LEXUS IS now offering a new version of their compact executive IS model. Lexus managing director Mark Teevan told Motors that it addresses some of the criticisms we mentioned in our review on executive cars last week.
“The stability control, VDIM is now fully switchable and not as intrusive before and we feel that the manual gearbox is a lot smoother than before too,” said Teevan.
Motors will review the new model in a couple of weeks time and see if Lexus’ claim is accurate.
Tumble in Fiat shares
SHARES IN Fiat continued to fall yesterday due to the departure of Luca De Meo, its highly-regarded marketing chief and head of its Alfa Romeo and Abarth marques.
Mr De Meo, regarded as a key figure in Fiat’s turnaround in the past few years, on Monday said he was leaving to pursue other interests.
“At 41, I feel the need to take a new professional path [after] seven marvellous, unforgettable years [at Fiat],” he said in a statement. The news sent Fiat shares down nearly 3.5 per cent to close at €5.45 on Monday while the broader Italian market was down 1 per cent. The shares were down a further 2.1 per cent in early trading on Tuesday.
Mr De Meo served on the executive committee of Fiat, and was said to be particularly close to Sergio Marchionne, the group’s chief executive, who has boosted the firm’s marketing activities as part of the turnaround.
€560,000 for Irish firm
IRISH ONLINE car parts retailer MicksGarage has secured €560,000 investment from AIB Seed Capital Fund, Enterprise Ireland and private investors. The firm will use the investment primarily to expand its UK operations, with new jobs likely in its IT and customer service departments.
The firm, based in East Wall, Dublin, was founded in 2004 by Ciaran and Michael Crean and sells car parts and accessories through its micksgarage.ie and micksgarage.co.uk websites.
In a statement, managing director Ciaran Crean said: “There is significant growth potential for MicksGarage in Ireland and the increase in motorists holding onto their vehicles should bring further growth in the parts and accessories market. Having expanded into the UK late last year, we are excited about the opportunities that exist there.”
Ssangyong Motor Co files for receivership
SSANGYONG MOTOR filed for court receivership on Friday, becoming one of South Korea’s first big casualties of the global slump in car sales.
The move to place the smallest of Korea’s carmakers into receivership ends Shanghai Automotive’s (SAIC) four-year management control over the Korean carmaker. SAIC’s 2004 purchase of a 51 per cent stake in Ssangyong was the first overseas buy-out by a Chinese carmaker. South Korea’s financial regulator called on SAIC to save its Korean carmaker.
The plea came as Ssangyong’s union voted in favour of a strike and called on the South Korean government to inject cash into the ailing car company.