstract:

Ford Motor has announced that a 2003 version of its Escape sport utility vehicle (SUV) model will feature a hybrid power plant that will enable motorists to get 40 miles to a gallon, which is double that of other small SUVs and four times that of larger SUVs. This hybrid power plant features a small gasoline engine coupled to an electric motor. Hybrid engine technology is helping automakers to comly with federal fuel economy standards and avoid fines.

United States, Product development, Ford Motor Co.

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Groomed so not to marry: Porsche claims exemption from merger mania

Article Abstract:

Porsche said it will never be caught up in the merger frenzy currently gripping the worldwide auto industry. Company CEO Wendelin Wiedeking said the German automaker's sound financial footing and clear focus assure its independence. Moreover, the families Porsche and Piech own 100% of voting shares, and there are no signs of internal squabbling to suggest a sale by a disgruntled clan member.

Strategy & planning, Porsche AG

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