Its operating profit was 98.2 billion yen in the year just ended, meeting market forecasts and surging roughly 20-fold from the previous year. TOKYO: Mitsubishi Motors Corp on Wednesday forecast a 12 percent rise in operating profit for the current financial year, as it expects increasing vehicle sales in Asia to help boost its bottom… Continue reading Mitsubishi Motors sees annual profit rising on Asia sales
Author: Economic Times of India Online News
Jaguar Land Rover retail sales up 11.9% to 45,180 units in April
Retail sales for April were up significantly year-on-year in China (28.9 per cent), the UK (25.9 per cent), overseas markets (21.3 per cent) and North America (2.5 per cent) but down in Europe (-10.2 per cent), with continuing uncertainty over diesel in the UK and Europe. Whitley, UK: Jaguar Land Rover on Wednesday reported total… Continue reading Jaguar Land Rover retail sales up 11.9% to 45,180 units in April
Terra Motors raises 10 million dollar fund to expand in Asian market
New Delhi: Japan-based Terra Motors an electric vehicle start-up company on Monday announced that it has secured $10 million from foreign investors including Fenox Venture capital (US) which is one of the famous Silicon Valley based venture capital, and other Japanese bank affiliated venture capital investors to accelerate their global expansion. Commenting on global expansion… Continue reading Terra Motors raises 10 million dollar fund to expand in Asian market
Tata Motors to sell defence, aerospace business to Tata Advanced Systems
New Delhi: Home-grown auto major Tata Motors today said it will sell its defense business to group entity Tata Advanced Systems Ltd (TASL), subject to requisite approvals. The deal will not include the pure civilian vehicles which will continue to be with Tata Motors, the company said in a statement. The Board of Tata Motors… Continue reading Tata Motors to sell defence, aerospace business to Tata Advanced Systems
Daimler to buy electric car battery cells from China’s CATL
Daimler reiterated it had joined the Responsible Cobalt Initiative, a programme established under a Chinese industry body to tackle risks in the cobalt supply chain arising from artisanal mining. STUTTGART, Germany: Daimler has awarded a contract for supplying electric car battery cells to China’s Contemporary Amperex Technology (CATL), the German carmaker’s procurement executive, Sabine Angermann,… Continue reading Daimler to buy electric car battery cells from China’s CATL
Fitch affirms Tata Motors at BB+; outlook stable
TML‘s sales volume grew by 9% yoy in medium and heavy commercial vehicles and 23% in light commercial vehicles in FY18. New Delhi: Tata Motors (TML’s) rating, which includes a one-notch uplift from its standalone rating of ‘BB’ on its linkage with Tata Sons (TSOL), reflects its position in the Indian commercial-vehicle market and the… Continue reading Fitch affirms Tata Motors at BB+; outlook stable
Nissan CEO says ‘no merit’ in merger with Renault
Sources told Reuters in March that the automakers were discussing plans for a closer tie-up in which Nissan would acquire the bulk of the French state’s 15 per cent Renault holding. Nissan Motor Co’s chief executive dismissed the idea of merging the Japanese automaker with its alliance partner Renault, emphasizing the importance of independence as… Continue reading Nissan CEO says ‘no merit’ in merger with Renault
BAIC Motor plans $422 mn share sale to replenish working capital
BAIC Automotive Group‘s stake in the Hong Kong-listed firm will be reduced to 42.6 per cent on completion of the deal from 44.98 percent, while Daimler’s holding will fall to 9.55 per cent from 10.08 per cent. HONG KONG: BAIC Motor Corporation said on Wednesday it planned to sell new shares for $422 million to… Continue reading BAIC Motor plans $422 mn share sale to replenish working capital
Audi recalls 1.2 mn cars and SUVs worldwide
The recall covers the 2013 to 2016 A4, the 2013 to 2017 A5, the 2012 to 2015 A6, and the Q5 SUV from 2013 to 2017. All have 2-Liter turbocharged engines. DETROIT: Audi is recalling about 1.2 million cars and SUVs worldwide because the electric coolant pumps can overeat and possibly cause a fire. The… Continue reading Audi recalls 1.2 mn cars and SUVs worldwide
China’s Lishen plans first European sales office for electric vehicle batteries: Source
By Yilei Sun and Andreas Cremer LONDON: Chinese battery maker Tianjin Lishen plans to open a sales office in Germany, its first in Europe, and is in talks to supply local auto makers with batteries used to power electric vehicles, a source at the company told Reuters. Two sources said Volkswagen, the world’s largest car… Continue reading China’s Lishen plans first European sales office for electric vehicle batteries: Source