October Light-Vehicle Sales Plunge In First Two Weeks Of
October.(Brief Article)
A drop in incentives is resulting in a dramatic decline in U.S.
light-vehicle sales in October, according to J.D. Power and Associates.
With the average total incentives (cash-plus-interest . . .
ArvinMeritor, Apollo Rumored To Bid TRW's Auto Unit.(Brief
Article)
ArvinMeritor Inc. along with private equity firm, Apollo
Management, is considering a bid of more than $4.5 billion for TRW
Inc.'s auto parts unit, according to several reports. The other
bidders . . .
Weak Yen Hurting U.S. Automakers, Ford Chief Said.(Brief
Article)
Ford Motor Co. Chairman and Chief Executive Bill Ford Jr. said
that the yen's prolonged weakness against the dollar had put U.S.
automakers at a disadvantage when it came to the cost of building . . .
Automakers May Not Meet Side Airbag Deadline.
The Alliance of Automobile Manufacturers said in a letter to the
National Highway Transportation Safety Administration that many of its
members will be unable to meet a government mandate . . .
Ford Plans To Cut Parts Cost By 15 Percent Within Two
Years.
Ford Motor said it will cut more than $5 billion out of the $35
billion it spend on parts within two years. The disclosure signals a
dramatic acceleration of Ford's cost-cutting program, . . .
Automotive Use Of DC Fractional Horsepower Motor Market To Reach
$4.18 Billion By 2008.(direct current)
Demand for direct current (DC) fractional horsepower motors is
increasing as application areas within the automotive industry widen.
Increasing usage in luxury cars, power electric rearview . . .
Fuel Cell Component Plant Opened In Texas.(Brief Article)
Southwest Research Institute (SwRI) of San Antonio, Texas said it
has opened a unique pilot plant for the high-volume production of fuel
cell electrodes, key components of membrane electrode . . .
Intermet's Quarterly Sales Decline.(Brief Article)
Intermet Corp., which makes casting for automakers, posted
slightly lower quarterly sales with its loss narrowed, citing slow
European automotive production and a temporary machine breakdown at . . .
Eaton's Third Quarter Earnings Jump To $1.26 Per
Share.(Brief Article)
Eaton Corp. said it had operating earnings per share of $1.26 for
the third quarter of 2002, 91 percent above results one year earlier of
$.66 per share. Sales in the quarter were $1.83 billion, 5 . . .
Gentex Authorizes Share Repurchase Plan.(Brief Article)
Gentex Corp. a Michigan-based manufacturer of automatic-dimming
rearview mirrors, said that the it has been cleared by its Board to
repurchase 4 million shares of the company's common stock.
. . .
Toyota Said To Plan New Engine Plant In Poland.(Brief
Article)
According to the Polish News Bulletin (PNB), Toyota is planning to
build a new engine factory in a lower Silesian special economic zone
greenfield site at an estimated cost of $196 million. The . . .
Fiat To Cut More Than 8,000 Jobs In Restructuring Effort.(Fiat
S.p.A.)(Brief Article)
Fiat said that it will make 8,100 job cuts as part of a
restructuring program. The financially troubled Italian company said it
will put 5,600 workers on a one-year layoff, reduce staff by another . . .
Former Yugo Producer, Zastava, In Venture With U.S. Investment
Group.
Serbia said it has agreed a joint venture with New Jersey-based
NUCARCO group to revive Zastava, producer of the infamous Yugo vehicle.
NUCARCO agreed to an investment of at least $150 million . . .
Hyundai, Daimler, Mitsubishi In $13 Billion Parts Procurement
Arrangement.(Brief Article)
Hyundai Motor Co., said it had agreed jointly to develop and buy
auto parts worth $13 billion with DaimlerChrysler AG and Mitsubishi
Motors Corp.
"The joint purchase will start as early as June . . .
Hyundai To Set Up Venture With China.(Brief Article)
South Korea's largest car maker, Hyundai Motor Co., said it
received approval from China to set up a passenger car joint venture
with Beijing Automotive Industry Holding. Hyundai Motor will invest . . .
Pension Deficit Forces General Motors To Undergo Aggressive Cost
Cutting.(Brief Article)
GM's chief financial officer John Devine said that rising
pension expenses will force the company to take aggressive cost cutting
measures in North America next year. GM said that falling returns . . .
Isuzu May Pull Out Of Fuji Joint Venture.(Brief Article)
Isuzu Motors is reportedly about to pull out of its joint venture
with Subaru parent company Fuji Heavy Industries to build sport-utility
vehicles for the U.S. market. The Japanese business daily . . .
GM Considers Diesel Engine Production In Russia.(General Motors
Corp.)(Brief Article)
General Motors Corp. and OAO Avtovaz are considering producing
Opel engines in Russia, Russian news agency Interfax reported, citing
John Mylonas, managing director of the GM-Avtovaz joint . . .
Federal-Mogul Expands In Asia Seeking Significant Growth.(Brief
Article)
Federal-Mogul Corp. is expanding its technical and sales resources
in Japan as part of a plan to increase sales to Asian customers by at
least $500 million by 2010, the company said. Federal-Mogul . . .
Eaton Lands $190 million Deal To Supply Transmissions For Use In
S. America.(Brief Article)
Eaton Corp. said it has signed two new agreements in South America
that are expected to generate more than $190 million in additional truck
sales at the company's transmission facility in . . .
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