Auto Industry

Mitsubishi Motors Corporation announces that, as one of the key elements of its strategy for the Asian region in fiscal 2008, it is to enter the built-up car sales business in Korea working through its sole distributor in that country MMSK Corporation (see profile below). MMSK is a Japanese/Korean joint venture recently set ...

GMAC Financial Services, and its wholly owned subsidiary, Residential Capital, LLC (ResCap), today announced one of the largest global refinancings ever completed. The companies have executed a comprehensive series of transactions, which include extending key bank facilities, increasing the amount of available funding and further enhancing liquidity positions. Also, ResCap successfully extended unsecured debt maturities, renewed ...

With gas prices exceeding $3.65 per gallon on average, filling up could cost upwards of $50, $60, $70 or more. Goodwrench offers consumers helpful tips to improve vehicle fuel economy and help drivers get every possible mile out each drop of gasoline. One of the simplest ways of doing this is with proper vehicle maintenance ...

GMAC Financial Services (GMAC) today announced the four grand prize winners of its "2007 GMAC SmartEdge Get the Edge Instant Win & Sweepstakes." The sweepstakes winners were chosen in a random drawing from more than one million entries submitted at the GMAC SmartEdge Web site, which promotes financial literacy to help consumers make informed financial ...

First quarter net loss of $589 million Automotive finance and insurance businesses remain profitable Results in the U.S. residential mortgage business improved; offset by a decline in the international mortgage business Cash and certain marketable securities of $18.6 billionGeneral Motors Acceptance Corp. reports a wider first-quarter loss, reflecting steep declines in the financing company’s international-mortgage ...

Mitsubishi Motors Corporation today announced global production, as well as domestic sales and export figures for both for March 2008 and the 2007 fiscal year. March 2008 Production: total and in Japan Total global production came in at 137,910 units, a decline of 1.9 percent over March Last year and marking the first monthly decrease since ...

BMW announces today the following four executive management appointments. Tom Purves has been appointed to the position of Chief Executive Officer of Rolls-Royce Motor Cars Limited. In this capacity he is responsible for the overall global Rolls-Royce business, including production, sales and marketing. He will assume responsibilities in his new position, effective July ...

Contract-signing ceremony in Delhi, India Total investment of over €700 million until 2013 Start of production planned for 2010 Daimler Manager Marc Llistosella appointed CEO of the new joint venture Stuttgart/Delhi – The Indian Hero Group and Daimler AG signed a contract today in Delhi that governs the establishment of the Daimler Hero Motor ...

Nissan Motor Co. Ltd., is announcing plans to enter the Russian light commercial vehicle (LCV) market in 2008. Nissan Motor Rus, will launch the NP300 pick up and the Cabstar light duty truck in September, this year. The range will be extended to six products by the end of 2011. The vehicles will be sold ...

General Motors announced today that its U.S. marketing and field operations will be more strongly aligned into four retail channels: Chevrolet; Premium (Cadillac, Hummer, Saab); Buick-Pontiac-GMC; and Saturn. Each channel will be focused on continuing to deliver world-class products for their customer and build value for GM and their respective dealers. GM announced ...

Xanavi Informatics Corporation, and Sony Corporation　were jointly awarded 2008 Automotive News PACE （Premier Automotive Suppliers' Contribution to Excellence）Award (Product category) for the development and commercialization of the Around View Monitor. The prestigious PACE Awards recognize automotive suppliers for their innovation and technological achievements. In addition, Nissan Motor Co., Ltd. Awarded 2008 Automotive News PACE "Collaborator Award" ...

Ford leads the industry across Europe's main 19 markets with 9.9 per cent market share March sales across these Euro 19 markets was 187,400 Including Turkey, market share was 10 per cent and sales were 195,100    Across all Ford's 51 ...

Ford Motor Company, Automotive Components Holdings and Zeledyne have completed the sale of the ACH Glass business and its three plants. This sale is the fourth for ACH and the second involving a U.S. business. This agreement represents important progress with the ACH strategy, which was ...

Honda Motor Co., Ltd. announced that production has begun at the new motorcycle plant it has constructed within the property of Honda’s Kumamoto Factory.     The new motorcycle plant at Kumamoto Factory (exterior)   (overhead view) The new plant was built with the concept of a “people-friendly and environmentally-responsible plant” and ...

TOYOTA MOTOR CORPORATION (TMC), DAIHATSU MOTOR CO., LTD. (Daihatsu) and FUJI HEAVY INDUSTRIES LTD. (FHI) announced today that they have agreed to expand their cooperative ties with new arrangements related to research and development and product supply. Specifically, the three companies—aiming to strengthen their competitiveness by ...

Honda Motor Co., Ltd., announced a summary of automobile production, Japan domestic sales, and export results for the month of February 2008. <Production> Production in Japan experienced a year-on-year decrease for the sixth consecutive month (since September 2007). Production in regions outside of Japan experienced a year-on-year increase ...

New Process Gear, a transmission parts maker owned by Canadian-based Magna International Inc. (TSX:MG.A), plans to lay off about 1,650 workers at its suburban Syracuse plant, union officials say. More than 300 other employees were laid off Jan. 2 as the United Auto Workers continued negotiating a new contract with Magna. Before the layoffs, the plant ...

The president of the Canadian Auto Workers union says a $1-billion aid package to help communities and laid-off workers is ``not significant.'' Prime Minister Stephen Harper announced the national community development trust in New Brunswick today. CAW boss Buzz Hargrove says Ontario's $350-million share won't be enough to help manufacturers cope with a high dollar, record ...

