TATA Group has approached Citigroup for assistance in getting funds for Jaguar and Land Rover acquisition from the British government. The company has requested British Government for about one billion pound funds to bail out JLR and secure the future of its employees.

TATA reported significant decline in Land Rover sales following low demand due to international financial crisis. The American bank Citigroup was also the advisor in the $2.3 billion JLR acquisition case.

Two-wheeler giant Bajaj Auto is planning to launch six bigger engine bikes in the financial year 2009. The move is aimed to maintain adequate market share which is shrinking due to low demand following global financial crisis.

The new bikes are being designed to compete rival Hero Honda's best-selling Splendor/Passion range. Two more products in 125-135 cc engine size may also be launched in April and July this year. The new bikes would be launched from its Pantnagar facility from February.

The world's top auto company, Toyota is in touch with South Korean company POSCO to get steel for its operations. Toyota Motor Corp. is suffering losses due to low sales and has been employing various cost cutting methods to mitigate the impact of global slowdown. Entire automobile sector is facing the heat of global slowdown with significant decline in sales.

POSCO is the fourth largest supplier of steel in the world. It is already supplying steel to leading Japanese auto giants. The spokesperson of POSCO, Ko Min-jin said, "We are in talks with Toyota on a similar deal."

Berlin  - Car parts manufacturer Bosch announced plans Monday to reduce working hours for 9,000 staff, following Daimler's introduction Monday of a shortened working week for 40,000 of its employees in the German car industry.

Opel's parent, General Motors (GM), also announced Monday that it has struck a Europe-wide deal to meet a reduction in demand by cutting back on working hours in order to prevent job losses.

Since the bank lending has remained tight in the recent times, the sales of India's passenger car segment in domestic market declined for the fifth time in the last six months in December. The major reason was the slow economy which forced consumers not to purchase the new vehicles.

There was decline of 7% to 82,105 units in December in car sales from 88,272 sold in the same month last year.

The Indian Automobile Manufacturers (SIAM) said on Monday, "Total automobile sales were down 18.2% at 597,622 units while exports grew by 33% to 138,258 units."

The latest report of Society of Indian Automobile Manufacturers (SIAM) paints a grim picture for the besieged Indian automobile industry.

The report said that the sales of the car in country fell 7 per cent in December, the fifth drop in six months as inadequate finance and a slowing economy hollowed demand in the traditionally weak month. The report predicts that carmakers sold 82,105 units in the month, below the 88,272 sold a year ago.