Here are news stories, press reports and events to watch which may affect the auto industry, transportation and energy markets on Wednesday.
World Oil Prices
Oil price rises on Chinese manufacturing survey – The price of oil rose Wednesday after a survey of Chinese manufacturing suggested that a slowdown in the world’s second-largest economy might be stabilizing.
Benchmark oil for December delivery was up 14 cents to $86.81 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.
Auto financing firm PT Adira Dinamika Multi Finance Tbk said new financing from January to September reached 24 trillion rupiah, an increase of 16 percent from last year, said CEO Willy Suwandi Dharma, adding that the firm sees new financing at 31-32 trillion rupiah this year.
PT Honda Prospect Motor, Honda Motor’s main dealer in Indonesia, plans to spend 3 trillion rupiah to add 61 car dealerships over the next two years.
Berlin is pressing ahead with its plan to buy a stake in Airbus parent EADS from Daimler, after this month’s collapse of a merger plan with BAE, and has asked parliament to free up funds for the purchase.
Q3 results due. The carmaker is expected to report its quarterly operating profit fell 18.7 percent to 2.35 billion euros.
Update1: VW Q3 profit slumps on Europe gloom and tech costs – Operating profit declined to 2.34 billion euros ($3.04 billion) from 2.89 billion a year earlier, the company said on Wednesday, just short of a 2.35 billion euro consensus in a Reuters poll.
Italian car parts maker confirmed its full year targets on Tuesday and said third quarter profit rose 81 percent to 6.4 million euros as growth at its North American operations powered sales.
The world’s second biggest truck maker posted a bigger than expected fall in third-quarter earnings, hit by one-off costs and low production at its plants, and forecast flat heavy-duty truck markets next year.
Germany’s car group Volkswagen considers to invest further tens of millions of euros into its Slovak assembly plant to add new hybrid SUV models to its production portfolio, said Michael Macht, VW’s management board member for production and logistics.