Magna International has reported a surprise third quarter operating income of US$81m, net income of $51m and earnings per share of $0.45, increases of $193m, $266m and $2.38, respectively, year on year, benfiting from cost cutting an restructuring started last year as the credit crisis hit the auto sector. Total sales fell 16% to $4.7bn.
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Volkswagen AG's premium brand Audi expects its vehicle sales to fall less than previously thought to more than 920,000 vehicles this year instead of about 900,000, Audi sales chief Peter Schwarzenbauer told a German newspaper.
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Bob Lutz will chair Opel and help steer a restructuring at the GM unit. Opel President Carl-Peter Forster is leaving the carmaker. Ex-Vauxhall exec Nick Reilly will temporarily replace Forster while GM seeks an external CEO for Opel.
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Bob Lutz will chair Opel and help steer a restructuring at the GM unit. Opel President Carl-Peter Forster is leaving the carmaker. Ex-Vauxhall exec Nick Reilly will temporarily replace Forster while GM seeks an external CEO for Opel.
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Bob Lutz, General Motors Co.'s top marketing boss, will chair the supervisory board of GM's Opel unit and help steer a restructuring plan there now that GM has decided to retain control of the European automaker.
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Bob Lutz, General Motors Co.'
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Bob Lutz, General Motors Co.'
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The head of General Motors Co.'s European business, Carl-Peter Forster, is leaving the company following the surprise decision by GM's board to block the sale of Opel, two sources close to the situation told Reuters.
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PSA/Peugeot-Citroen's supplier network in France is burdened with 40 percent too much industrial capacity, its head of purchasing said on Friday.
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The head of GM's European business, Carl-Peter Forster, is leaving the company following the surprise decision by GM's board to block the sale of Opel, two sources said.
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Magna does not plan to seek compensation from General Motors after its decision not to sell subsidiary Opel to a consortium headed by the Canadian based supplier.
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GM is aiming for big growth of Chevrolet sales in Europe according to Chevrolet's global head.
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Workers at an India auto-parts maker have ended a six-week strike, which had hit transmission parts supplies to General Motors and Ford Motor Co. and caused the shutdown of at least two North American crossover plants.
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Workers at an India auto-parts maker have ended a six-week strike, which had hit transmission parts supplies to General Motors and Ford Motor Co. and caused the shutdown of at least two North American crossover plants.
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Any true off-road racing fan knows the Oly Bronco that Parnelli Jones drove to victory in the Baja 1000 some 40 years ago. Marshall Madruga knew it, and he loved it.
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Toyota is expected to spend some US$330-440m on a new R&D centre near Shanghai to develop vehicles specifically for the Chinese market, the Nikkei newspaper reported without citing a source.
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Magna International Inc. is not looking at taking over any other automakers following the collapse of its deal to buy a stake in General Motors Co.'s European operations, the auto parts supplier's co-CEO, Don Walker, said.
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General Motors Co. said it is readying a plan to restructure Opel and could pay off debt due this month. German Chancellor Angela Merkel raised concern over GM's decision to keep Opel with U.S. President Barack Obama.
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The head of the American unit of German autos parts supplier Robert Bosch GmbH said he expects U.S. light vehicle sales to improve to 11 million units in 2010, indicative of a steady but slow recovery from a bottom reached earlier this year.
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General Motors Co. said it is readying a plan to restructure Opel and could pay off debt due this month. German Chancellor Angela Merkel raised concern over GM's decision to keep Opel with U.S. President Barack Obama.
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