Article Abstract:
Ford Motor's purchase bid of $6 billion for automobile manufacturer Daewoo Corp is expected to win in the race to acquire Daewoo. The bid by Ford is almost the same as the joint bid by Hyundai and DaimlerChrysler. However, analysts observe that Ford's bid is favored by Daewoo's creditors. DaimlerChrysler Chmn Juergen Schrempp's statement that his company is only interested in parts of Daewoo and that it is not interested in an outright takeover, reveals that DaimlerChrysler's bid for Daewoo was only made for Hyundai's sake.
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General Motors has acquired a 20% stake in Quantum Technologies, which makes hydrogen fuel cells that would power automobiles that the automaker would unveil by 2010. Quantum has developed a tank that safely stores hydrogen at 10,000 psi, enabling vehicles to travel 500 miles before refilling. Automobiles running on hydrogen fuel are twice as energy efficient as their gasoline-powered counterparts. They are also less polluting, emitting only heat and water from the tailpipe.
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Article Abstract:
The bidders for Daewoo Motor Co are interested in the Korean carmaker not because of its sales prospects in the US but because of its presence in Asia, Eastern Europe and other developing markets. The bidders, Ford Motor Co, General Motors and DaimlerChrysler presented their final bids on June 26, 2000. Daewoo dealers in the US expressed hope that the brand will continue there since Daewoo cars are selling well due to their quality and affordable price.
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