Auto Sector

GMAC to get $6bn aid from federal government

Over and above the recent $17.4 billion bail-out package to rescue GM, Chrysler and Ford, the federal government on Monday planned to release $6 billion for stabilizing GMAC LLC – the struggling financing company of GM, co-owned by Chrysler’s owner, Cerberus. 

Kerkorian Completes Retreat From Ford, Sells Off Remaining Shares

According to Tracinda Corp, the investment firm of Kirk Kerkorian, the billionaire investor has completed the withdrawal of his high-profile $1 billion stake in Ford Motor Co, by selling off all his remaining shares. For the past couple of months, he has been cutting his losses on the investment, which had lost most of its value.

Nissan-NEC’s $1 billion battery manufacturing venture

According to the Nikkei business, a joint investment of nearly $1.1 billion by Japan's Nissan Motor Co and NEC Corp will result in the production of large-capacity lithium ion batteries, for use in hybrid and electric cars.

Cash Technologies buys assets of Turbomotive

Cash Technologies, Inc. has notified that its CPI Holdings, LLC subsidiary dba Champion Parts has acquired certain turbocharger technology assets of Turbomotive, Inc. and Robert McKeirnan, its founder for $1.75 million.

Ford Fusion Hybrid reportedly the most efficient electric car

Ford Motor Company has unveiled its new 2010 Ford Fusion Hybrid electric car – which, built with next-generation hybrid propulsion system, is claimed to be the most fuel efficient mid-size sedan in the US. The hybrid technology used in the Fusion allows it to run up to 47 miles per hour in electric mode.