Auto Sector

Slow sales force GM Daewoo to shut down factories until January 5

Seoul  - Swelling inventories of unsold vehicles have forced South Korea's second largest automaker to shut down all of its major facilities starting Monday for eight working days.

GM Daewoo Auto and Technology Company, the South Korean unit of the troubled US auto giant General Motors, halted work at all of its major plants on Monday, until January 5.

Month-long closure at all Chrysler plants

Citing "continued lack of consumer credit for the American car buyer", Chrysler LLC announced late Wednesday that it is shutting all 30 of its US plants for at least a month starting December 19 as unsold cars and trucks pile up at showrooms.

Volvo releases details of the S60 concept

Volvo has released pictures and details of its new S60 concept car - resembling a coupe with four doors – which will probably be introduced at the 2009 North American International Auto Show next month, hinting at being due in 2010.

Paulson says bailout for automakers under consideration

In an interview on CNBC television, US Treasury Secretary Henry Paulson said on Tuesday that the Treasury and the White House are reviewing financial data from the automakers in considering options for a bailout, which will enable automakers to receive a federal aid package once the government drafts a suitable plan to ensure the long-term survival of auto companies.

Toyota indefinitely postpones US Prius plant opening

Due to the downturn in the auto industry, the Toyota Motor Corp has indefinitely postponed the start of production at its plant in Blue Springs, Mississippi, thereby halting its investment in the project near $300 million. The plant was scheduled to begin production in 2010 and make the Japanese automaker's Prius hybrid car.