Michelin net profits fell 14.2% year on year to EUR3.51bn ($US4.62bn) in the first quarter of 2009 but the tyre maker said it was on course for positive results later in 2009.
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ZF Friedrichshafen reported sales off about 1% to US$16.3bn (EUR12.5bn) in 2008 after its car, truck and construction machinery parts markets declined significantly in the last quarter.
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The slump in worldwide vehicle production "left scars on the performance of Continental", the supplier said, announcing first quarter results.
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Jurgen Kiehne, a former engineer with Mercedes-Benz, Smart and EvoBus, is the new president of Mercedes-Benz Technology North America LLC. Kiehne, 54, will manage engineering and consulting operations for the company, MBtech said.
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American Axle & Manufacturing Holdings is to close the largest axle plant in its Detroit area manufacturing complex and move the production to Mexico, a United Auto Workers union official was quoted as saying.
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Magna International has laid off 725 workers at its truck frame (chassis) plant in Saint Thomas, Ontario, because customers have reduced production.
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Chrysler LLC and Fiat S.p.A. are prepared to complete an alliance by Thursday that would be taken into bankruptcy court as a key element of the U.S. automaker's restructuring plan if needed, a person with direct knowledge of the situation said.
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Chrysler LLC and Fiat S.p.A. are prepared to complete an alliance by Thursday that would be taken into bankruptcy court as a key element of the U.S. automaker's restructuring plan if needed, a person with direct knowledge of the situation said.
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President Obama is planning to announce Thursday morning that Chrysler LLC will file for Chapter 11 bankruptcy protection as it completes an alliance with Fiat S.p.A., Bloomberg News reported, citing people familiar with the matter.
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Barack Obama is planning to announce Thursday morning that Chrysler LLC will file for Chapter 11 bankruptcy protection as it completes an alliance with Fiat S.p.A., Bloomberg News reported, citing people familiar with the matter.
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The Obama administration said today U.S. automaker Chrysler LLC and Italy's Fiat SpA needed to clear some hurdles if they were to complete an alliance before an April 30 deadline for a deal.
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Fiat's former marketing head Luca de Meo will be a great addition to Volkswagen's senior management team, said VW CEO Martin Winterkorn.
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PARIS -- Renault announced Wednesday it will add a third shift at its factory in Palencia, Spain, in June to meet strong demand for its new lower-medium Megane.
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PARIS -- Renault announced Wednesday it will add a third shift at its factory in Palencia, Spain, in June to meet strong demand for its new lower-medium Megane.
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Six of nine major companies affiliated with Toyota Motor Corporation posted losses for the fiscal year ended 31 March.
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American Axle and Manufacturing Holdings Inc. plans to idle a significant portion of its Detroit manufacturing complex by transferring production of a major rear axle program to Mexico, a union official said Tuesday.
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Asbury Automotive Group Inc., coming off its first annual loss since becoming publicly traded, posted a $300,000 profit in the first quarter. The net income compares with a profit of $10.1 million in the first quarter of 2008.
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General Motors will not support Korean subsidiary GM Daewoo Auto and Technology if its Korean creditor does not join the automaker's rescue, GM's chief finance officer Ray Young has said.
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GAZ Group says it has reached an agreement with bondholders to restructure 3.85bn roubles worth of bonds.
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It doesn't get pushed out of shape and it's pretty easy to steer, but you can still get rubber in the first three or four gears.
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With the current economy the last thing you need is for your vehicle to break down. Whether your driving a reliable car or a busted up
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