In a bid to conserve cash, Penske Automotive Group Inc. has suspended its 9 cent per share quarterly dividend. CEO Roger Penske said the dividend could be reinstated in the future.
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BMW Group design chief Chris Bangle is leaving BMW and the automotive industry 'in order to pursue his own design-related endeavours'.
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The automotive exhaust market has grown in importance with the emphasis that is now placed on emissions control worldwide. What was once a relatively simple product has become increasingly complex and, writes Matthew Beecham, more expensive.
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GMAC LLC said today its global automotive finance business posted a net loss of $1.31 billion in the fourth quarter and $2.07 billion for the year. That's compared with net income of $137 million for the fourth quarter of 2007 and a $1.
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GMAC Financial Services' cutbacks in retail auto financing and leasing in the fourth quarter of 2008 took a heavy toll on the company's automotive business, its quarterly results show.
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Motorsport engineering firm BERU f1systems says that a five axis machine offering high levels of accuracy for machining a range of materials has been installed at its UK HQ. The DMU 50/70 eVo linear will be used for in house and subcontract automotive, motorsport and aerospace machining.
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Oyak Renault, a joint venture of Renault and Turkey's Oyak, will halt production between February 2-10 due to lower demand in the automotive sector, a company spokeswoman told Reuters on Monday.
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If there is one automotive technology for which Dutchman Hub van Doorne became world famous, it is the continuously variable transmission.
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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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Automotive mirror supplier Gentex Corp. today said it posted a quarterly loss for the first time in 25 years, hurt by last-minute customer order reductions, and said it expected a 40 percent decline in sales during the current quarter.
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Automotive seating and electronics supplier Lear Corp. reported a loss for the fourth quarter due to sharply lower vehicle output in North America and Europe and said it was talking to lenders to arrange new credit terms.
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UK-based automotive, engineering and aerospace group GKN on Wednesday said conditions in global automotive markets had continued to deteriorate since its last update in November, leading to losses in its auto business in the last two months. It has so far laid off 2,800 workers world-wide, 254 of them here in the UK.
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China's Shenyang Brilliance Jinbei Automotive will build a new small car plant, say company sources. The plant will build cars for domestic and overseas markets, says the Brilliance spokeswoman.
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The downturn in the global automotive industry hit German supplier Robert Bosch as it recorded a slump in 2008 earnings before tax, missing its margin target.
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The Treasury Department today imposed restrictions on lobbying by automotive companies that get or seek emergency federal loans.
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New investors are being sought for a planned merger of Continental and Schaeffler's automotive component businesses.
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Pittsburgh Glass Works, LLC will close its Evart, Mich. plant at the end of March, the automotive glass supplier said late last week.
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Hyundai-Kia Automotive Group is the latest automaker to slash executive pay and expenses to weather the global industry meltdown. The South Korean automaker is cutting executive salaries by 10 percent, said Hyundai spokesman Oles Gadacz.
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Dura Automotive Systems, which emerged from Chapter 11 reorganization last summer, is taking the first step toward becoming a private company, according to regulatory documents filed Wednesday, January 21.
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