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AUTOS' WORLD NEWS
* USA - Bush meeting just beginning of Big 3 pushWashington,DC,USA -The Detroit News, by David Shepardson -16 Nov 2006: -- A long-awaited White House meeting between President Bush and the CEOs of Detroit's Big Three automakers Tuesday produced a show of support from the leader of the free world and a candid airing of issues by the chiefs of General Motors Corp., Ford Motor Co. and DaimlerChrysler AG's Chrysler Group... (Photo: by Eric Powell/The Detroit News: GM's Rick Wagoner, flanked by Chrysler's Tom LaSorda, left, and Ford's Alan Mulally, says Bush didn't agree to everything they sought. "I can't say he saw it our way 100 percent" on the exchange rate policy and "our strong conviction that the Japanese yen is systematically undervalued.")
* Germany - VW brand boss quits in shakeup of top executives
Berlin,GER -AP/Frankfurter Allgemeine Zeitung/The Detroit News -Nov 16, 2006: -- Wolfgang Bernhard, the head of VW's flagship Volkswagen brand, plans to resign amid plans by designated chief Martin Winterkorn to streamline the company's leadership, a German daily reported Wednesday... Bernhard, who is responsible for making changes aimed at turning the company around, is to submit his resignation to the board today, the said in an advance report from today's edition...
* USA - Ford: Ax to cut deeper - UAW givebacks, plus lower design and purchasing costs will be required
Dearborn,Mich,USA -The Detroit News, by Bryce G. Hoffman -16 Nov 2006: -- Ford Motor Co. will have to cut more costs and wrest concessions from the United Auto Workers to meet its goal of restoring a slim profit to its North American automotive operations by 2009, Chief Financial Officer Don Leclair said Tuesday... The comments, which come seven weeks into new CEO Alan Mulally's tenure, mark the first time Ford has acknowledged it needs cutbacks that go beyond its massive Way Forward restructuring plan announced in September to meet the 2009 profit goal. "Reducing costs is our life's work," Leclair said in an interview...
* USA - GM seeks exemption for finance unit sale
Detroit,Mich,USA -The Detroit News -16 Nov 2006: -- General Motors Corp., seeking $10 billion this year from the sale of a stake in its finance unit, asked federal regulators for an exemption to a temporary moratorium that threatens the timing of the deal, according to a company letter. GM asked the U.S. Federal Deposit Insurance Corp. to exempt the company's Utah-based bank from a six-month freeze on approving industrial-bank applications so it can sell control of its General Motors Acceptance Corp. unit this year, according to an Aug. 25 letter obtained by Bloomberg News...
* European car sales climb 3.6 percent in October
Brussels,Belgium -Associated Press, by Aoife White -Nov 15, 2006: -- Fiat SpA, Toyota Motor Corp. and Nissan Motor Co. saw the biggest gains as sales of new cars in Europe rose in October after four months of decline, the manufacturers' association ACEA said Wednesday... However, France's Renault SA and German automakers DaimlerChrysler AG and BMW AG saw lower sales from a year ago...
* Germany - Porsche to raise stake in VW to 29.9 percent
Frankfurt, Germany -The Detroit News, by Matt Moore -Nov 15, 2006: -- Luxury automaker Porsche AG said Wednesday that its supervisory board approved a move to increase its stake in Volkswagen AG to a level just shy of the 30 percent level that would require it to make a takeover offer...
* China - Chery to make cars in Uruguay starting in 2007
Buenos Aires,Argentina -Reuters -15 Nov 2006: -- China's Chery Automobile and Argentina's Socma SA will start making two car models in Uruguay next year with an initial investment of $100 million, the Argentine group said today... Chery Mercosur, which aims to meet growing demand in South American countries belonging to the Mercosur trade bloc, will import parts from Brazil, Argentina and China...
* India - Ford to build diesel engine plant in India
MUMBAI,India -Reuters -15 Nov 2006: -- Ford Motor Co. plans to set up a plant in India to make diesel engines, an industry source told today, as consumers in the fast-growing market shift to the more fuel-efficient option. The plant would have a capacity to make about 100,000 units of the 1.4-liter Duratorq engine each year, the source said...
* Iran - To build cars in Senegal
Dakar,Senegal -Reuters -15 Nov 2006: -- The Middle East's biggest carmaker, Iran Khodro, will start building cars in Senegal within 16 months, Senegal's official news agency said today... SenIran Auto, 60 percent owned by Iran Khodro, 20 percent by the Senegalese state and 20 percent by Senegalese private investors, would build up to 10,000 units of the Samand car at a new plant 70 kilometers (44 miles) from the capital Dakar, it said...
posted by Unknown @ 10:02 AM
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