Author: Economic Times of India Online News

ZF Friedrichshafen picks Mahle CEO as new chief

Scheider is currently the CEO of auto parts supplier Mahle. Automotive supplier ZF Friedrichshafen has picked Wolf-Henning Scheider as its new chief executive, online publication manager-magazin.de reported on Thursday, citing no sources. Scheider will replace Stefan Sommer, who stepped down with immediate effect last month, the online outlet of monthly said. Scheider is currently the… Continue reading ZF Friedrichshafen picks Mahle CEO as new chief

Hyundai Motor posts 3% gain in quarterly profit

This was the first gain in quarterly profit in four years, analysts had been expecting it given a low base for comparison from a year ago. SEOUL: Hyundai Motor eked out a small 3 percent gain in quarterly net profit, but posted a fifth straight drop in annual earnings as a stronger local currency and… Continue reading Hyundai Motor posts 3% gain in quarterly profit

Reinvent or die: Fiat CEO to car companies

Marchionne has witnessed major changes already leading Fiat for almost 14 years, overseeing the combination with Chrysler in 2014 and the 2016 spinoff of Ferrari DETROIT: Sergio Marchionne, one of the longest-serving CEOs in the automotive industry, has a blunt warning: Carmakers have less than a decade to reinvent themselves or risk being commoditised amid… Continue reading Reinvent or die: Fiat CEO to car companies

China has 310 mn registered vehicles, 385 mn drivers in 2017

A total of 53 cities had over one million automobiles while 24 cities had over two million, the state-run Xinhua news agency reported. Beijing: Over 33 million vehicles were newly-registered in China last year, taking to 310 million the total number of automobiles in the country by the end of 2017. Also, 30.54 million new… Continue reading China has 310 mn registered vehicles, 385 mn drivers in 2017

Auto1 says no need for IPO after Softbank invests

By Nadine Schimroszik BERLIN, – German used-car dealing platform Auto1 said a 460 million euro ($561 million) financial infusion from Japan’s Softbank meant it was under no pressure to launch an initial public offering to fund its pan-European growth plans. Softbank, through its Vision Fund, will make around half of its investment via new shares,… Continue reading Auto1 says no need for IPO after Softbank invests

Alabama incentives for Toyota-Mazda factory top $700 million

The new plant in Huntsville – already a hub for the region’s budding aerospace industry – will produce 300,000 vehicles per year, a combination of the Toyota Corolla compact car and a new small crossover SUV from Mazda. Production is targeted to begin by 2021. MONTGOMERY: Alabama’s total incentive package to Toyota and Mazda will… Continue reading Alabama incentives for Toyota-Mazda factory top $700 million

Brexit ‘could cost 14,000 jobs’ at German car suppliers

The UK is the largest export market for German car suppliers in Europe, with 18 percent of auto parts used in British factories coming from Germany — the home of industry giants Bosch, Continental and ZF Friedrichshafen.Frankfurt am Main: A worst-case Brexit scenario could put thousands of jobs at risk at German car parts suppliers,… Continue reading Brexit ‘could cost 14,000 jobs’ at German car suppliers

Ford to put auto emergency brakes on two 2019 models

The brakes are part of a suite of standard safety features on the new Edge, Ford said, including technology that detects objects and pedestrians and can prevent collisions by automatically braking and steering for the driver. Ford Motor Co said on Thursday it will make automatic emergency brakes standard on two key 2019 models, an… Continue reading Ford to put auto emergency brakes on two 2019 models

German union IG Metall to step up strike action ahead of wage talks

By Maria Sheahan FRANKFURT, – Powerful German union IG Metall said it would step up industrial action ahead of a round of negotiations with employers as it pushes for higher wages and the right to shorter hours for 3.9 million German workers. “We have started with warning strikes and will widen them in the coming… Continue reading German union IG Metall to step up strike action ahead of wage talks