Magna International plans to improve Opel's annual earnings by $3.3 billion over the next five years as part of a business plan to take over the European carmaker, the Frankfurter Rundschau newspaper reported. A forecast $2.
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Sberbank does not see itself as a long-term strategic owner of Opel, the bank's head has said, and will look to offload its 35% at some point.
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American Axle and Manufacturing Holdings Inc. expects sales for the second and third quarters to be reduced by about $300 million due to extended production shutdowns by bankrupt automakers General Motors and Chrysler LLC, the company said today.
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American Axle and Manufacturing Holdings Inc. has returned to compliance with the New York Stock Exchange's listing standards, warding off the threat that the Detroit company's stock could be delisted.
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Kia Motors is looking to construct an engine plant in Slovakia, according to reports. It is thought the investment will total EUR110.5m.
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Porsche has said it will ask for an EUR1.75bn loan from the German government's economic stimulus programme.
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Ford Motor Co has agreed to provide no less that US$125m to Visteon in a credit facility, the components company said in an SEC filing today.
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Mitsubishi Motors Corp. has started series production of its egg-shaped iMiEV electric vehicle at its factory in Kurashiki, Okayama Prefecture, as it prepares for the launch of the zero-emission car in July.
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The Nano may be available in the US within two years, the chairman of the car's owner Tata Motors has said.
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New vehicle sales in Indonesia declined by 34.4% in May to 32,500 units, compared with 49,561 units a year earlier, according to preliminary data released by PT Toyota Astra Motor - Toyota's local distributor.
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American Axle & Manufacturing (AAM) has been told by the New York Stock Exchange that it has regained compliance with NYSE's continued listing standards. The company also said that the recent production shutdowns by GM and Chrysler could hit sales by hundreds of millions of dollars.
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Now that Fiat has apparently lost out in the bidding for Opel/Vauxhall, speculation has risen concerning alternative strategies that Fiat might employ to become part of a carmaking group with bigger scale. PSA Peugeot Citroen is in the frame again.
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Yet another neophyte manufacturer has thrown its hat into the electric-vehicle ring.
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The lowest rung on the Chevrolet car ladder currently is home to the Aveo. But that car is scheduled to be replaced midway through 2010 with a new model.
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Ford Motor Co. has agreed to provide at least $125 million of financing to support former parts unit Visteon Corp.'s restructuring under Chapter 11 bankruptcy protection, Visteon said today.
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A 1936 Bugatti Type 57C coupe, built as a gift for Ettore Bugatti, will be on the block at Gooding and Co.s auction during the Pebble Beach Concours dElegance this August.
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Mann + Hummel, the German filter company, has announced plans to open a second plant in India via a joint venture with Bosch.
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Russia's Sberbank and iMagna International will give Opel a 500 million euro ($708.4 million) cash injection to help the automaker save jobs while totally restructuring its assets abroad.
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Russia's Sberbank may resell its stake in Opel to a Russian investor in the future, its head said on Thursday. CEO German Gref said Sberbank and its partner in the winning consortium for Opel, Magna International, will commit 500 million euros($708.
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