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VOLVO TO RECALL 1,000 VEHICLES IN S KOREA FOR FAULTY COOLING FANS
SEOUL - Global automaker Volvo will recall 1,020 vehicles sold in South Korea because of defective engine cooling fans, government officials said Thursday.
Subject to the recall are four Swedish-made models produced between Feb. 18 and Oct. 10 last year, the Ministry of Land, Transport and Maritime Affairs said.
INDONESIAN MOTORCYCLE SALES PREDICTED TO SHRINK THIS YEAR
JAKARTA - The capacity utilization of Indonesia's motorcycle industry is forecast to sink to a seven year low with production estimated to reach only 58 per cent of the total capacity of 7.5 million.
The association of motorcycle industries (AISI) said last year, the capacity utilization was 84 per cent of the same production capacity.
AUTO MAKERS IN INDIA REGISTER HEALTHY GROWTH IN JUNE
NEW DELHI - Major auto makers in India registered healthy growth in domestic sales for June, showing a sign of recovery from the sluggish market conditions that have prevailed since last year.
All the major carmakers like Maruti Suzuki India (BSE:532500), Hyundai Motor India, Tata Motors (BSE:500570), Mahindra & Mahindra (BSE:500520) and Honda Siel Cars saw their sales for June moving northwards.
NISSAN TO BUILD CARS IN VIETNAM
HANOI - Japanese automaker Nissan (TSE:7201) said on July 1 it saw "tremendous opportunities" in Vietnam and would begin local production next year, despite the global economic crisis.
Nissan Vietnam Co Ltd would launch its first model assembled in Vietnam by 2010, the automaker said in a press release.
CHINA'S FUEL PRICE HIKE HURTS DRIVERS, ECONOMIC IMPACT LIMITED
BEIJING - China's latest fuel price hike from Tuesday would certainly pinch the pockets of consumers, but may not leave a lasting impact on the nation's economic recovery, analysts said.
Gasoline, diesel and jet fuel prices in the country were raised by as much as 11 per cent from Tuesday, the third increase this year and the second in June, to reflect recent price changes in the global oil market.
H1 SALES HIT HISTORICAL HIGH IN CHINA: GM
BEIJING - The U.S. automaker General Motors Corp. said here Wednesday that its auto sales in China in the first half of 2009 rose 38 per cent from the same period last year to a record high of 841,442 units, spurred by the government stimulus package.
"Thanks to government stimulus measures on the auto industry and the rising demand in subordinate cities and rural areas, China's auto market had seen a strong growth and GM's products had been very popular," said Kevin Wale, president and managing director of GM China Group.
CHINA CHURNS OUT RECORD NEW AUTO MODELS IN FIRST HALF YEAR
BEIJING - Chinese manufacturers rolled out a record 89 new auto models in the first half of this year amid the industry boom, said an official with the China Association of Automobile Manufacturers (CAAM) Tuesday.
"Eighty nine models in six months, that is to say one model for every two days, which is unprecedented," said Zhu Yiping, the assistant of CAAM's secretary general.
AUSTRALIAN CAR SALES RISE IN JUNE
ADELAIDE - Australia's car market is expected to show signs of recovery when official sales figures for June are released on Friday.
While sales were down almost 20 per cent to the end of May, demand in June provided the industry with its best month for the past year.
JAPAN'S EXPORT STOCKS RISE AHEAD OF TURNAROUND IN CORP SENTIMENT
TOKYO - Automobile and electronics stocks have rallied since the start of the year, as though to presage the uptick in the Bank of Japan's latest business sentiment survey.
In the quarterly tankan survey released Wednesday, the diffusion index tracking the auto industry's expectations for the business climate three months down the road is 28 points higher than the index gauging their current outlook. The gap is 24 points for the electronics sector. Many attribute the prospect of improved sentiment to progress in inventory adjustments and cost reductions.
FUJI HEAVY TO GO GLOBAL WITH REDESIGNED SUBARU LEGACY
TOKYO - Fuji Heavy Industries Ltd. (TSE:7270) plans to have the latest generation of its Subaru Legacy available in all major markets of the world within the year.
The fifth-generation Legacy was released in Japan this May. Fuji Heavy normally waits more than a year to release its cars to overseas markets, but is accelerating the process this time because of the sluggish domestic auto market.
