Headlines for Tuesday, February 21, 2012
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GM, PSA discuss alliance; Production tie-up in focus
General Motors and PSA are in talks about a possible alliance, PSA CEO Philippe Varin told the French government, following earlier news reports about the discussions. The talks are focused on sharing vehicles and parts. Read More »
China's Great Wall opens first EU car plant
Chinese automaker Great Wall Motor has opened its first European factory as part of its strategy to lift sales in the region. The plant in Bulgaria will assemble 50,000 units a year. Read More »
Continental plans first dividend in 4 years as profit gains
German supplier Continental plans to pay its first dividend in four years after posting a gain in 2011 profit. The company said the payout of 1.50 euros, will amount in total to about 300 million euros or 24 percent of net income. Read More »
Fiat's Turkish unit reports quarterly profit rise on property sale
Fiat's Turkish unit Tofas said profit in the fourth quarter climbed 9.6 percent, beating estimates, after gains from a property sale. Read More »
India's Mahindra in talks to set up assembly line in Russia
Indian automaker Mahindra & Mahindra is in talks with South Korea's Ssangyong distributor in Russia to set up an assembly line. Read More »
China curbing overcapacity helps GM set goal for doubling deliveries
China is clamping down on overcapacity in the world's biggest automobile market, benefiting companies with entrenched production and sales, such as General Motors, while hurting newcomers to the market. GM plans to double sales in the country to 5 million units by 2015. Read More »
Geely Auto signs car assembly deal with Egypt's GB Auto
China's Geely Automobile has signed a deal for GB Auto to assemble Geely cars in Egypt and distribute them in North Africa. Read More »
Tata will double annual investments in Jaguar Land Rover
Tata Motors will double investments in its Jaguar Land Rover brands to $2.4 billion a year, even as the Indian automaker warned that it will be a challenge to sustain high margins at its key profit generator. Read More »
Volvo plans JV to build cars in China
Volvo Cars will form a carmaking venture with majority shareholder Zhejiang Geely Holding Group, as part of plans to expand in the world's largest vehicle market. Volvo will also introduce a new China-only brand. Read More »
