October 23, 2020

    Daily Auto News, Luxury Cars, Photos, Prices, Spy Shots, Videos, Incidents and more
    Goldman Sachs

    Goldman to buy General Motors’ credit card unit for $2.5 billion

    Goldman Sachs Group is purchasing General Motors‘s credit card business for about $2.5 billion, the Wall Street Journal reported on Thursday, citing people knowledgeable with the matter. The Wall Street bank won the bidding for the deal over Barclays Plc, the report noted. GM’s credit card issuer Capital One Financial and Goldman have agreed upon the […]

    General Motors
    Goldman Sachs

    Goldman to buy General Motors’ credit card unit for $2.5 billion

    Goldman Sachs Group is buying General Motors’ credit card business for about $2.5 billion, the Wall Street Journal reported on Thursday, citing people knowledgeable with the matter. The Wall Street bank won the bidding for the deal over Barclays Plc, the report said. The American automaker’s credit card issuer Capital One Financial and Goldman have […]

    General Motors
    General Motors

    General motors find big names for bidders for credit card business

    American investment bank Goldman Sachs is looking to purchase General Motors’ credit card unit as it looks to double down on its banking arm, the Wall Street Journal reported on Wednesday, citing people knowledgeable with the matter. Barclays is also one of the small numbers of bidders for the automaker’s credit card business, which has […]

    General Motors
    Images of Fisker EMotion

    Fisker to go public through SPAC deal at value of $2.9 billion

    Electric vehicle maker Fisker is expected to go public through a merger with a company backed by alternative investment manager Apollo Global Management with a combined value of $2.9 billion, the companies stated Monday. The California-based automaker is going to merge with Spartan Energy Acquisition, a special purpose acquisition company. The deal is expected to close in […]

    Cars
    American Airlines

    American Airlines seeks $3.5 billion in new financing to improve liquidity

    American Airlines Group Inc stated on Sunday it prepares to secure US$3.5 billion in new financing, to improve the airline’s liquidity as it deals with travel restrictions led by the coronavirus crisis. The company prepares to raise $1.5 billion by selling shares and convertible senior notes due 2025, the airline stated. Furthermore, the airline said […]

    Aviation
    Vroom used cars

    Vroom, online used car platform, increased to $5.4 billion in IPO

    Auto sales platform Vroom Inc. more than doubled in its trading launch after racing past its previous goals for its initial public providing to raise $468 million. Shares of the company, whose backers include L Catterton, General Catalyst Partners, and T. Rowe Price Associates Inc., increased 117% to $47.90 in trading Tuesday, giving it a […]

    Cars
    Toyota Motor, Nissan Motor, Honda Motor

    Japanese automakers brace for US sales as coronavirus impacts clients

    As the U.S. auto industry braces for the biggest slump since the 2008 financial crisis because of the coronavirus crisis, analysts are counting the cost for Japan’s automakers — whose fortunes depend largely on the US, which is the world’s second-largest car market. To reflect declining U.S. demand, Goldman Sachs cut its combined operating profit estimate for […]

    Nissan
    Ford logo in their auto plant

    Ford to build more Lincolns for Chinese market regionally

    Ford Motor prepares to start production of new luxury Lincoln models in China for that sector as they are launched, beginning with the new Corsair later this year, to take advantage of lower costs and avoid the risk of tariffs, a top executive stated on Monday. “It’s a huge, huge opportunity for Lincoln because we […]

    Ford
    Elon Musk adds solar roofs, Tesla Motors

    Elon Musk owes $507 million to banks helping Tesla raise capital

    Tesla Inc CEO Elon Musk personally owes $507 million to Wall Street banks involved in Tesla’s stock and debt sale, supported by his stake in the electric car maker, a company filing revealed on Thursday. The lending was revealed in Tesla’s prospectus on Thursday to raise up to $2.3 billion with new shares and convertible […]

    Tesla
    JAC Motors

    JAC Motors has not held talks with Volkswagen

    JAC Motors stated on Thursday it had not held conversations with Volkswagen AG, after Reuters reported that the German automaker was interested in taking a stake in its Chinese electric vehicle joint venture partner. “The company and Volkswagen have not carried out formal business discussions on the matters mentioned in the news reports nor does […]

    Volkswagen
    Daimler logo

    Daimler taps Goldman to raise China BAIC shareholding sources

    Daimler has asked Goldman Sachs to help it observe boosting its stake in Chinese automaker BAIC Motor, its main China joint venture partner, two people with knowledge of the matter stated. A deal would be only the second since the globe’s biggest auto market relaxed foreign ownership rules in 2018. Daimler’s competitor BMW became the […]

    Daimler
    Volkswagen brand logo

    Volkswagen could sell smaller trucks stake if markets are shaken by Brexit

    Volkswagen could sell a smaller stake in its Traton trucks department than expected if markets are shaken by Brexit, two sources knowledgeable with the matter informed Reuters on Monday. The automaker has stated it could list up to 25 percent of Traton in a deal expected to raise 5-6 billion euros ($5.7-$6.8 billion) and become […]

    Volkswagen
    daimler denza ev

    Daimler and Geely are setting up ride-hailing joint venture in China

    Germany’s Daimler is forming a ride-hailing joint venture in China with Geely Group, in an indication the Chinese firm is making progress in its drive for closer relations with the German automaker. Geely Chairman Li Shufu took a 9.69 percent stake in Daimler previously this year, rekindling worries in Germany about its highly-prized expertise entering […]

    Daimler , Geely
    Photos of Ford Eco sport

    JP Morgan and Ford cancel plans to attend Saudi investor event

    JP Morgan & Chase Chief Executive Jamie Dimon and Ford Motor Chairman Bill Ford dropped plans to attend a Saudi investor conference, the companies stated on Sunday, the recent such high-profile announcements following the disappearance of Saudi journalist Jamal Khashoggi. The cancellations could increase pressure on other U.S. companies such as Goldman Sachs Group Inc, […]

    Ford
    Volkswagen logo

    Volkswagen is about to hire four banks for truck unit IPO

    Volkswagen is near to hiring Citigroup, Deutsche Bank, Goldman Sachs and JP Morgan to assist with the possible stock market listing of its truck unit Traton, two people knowledgeable with the matter informed Reuters on Monday. Volkswagen stated last month that Traton should by year-end be in shape for a possible stock market listing, which […]

    Volkswagen

    If you're planning an Off-Road Adventure into the outback, as a minimum, you’ll need an air compressor. Be sure to read this guide to choose the best off road 12 volt air compressor.