Magneti Marelli of Italy and SAIC Motor Corporation, through its subsidiary Shanghai Automobile Gear Works (SAGW), have signed a joint venture in China to produce hydraulic components for automated manual transmissions.
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Swiss auto parts and textile company Rieter is optimistic about being able to get cash from banks and does not plan to go for a capital hike, the group's head told Reuters on Friday.
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Germany's Finance Minister Peer Steinbrueck hinted on Friday that industries like carmaking could receive more government support. In an address to parliament, Steinbrueck said evidence showed the economic situation had "deteriorated dramatically."
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Lear Corporation admitted yesterday that the decline in automotive production had "dramatically impacted" its fourth quarter financials.
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Drivetrain parts supplier American Axle and Manufacturing Holdings Inc. today reported a wider quarterly loss due to tumbling production volumes by major automakers, and its shares fell 22 percent for the day. The net loss came to $112.
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Magna International Chairman Frank Stronach said the economic crisis will last into next year unless governments take swift action to counter the downturn.
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Toyota Motor is now expected to post a 2008 financial year group operating loss of JPY400bn, up from JPY150bn, according to Japanese media reports on Friday.
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The Canadian Auto Workers union has given the green light to contract talks with the major US automakers as their restructuring process continues in the coming weeks.
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Honda's UK factory, which builds Civic hatchbacks and CT-V SUVs, and is scheduled to add the Jazz (Fit) later this year, on Friday assembled its last cars before a four-month shutdown as its Japanese parent posted an 89.9% fall in third quarter net profit and halved its full year earning forecast.
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Give a company a serious crisis to deal with once in a while and it's amazing how much money it can save. Ford took $5bn of costs from Ford US last year while losing $1.9bn on that business in the last quarter.
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In relation to the movement of goods, the beginning of the 20th century could be seen as the golden age of rail freight. The beginning of the 21st century will be seen in decades to come as the equivalent in road freight transport. In terms of serving the needs of consumers in both the industrialised and the developing markets of the world, trucks in their great variety can be seen as the key link between physical goods and the consumer. This feature has been exclusively supplied to us from SupplierBusiness.
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Russian car maker GAZ Group is in a difficult situation and the government will discuss support measures on Tuesday next week, Russian Deputy Prime Minister Igor Shuvalov told reporters on Friday.
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Porsche Automobil Holding said it expects first-half operating profit at its core sports car business to decline sharply, but positive effects from its Volkswagen stake will ensure group pretax earnings grow. Porsche, which owns 50.
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Honda has posted a grim result for its third fiscal quarter ended 31 December with operating profit off 63% and net profit down almost 90%. The company cited falling vehicle sales and unfavourable currency exchange rates as the main reasons.
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Honda has posted a grim result for its third fiscal quarter ended 31 December with operating profit off 63% and net profit down almost 90%. The company cited falling vehicle sales and unfavourable currency exchange rates as the main reasons.
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German carmaker Volkswagen will axe 400 jobs in South Africa as it scales back production due to falling demand in its home market and for exports.
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This month's new vehicle sales (including fleet) in the United States are expected to be down 30.1% year on year to 730,000 units, analysts at Edmunds.com have forecast.
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Plunging sales in North America and Europe sent operating profit at Honda Motor Co. falling 63 percent in the third quarter, pushing the company to slash its outlook again. Honda now expects operating profit of 140 billion yen ($1.
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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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