Despite Volvo Car Corp.'s Chinese ownership, the central government views the automaker as a foreign entity, Volvo Chairman Li Shufu admitted last week. That's very bad news for Li and for Volvo, which was acquired 19 months ago by Zhejiang Geely Holding Group Co. Li also is Geely's chairman.
Fiat may have to close two plants in Italy if plans to export to the U.S. market don't materialize, CEO Sergio Marchionne said. Fiat must take advantage of a revived U.S. car market since the outlook for the European business is bleak., he said.
Volkswagen Group posted an unexpected decline in fourth-quarter operating profit, even as it said full-year results for 2011 were a record. Quarterly operating profit slid 0.9 percent to 2.29 billion euros ($3.05 billion).
Magna International posted a big jump in quarterly earnings as vehicle production soared in North America. Magna said fourth-quarter profit rose to $312 million, compared with earnings of $224 million in the year-before quarter.