Main page | December 19, 2007 »

Ford May Pick India's Tata as Preferred Bidder for Jaguar

Ford may choose India's Tata Motors Ltd. as the preferred bidder for its U.K.-based Jaguar and Land Rover brands, a person familiar with the deliberations said, according to Bloomberg.

The selection would allow Ford to negotiate exclusively with Tata before reaching a final agreement. Mahindra & Mahindra Ltd., another India-based manufacturer, and JPMorgan Chase & Co.'s One Equity Partners LLC buyout unit have also been candidates, people familiar with the bidding said in September.

Ford wants to sell the units to focus on its money-losing North American operations. John Gardiner, a U.K.-based Ford spokesman, said no decisions have been made and the automaker expects to announce an agreement early next year.

Posted by Peter C. T. Elsworth  at 2:33 PM to Ford | Permalink | Comments 0

GM to offer new round of buyouts to hourly workers

DETROIT - General Motors Corp (GM.N: Quote, Profile, Research) said on Tuesday it has reached an agreement with the United Auto Workers union to offer a new round of buyouts to its U.S. hourly workers, according to Reuters.

GM said the buyouts will include a combination of early retirement incentives and other programs similar to the ones offered in 2006.

Specific program details will be rolled out to employees beginning in January, the automaker said.

Posted by Peter C. T. Elsworth  at 2:27 PM to GM | Permalink | Comments 0

Ford lifts freeze on merit raises for salaried employees

DEARBORN, Mich. — Ford has lifted a freeze on merit raises for salaried employees as the automaker continues to work on its turnaround, according to the Associated Press.

The average white-collar worker will get a 2.7% pay increase in April, The Detroit News reported Saturday. Ford says the increases will be contingent on business conditions, and based on employee performance.

"Our intention to pay them next year is a sign of the progress the company is making," Ford spokeswoman Marcey Evans said. "While we haven't completely turned the corner yet in our turnaround efforts, the progress we have made puts us in a position where it is financially feasible to pay them again."

Ford last gave out merit increases in 2006.

Posted by Peter C. T. Elsworth  at 2:21 PM to Ford | Permalink | Comments 0

Higher Auto Mileage Standards Coming

WASHINGTON -- Congress by a wide margin approved the first increase in automobile fuel economy in 32 years Tuesday, and President Bush has signaled he will accept the mandates on the auto industry, according to the Associated Press.

The energy bill, boosting mileage by 40 percent to 35 miles per gallon, passed the House 314-100 and now goes to the White House, following the Senate's approved last week.

Posted by Peter C. T. Elsworth  at 1:50 PM to Fuel economy , Government regulations | Permalink | Comments 0