http://www.maxauto.co.za/CntView.aspx?CatID=26&CntID=1595
Berlin promised to decide by the start of next week on whether to grant state aid to General Motors unit Opel, ending a year and a half of uncertainty over the European carmaker's future.
A steering committee due to assess the matter will meet on Friday, German Economy Minister Rainer Bruederle said on Tuesday.
The committee's meeting is one of several steps necessary before Bruederle can make a final decision on whether to give Opel the more than $1.2 billion in state loan guarantees it has requested.
More money for less capacity
GM asked for aid from European governments to help fund a costly turnaround plan at Opel that would shrink production capacity by about 20%.
But the parent company's strong balance sheet and return to profitability from bankruptcy in just 12 months is undermining the arguments for state aid for its subsidiary.
Bruederle has said he is sceptical about whether Opel should receive aid, and recent delays in the decision-making process had raised suspicions that Berlin is purposely dragging its feet before ultimately turning Opel down.
The process was revived on Monday as a panel of independent economic experts - which advises Berlin on state aid to ailing firms - made a recommendation on Opel aid, after having postponed a decision several times.
It was not immediately clear what the panel recommended. A statement is expected later on Tuesday.
Bruederle only said the panel was "very critical" of Opel's request for aid.
German business daily Financial Times Deutschland earlier said, without citing sources, that the panel found no financial reasons to extend loan guarantees to Opel.
That means any decision in favour of aid would be based on political rather than financial factors, such as a desire to preserve good U.S.-German relations, the paper said.
Opel labour leader Klaus Franz said to his knowledge the article was speculative and wrong.
"There was no negative recommendation," he said.
Positive signs?
The advisers to the rescue fund are mainly former captains of German industry, such as ex-Schering CEO Hubertus Erlen and industry lobby group BDI's former head Michael Rogowski.
The steering committee that is due to meet on Friday, meanwhile, includes state secretaries from government ministries and federal states that are home to Opel plants, as well as a representative of Chancellor Angela Merkel's office.
In a positive step for Opel's turnaround efforts, labour and management signed a restructuring deal on Monday that aims to save €265 million in annual wage costs through 2014.
European union and workforce representatives from countries hosting Opel's major factories also signed the deal with Opel Chief Executive Nick Reilly.
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http://www.maxauto.co.za/CntView.aspx?CatID=26&CntID=1596
According to a recent report, the Ferrari 458 Italia Spider will feature a folding metal roof.
While the car had been expected to use a canvas roof, a member of the TeamSpeed forum has said sources in Maranello have decided against it. Instead, the Spider will reportedly adopt a folding hardtop similar to the one used on the California. This should allow for maximum convenience and security, but it will likely come with a weight penalty.
Regardless if these rumors are correct, the 458 Spider will feature a 4.5-liter V8 engine with 419 kW and 540 Nm of torque. Power will flow to the rear wheels through a seven-speed dual-clutch transmission which will likely enable the roadster to rocket from 0-100 km/h in less than 3.6 seconds.
As we have previously reported, Ferrari chairman Luca Cordero di Montezemolo has stated "We also plan a spider version (of the 458 Italia), but not for a couple of years."
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NCAP awards 5 Stars for new 5-Series & Giuletta
http://www.maxauto.co.za/CntView.aspx?CatID=26&CntID=1597
The Alfa Romeo Giulietta and the BMW 5-Series have been awarded a five-star rating in Euro NCAP testing.
The BMW features highly resilient bearer structures, precisely defined deformation zones, numerous airbags (front, pelvis-thorax, and side curtain), active front headrests, and an active bonnet (which uses pyrotechnic charges to raise the hood to reduce injury to pedestrians and cyclists). More importantly, the 5-Series is equipped with an advanced passenger cell which causes forces from a front-end collision to be "dissipated via a number of different load paths in the floor assembly, side frame, front wall and roof."
Likewise, the Alfa Romeo Giulietta was "designed and built to obtain maximum passive and active safety performance." It boasts a Vehicle Dynamic Control system, assisted panic braking, six standard airbags, and Self Aligning Head Restraints (SAHR).
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LFA supercar comes to SA
Lexus on Wednesday announced its LFA supercar’s global allocation of 500 units has been sold out.
Global distribution for the most expensive Lexus yet is pencilled in for October this year. Retailing at $375 000, LFA represents a quantum pricing leap into the unknown for Lexus and parent company Toyota.
Expensive. Worth it?
The retail price may be outrageous, yet considering what’s on offer you realise that even at such stratospheric retail Lexus is probably losing money on the LFA. Its technical specifications read like a racing team's Christmas shopping list.
A Carbon Fibre Reinforced Plastic (CFRP) monocoque bodyshell hosts one of the most advanced naturally aspirated engines ever passed through road car emission control.
Displacing 4.8l amongst ten cylinders and fed via a trick Yamaha cylinder head, the mostly titanium LFA V10 produces 412kW at 8 700r/min. Rear-wheel drive in configuration, LFA’s power delivery is managed by a six-speed (single clutch) transaxle transmission.
Lexus claims the LFA’s V10 spins its crank with such urgency a conventional analogue tachometer was too inaccurate and lagging, therefore the LFA makes do with a digitised TFT display. This really is as trick a production supercar as you could ever wish to own.
Now has racing pedigree too...
Traditionalists will question whether the purchase price is in any way justifiable, considering the lack of a performance heritage behind the Lexus badge.
During this year’s Nürburgring 24 Hour race in May, the LFA won its class ahead of the Aston Martin team. Racing credibility has now been added to the LFA’s suite of heroic motoring achievements, effectively nullifying any doubt about its performance credentials.
"The LFA represents the ultimate in innovation and a worthy showcase of engineering for Lexus," said Kevin Flynn, general manager of Lexus South Africa.
"Lexus South Africa has secured a small allocation of LFAs over the production period after the order books closed at the Geneva Motor Show. "Now it's down to putting fortunate names next to the cars," said Flynn.
The local LFA allocation will number less than five cars.
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