AUTOS' WORLD NEWS
* Chief of ailing GM won't ask for federal aid
Houston,TX,USA -The Houston Chronicle, by PURVA PATEL -Jan. 27, 2006: A day after General Motors Corp. reported a huge loss for 2005, the company's chief executive officer said today in Houston the automaker doesn't plan on asking the federal government for aid... "the reaction in Washington has been very slow," said Rick Wagoner...
* President offers auto makers little encouragement on possible bailout
NEW YORK,NY,USA -AP/The Wall Street Journal -Jan 26, 2006: President Bush is offering no encouragement to any U.S. automobile companies who might be thinking about turning to the federal government for a financial bailout... "I think it's very important for the market to function," he said in an interview...
* Moody's considers another cut to GM debt rating
NEW YORK,NY,USA -Reuters -Jan 27, 2006: Moody's Investors Service on Thursday said it may lower General Motors' long-term debt rating deeper into junk, saying the automaker's fourth-quarter earnings results were below expectations... Standard & Poor's lowered GM's corporate credit rating two notches on Dec. 12 to "B," five levels below investment grade, from "BB-minus" Fitch Ratings cut the automaker two notches to "B-plus," four levels below investment grade, from "BB" on Nov. 9...
* GM reserves $3.6 billion for possible Delphi pensions
DETROIT,Mich,USA -Auto News -26 Jan 2006: General Motors said Thursday that it set aside $3.6 billion as a reserve for future costs of covering pension benefits for former hourly employees who transferred to Delphi Corp., the company's former parts unit that is in Chapter 11 bankruptcy...
* Analysts see gains for Asian automakers
USA -Business Week/AP, by Dee-Ann Durbin -Jan. 27, 2006: Asian automakers will gain more U.S. market share this month despite General Motors Corp.'s decision to drop prices on most vehicles, analysts predicted... It's a familiar pattern, and one that has helped drive U.S. automakers to declining profits, restructurings that will cost GM and Ford at least 64,000 jobs in the next six years, and the possibility that Japan's Toyota Motor Corp. could topple GM as the world's largest automaker...
* Toyota, Honda sales to show big jumps in January
DETROIT,Mich,USA -Auto News -25 Jan 2006: Edmunds.com said it expects the U.S. auto industry to sell 1.07 million new light vehicles this month, up 1.6 percent from January 2005... Ford sales will decline by 8 percent, Edmunds predicts, while GM sales will fall by 5 percent and Chrysler group sales by 3 percent... At the same time, Honda and Toyota sales are likely to show sharp sales increases this month...
* Weak yen, brisk sales to lift Japan carmakers' third quarter
TOKYO,Japan -Reuters -Automotive New -Jan 27, 2006: Most Japanese carmakers look set to report firm profit growth for the latest quarter as soaring sales, deeper cost cuts and a weaker yen offset higher spending on manufacturing facilities and research into new technologies... Japanese automakers, including smaller brands such as Suzuki Motor Corp., are also racing ahead in fast-growing Asian markets, with many investing heavily on new and expanded manufacturing facilities to keep up with demand...
* Volvo recalls 42,000 trucks from U.S. market
STOCKHOLM,Sweden -Reuters -Jan 26, 2006: Sweden's Volvo said on Thursday that it had decided to recall 42,000 trucks of its Volvo VN and VHD model in the U.S. market due to a possible fire risk from pipes leaking hot gases into the engine... It said it would inspect and replace any damaged parts and install a heat shield on all trucks...
* UAW, DCX Talking Healthcare
USA -The Car Connection -27 Jan 2006: The United Auto Workers has granted Ford Motor Co. and General Motors Corp. concessions on the healthcare benefits for union workers, albeit reluctantly... But when it comes to DaimlerChrysler, the signals for a deal on healthcare are altogether more ambiguous...
* Fiat CEO says no need for bond in first half
MILAN,Italy -Reuters -Jan 26, 2006: Fiat has strong liquidity and does not need to issue a bond in the first half of 2006, CEO Sergio Marchionne said on Thursday... Fiat, rated BB- by Standard & Poor's, hoped to return to capital markets "as soon as possible" in 2006... The CEO also reiterated Fiat had no plans to sell its 49 percent stake in consumer financing arm Fidis, denying reports... Fiat sold the majority of Fidis to banks Sanpaolo, UniCredito, Banca Intesa and Capitalia in 2003. Last year, the banks extended to 2008 an option for Fiat to buy back the stake...
* Renault strategy plan to emphasize new models
PARIS,France -Reuters -Jan 27, 2006 -- Renault earlier announced it was creating five regional management teams (France, Europe outside France, Euromed region -includes eastern Europe, Russia/CIS, Turkey, North Africa and Israel-, Asia and Africa, Americas), putting members of its group executive team in charge of various parts of the world... The move reflected the group's strategy to seek growth beyond its French and main European markets, which have become very mature and are currently characterized by fierce price competition... Renault added that the head of the Renault Samsung Motors car venture in South Korea, would become managing director of the Mercosur area in South America...
posted by Unknown @ 8:11 PM
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