Beijing Hyundai Motor, the Korean automaker's Chinese joint venture, sold 41,880 vehicles last month, up 70% from the same period last year, and the first time the company has reached the 40,000 mark in monthly sales since its launch in 2002.
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Suzuki's Wagon R minicar was Japan's best-selling vehicle for the fifth consecutive year, according to the Japan Automobile Dealers Association. Sales fell 7% in fiscal 2008, however, to 208,494 units.
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Rating agency Moody's has downgraded its long-term credit rating on German carmaker BMW to A3 with a negative outlook.
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Now that the Obama administration has taken the wheel at General Motors and Chrysler LLC, the advertising world is watching the two marketers, which poured a combined $3 billion into U.S. advertising last year, careen toward bankruptcy.
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Ford on Monday announced the completion of debt restructuring initiatives that will reduce its automotive debt by US$9.9bn from $25.8bn at 31 December, 2008, and lower its annual cash interest expense by over $500m based on current interest rates.
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Chrysler has signed an agreement with US-based battery supplier A123 Systems for advanced nanophosphate lithium ion prismatic battery cells, and jointly developed battery modules and battery packs for the automaker's range-extended and battery only electric vehicle production programmes.
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Volkswagen said on Monday that it does not plan to purchase assets from its majority shareholder Porsche Automobile SE to help fund Porsche's intended acquisition of a 75 percent stake in VW.
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Ford's UK unit told Visteon workers they would have "lifetime protection" of their pay and conditions if they agreed to leave the carmaker and join the components group, company documents seen by The Sunday Times newspaper showed.
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Opel denied on Monday that four German manufacturing sites were used as collateral for a U.S. government loan to parent General Motors. "The real estate of the German Opel plants belongs to Adam Opel GmbH.
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Continental and Schaeffler Group have reached a joint purchasing agreement that Schaeffler said would achieve cost benefits of up to EUR400m in three years.
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Ford Motor Co. has reduced its long-term debt by $9.9 billion in a three-pronged effort swapping company stock and cash. The $9.9 billion result is slightly less than the $10.4 billion maximum originally put on Ford's debt restructuring effort.
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New drop-top's first test run ends with smoke billowing from the engine!
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GM Uzbekistan, a joint venture of GM and Uzbek automaker Uzavtoprom, plans to build a US$37.3m press shop in 2009-2010.
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Chrysler LLC today named U.S.-based A123 Systems as the supplier of batteries for its first electric vehicles slated for debut in showrooms 2010.
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Ford Motor Co. has reduced its automotive debt by 38 percent, or $9.9 billion, part of a series of moves to bolster its finances amid the global automotive downturn, the company said today.
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Imported vehicle sales in Japan nosedived by almost a quarter in fiscal 2008 compared to the 12 months previously, according to figures in the local press.
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A General Motors bankruptcy could become a nightmare for the federal government's Pension Benefit Guaranty Corp. That's because the automaker could dump as much as $13.5 billion in unfunded pension liabilities onto the U.S.
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A General Motors bankruptcy could become a nightmare for the federal government's Pension Benefit Guaranty Corp. That's because the automaker could dump as much as $13.5 billion in unfunded pension liabilities onto the U.S.
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Continental has opened a new technology facility in Shanghai. The German group said the Automotive Tech Centre will be used for application development and to system test technology and products customised for the Chinese OEM market.
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