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Automakers paying Chinese dealers for lower-than-expected sales

The Chinese dealers vs. foreign manufacturers story won't quit. It began with a story on the struggles faced by FAW-Toyota joint venture dealers, with supposedly 95 percent of the showrooms losing money, and 10 percent of them doing so poorly that they'd have to exit the business. The problem is mandated sales targets, most set when the country's economy was racing. Now that things have slowed, China's dealers are swimming in unsold cars and the costs to keep them. In the case of FAW-Toyota, dealers asked Toyota to hand over 2.2 billion yuan ($355 million) to help address the situation. That was followed by a report noting the issues that Honda, BMW, and Nissan dealers are having with the same issue, revealing that the Chinese Automobile Dealers Association (CADA) had taken the highly unusual step of writing to the Chinese government to complain. Now Reuters reports that CADA is not only pressing its case even harder, it's being open about it: it announced that BMW agreed to pay dealers 5.1 billion yuan ($820 million) to alleviate poor profits last year. Unnamed sources said Audi has thrown 2 billion yuan into the kitty for subsidies, and Daimler has contributed "about 1 billion yuan" to its dealers. The battle isn't just about 2014, but how business will be run in 2015 as well: Chinese Porsche dealers have requested the automaker lower its 2015 target of 64,000 cars, which would be a 40-percent increase on its 2014 sales of 46,931 vehicles. One analyst called it "shocking" that the CADA has taken its fight public, while CADA comments continue to imply that dealers have been railroaded to the cliff's edge without recourse. "Due to the difference in status," it's deputy secretary said, "individual dealers are not willing to, or don't dare to, talk frankly with the carmakers...." Both parties need one another, so they'll figure out a way to make it work – but that could mean acknowledging the Chinese market is behaving more like a mature one, not an emerging one. News Source: ReutersImage Credit: Lintao Zhang/Getty Images Earnings/Financials Audi BMW Porsche Toyota Car Dealers Luxury

Porsche tuners 9ff, SpeedArt going bankrupt

Times are tough in Europe right now, and that unfortunately has reaped disastrous consequences for some of its smallest niche automakers. Gumpert, Wiesmann, Artega and Lola have all filed for bankruptcy this year, and it appears that tuners are not immune to the tough times, either.
Word coming in from across the pond suggests that 9ff and SpeedArt - two of the biggest names in Porsche tuning - have filed for bankruptcy as well. 9ff is best known for the GT9, a radical hypercar barely based on the 911, while SpeedArt was once of the foremost tuners of Porsches.
Fortunately there are still plenty of tuners ready to take a wrench to your Elfen, but the reported demise of these two makes the market a little bit smaller and - for Porsche enthusiasts - maybe the world a little bit lonelier, too.

Porsche clinches 2015 FIA World Endurance Championship

There's still another round to go in the 2015 FIA World Endurance Championship. But regardless of what happens in Bahrain later this month, Porsche has already laid claim to the manufacturers' title for this year. That's how far ahead it is of the competition. The championship was sealed this weekend when the Porsche 919 Hybrid driven by Timo Bernhard, Mark Webber, and Brendon Hartley crossed the finish line at the 6 Hours of Shanghai in first place. That marked not only the fourth straight win for the trio, but the fourth one-two finish for Porsche and the fifth straight victory this season. That's pretty remarkable when you consider that Porsche only arrived in the series last year, and only serves to further sweeten the win it took at Le Mans this past June. This marks the first time since entering WEC that Porsche has taken the championship, which was claimed last year by Toyota and in the previous two years since the revival of the series by Audi. However Porsche, of course, is no stranger to the winner's circle in endurance racing, having taken 12 previous championships between 1964 and 1986. The victory in Shanghai also puts Bernhard, Webber, and Hartley in prime position to secure the drivers' championship. The trio currently sits in the lead ahead of Audi's Andre Lotterer, Marcel Fassler, and Benoit Treluyer. This despite the Porsche trio having failed to make the finish line in the opening round at Silverstone. Related Video: FIA World Endurance Championship (WEC), LMP1, Round 7, Shanghai (CN), Race Porsche secures World Championship title by another one-two win Stuttgart. By taking the fifth victory in a row Porsche has made itself a World Champion in Shanghai. One race before the season's finale no one can take away the constructors' title in the FIA World Endurance Championship (WEC) from the young team from Weissach. In China the winning drivers were Timo Bernhard (DE), Brendon Hartley (NZ) and Mark Webber (AU) in a six-hour race of which two thirds were held on a wet track. The sister car of Romain Dumas (FR), Neel Jani (CH) and Marc Lieb (DE) finished second and hence the season's fourth one-two victory for the Porsche team. Porsche has won the title with 308 points ahead of Audi (238) and Toyota (137). For Porsche it is the 13th constructors' World Championship title in endurance racing and the first since 1986. Between 1964 and 1986 Porsche took twelve constructors' titles in the then Sports Car World Championship.