HYUNDAI'S FIRST HYBRID CAR GETS OVER 1,000 ORDERS
SEOUL - Hyundai Motor Co. (KSE:005380), South Korea's largest automaker, said Thursday it has received more than 1,000 pre-sale orders at home for the company's first commercial version of hybrid car.
Starting Wednesday, Hyundai will start selling the Avante LPI, a hybrid version of its best-selling compact car Avante, which is sold as the Elantra overseas.
JAPAN POST TO DEPLOY 40 ELECTRIC CARS
TOKYO - Japan Post Service Co., the mail delivery unit of the Japan Post group, on Wednesday announced plans to operate a total of 40 electric vehicles this fiscal year, deploying the first of them late this month.
The company will sign five-year lease contracts for 20 units apiece of the i-MiEV from Mitsubishi Motors Corp. (TSE:7211) and the Subaru Plug-In Stella from Fuji Heavy Industries Ltd. (TSE:7270). These cars will be used mainly at its 34 branches in Kanagawa Prefecture, where there are relatively many battery-recharging stations.
CHINESE AUTOMAKERS LAUNCH 89 NEW MODELS IN H1
BEIJING - Chinese automakers have launched 89 new models of cars during the first half of 2009, marking new record for China's auto industry.
The unprecedented launching has sharpened automakers' competitive edges and bolstered auto demand.
CHINA VEHICLE IMPORTS FALL IN MAY
BEIJING - China's imports of complete motor vehicles totaled 23,700 units in May, down 8.52 per cent month on month and 23.33 per cent year on year, according to statistics released by the China Association of Automobile Manufacturers.
The import value reached US$878 million up 4.1 per cent month on month but down 24.42 per cent year on year.
SLOWDOWN MAKES CARS CHEAPER TO RUN: S AUSTRALIAN MOTORING GROUP
ADELAIDE - The economic downturn has provided an unexpected bonus for Australian motorists, cutting the cost of owning and running a car.
A survey of 75 cars found costs were down about seven per cent over the past year with the downturn leading to ultra-competitive market conditions, lower interest rates and cheaper petrol prices.
TATA MOTORS TIES UP WITH INDIAN BANK
NEW DELHI - Tata Motors (BSE:500570) on Wednesday said it has entered into an agreement with public sector lender Indian Bank (BSE:532814) to finance Fiat cars distributed by the Indian auto maker.
Under the agreement, customers can avail loans up to 85 per cent of the on-the-road-price for a period of up to seven years, at an interest rate of 11.50 per cent for Fiat cars, including Linea, Palio and the recently-launched Grande Punto range.
CHINESE AUTOMAKERS EYEING LARGER SHARE OF INDONESIAN MARKET
JAKARTA - Chinese automakers are turning to Indonesia hoping to grab a substantial share of the potential market in that country.
In the last two years, four Chinese brands - Chery, Foton, Great Wall and Geeky have entered the Indonesian market.
GM SALES IN CHINA HIT NEW HIGH OF 814,442 UNITS IN FIRST HALF
BEIJING - The U.S.-based General Motors Corp. said Wednesday that its auto sales in China hit a new high of 814,442 units in the first half of 2009, up 38 per cent from a year earlier.
GM China president Kevin Wale predicted that GM's sales growth in China will proceed into the next half of the year. He also said that the company would launch new models to bolster sales.
CHINA'S TRUCK MARKET REMAINS SLUGGISH IN MAY
BEIJING - China's truck market still faces challenges in May, despite soaring output and sales of the whole auto industry during the month.
But some sub-type sectors reported good performances. The dump truck market remained strong and the semi trailer market regained momentum in May. All this suggested the recovery of China's port logistics and toll logistics market.
HYUNDAI MOTOR'S AUTO SALES RISE 9.6 PCT IN JUNE
SEOUL - Hyundai Motor Co. (KSE:005380), South Korea's largest automaker, said Wednesday its auto sales last month rose 9.6 per cent from a year ago to 278,485 units, thanks to growing demand at home and overseas.
In the first six months of this year, Hyundai sold 1.38 million units, down 6.2 per cent from a year earlier, the company said in a statement.
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