Volkswagen's supervisory board has backed the creation of an integrated automotive group with Porsche under the leadership of VW whose management board will now begin talks with the sportscar maker's new chiefs to jointly draw up final details.
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Workers at bankrupt French supplier New Fabris have won severance pay averaging EUR28,500 (US$40,500) after threatening to blow up their factory along with components destined for Renault and PSA Peugeot Citroen.
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General Motors Co., continuing to shake up management since exiting bankruptcy two weeks ago, plans to name designer Bryan Nesbitt as chief of Cadillac.
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To a round-table lunch in Soho dominated by the pundit prince, Professor Garel Rhys. The Cardiff University car sage was doing his stuff on global auto industry trends when Fiat's name unexpectedly occupied one of his sentences. "Fiat has just committed suicide," he reflected. "Couldn't make one company work so it is going to try two."
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Porsche chairman Wendelin Wiedeking has bowed to mounting pressure in announcing that he will step down immediately.
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Ford has beaten analysts' estimates of an operating loss of around 50 cents a share for the second quarter of 2009 by posting an after-tax loss of US$638m or $0.21 per share, compared with a loss of $1.4bn, or $0.63 per share, a year ago.
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Indebted Russian carmaker GAZ is to receive RUB5.6bn (US$180.2m) from the state to build a diesel engine plant, prime minister Vladimir Putin has announced.
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Fiat and Tata Motors plan to sell the Indian manufacturer's low-cost Nano model jointly in Latin America.
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Plastic Omnium reported consolidated net profit of EUR8m (US$11.3m) in the six months to end-June, compared to EUR2.5m (US$3.5m) a year ago due to cost cuts, lower capital expenditure and working capital.
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Volkswagen Chairman Ferdinand Piech tightened his grip over Porsche on Thursday after the sports car maker's CEO was ousted following a power struggle to keep Porsche independent.
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Volkswagen Chairman Ferdinand Piech tightened his grip over Porsche on Thursday after the sports car maker's CEO was ousted following a power struggle to keep Porsche independent.
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Ford Motor Co. narrowed its pretax operating loss to $424 million in the second quarter while posting a net profit of $2.3 billion because of a gain related to recent debt-reduction actions. Ford made good on its pledge to cut its cash burn rate.
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Nissan Motor's UK plant in Sunderland, in north east England, is to recruit an additional 100 manufacturing staff to meet continued strong demand arising from pan-European scrappage schemes.
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As widely speculated, Porsche SE chief executive officer Wendelin Wiedeking has left the sportscar maker after 16 years, the latest twist in a corporate drama which started with Porsche's audacious attempt to buy the mighty Volkswagen AG and is likely to end in a merger of the two after debts spiraled out of control.
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Hyundai Motor Co. is likely to struggle to replicate its record quarterly profit as the benefits from a weaker won and government stimulus fade but the popularity of its small, cheap vehicles will help it gain share in a weak global market.
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First quarter profits at Maruti Suzuki India rose a healthy 25.3% to INR5.83bn (US$120m) in the three months to 30 June.
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Hyundai Motor Company has posted a record quarterly net profit up 48% year on year to 811.8bn won (US$648.4m dollars).
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Toyota Motor Corp. will start talks to pull out of a California-based joint venture with General Motors Co., a Toyota executive said.
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Toyota Motor Corp. will start talks to pull out of a California-based joint venture with General Motors Co., a Toyota executive said.
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