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LATEST WORLD AUTO NEWS
* S&P drops General Motors debt deeper into junk territory
NEW YORK,NY,USA -AP -Dec 12, 2005: Standard & Poor's cut its ratings on General Motors Corp. deeper into junk status on Monday, citing increased skepticism about the troubled automaker's ability to revitalize North American operations...
* Suppliers sceptical of new Ford, VW plans
GERMANY: Automotive News Europe -12 Dec 2005: Ford, Volkswagen and other automakers will have to work hard to convince a sceptical partsmaking industry that carmakers really want to begin kinder, gentler era of cooperation with their suppliers, according... Relations between manufacturers and suppliers have been damaged by nearly a decade of relentless pressure from carmakers for lower parts prices. This pressure has played a role in the bankruptcy of several major suppliers...
* Union, Ford pen new deal
Detroit,Mich,USA -The Detroit News, by Brett Clanton -Dec 11, 2005: Troubled carmaker, UAW reach tentative pact to pass more health care costs on to employees... The United Auto Workers and Ford Motor Co. have reached a tentative agreement to reduce the company's health care costs, providing welcome relief to the struggling automaker as its financial losses mount...
* Russia good for Mazda, too
GERMANY -Just-auto.com (UK) 12 Dec 2005: Mazda Motor Europe is another Asian brand reporting strong sales in Russia... November unit sales there set another record at 2,457, up 100% year-on-year. Market share was a record 5.2%. This is the brand’s 35th consecutive month of double or triple-digit growth...
* BMW to Set Up Its First Car Plant In India
CHENNAI, India -Global Auto -Dec 09, 2005: The demand for luxury vehicles is so strong among India’s growing affluent class that the German automaker will set up assembly operations in Tamil Nadu province... BMW signed an agreement with the Tamil Nadu government on Thursday to build its first Indian manufacturing facility, according to the Indo-Asian News Service...
* DaimlerChrysler to invest $1 billion in suburban St. Louis plants
FENTON, Mo.,USA -AP, by CHRISTOPHER LEONARD -Dec. 12, 2005: DaimlerChrysler AG said Monday it will invest up to $1 billion in its suburban St. Louis auto plants... The investment will pay for modernization and retooling of the factories. The upgrades will begin next year...
* Renault may suspend China car plant push
PARIS,France -Bloomberg/Business Times (Malaysia) -Dec 13 2005: Renault SA, France’s second-biggest carmaker, may suspend a three-year effort to build cars in China as increasing competition and manufacturing capacity hurt profitability and sales slow, said people familiar with the plan... Carlos Ghosn, said on October 20 that the French company’s top priorities were to be successful in Europe, Romania, India, Iran and South America. He didn’t include China in that list...
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