AURORA, Ontario, March 26, 2020 (GLOBE NEWSWIRE) — Magna International Inc. (TSX: MG; NYSE: MGA) today provided an update on a number of actions related to the COVID-19 pandemic.Magna has established internal task forces to assess, monitor and deal with the potential impact of COVID-19 on our business and share information across the company. We… Continue reading MAGNA PROVIDES UPDATE ON CURRENT COVID-19 ACTIONS AND WITHDRAWS OUTLOOK
Category: News Type
Indonesia’s Kargo Technologies bags investment from Coca Cola’s VC arm Amatil X
In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to… Continue reading Indonesia’s Kargo Technologies bags investment from Coca Cola’s VC arm Amatil X
Press: ZF 2019 financial results: New orders and high investments ready ZF to face a difficult market environment
“At present, we are witnessing how the markets are collapsing overnight,” said ZF CEO Wolf-Henning Scheider on Thursday in Friedrichshafen. “At ZF, we have reacted quickly and decisively to the spread of the coronavirus and have prioritized the health and interests of our employees in line with those of the company in the best way… Continue reading Press: ZF 2019 financial results: New orders and high investments ready ZF to face a difficult market environment
GM CFO says automaker must cut costs to avoid ‘serious damage’
WASHINGTON, March 26 (Reuters) – General Motors Chief Executive Mary Barra and Chief Financial Officer Dhivya Suryadevara told employees on Thursday the company needed to take immediate aggressive steps to cut costs. On a webcast, Suryadevara warned “if we don’t take significant austerity measures we will do serious damage to the long-term viability of our… Continue reading GM CFO says automaker must cut costs to avoid ‘serious damage’
GM salaried workforce must defer pay due to coronavirus impact
CLOSE Filings for unemployment benefits hit a record 3.3 million last week, the Labor Department said showing the coronavirus’s damage to the economy. USA TODAY General Motors CEO Mary Barra will take home one-third less in compensation for at least six months. GM’s 69,000 other salaried workers will defer 20% of their cash compensation for six… Continue reading GM salaried workforce must defer pay due to coronavirus impact
Fiat Chrysler plans April 14 production restart
CLOSE Fiat Chrysler plans a restart of most production on April 14. (Photo: Kimberly P. Mitchell, Detroit Free Press) Fiat Chrysler Automobiles, which has seen at least three workers die in the midst of the coronavirus outbreak, plans to restart production April 14. The company, in a news release Thursday on the restart date, said it is taking “important… Continue reading Fiat Chrysler plans April 14 production restart
Ford warns employees of pay freeze for executives, other possible cuts
CLOSE Filings for unemployment benefits hit a record 3.3 million last week, the Labor Department said showing the coronavirus’s damage to the economy. USA TODAY Ford CEO Jim Hackett notified all employees in writing Thursday morning that the company would freeze executive pay and stall employee merit raises as part of a push to strengthen Ford’s financials and prevent… Continue reading Ford warns employees of pay freeze for executives, other possible cuts
Porsche set to launch 3D printed personalized bucket seats
Porsche, known for its high-performance sports cars, has announced the development of its new 3D printed personalized bucket seats. The “bodyform full bucket seat” will initially be limited to 40 prototypes for use on European race tracks as early as May 2020, with customer feedback being used to develop the final street-legal models for mid… Continue reading Porsche set to launch 3D printed personalized bucket seats
Hyundai to suspend car production of cars at St. Petersburg plant during week off
MOSCOW, March 26. / TASS /. Hyundai will suspend car production at its plant in St. Petersburg between March 30 to April 3 in connection with a presidential decree on the announcement of a non-working week in the country, the company said in a statement on Thursday.
“Hyundai Motor Company announces that, according to the decree of the Russian President, in connection with the difficult epidemiological situation associated with the spread of coronavirus, Hyundai Motor Manufacturing Rus plant will suspend production for the period of March 30 to April 3,” the company said.
Earlier, the Nissan plant in St. Petersburg announced a suspension of production for a week for the same reason.
Earlier this week automakers began to suspend production at their Russian factories due to problems with the supply of parts. Volkswagen and PSA have already announced a downtime, while Sollers also announced the risk of suspension of production of cars at UAZ and Ford Sollers. A significant part of the tota..
GM extends North American shutdown, does not set restart date
Cars are pictured at the General Motors Co plant, that will give time off to its employees during the coronavirus disease (COVID-19) outbreak, in Sao Jose dos Campos, Brazil March 19, 2020. REUTERS/Roosevelt Cassio WASHINGTON (Reuters) – General Motors Co (GM.N) said Thursday it will extend a shutdown of its North American plants beyond March… Continue reading GM extends North American shutdown, does not set restart date