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KOREA'S HYUNDAI MOBIS TO SUPPLY DAIMLER,VOLKSWAGEN WITH CARPARTS
SEOUL - Hyundai Mobis Co. (KSE:012330), South Korea's top auto parts maker, said Thursday it has begun supplying Germany's Daimler AG and Volkswagen Group with car parts, in a move aimed at increasing its presence among foreign car makers.
Hyundai Mobis said it has agreed with Daimler to provide the latter with car audio systems worth US$35 million and intelligent battery sensors, used to measure the electrical charge retrieved and stored in a vehicles battery, worth US$95 million.
DIARY - VIETNAM MOTOR SHOW TO TAKE PLACE IN NOVEMBER
HANOI - The fifth and the biggest automobile exhibition of the year organised by the Vietnam Automobile Manufacturers Association (VAMA) will take place from November 20 to 24 at the Saigon Exhibition & Convention Centre (SECC).
The Vietnam Motor Show 2009 will be held in the Saigon Exhibition & Convention centre (SECC) at 799, Nguyen Van Linh Parkway, District 7, Ho Chi Minh City.
AUDI VOLKSWAGEN KOREA RECALLING 96 VEHICLES FOR DEFECTS
SEOUL - Vehicle importer Audi Volkswagen Korea is recalling 96 of its Touareg sport-utility vehicles (SUVs) due to manufacturing defects, the transportation ministry said Thursday.
The defect could cause the spoiler attached to the back of the SUVs to come loose, which can cause damage and hamper the safe driving of trailing vehicles, the Ministry of Land, Transport and Maritime Affairs said in an e-mailed statement.
SHARES OF AUSTRALIA'S ELDERS IN TRADING HALT PENDING ANNOUNCEMENT
MELBOURNE - Australian agribusiness and automotive interiors supplier Elders Ltd's (ASX:ELD) shares are in a trading halt pending an announcement about a transaction.
"We request the suspension pending an announcement regarding a significant transaction currently under negotiation, which we anticipate will be issued by Friday July 31, 2009," Elders said in a statement to the Australian Securities Exchange on Thursday.
3D CAR NAVIGATION SOFTWARE HITS MALAYSIA BY YEAR END
AYUTTHAYA - Malaysian-owned Aapico Hitech PCL, one of the leading autoparts manufacturers in Thailand, is planning to launch the first real 3D car navigation software in Malaysia and Singapore by year-end.
Its president and chief executive officer, Yeap Swee Chuan, said his IT experts were putting the final touches to the Powermap X2 software, including images of prominent landmarks in the two countries.
JAPAN CO KOITO TO RESUME PRODUCTION AT AUTOMOTIVE LAMP FACTORY
TOKYO - Japanese company Koito Mfg. Co. (TSE:7276) said Wednesday that its automobile lamp factory in Saga Prefecture will restart operations August 3, with output to be boosted as demand recovers further.
The factory, which came onstream this past September, has remained idle since March in response to severe production cuts by automakers since autumn. With plans to ramp up output gradually, Koito intends to hire 50 or so temporary workers. The factory is capable of producing enough lamps for 500, 000 cars a year.
JAPAN'S JTEKT ANNOUNCES PURCHASE OF TIMKEN'S NEEDLE BEARINGS BIZ
TOKYO - Jtekt Corp. (TSE:6473) said Wednesday that it signed an agreement the same day to buy U.S. firm Timken Co.'s needle roller bearings business for roughly 29 billion yen (US$300 million).
The acquisition will be completed by year-end.
COST-CUTTING DRIVES JAPAN AUTO COS HONDA, NISSAN BACK TO PROFIT
TOKYO - Drastic cost-cutting measures paid off for Honda Motor Co. (TSE:7267) and Nissan Motor Co. (TSE:7201) in the April-June quarter as the two Japanese automakers achieved remarkable turnarounds by reporting operating profits.
Honda reported Wednesday that operating profit came to 25.1 billion yen (US$264.2 million) for the April-June quarter, an upswing of 308.1 billion yen compared with the previous three-month term. Efforts to slash costs shrank red ink at the automaker's Japanese operations by more than 170 billion yen and returned it to the black in Europe and the U.S.
JAPAN AUTOMAKER NISSAN TO RAISE OUTPUT CAPACITY AT CHINESE JV
TOKYO - Japanese company Nissan Motor Co. (TSE:7201) said Wednesday that it will expand production capacity for passenger vehicles in China to 700,000 units a year from 460,000.
A production line capable of churning out 240,000 units a year will be installed at the main plant of local joint venture Dongfeng Motor Co. (HKSE:0489) This assembly line will be in a new building to be built on land adjacent to the plant in Guangzhou, with operations to begin in 2012. The move will cost five billion yuan, or some 70 billion yen (US$736.75 million).
INDIA'S TATA MOTORS TIES UP WITH STATE BANK OF HYDERABAD
NEW DELHI - Indian auto maker Tata Motors (BSE:500570) on Wednesday announced that it has entered into an understanding with public sector lender State Bank of Hyderabad for financing of Fiat cars available through the Tata-Fiat dealer network.
Under the agreement, customers can avail loans of up to 85 per cent of the "on-road price" for a tenure ranging up to 7 years at an interest of 10.25-10.75 per cent annually for Fiat brands including Linea, Palio Stile and Grande Punto, Tata Motors said in a statement.
JAGUAR LAND ROVER MULLS LIGHT WEIGHT ALUMINIUM BODIES TO CUT COSTS
NEW DELHI - Tatas-owned Jaguar Land Rover (JLR) is mulling over building all its future cars with light weight aluminium bodies for reducing input costs as the two British marquees are trying hard to come out of the more than Rs 17 billion (US$352.3 million) loss in 2008-09.
The two iconic brands are also developing hybrid engines for use in future models of JLR.
SSANGYONG'S LABOR, MANAGEMENT TO RESUME DIALOGUE THURSDAY
SEOUL - Ssangyong Motor's (KSE:003620) labor and management agreed Wednesday to resume bilateral dialogue the next morning, seeking to narrow their differences on ways to revive the debt-stricken automaker through sweeping job cuts, company officials said.
About 600 unionized workers have occupied a paint shop of Ssangyong's sole factory in Pyeongtaek, about 70km south of Seoul, for over two months to protest mass layoffs, paralyzing production and thrusting hundreds of the automaker's subcontractors into the risk of insolvency.
CHINA'S NEW VEHICLE TAX POLICY TO PROMOTE FUEL ECONOMY
BEIJING - China is expected to revise its tax policy on automobile producers and levy a heavier tax on fuel-guzzling vehicles.
The new policy is expected to be unveiled in October, according to information from auto industry associations.
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