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TATA MOTORS CUTS PRICES BY UP TO US$1,235
NEW DELHI - Indian auto major Tata Motors on Wednesday said it has slashed the prices by up to Rs 60,000 (US$1,235) across its entire range of products on account of the four per cent reduction in Central Value Added Tax (CENVAT).
The prices of passenger cars -- Indica and Indigo family -- have been reduced between Rs 12,000 and Rs 23,000 depending on different models, Tata Motors said in a statement.
VIETNAM'S AUTOMOBILE IMPORTS SURPASS EXPECTATIONS
HANOI - Automobile imports in October exceeded government expectations.
Vietnam imported 1,500 autos during the month worth a total of US$44.5 million exceeding the General Statistic Offices earlier estimate of 1,000 vehicles valued at US$25 million.
SUZUKI CHAIRMAN BACK IN DRIVER'S SEAT AFTER PRESIDENT RESIGNS
TOKYO - Suzuki Motor Corp. (TSE:7269) said Wednesday that Chairman Osamu Suzuki, 78, will double as president effective Thursday, taking over the position from Hiroshi Tsuda, who is stepping down for health reasons.
"Because of the sharply deteriorating economic environment, we need a setup that can handle emergencies," the chairman told a news conference.
SOUTH KOREAN GOVT WEIGHS SUPPORT FOR AUTO PARTS INDUSTRY
SEOUL - The government is considering providing liquidity to local auto parts makers to help them overcome a cash crunch stemming from auto companies' output cuts, officials said Thursday.
The move comes as Hyundai Motor Co. (KSE:005380) and other car makers, stung by a sharp drop in domestic and overseas demand, have announced plans to reduce output, dealing a harsh blow to the auto parts industry.
ANALYSIS - MALAYSIA'S PROTON TO BE ON PAR WITH WORLD'S TOP CARMAKERS
KUALA LUMPUR - Though still a long way to go for Proton Holdings Bhd (KLSE:5304) to be considered a successful carmaker in the world, it is albeit on the right track to be on par with the world's top car manufacturers.
The national carmaker has proven its sceptics wrong by doing what it should do best, and that is the business of making and selling cars.
HYUNDAI MOTOR, TELE ATLAS SIGN ALLIANCE DEAL ON DIGITAL MAPS
SEOUL - Hyundai Motor Co. (KSE:005380), South Korea's top automaker, said Thursday it had signed an agreement with Tele Atlas, a Dutch digital map-making unit of TomTom NV, to collaborate on digital maps for car navigation systems.
Financial terms of the deal were not disclosed.
IMBALANCE IN CAR TRADE IRRELEVANT TO S KOREA/US FTA: OFFICIAL
SEOUL - The imbalance between U.S. and South Korean auto sales in each other's markets should have no bearing on the bilateral free trade agreement (FTA) waiting ratification, a senior Seoul official said Wednesday.
Trade Minister Kim Jong-hoon said that although critics have pointed out that South Korea sells 700,000 vehicles in the U.S. annually, while the U.S. sells only 5,000 cars in South Korea, the comparison is inappropriate since the imbalance between the U.S. and Japan is even greater.
AUSTRALIAN BRAKE PAD MAKER TO AXE 50 JOBS ON WEAK DEMAND FROM US
MELBOURNE - The global economic slowdown and the crisis facing America's car manufacturing industry has hit yet another Victorian business in the run-up to Christmas.
Ballarat-based brake pad manufacturer FMP Group announced it is shedding 50 jobs, blaming the world financial crisis and problems affecting the United States.
FORD INDIA CUTS PRICES BY UP TO US$1,108
NEW DELHI - Carmaker Ford India on Wednesday said it has slashed the prices of its models by up to Rs 54,000 (US$1,108), in response to the government's move to reduce excise duty.
The price of the company's premium hatchback 'Fusion' has been reduced by Rs 18,500, Ford India said in a statement.
SKODA INDIA TO CUT CAR PRICES BY UP TO US$1,057
NEW DELHI - Car maker Skoda India on Wednesday said it will cut prices of its products by up to Rs 51,500 (US$1,057) following a four per cent reduction in Central Value Added Tax (CENVAT).
"To pass on the benefit of the CENVAT reduction by the government, the company will slash prices between Rs 12,500 and Rs 51,500 across all models," Skoda India Board Member (Sales and Marketing) Thomas Kuehl said.
INDIAN AUTO INDUSTRY POSTS BIGGEST FALL IN SALES IN NOV
NEW DELHI - The Indian Automobile industry on Wednesday reported its worst ever sales in history with overall domestic sales declining by 17.98 per cent in November, as commercial and passenger vehicle sales skidded off the road.
Total vehicle sales in the domestic market stood at 711,281 units in November as against 867,243 units in the same month last year, according to the Society of Indian Automobile Manufacturers (SIAM).
SAMSUNG, HYUNDAI NOT TO 'ARTIFICIALLY' LAY OFF WORKERS: OFFICIALS
SEOUL - South Korea's two largest conglomerates said Wednesday they will not engage in artificial restructuring efforts, despite the slowdown in the global economy.
A senior executive at Samsung said any movements of workers will be those carried out on a regular basis.
GM INDIA SLASHES VEHICLE PRICES AFTER GOVT CUT EXCISE DUTY
NEW DELHI - Automobile manufacturer General Motors on Wednesday cut the price of its vehicles by up to Rs 30,500 (US$626.29) after the government reduced the excise duty.
With immediate effect, the company has reduced the prices of its small car 'Spark' by Rs 8,000-Rs 10,200, GM India Vice President P Balendran said.
SUBARU AIMING AT SALES OF 25,000 UNITS IN CHINA IN 2009
BEIJING - Japanese automaker Subaru, also a subsidiary of Fuji Heavy Industries (TSE:7270), has set a sales goal of 25,000 units in China for the coming year, up 25 percent from 2008.
Subaru is enjoying the fastest sales growth among imported auto brands in China.
CHERY AUTOMOBILE TERMINATES COOPERATION WITH CHRYSLER
BEIJING - Chinese automaker Chery Automobile and Chrysler Motors LLC decided to end talks on cooperation due to the global financial crisis.
Chery entered into a strategic cooperation agreement with the third largest U.S. automaker in July 2007 to manufacture compact cars under Chrysler's Dodge brand for sale in North America and Europe.
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