Increase In Transmission Franchise Applications Tied To Aging
Vehicle Fleet.
As the average age of vehicle on U.S. roads increases, automotive
franchises are benefitting from the fueled demand for vehicle services
and repairs.
"Unable to afford the rising price of new . . .
Steel Industry Consolidation Coupled With Higher Tariffs Gives
Steelmakers Greater Pricing Power In Auto Contracts.
Consolidation through mergers and acquisitions in the steel
industry is likely to result in higher steel prices for automotive
producers. Already in the last year, companies like United States . . .
New Legislation Aims To Boost Development Of Hydrogen
Cars.
Two U.S. lawmakers unveiled legislation to develop
hydrogen-powered automobiles and put them in the market within a decade,
five years faster than a similar program pushed by the . . .
Keystone Reports Record Fiscal Third Quarter 2003 Results.(Brief
Article)
Reflecting continued momentum in its aftermarket collision parts
business, Keystone Automotive Industries, Inc. reported record results
for its third quarter ended December 27, 2002. Net income . . .
Gentex's Net Income Increased 43 Percent.(Brief
Article)
Gentex Corp., the Michigan-based manufacturer of automatic-dimming
rearview mirrors, said it had record revenues and net income for the
fourth quarter and year ended December 31, 2002. The company . . .
Visteon Posts Fourth Quarter Loss.(Brief Article)
Visteon said it planned to win $1 billion in new business this
year from customers other than from its former parent, Ford. The new
target came as the Michigan-based company reported a fourth . . .
Lear Reports Record Strong Fourth-Quarter, Full-Year Net
Sales.
For the fourth quarter of 2002, Lear posted net sales of $3.8
billion, operating income of $246.8 million and net income of $118.0
million, or $1.76 per share. For the fourth quarter of 2001, . . .
Johnson Controls First Quarter Earnings Jump 17 Percent.(Brief
Article)
Johnson Controls, Inc. said that for the first quarter of fiscal
2003 diluted earnings per share increased 17 percent to $1.48 from $1.27
for the first quarter of fiscal 2002; and, sales increased . . .
Monro Muffler Brake, Inc. Post Solid Revenues, Earnings.(Brief
Article)
Monro Muffler Brake, Inc. said it had record sales and earnings
for the third quarter and nine months ended December 28, 2002. Sales
increased 15.8 percent to $60.7 million compared to $52.4 . . .
Peugeot-Citroen In Engine Joint Venture With BMW.(Brief
Article)
French car maker PSA Peugeot-Citroen said that it will invest
EUR430 million ($464 million) in a new joint venture with Germany's
Bayerische Motoren Werke AG, which will produce small gasoline . . .
Brilliance China To Boost Capital Expenditure For New Joint
Venture.(Brief Article)
Brilliance China Automotive Holdings said it would ask
shareholders to approve a capital increase of $273 million for its
carmaking joint venture. Brilliance China will contribute $139.2
million, . . .
Russian Automakers To Raise Competitiveness.(Brief
Article)
Russia's automakers joined forces to raise competitiveness
and boost investment in the sector, Russia's fourth-largest
automaker OAO UAZ said in a statement. Members of the newly created
Russian . . .
Japan's Automakers Look For More Expansion Abroad.
Japan's top automakers reported strong production rises in
2002 and expect that to continue this year, but much of the expansion is
expected in overseas factories, which doesn't help . . .
China's Auto Imports Soar In 2002.
China imported more than 127,000 vehicles in 2002, up a huge 77
percent from the year before as lower import taxes following its World
Trade Organization (WTO) membership cut the cost of foreign . . .
Goodyear To Idle Some North American Tire Capacity.(Brief
Article)
Goodyear Tire & Rubber Co. has told employees in a company
newsletter that it may idle 15 percent of its North American tire-making
capacity this year. But Goodyear spokesman Chuck Sinclair said . . .
Metaldyne Wins Contract with Tier One Supplier for Exhaust
Components.(Brief Article)
Metaldyne said that is has begun supplying exhaust components to
Visteon Corp. for late Ford Taurus and Mercury Sable vehicles. The
contract calls for Metaldyne to supply the Y pipes, outlet pipes . . .
Senate Bill Would Raise SUV, Light-Truck Fuel Efficiency.(Brief
Article)
A Senate bill that was recently introduced would require
sport-utility vehicles to meet the same fuel-efficiency targets by 2011
that passenger vehicles do today. The bill would require SUVs and . . .
Honeywell's Bendix Unit Is Sold To Federal-Mogul.
Honeywell reached a landmark deal to rid itself of its remaining
asbestos liabilities by selling its Bendix brakes parts business to
Federal-Mogul, the insolvent car parts company. No sum was . . .
Hi-Tech Engine Components to Supply Parts Plus Group.(Brief
Article)
Parts Plus, one of the larger automotive aftermarket parts
distribution groups in the industry, said that it has recognized Hi-Tech
Engine Components of Salt Lake City, Utah as an approved . . .
Copart Opens New Facility In California.(Brief Article)
Copart, Inc. said that it has opened its fifth facility in
Southern California in the community of Rancho Cucamonga. With the
addition of this 39-acre greenfield location Copart now has . . .
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