TOKYO (Jiji Press) — Honda Motor Co. said Thursday that it has decided to keep its automobile plants in Wuhan, China, the epicenter of the outbreak of a new coronavirus, closed until Feb. 13.The Japanese automaker earlier planned to keep the facilities offline through next Sunday in line with th…
Category: Newswire
Aston Martin’s Electric-Car Plans Fall Victim to Stroll Rescue
Aston Martin Lagonda Global Holdings Plc’s 500-million-pound ($656 million) cash lifeline from Canadian billionaire Lawrence Stroll has a major casualty — the company’s push into electric cars.
BMW delays next generation Mini due to Brexit uncertainty, costs
* BMW extends lifespan of its Mini platform
* Brexit uncertainty hampers ability of BMW to invest in Britain
* Mini is also produced in the Netherlands (Adds detail)
FRANKFURT, Jan 31 (Reuters) – BMW has delayed the development of its next generation Mini as it seeks to cut costs and as uncertainty over Britain's trade relations with the European Union make long-term investment decisions harder.
The German carmaker has developed three generations of the Mini since buying the marque from Rover Group in 1994, keeping each vehicle in the market for about six years.
The current Mini hatch model, which has been on the market since 2014, is built on the company's technological platform called UKL1.
“The lifespan of this platform has been extended,” BMW spokesman Maximilian Schoeberl told Reuters. “For cost reasons and because of Brexit.”
Pressure has risen on carmakers to free up resources so they can shoulder hefty investments to build next generation low emission electric, hybrid..
Aston Martin Shares Leap 25% As Billionaire Stroll Buys Big Stake
Aston Martin shares accelerated ahead Friday after news Canadian billionaire Lawrence Stroll will buy up to 20% in the ailing luxury sports car and SUV maker, according to Reuters.
Mitsubishi Motors posts surprise Q3 operating loss as car sales slide
Mitsubishi Motors Corp on Friday posted a surprise operating loss in the third quarter, its worst quarterly performance in more than three years, hurt by falling sales in China, Japan and South-east Asia, as well as a stronger yen.The carmaker posted an operating loss of 6.6 billion yen (US$60.2 million) for the October-December quarter, missing an average forecast for a profit of 11.6 billion yen.Mitsubishi stuck to an earlier forecast for a 73 per cent drop in full-year operating profit to 30 billion yen in the year to March.
Aston Martin seals £500m rescue deal
Embattled Aston Martin has accepted a lifeline from a foreign investor as the luxury car maker struggles under its rising costs and debt load, sending its shares soaring by a quarter.Mr Stroll will join the board and become executive chairman.Aston Martin will also tap existing shareholders for a further £318m as part of a rights issue.
Continental’s Vitesco Gets Contract From Volkswagen-Handelsblatt
Vitesco, the powertrain division of auto supplier Continental, has won a contract to supply drive components for the upcoming models of Volkswagen’s electric ID series, Handelsblatt reported, citing industry sources.The report did not give a volume for the contract.
Karma Debuts New Design Studio At Global Headquarters
The 12,000-square-foot design studio represents a multimillion-dollar investment and underscores Karma’s efforts to enhance and grow its design services. The new studio strengthens the company’s design capabilities as it readies itself for both future Karma design projects and those on behalf of other OEMs and startups. The new business unit is also tasked with offering… Continue reading Karma Debuts New Design Studio At Global Headquarters
Hyundai and Affiliates Post Bumper Sales
Operating profits also rallied after a seven-year decline.Hyundai Mobis’ sales rose 8.2 percent to W38.49 trillion, while Hyundai Motor’s stood at W105.79 trillion and Kia’s at W58.15 trillion.Sales had been stagnant since 2013 but have risen thanks to the popularity of full-size sedans and SUVs.
French car parts maker PSA extending plant closures in China
PARIS, Jan 31 (Reuters) – French car maker PSA Peugeot Citroen said on Friday its three plants in China's Wuhan will remain closed until Feb. 14, in line with the Chinese government's guidance over the coronavirus and the extension of Lunar New Year holidays.