Germany's Scheme to Scrap Cars Sparks Sales Explosion

Sales mostly go to small cars

By Kevin Spak, Newser Staff

Posted Feb 26, 2009 1:00 PM CST

(Newser) – Automakers are running out of gas all over the world—except in Germany. Volkswagen expects to have its best February ever, selling 120,000 cars, while GM subsidiary Opel has sold 40,000, its best month in 5 years, Der Spiegel reports. It’s all... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

2 comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

'Serpent Pastor' Dies of Snake Bite

Miami Face-Eater Identified

Der Spiegel (Source Grid »)

New-for-old deal powers Volkswagen
Guardian (UK)

Opel cancels layoffs, increases production
Motoring

Recession tightens grip on Germany's labor market
AFP

Money • Politics • World

Germany • General Motors • Audi • Volkswagen • auto industry • Porsche • BMW • Renault • Opel • Dacia • Mercedes-Benz

More Newser Stories

Flashy Fare at Detroit Auto Show

Ogle the new beauties here

(NEWSER) - These may be dire times for the auto industry, but that hasn’t stopped it from putting on a show. Plenty of concept cars are taking their bows at the 2009 North American International Auto Show in Detroit, the Wall Street Journal notes; sort through some highlights in the slide show at left, or at the link below. More»

GM Won't Sell Opel After All

European operations won't go to Canadian outfit

(NEWSER) - General Motors backed out today on a deal to sell Opel, its European arm, to a Canadian parts supplier and its Russian banking partners. The GM board’s move reflects an uptick in the auto business, the Financial Times reports, and will also be a blow to the German government, which put great effort into the sale to Magna and its associates. More»

GM's Opel, Vauxhall Get a Shot at Survival

Canadian firm wants to buy brands, but deal needs German help

(NEWSER) - Canadian auto supplier Magna wants to buy GM’s European brands, offering Opel and Vauxhall a chance at survival, the Wall Street Journal reports. A deal for Opel would need temporary German funding. Angela Merkel’s government is debating putting up some $2 billion—but wants GM and the US Treasury to separate Opel from the rest of the Detroit firm to ensure the loan doesn’t end up in US creditors’ pockets. More»

Fiat Pulls Out of German Talks to Buy GM Arm

Prospective Opel buyer balks at new request for bridge funding

(NEWSER) - Fiat is boycotting talks in Germany today to acquire Opel, the European arm of General Motors, blasting GM for withholding financial information necessary for due diligence and balking at a new request for emergency funding. Fiat CEO Sergio Marchionne has taken part in days of negotiations with GM and German officials, including Angela Merkel, but yesterday talks fell apart after GM said Opel required an additional $418 million in bridge financing. More»

Porsche, VW to Merge

Luxury maker fails in takeover attempt

(NEWSER) - Porsche has announced it will merge with Volkswagen after weeks of negotiation between the two German carmakers, reports the BBC. The deal puts an end to Porsche's efforts to take over VW. Porsche already owns a majority stake in the company. While details of the merger remain unclear, VW's individual brands—including Audi, Bentley and Lamborghini—will coexist alongside Porsche. Analysts describe the merger as a climbdown for Porsche, which had originally planned to acquire a 75% stake in Volkswagen. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Germany's Scheme to Scrap Cars Sparks Sales Explosion

Sales mostly go to small cars

Germany • General Motors • Audi • Volkswagen • auto industry • Porsche • BMW • Renault • Opel • Dacia • Mercedes-Benz

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Flashy Fare at Detroit Auto Show

Ogle the new beauties here

GM Won't Sell Opel After All

European operations won't go to Canadian outfit

GM's Opel, Vauxhall Get a Shot at Survival

Canadian firm wants to buy brands, but deal needs German help

Fiat Pulls Out of German Talks to Buy GM Arm

Prospective Opel buyer balks at new request for bridge funding

Porsche, VW to Merge

Luxury maker fails in takeover attempt

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?