Auto News 5

Schaeffler Group says it has set new records in sales and operating results in 2010.

Toyota Motor Corp. President Akio Toyoda toured Japan's earthquake disaster zone, including the damaged assembly plant opened there in January, as the world's largest automaker struggles to get a grip on the supplier crisis and resume production.

It's notable that two recent product launches hosted by Ford CEO Alan Mulally have been at consumer electronics shows - one in Las Vegas ahead of the Detroit auto show and a second in Europe from which he was transferred by video to the Geneva show stand for the more traditional presentation. No wonder the emphasis for the redesigned, third generation Focus is on technology.

Schaeffler Group has sold Continental AG shares worth some EUR1.8bn in a bid to reduce debt.

EXECUTIVE EDITOR ROGER HART: What's not to love? The only thing that would make me not want to own this car is if, by chance, I happened to drive an S4 immediately prior, because you would certainly notice the horsepower difference.

The impact of the Japanese earthquake on China started unfolding about two weeks after the destruction, as the supply chain disruption began causing semi-shutdowns of some automotive and electronics manufacturers and the nuclear crisis also threatened to derail the country's ambitious nuclear power development plan, IHS Global Insight senior China economist Xianfang Ren said in a research note.

German parts supplier Schaeffler Group will seek a rating for its operating business from credit agencies over the next few months to help it reduce its still heavy borrowing costs.

Schaeffler Group, the world's second-biggest maker of roller bearings, said its profit margin may shrink this year as higher prices for energy, steel and aluminum drive up costs.

Volkswagen of America has announced a voluntary safety recall of 71,043 2011 model year Jettas in order to reconfigure a wiring layout associated with the anti-theft alarm system and horn.

Volvo said on Tuesday it planned to hire 1,200 new employees -- the vast majority being product development engineers -- and expand capacity at its factories in Europe as it banks on strong global demand.

Volvo said on Tuesday it planned to hire 1,200 new employees -- the vast majority being product development engineers -- and expand capacity at its factories in Europe as it banks on strong global demand.

Volvo Trucks has announced it is now commencing sales of heavy hybrid trucks, under the name Volvo FE Hybrid, to customers in selected European markets.

Cooper Standard Automotive has acquired USi from Ikuyo of Japan, effective immediately. USi, based in Rockford, Tennessee, provides an exclusive hard coating process for use in automotive and industrial applications, including bright trim assemblies on vehicles produced by a number of global automakers, including Ford, General Motors, Honda, Hyundai, Nissan Motor and Toyota. Terms of the sale were not disclosed.

Autoliv has begun the construction of a new factory building in Changchun that will replace the company's existing plant in the city.

Volkswagen's production has not been hampered by disruptions at Japanese partsmakers because of the earthquake, CEO Martin Winterkorn said. "We are well supplied through next week," Winterkorn said.

Fiat S.p.A.'s planned benchmark euro bond will have a duration of five years and a yield of 6.5 percent to 6.75 percent, IFR reported on Tuesday. Fiat said earlier it planned a benchmark bond.

Ten street artists were given an S60 as a blank canvas, and this incredible time-lapse film shows the results.

Goodwood firm goes big with new Abu Dhabi dealership which takes title as world's biggest Rolls Royce showroom.

Deutsche Securities has slashed its forecast for Toyota Motor Corp's operating profit by 84% for the next business year, reflecting the impact of the earthquake and tsunami that has brought Japanese car production almost to a standstill.

Labour problems have hit Hyundai's Ulsan factory in South Korea, slowing production and hitting domestic and export vehicle shipments.