Reuters first on automotive news worldwide

Reuters was first on May 7 with Italian carmaker Fiat’s detailed plan to take over GM Europe and put it together with Chrysler. The so-called Phoenix concept obtained in its entirety from sources provided Reuters clients with insight into Fiat CEO Sergio Marchionne’s master plan to form the world’s No. 2 auto maker. Fiat stock fell 4 percent. Numerous analysts and even a GM official called Reuters offices to ask for a copy. Reuters left competitors in the dust on May 6 when Porsche dropped plans to seize control of Volkswagen and instead agreed to merge with its much larger unit. VW’s preferred stock fell more than 3 percent on the news, which came out more than an hour before Porsche confirmed it would now seek a merger with VW. Reuters was first to report details on GM’s Saab auction, naming Chinese automakers, European investor groups and private equity firms among the bidders.