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AUTOS' WORLDWIDE
* USA - Ford to cut more - After $123M loss, Bill Ford says he'll speed up cutbacks
DEARBORN,Mich,USA -The Detroit News, by Bryce G. Hoffman -21 July 2006: -- Ford Motor Co. Chairman and CEO Bill Ford Jr. said Thursday that the "way forward" restructuring plan unveiled in January does not go far enough and that quick action and deeper cuts will be needed to save the company's struggling North American car and truck business... He said the downsizing moves already outlined will be accelerated following a $123 million second quarter loss that surprised an already skeptical Wall Street...
* Japan - Reprimands Toyota over recall, says no laws broken
Tokyo,Japan -The Detroit Free Press/Associated Press, byYuri Kageyama -July 20, 2006: -- The government will reprimand Toyota for failing to act more quickly in a recall case that is now under criminal investigation, but authorities determined no laws were broken and no fines will be imposed... Japan's biggest automaker will be issued administrative "guidance" -- or a public scolding -- and demand that Toyota make improvements on its recall procedures, according to a Ministry of Land, Infrastructure and Transport official who spoke on customary condition of anonymity...
* USA - J.D. Power exec says Chinese are 5 years away from quality autos
BEIJING,China -Automotive News (USA), by ALYSHA WEBB -17 July 2006: -- Chinese automakers are about five years away from matching the quality ratings of cars sold in the United States, says Jamey Power, executive vice president of international operations for J.D. Power and Associates... "They realize there is a quality gap (compared to cars in the U.S. market now)," says Power. "But they don't know how to close it."...
* Russia - Foreign brands are hot in a growing market -- Customers wait while dealers scramble
Moscow,Russia - Automotive News, by JASON STEIN -18 July 2006: -- ... This is life in the new Russia, where one dealer can sell as many Hummers a month as GM's monthly average in all of western Europe last year... The supreme irony: For decades, Russians waited in lines for essentials. Now they are waiting again -- this time for cars... Capitalism is the culprit, and inomarka (Russian for foreign brand) is the hot commodity... Foreign automakers are rushing to set up manufacturing. GM, Nissan and Volkswagen have announced production plans in the past month, as Russia's new-car market is expected to hit 2 million units by 2008, an increase of 22 percent over last year. Foreign cars could capture 70 percent of the market by 2010 by some estimates...
* China - Geely goes back to the drawing board to design US-spec car
Beijing,China -Autoblog. (USA) by John Neff -July 21, 2006: -- Li Shufu, the chairman of Geely Automobile, has decided to put on hold his plans to export a Chinese produced vehicle to the United States by 2008 that would start at $10,000. The reason? According to AutoWeek, it sounds like Shufu doesn't think his Chinese domestic cars can hack it in the U.S. on low cost alone. The move apparently prompted the removal of John Harmer, the former COO of Geely USA Inc., from his position, though Shufu has retained him as a consultant...
posted by Unknown @ 5:24 PM
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