New Process Gear, a company owned by Canadian auto parts giant Magna International Inc. (TSX:MG.A), plans to lay off more than 1,650 workers at its suburban Syracuse, N.Y. plant over the next several weeks, according to union officials. More than 300 other workers were laid off Jan. two as United Auto Workers officials continue negotiating a ...

Global auto industry executives are becoming less apprehensive and ``profitability expectations are starting to grow,'' a KPMG survey indicates. Concerns around insolvencies and overcapacity are diminishing after three to five years of gloom in developed markets, the international accounting and business services firm said in the report released Wednesday. ``These positive changes have occurred against a background ...

Auto-parts supplier Delphi Corp. reported Monday a net loss of US$231 million for November. The Troy, Mich., company, which filed for bankruptcy protection in 2005, said in a filing with the U.S. Securities and Exchange Commission that its net loss for the year amounted to $2.78 billion. Delphi recorded about $1.15 billion in net sales ...

The N. Keller General Contracting Co. of Loxahatchee, Fla., probably should replace its seven-year-old Ford F-350 Super Duty pickup. But business in Palm Beach County isn't what it used to be, and like many contractors who work in Florida's sluggish housing industry, co-owner Jennifer Keller isn't inclined to spend the money just yet. Not exactly what Detroit's ...

A U.S. federal court on Wednesday confirmed Dana Corp.'s Chapter 11 reorganization plan, paving the way for the auto-parts supplier to emerge from bankruptcy by the end of January. After more than two days of hearings, Judge Burton Lifland of the U.S. Bankruptcy Court in Manhattan approved the plan, which will repay Dana's unsecured creditors ...

Japanese truck maker Isuzu Motors Ltd. is freezing its plans to build a new factory in North America over economic concerns raised by the U.S. home loan crisis, a news report said Wednesday. Isuzu president Susumu Hosoi told Kyodo News agency in an interview the company is watching to see whether the subprime mortgage crisis ...

Goodyear Tire & Rubber Co. on Wednesday said it has tentatively agreed to keep its corporate offices in Akron, where the biggest U.S. tire manufacturer was founded in 1898. The company announced a redevelopment of about 140 hectares near downtown Akron that will replace its present headquarters and keep thousands of jobs in the industrial ...

Goodyear Canada said Wednesday it will build a new industrial tire retread plant in North Bay by the fall of 2008 to meet growing demand for retreaded tires from the construction, mining, forestry and recycling sectors. The impact on the workforce at the current plant in the central Ontario city was not disclosed. Goodyear Canada, ...

Ottawa wants to add more U.S. anti-theft devices to its list of vehicle immobilizers that meet Canadian standards, a move designed to make it easier for Canadians to import U.S. vehicles, said Transport Minister Lawrence Cannon. The federal government proposed changes Friday to add more electronic anti-theft immobilizers from the States to a Canadian list that ...

On Sept. 26, something happened that is likely to wreck Ben Carter's time-honoured health care business model. That's the day the United Auto Workers and General Motors Corp. settled on a revolutionary new contract that shifts US$46.7 billion worth of retiree health care costs from the company to the union. As chief operating officer of ...

Malaysian national carmaker Proton says it plans to team up with companies in Iran and Turkey to produce ``Islamic cars'' for the global market. The proposal for the Islamic car came from Iran. Proton executive Syed Zainal Abidin says the cars will have a compass to determine the direction of Mecca for prayers and compartments for ...

Delphi Corp. said Tuesday that its third-quarter net loss narrowed due to smaller expenses related to its reorganization under bankruptcy protection, but it continued to struggle against the effect of auto industry production slackness in North America. Troy-based Delphi, the former parts-making operation of General Motors Corp., lost $1.2 billion or $2.08 per share, compared ...

Canada will record the largest automotive trade deficit in its history this year, according to a report from the Canadian Auto Workers union, which is urging Ottawa to reconsider the direction of its economic and trade policy. In a report released Monday, CAW economist Jim Stanford said the deficit _ where more vehicles and parts ...

September auto sales in the United States are expected to be weak due to a credit crunch, high gas prices and the troubled housing market, reflecting an overall slowdown for the year but little effect from the brief strike against General Motors, industry analysts say. Indeed, the impact of the two-day strike could be small ...

TOKYO (AP) _ A key Japanese auto parts supplier partially resumed operation Monday, a week after a major earthquake ravaged its production line but top carmaker Toyota said it will keep its own production on hold at least another day. Factories of Toyota Motor Corp. and other major automakers have been shuttered because of lack ...

BRUSSELS, Belgium (AP) _ EU regulators have given Cerberus Capital Management the go-ahead for its purchase of the money-losing Chrysler car division from DaimlerChrysler AG. The European Commission approved the US$7.4-billion deal automatically because it didn't get any complaints and saw no antitrust problems. It was the last regulatory approval needed for the takeover after U.S. authorities ...

WASHINGTON (AP) _ Automakers called for an economy-wide approach to global warming in reaction to a Supreme Court decision Monday that could give the government the authority to regulate the emissions of carbon dioxide and greenhouse gases from cars. The Alliance of Automobile Manufacturers, an industry trade group representing General ...

WASHINGTON (AP) _ President George W. Bush will meet with executives of the major U.S. automakers at the White House on Monday as he tries to build momentum for his energy plan. The session will focus on Bush's support for flex-fuel vehicles, which are capable of using gasoline and ethanol-gasoline ...

DETROIT (AP) _ Most major automakers agree: The adage that you should change your car's oil every 3,000 miles, or 4,800 kilometres, is outdated, and even 5,000 miles may be too often. Ford Motor Co. became the latest manufacturer to extend its oil life guidelines, making public that it is ...