The next three months will be a wrenching time for every player in the North American motor industry as the Detroit carmakers seek to prove their long-term viability.
George W. Bush on Friday handed the fate of US carmakers to president-elect Barack Obama as he announced plans to lend General Motors and Chrysler $17.4bn to survive the next three months.
Tata Motors has succeeded in securing a $3bn banking facility for its purchase of Jaguar and Land Rover from Ford Motor, which should clear the way for the deal to close next week. Tata's ability to raise the money in spite of the turmoil on debt markets represents a vote of confidence in the Indian company and removes one of the last main obstacles to the deal.
Honda's chief executive on Sunday disputed the low-cost business model championed by India's Tata Motors, saying that bad roads and high petrol prices would keep many emerging market travellers on motorcycles for years to come.
People close to Indian carmakers Tata Motors and Mahindra & Mahindra, and the buy-out group One Equity Partners, said on Tuesday that they expected Ford to respond imminently to their revised offers made last week.
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