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Nissan defections spark debate over who will be driving – A string of defections by top Nissan executives is reigniting long-standing speculations over who will succeed chief executive Carlos Ghosn, the man widely credited with reinventing Japan’s second largest car manufacturer. Debate over Nissan’s future hit fever pitch earlier this month after the resignation of Andy Palmer, a widely respected Ghosn lieutenant, who took up the top job at Aston Martin.
Rolls-Royce ghost in with updated model as sales soar – Rolls-Royce is today launching a new version of its biggest-selling car, the Ghost, which has played a pivotal role in attracting a new type of customer to the historic marque. The Ghost 11 was revealed at the Geneva motorshow in March but today is the first time it takes to the street, hoping to build on the work its predecessor did by lowering the average customer’s age by 15 years to about 45.
RAC favours sale to Singapore fund – The private equity owner of RAC has decided to ditch a stock market float in favour of the a £3bn-plus sale to Singapore’s sovereign wealth fund. Carlyle, which bought the car rescue business for £1bn from insurer Aviva three years ago, was last night locked in talks with Government Investment Corporation (GIC) of Singapore. Sources indicated that the sale, first reported by Sky News, could be announced as early as this afternoon.
Stay in reformed EU to keep economy on the right road, manufacturers say – An overwhelming majority of manufacturers believe it is vital that Britain remains as part of the European Union and that any new government plays “a leading role in Brussels”. The EEF said that 85 per cent of manufacturers believed that the national interest was best served by keeping the country in a reformed EU.
Flotation costs dent AA profits – Costs associated with preparing the AA for its stock market listing have blown a big hole in the group’s profits for the first half of the year. As the roadside recovery and insurance business reported on its performance for the first time since its June flotation yesterday, the AA said that it had taken a £33.6million exceptional hit directly related to the listing.
The drivers being duped over fuel efficiency of cars – Drivers could be paying an extra £400 a year at the pumps because of misleading fuel efficiency claims by car makers. Manufacturers have been accused of using a series of ‘tricks’ to boost miles per gallon figures on their vehicles. Tests are said to have been manipulated by running cars on over-inflated tyres taping up gaps in the bodywork to reduce drag, reducing the weight and using special engine lubricants to increase the distance covered on a fixed amount of petrol.