While America Slept. Sunday, December 14, 2008

VeeDub closes Chinese plants “for maintenance:” Volkswagen’s two Chinese joint ventures are planning to partly suspend production lines to “conduct maintenance work,” China Daily says, citing a Sunday report by state television. FAW-Volkswagen plans to suspend part of its production at their plant in Changchun at the end of the year. Shanghai Volkswagen will also suspend work at its production line for half a month from mid-December to early January. China Daily called Volkswagen’s office in Beijing and the two joint venture companies. The phones “rang unanswered on a Sunday,” writes China Daily.

Daimler cuts costs: Daimler aims to cut costs at its Mercedes-Benz Cars group by 10-15 percent in 2009, Reuters says. In the sales division, costs were to be reduced by up to 30 percent.

And it’s hitting the parts makers: Bosch plans to reduce costs in its automotive division by not renewing temporary workers’ contracts and possibly cutting jobs outside its German home market, a company spokesman said on Saturday to Reuters. Sales in October and November slumped by 20 percent.

BYD’s F3DM available: On Monday, Chinese cell phone battery maker BYD will begin selling its F3DM, China’s first mass-produced hybrid electric vehicle. The car is expected to retail for around $20,000 in China, and will make its way to the U.S. in 2011, the Los Angeles Times reports. Warren E. Buffett is convinced it will be a success: He bought a 9.9% stake in BYD for $230 million.

China goes green: China wants to have at least 30,000 clean-energy vehicles on their roads by 2012, an official with the Ministry of Science and Technology said according to a report by Gasgoo. The government is promoting a project to put 5,000 hybrid buses, 20,000 hybrid taxis and 5,000 electric vehicles on the streets in 10 cities by 2012. China is a signatory to the Kyoto Protocol. The U.S. did not sign.

At least, they signed a battery accord: China and the United States has agreed to collaborate on developing electric and hybrid vehicles, Gasgoo reports. The agreement between China’s Ministry of Science and Technology and the US Department of Energy, will see the two countries collaborate on battery performance, testing and evaluation methods, standards and codes, and lifecycle analyses. The Sino-US collaboration could benefit some Chinese companies such as BYD Co, which have been aggressively developing green cars.

Saab, Volvo, Opel – set them free: GM should sell its Swedish brand Saab, said Klaus Franz, head of the works council at GM’s German unit Opel, according to a Reuters report. “I am glad that the Swedish government has granted support for Volvo and Saab,” Franz said in an interview to be published on Thursday. “On that basis, Ford and GM could find new investors for their Swedish brands.” Roland Koch, premier of Opel’s home state Hesse, told Reuters: “By way of the intensive talks concerning a guarantee, we are in a position to help Opel here in Germany, if need be, if there is not a solution in America, which we are hoping for.”

Fiat sees tough 2009: Fiat’s Sergio Marchionne said 2009 would be the toughest year of his life and urged European government assistance for the auto sector, Reuters says. Although he did not refer directly to possible U.S. aid for its struggling automakers, Marchionne said public assistance for some companies would bring “enormous disparities in international competition.”

Kuwaitis lightening up on Aston Martin: Kuwait’s Investment Dar said it was studying offers to sell up to 20 percent of British carmaker Aston Martin, along with borrowing up to $1.1 billion from banks to refinance debt, Reuters says. The firm had bought half of Aston Martin in 2007. We admit total ignorance of what that could mean, except that Investment Dar is short of money.

I lose, I sue: An Australian gambler who lost millions in a $909m gaming spree is suing one of the country’s largest casinos, claiming he was targeted by managers despite a known gambling addiction, Reuters says. If this sets an example, expect a class-action suit by the D2.8 …