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Lear Latest For Chapter 11 (Americas Automotives Insight)

Thu, 02 Jul 2009 00:00 GMT

US automotive component supplier Lear Corporation has announced that it will file for Chapter 11 protection for its US and Canadian business. This is as a result of its reliance on the 'Big Three' carmakers for sales. When General Motors (GM) announced its own bankruptcy filing, Lear was one of the names on a list of suppliers with outstanding debts owed by the carmaker. GM accounted for 23% of its global sales in 2008 while Ford Motor contributed 14%. Plummeting sales and reduced output of domestic players led to Lear posting a US$689.9mn loss last year.

Ford Fine Tunes European Production Lines (Western Europe Automotives Insight)

Thu, 02 Jul 2009 00:00 GMT

Ford Motors will be making changes at plants in Germany and Spain as a means of utilising capacity and maximising 'investment efficiency', the company has revealed.

Growth In Slovenia's Old Car Fleet (Emerging Europe Automotives Insight)

Thu, 02 Jul 2009 00:00 GMT

Slovenia's vehicle parc (the number of vehicles on the road) comprises mostly of cars which are six years old or more, according to estimates from the Statistical Office of the Republic of Slovenia (STAT). 131,500 vehicles were registered nationally in 2008, up by only 1% compared with the previous year. 76% of registrations were for new vehicles.

VW Investment Plans Revealed (Asia Pacific Automotives Insight)

Thu, 02 Jul 2009 00:00 GMT

Indonesia's Investment Co-ordinating Board (ICB) has revealed that Germany's Volkswagen (VW) will invest US$140mn (IDR1.4trn) in its first production plant in the country. The two-year project will see the company build a base for its Touran multi-purpose vehicle (MPV), which will have an annual production capacity of 50,000 units. According to ICB chairman, Muhammad Lufti, MPV production in Indonesia is 30% cheaper than in other Association of South East Asian Nations (ASEAN) markets due to tax breaks.

Mercedes Expands In Growth Market (Middle East & Africa Automotives Insight)

Wed, 01 Jul 2009 00:00 GMT

Juffali Automotive Company (JAC), exclusive dealer for Mercedes-Benz in Saudi Arabia, has continued its expansion programme with a new integrated facility in the Eastern Region. The centre incorporates a sales showroom, servicing workshops and a facility for spare parts, which is a growth area in the regional autos industry. Chairman Khalid Juffali told reporters that the continued expansion was a reflection of the company's strong performance so far and evidence that the economic slowdown has not adversely affected its operations.

Nissan Avoids Tariffs With Local Production (Asia Pacific Automotives Insight)

Wed, 01 Jul 2009 00:00 GMT

Japan's Nissan Motor has announced that it will continue with its plans to open a production plant in Vietnam, despite the current market slowdown. The company expects to have its first domestically produced model on the market in 2010, although details of the model and capacity are not yet available.

Toyota Sticks To New Plant Plans (Americas Automotives Insight)

Wed, 01 Jul 2009 00:00 GMT

Toyota Motors has confirmed that it go ahead with plans for a small car plant in Sorocaba, south eastern Brazil. Toyota, which became the largest carmaker in the world in late 2008, has a small 2.2% share in the Brazilian market. BMI sees the new plant as a part of the company's strategy to strengthen its position in the country.

SKF Begins Worldwide Job Cutting (Western Europe Automotives Insight)

Wed, 01 Jul 2009 00:00 GMT

SKF Group, the world's largest ball bearing maker, has announced plans to cut production due to weak demand in nearly all of its segments. Around 900 jobs will be lost across the company's global operations. BMI believes that the cuts are a direct reflection of the impact of the ongoing economic crisis on automotive suppliers and on their financial position.

Arabian Automobiles And DIC Team Up For Insurance (Middle East & Africa Automotives Insight)

Tue, 30 Jun 2009 00:00 GMT

Arabian Automobiles, the exclusive dealer for Nissan Motor, Renault, and Infiniti in Dubai and the Northern Emirates, is looking to win over consumers with 'peace of mind' products such as extended warranties and asset insurance. In addition to becoming the first dealer in the United Arab Emirates (UAE) to extend its warranty to five years with unlimited mileage, the company has also teamed up with the Dubai Insurance Company (DIC) to offer Guaranteed Asset Protection (GAP).

Further Cutbacks At GM's St. Petersburg Plant (Emerging Europe Automotives Insight)

Tue, 30 Jun 2009 00:00 GMT

General Motors (GM) is to suspending production at its St. Petersburg plant for two months due to weak domestic demand. The US carmaker, which ranks as the second-largest operator in Russia after AvtoVaz, is following in the footsteps of other local operators downsizing in order to avoid inventory

Government Announces Hybrid Tax Breaks (Asia Pacific Automotives Insight)

Tue, 30 Jun 2009 00:00 GMT

South Korea's Ministry of Knowledge Economy (MKE) plans to offer tax breaks on purchases of hybrid cars. So far, three models meet the criteria, which include employing technology that will 'drastically improve fuel economy', according to the head of the ministry's transportation systems division, Kim Chang-kyu. The models - the liquefied petroleum gas (LPG)-powered Hyundai Avante 1.6 LPI, the Honda Civic Hybrid, and the Lexus RX450h hybrid - are 50% more fuel efficient than their petrol-powered counterparts.

Schaeffler In Talks With Chinese Investors (Western Europe Automotives Insight)

Tue, 30 Jun 2009 00:00 GMT

German autos parts supplier Schaeffler is in talks with Chinese investors regarding the sale of stakes in the company, German newspaper Wirtschaftswoche has reported. The supplier, best known for making ball bearings, has debts of EUR11bn (US$15.1bn), mostly due to its drive to hold a majority stake in fellow parts supplier

JLR Hopes Indian Launch Will Cut Losses (Asia Pacific Automotives Insight)

Mon, 29 Jun 2009 00:00 GMT

A year after acquiring Jaguar Land Rover (JLR) from US parent Ford Motor, Indian carmaker Tata Motors has introduced the premium division to its home market. The mood at the June 28 launch was optimistic as JLR CEO, David Smith, called it an 'exciting time to be entering the Indian market', which he believes 'holds a significant growth potential'. Smith added that JLR would also be looking to source from Indian

Hummer To Remain American (Americas Automotives Insight)

Mon, 29 Jun 2009 00:00 GMT

Although China's Sichuan Tengzhong Heavy Industrial Machinery was the winning bidder for General Motors (GM)'s Hummer brand, the divested company will retain its US base and production facilities. Hummer CEO, Jim Taylor, told the Detroit Free Press that it is 'very important for Hummer to be seen as an American brand'. Taylor also revealed his plan for an independent Hummer, which includes developing new models that were shelved under GM ownership. Improving the brand's fuel economy will play a major part in future strategies.

Government Agency Opposed To Hummer Sale (Asia Pacific Automotives Insight)

Fri, 26 Jun 2009 00:00 GMT

The sale of General Motors' (GM) Hummer brand to China's Sichuan Tengzhong Heavy Industrial Machinery may be in jeopardy as it goes through government approval stages. Chinese state radio reports that the country's economic planning agency, the National Development and Reform Commission (NDRC), is opposed to the sale on two counts.