JAIL DEMANDED FOR HYUNDAI CHAIRMAN: South Korean prosecutors have demanded a six-year jail term for the chairman of Hyundai Motor group, Chung Mong-koo (pictured below) for alleged breach of trust and embezzlement.
The request came as workers at South Korea's top car firm prepared further partial strike action over a bonus dispute, which is expected to put pressure on the company's goal to more than double global revenue growth.
A LOOK TO THE FUTURE: Mergers, alliances and potential bankruptcies are predicted for the future of the car industry in the next five years, according to a survey of senior executives.
The survey, carried out by KPMG and based on interviews with 150 senior executives in the motor industry, shows there is an overwhelming expectation that mergers and acquisitions will increase over the next five years.
According to Mike Stenton, head of automotive analysis at KPMG: "With global overcapacity still a major concern, a reduction in car production capacity is a key priority."
VW ESTATE GETS GREEN LIGHT: Volkswagen is set to produce an estate version of its popular Golf model (below). There was some debate within VW about whether an estate version was necessary, but the new car has been given the green light. Engines will range from a 1.6-litre and 2-litre petrol to two diesel engines, a 1.9-litre TDI and 2-litre TDI.
GM APPROACH GIVES PROTON BOOST: Shares in Proton have risen sharply this week after GM emerged as a potential bidder for the Malaysian carmaker.
GM joins a growing list of global carmakers courting the beleaguered southeast Asian company, which includes Germany's Volkswagen and France's PSA Peugeot-Citroën.