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CARMAKERS NEWS * WORLDWIDE
* France - Renault wipes out auto debt for first time in Nissan tie-up
Boulogne-Billancourt,France -Bloomberg News/The Detroit News (USA), by Mathieu Rosemain -February 14, 2013: -- Renault SA, France's second-largest carmaker, eliminated debt at the auto-manufacturing unit for the first time in its 14-year tie-up with Nissan Motor Co. as it held back on spending and refrained from cutting vehicle prices... Renault jumped to a two-year high in Paris trading after saying the automotive unit's net cash position was 1.49 billion euros ($2 billion) at the end of 2012 compared with net debt of 299 million euros a year earlier, the first time the figure was positive since the carmaker set up the alliance with its Japanese partner in 1999... The carmaker hopes that eliminating debt at the manufacturing unit will improve credit ratings for the parent company and its RCI Banque financing unit... The carmaker's earnings-recovery strategy includes plans to eliminate 7,500 jobs through 2016 in France, and the company is in talks with labor unions on raising worker productivity. Renault is also trying to broaden its product range by reviving the Alpine sports-car label and developing the Initiale Paris insignia into a full-fledged luxury brand...
* Europe's woes push GM profits lower. Accounting changes also cut '12 profits to $4.86B from $7.6B
Detroit,MICH,USA -The Detroit News, by Melissa Burden -February 15, 2013: -- General Motors Co. said Thursday its 2012 profits fell to $4.86 billion from a record $7.59billion profit in 2011, mainly on one-time tax accounting changes and weakness in Europe, which the company expects will continue this year... But the Detroit automaker, which posted its third consecutive yearly profit, repeated its prediction that results will fare slightly better in Europe this year and it's still targeting a break-even point by mid-decade. Last year, the company lost $1.8 billion pre-tax in the region, $1 billion worse than the $747 million loss it posted in Europe in 2011...
Labels: carmakers news worldwide
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