However, the independent-thinking British elected not to play that part of the game, and stuck with their familiar pound sterling as official currency when the Euro took over on the continent, Jan. 1 of last year. That choice has since come back to haunt them. The pound has steadily grown in strength versus the Euro, making it difficult for the UK's car companies and industry suppliers to compete outside of the home islands. BMW, for instance, has often cited the strong pound as the cause of most of the enormous losses it suffered from its ownership of Rover. Eventually, of course, this forced them to sell Land Rover to Ford and Rover to a venture capital group - to whom they basically gave the company to get rid of it.
Labor unions claim that the strong pound has cost thousands of jobs.
Due Diligence Getting Underway in Korea for DaimlerChrysler and Ford DaimlerChrysler and Ford both are buying into the Korean car industry, and are getting their final due diligence underway. DCX is in the process of buying a 10-percent stake in Hyundai, which is Korea's dominant automaker. Due diligence is already underway for that transaction, which is expected to be wrapped up in about a month. DaimlerChrysler will acquire 50 percent of the new company. Bridge News reports that process is expected to take until roughly Aug. 19.