Plants, jobs, sales figures, regulation and the executives behind them. The business of building cars.
Page 5 of 10
Volkswagen AG is arranging an 800 million yuan asset-backed securities issue in China, backed by auto loan receivables from its financial services arm, as Chinese car sales and financing demand continue to expand.
US new-car dealers saw sales and revenues rise in 2013, yet average profit margins stayed at 2.2% amid tough competition and narrow retailing spreads.
Fiat Chrysler plans to axe the Lancia Delta in 2014 and the Voyager in 2015, leaving the brand with just the Ypsilon and focusing solely on the Italian market.
Michelin reported a 2.4% drop in first-quarter revenue for 2014, as currency headwinds and weaker demand in Eastern Europe outweighed a modest increase in global tyre volumes.
Toyota is reintroducing skilled manual work in key manufacturing roles, aiming to strengthen quality and expertise by giving humans tasks once handled by robots.
BMW is expanding production at its Spartanburg and Chinese joint-venture plants as it aims to surpass two million vehicle sales worldwide in 2014.
BMW’s finance boss Friedrich Eichiner has warned that escalating tensions in Crimea could jeopardise the company’s Russian business, which saw record growth in 2013.
With Honda and Mazda opening new plants and major investment from Volkswagen to Chrysler, Mexico’s car output is set to approach 4.5 million units by 2020.
Paice LLC has filed a lawsuit against Ford in Baltimore, alleging that several Ford and Lincoln hybrid models infringe on its hybrid technology patents.
Toyota management described its union’s 2014 pay and bonus request as unexpectedly large, as negotiations continued amid strong company profits and a recovering Japanese economy.
BMW and SGL Carbon are preparing to expand joint carbon fibre production to 6,000 tonnes annually, backed by over €100 million investment, to meet rising demand for lightweight materials.
General Motors will expand its Tychy plant to produce a new 1.6-litre diesel, targeting 200,000 engines a year as part of Opel’s European recovery plan.
BMW is in advanced talks with Mexican officials about a potential $1.5 billion plant that could build 1 and 3 Series models for export as early as 2016.
Volkswagen has agreed to allow workers at its Chattanooga, Tennessee factory to vote on United Auto Workers representation, marking a potential first for a foreign-owned US car plant.
Renault and Nissan have increased their joint savings goal to €4.3bn by 2016, aiming to deepen cooperation in development and production to improve operational performance.
Toyota’s labour union will seek a monthly base wage increase and higher annual bonuses in the 2014 spring negotiations, citing strong company profits and economic confidence.
Fiat Chrysler Automobiles begins life as a merged entity with a new structure, shifting its primary listing to New York and facing profitability pressures in key markets.
Rising demand for high-performance braking systems and a surging share price have pushed Brembo’s chairman Alberto Bombassei’s net worth past the billion-dollar mark.
With Fiat’s takeover of Chrysler nearly finalised in early 2014, the combined group’s choice of headquarters location remained unresolved, raising questions about future identity and strategy.
China’s Wanxiang Group has submitted a $24.7 million offer to acquire the bankrupt Fisker Automotive, with a court decision and potential auction expected by late January 2014.
Italian design house Bertone has furloughed most staff and is seeking a buyer, with a Turkish firm reportedly offering $2.7 million for the struggling coachbuilder.
Hedge fund Hayman Capital has acquired a stake in General Motors, betting on a sharp rise in the automaker’s shares as the US government prepares to sell its remaining holding.
BMW has named J. Chris Koenders and Petter Witt to senior positions in its US operations, as the company seeks to strengthen its position in the American luxury market.
General Motors shares closed at $39.11, their highest since the company’s 2010 IPO, following news that the US government will sell its remaining stake by year end.