DETROIT – A sign that the global financial crisis is getting worse. Toyota Financial Services, the finance unit of the world’s largest automaker, approached the Japanese government asking for a loan of 200 billion yen, or about $2 billion, the AP reports. Toyota Financial Services does 70 percent of its business in the United States. Nissan is also considering asking the Japanese government for financial aid.
The Wall Street Journal reports that Chinese car maker Geely is likely to put in a bid next week to buy Volvo from Ford. Geely has roughly half the revenue of Volvo, nearly half as many car sales, and only one third as many employees. Geely might move some production of Volvos to China. But the Journal also reports the Chinese government is warning its automakers it will be very difficult for them to acquire struggling foreign automakers and try to turn them around.
Lots of news from the Geneva Motor Show. General Motors unveiled the Opel Ampera, and even though it’s equipped with the Voltec system that powers the Chevy Volt, they don’t resemble each other. The boomerang shaped headlights especially standout. The Ampera is a hatchback that seats four passengers. GM says production of the Ampera will begin late 2011.
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