Auto News 5

Auto supplier Tenneco has reported a fall in revenues and earnings in its fourth quarter as production fell, costs rose and unfavourable foreign exchange rates took their toll. Full story...

Toyota Motor Corporation (TMC) on Friday reported a staggering 160% year on year fall in operating profits for its fiscal third quarter ended 31 December, 2008, posting a loss of JPY360.6bn compared with a JPY601.5bn profit in Q3, fiscal 2007/8. It has also revised its full year forecasts to operating and net losses of JPY450bn and JPY350bn respectively (this reportedly will be its first operating loss in history and first net loss since 1950) and announced it would develop new vehicles better tailored to regional markets. Full story...

PSA/Peugeot-Citroen plans to cut 190 jobs at its factory in Trnava, Slovakia. The reduction follows the ramping up of production of the new Citroen C3 Picasso, PSA said. Full story...

Peugeot has replaced its importer in Latvia as part of a plan to consolidate its northern European distribution network and boost sales in the region. Full story...

Car sales in Western Europe plunged by 25.4% in January according to data issued by JD Power Automotive Forecasting. Full story...

Russian carmaker AvtoVAZ has halted its assembly line indefinitely because of difficulties with parts suppliers, the Kommersant newspaper said. Full story...

Toyota Motor Corp said it expected its full-year loss would be three times what it had flagged just six weeks ago as the world's biggest automaker struggles to cut production fast enough to match sliding sales. Full story...

Cascading red ink in North America and Europe prompted Toyota Motor Corp. today to triple this year's expected loss and seek sweeping cost cuts of $5.5 billion. Full story...

Standard and Poor's and Moody's Investors Service today cut their credit ratings on Toyota Motor Corp., as the world's top automaker heads for its first annual operating loss in seven decades. Full story...

Troubled auto parts maker Delphi Corp said its value had deteriorated more than expected in recent months amid a steep slump in the auto sector and it has sought U.S. Full story...

Cash-strapped South Korean SUV maker SsangYong Motor secured protection from creditors, but may struggle to revive in the near term or find new owners as the car industry suffers its worst downturn in decades. Full story...

The U.S. Full story...

The investors who just purchased most of the assets of specialty-car maker Saleen Inc. have considered buying the Dodge Viper business, though it's unclear whether they are among the three bidders Chrysler has publicly acknowledged. Full story...

Cash-strapped South Korean SUV maker SsangYong Motor secured protection from creditors, but may struggle to revive in the near term or find new owners as the car industry suffers its worst downturn in decades. Full story...

Auto-parts maker Delphi Corp. said its value had deteriorated more than it expected in recent months amid plunging auto sales and has sought U.S. Bankruptcy Court permission to eliminate health-care benefits for 15,000 salaried retirees. Full story...

Yates Racing's Paul Menard will sit on the pole for the Budweiser Shootout on Saturday night at Daytona International Speedway. Full story...

Young Canadian drivers are eagerly waiting until later this month, when the all-new 2010 Kia Soul compact crossover is scheduled to arrive in showrooms. Now, they know that the company held up its promise of affordable pricing and interesting value. Full story...

Yates Racing's Paul Menard will sit on the pole for the Budweiser Shootout on Saturday night at Daytona International Speedway. Full story...

Reigning NASCAR Sprint Cup champion Jimmie Johnson's cut finger is "healing well," and he plans to test several braces on his left hand when Daytona International Speedway opens on Friday. Full story...

FIA President Max Mosley has confirmed reports that a prospective American team is looking into racing in formula one next year. Full story...