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LATEST WORLD AUTO NEWS
* Fritz Henderson is named GM's CFO
DETROIT,Mich,usa -Automotive News Europe, by Jamie LaReau -Dec 06, 2005: John Devine to stay for 1 year; Carl-Peter Forster becomes chairman of GM EuropeFrederick "Fritz" Henderson is returning from General Motors Europe to replace John Devine as GM's CFO. The GM board named him vice chairman and CFO Tuesday afternoon. Henderson, 48, is a finance executive who has run GM's operations in Latin America, Asia Pacific and Europe. He will be replaced in Europe by Carl-Peter Forster, president of GM Europe...
* GM, Kerkorian discuss board seat
Detroit,Mich,USA -The Detroit News, by Bill Vlasic -Dec 08, 2005: General Motors Corp. acknowledged for the first time Wednesday that it is in discussions with billionaire investor Kirk Kerkorian about a possible seat on the automaker's board of directors...Carmaker acknowledges it is in talks with investor, who is interested in having his deputy fill the spot.
* GMAC Agrees to Sell Up Automotive Assets to Scotia Capital
DETROIT,Mich,USA -The Auto Channel -8 Dec 2005: General Motors Acceptance Corp. (GMAC), the wholly owned financial services subsidiary of General Motors Corp. , and Scotia Capital, the corporate and investment banking arm of The Bank of Nova Scotia , today announced a long-term strategic financing agreement regarding GMAC's U.S. automotive retail assets... The agreement calls for committed purchases by The Bank of Nova Scotia under a $6 billion revolving facility. This revolving facility represents a committed source of funding for up to $20 billion of GMAC U.S. retail automotive contracts during a five-year period...
* Mitsubishi may boost production of Galant in U.S. for global exports
TOKYO,Japan -Automotive News, by James B. Treece -Dec 07, 2005: Mitsubishi Motors Corp. could export the next-generation Galant sedan from its Normal, Ill., plant to Europe and Japan. Production of the next Galant will cease in Japan, making the Illinois factory the global source for the car, according to an article in the daily Nikkan Kogyo newspaper...
* Audi boosts investment, sees 1 million annual car sales
FRANKFURT,Germany -Reuters -7 Dec 205: Audi will step up investments to nearly 2 billion euros ($2.34 billion) a year and launch at least six new models in the next three years in a bid to hit 1 million annual car sales "by 2008/2009", the premium arm of Volkswagen AG said on Wednesday...
* German state leader objects to Continental job cuts
FRANKFURT,Germany -Reuters -7 Dec 2005: A senior German politician turned up the heat on tire maker and car parts group Continental AG on Wednesday to reverse its decision to halt passenger car tire production at a German plant in Hanover and cut 320 jobs...
* BMW to drive into Chennai to establish a car assembly plant
Chennai,India -WebIndia123 -Dec 08, 2005: German automobile major BMW today signed a Memorandum of Understanding with the Tamil Nadu Government to establish its car assembly plant at an investment of Rs 180 crore in five years...
* Chrysler to cut 100 jobs at Detroit engine plant
Detroit,Mich,USA -The Detroit News, by Josee Valcourt -Dec 08, 2005: Despite automaker's profitable year, low production dictated decision to drop 12% of hourly work force... DaimlerChrysler AG's Chrysler Group plans to cut more than 100 jobs at its V-8 engine plant in Detroit by early next year as a result of lower production volumes... The cuts amount to about 12 percent of the plant's 870 hourly employees...
* Daihatsu to make SUVs for Toyota
OSAKA,Japan -The Japan Times/Kyodo -Dec. 8, 2005: Daihatsu Motor Co., which plans to start making the Be Go sport utility compact early next year, will ship some of its output to parent firm Toyota Motor Corp., sources said Wednesday... Daihatsu Auto Body Co., a subsidiary, will make 40,000 Be Go SUVs a year, but Toyota will sell them under a different name...
* Peugeot Citroën to expand capacity at its Slovakian plant
FRANCE -Just-Auto (UK) -8 Dec 2005: PSA Peugeot Citroën has confirmed that its Trnava plant in Slovakia has been selected as the future site for a new manufacturing unit with a potential production capacity of 150,000 vehicles per year, in addition to the 300,000 already planned for the site...
posted by Unknown @ 11:38 AM
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