Skoda Tech Centre to benefit India ops

Škoda Auto has opened a new technology centre in Mladá Boleslav in Czech Republic. The developments and advancements through this technological centre will result in better technology and performance for the company and its products. The developments would trickle down to India in Skoda’s products.

Engineers and other qualified specialists from Skoda India will be trained in this new centre. Even though there are no immediate plans to set up a similar centre in India, SkodaAuto India management said that it is an idea they will consider in the future.

According to Dr. Eckhard Scholz, BOD Member for Technological Development, “The construction of the new Technology Centre reinforces Škoda Auto’s research competences across the VW Group and makes it possible to continue the company’s tradition of developing and designing automobiles in the Czech Republic.”

Adds Thomas Kuehl, Board Member, Sales and Marketing, Skoda India, “We look at our new facility as a major investment in driving innovation and cutting edge technology, ensuring our continual focus on delivering state-of-the-art products for our customers across the globe”.

The Technology Centre is going to be put into full operation in mid-2009. Besides offices, the centre’s operations will include electronics and electrical engineering development laboratories and workshops, engine and chassis development sites, acoustics and noise test rooms, a sunlight simulation test facility, climate chambers and a light tunnel.

Source: http://autocarpro.in/contents/NewsDetails.aspx?NewsID=458

GM gets $4 bn loan, Chrysler on hold

Detroit The US government on Wednesday paid out the first $4 billion in emergency loans to support General Motors but a parallel rescue payment for Chrysler LLC was on hold until the new year.

Chrysler said it remained in talks with the US Treasury to finalize its own $4 billion loan agreement and expected to receive its share of the funding soon.

"The discussions relating to Chrysler LLC have been positive and productive and we look forward to finalizing the details of our financial assistance in the immediate future," Chrysler spokeswoman Shawn Morgan said in a statement.

US Treasury Department spokeswoman Brookly McLaughlin confirmed the government had completed the first $4 billion loan to GM on Wednesday.

"We're working expeditiously with Chrysler to finalize that transaction and we remain committed to closing it on a timeline that will meet near-term funding needs," McLaughlin said in a statement.

GM had warned that its cash would fall below the $11 billion it needs to keep on hand to stay afloat by Wednesday without government funding.

Both GM and Chrysler have said they needed the infusion of government cash to meet payouts to suppliers at a time when a plunge in auto sales has drained their own cash holdings.

The Bush administration approved a $17.4 billion bailout for GM and Chrysler earlier this month.

Of that total, GM has been promised another $9.4 billion in government loans under that program in addition to the $4 billion payment made on Wednesday. The final $4 billion of the bailout approved for GM will require Congress to approve the funding.

Chrysler was given $4 billion from the US government after having asked for $7 billon. The bailout is Chrysler's second in 28 years.

Rival Ford Motor Co (F.N) has not sought government loans but has asked for a $9 billion line of credit it could tap if business conditions worsen.

Earlier on Wednesday, the Treasury also confirmed it had disbursed $6 billion in funds to GMAC LLC, the automotive finance company historically aligned with GM.

GMAC is now 51 per cent by Cerberus Capital Management, the private equity firm that also owns Chrysler.

Under the terms of the US government bailout, Chrysler and GM will have to submit restructuring plans to the government by mid-February and demonstrate that they are viable by end March.

The restructuring at the companies will press both organized labor and creditors for deep concessions as they look to cut manufacturing costs and debt levels.

Source: http://www.indiavilas.com/redir.asp?l=http://c.moreover.com/click/here.pl?j1752539753