Inside the industry with Michael McAleer
GM FIRST TO CUT ZERO FINANCING: According to reports, an end is in sight for the zero per cent financing schemes that have kept the US car industry afloat. General Motors is reported to be preparing to end zero per cent financing on remaining 2002 models after September 3rd. From then on, GM will offer 1.9 per cent financing for 36 or 48-month loans, and 2.9 per cent for 60-month loans on all 2002 cars and trucks, except Corvette, according to reports in the Detroit News.
The newspaper said that, by ending zero per cent financing deals on remaining 2002 models, GM hopes to coax consumers into showrooms during the 12 days and clear out dealers' lots, making room for 2003 vehicles. According to the report GM is the only Detroit automaker enjoying higher 2002 sales. For the first seven months of the year, demand for GM models rose 1.7 per cent. Sales at Ford and Chrysler Group are down 10 per cent and 3.4 per cent, respectively.
HYUNDAI SEEKS TO EXPAND CONNECTIONS: Hyundai wants to expand its alliance with Daimler-Chrysler to use the German giant's large car and diesel engine technology to extend its own model range. The South Korean car maker also wants to increase research and development links with Daimler-Chrysler, which owns 10.5 per cent of the Hyundai.
GETTING A SEAT AT CROKE PARK: Seat has announced a €€250,000 deal with the Gaelic Players Association which should see a number of GAA stars appearing at launches and promotions for Seat models across the State. The deal, which will run for three years, will see the Spanish car firm - owned by Volkswagen - sponsor the official players' awards. The hurler and footballer of the year will each receive a Seat Leon, while there will be five monthly players' awards in each code between May and September.
PEUGEOT REVS UP RYTON PRODUCTION PLANT: Peugeot is expecting continued strong sales of its 206 range, particularly the new SportsWagon. That is the conclusion from drawn from the decision to expand production at its Ryton plant in Britain. This is due to the decision to award the plant sole production rights for the new 206SW. Following the decision PSA Peugeot Citroën's Ryton plant is second only to Nissan's Sunderland plant in terms of volume car producers in Britain. That means the largest car manufacturers in Britain are the Japanese and the French.
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