A round-up of today's other motors news in brief
UK unit of US auto parts producer to go bankrupt
THE LARGEST UK unit of Visteon, the financially troubled US auto parts producer, yesterday filed for bankruptcy, which will cost about 600 jobs.
Visteon UK said that it had lost £669m since 2000, and was dependent on its US parent, to which it owes £400m to fund its losses. It appointed Jim Tucker and John Hansen of KPMG as joint administrators.
Visteon separated from Ford Motor in 2000 and remains one of the US carmaker’s biggest suppliers. The company has three UK plants in Basildon, Enfield and Belfast, employing 610.
About 565 people will be made redundant immediately, while those remaining will help administrators wind down. The unit’s collapse followed several unsuccessful restructuring attempts, according to KPMG.
“The entire automotive supply chain has been under pressure for a number of years,” Jim Tucker, joint administrator, said in a statement. “In the current downturn, car sales have dropped dramatically, which has caused further severe pressure on parts suppliers.”
€6.84bn on VW bets for Porsche
PORSCHE LANDED another €6.84 billion windfall gain from Volkswagen stock options in its fiscal first half and won a watchdog’s ruling that it broke no rules doing so.
Porsche, the maker of 911 sports cars, has made more than €13 billion from its bets on Volkswagen shares this year and last as it seeks to seize full control of Europe’s biggest automaker.
Porsche said yesterday that group earnings – before tax – rose to €7.3 billion in the six months to end-January.
Volkswagen’s upcoming Golf R20
WITH THE Volkswagen Golf R32 boasting 250 bhp, it seems the company’s hot hatch is starting to cool off in light of newer offerings by competitors but VW will soon rectify the situation by launching the Golf R20.
Unlike today’s R32, the new R20 will feature Volkswagens 2.0-litre turbocharged engine with direct injection which will be tuned to produce 270bhp. This should enable the R20 to post a 0-100km/h time in the low to mid 5-second range and reach an electronically limited top speed of 250km/h.
The exterior will carry over many of the new GTI’s traits but should also include more aggressive front and rear ends and a centre-mounted dual exhaust.
Initially, the R20 will be offered only in three-door hatchback, but a five-door could eventually be offered down the road.
Volkswagen will officially debut the new Golf R20 on May 21st at the ADAC 24-hour race at Germany’s Nürburgring racing circuit – right where we spotted this car yesterday. European sales will start later this year.
Confirmed launch of MG saloons
FOLLOWING ON from this month’s return of the MG brand to Ireland, its parent company Shanghai Automotive Industry Corp (SAIC) has confirmed it will launch a four-door saloon and five-door hatchback in the near future, based on its Roewe 550 platform.
Both cars will be launched first by SAIC in China and then followed by the UK and Ireland.