DETROIT (Reuters) -- General Motors is "not betting on" an uptick in European auto demand later this year and has no plans to provide additional funds to its struggling partner in the region, France's PSA Peugeot Citroen, GM's CFO said Thursday.
Merger and acquisitions activity remains high in the auto industry, but it has become more difficult to finalize deals in the tougher economic environment, the chief financial officer of auto parts supplier BorgWarner said on Thursday.
Geneva auto show organizers apologized to Fiat after a fake image of the automaker's upcoming 500X crossover was published on the show's Web site. The picture was taken off the site after Fiat complained that the image was not genuine.
Toyota Motor North America has settled its outstanding cases with attorneys general in 29 states and one U.S. territory regarding allegations of foot-dragging in its safety recall process from 2005 to 2010.
Renault-Nissan will create a joint venture with Italian bank UniCredit to sell loans to car buyers in Russia. The alliance will have a 60 percent stake in the venture, while UniCredit will hold 40 percent, the companies said in a joint statement.
Renault eliminated debt at its auto manufacturing unit last year for the first time since its tie-up with Nissan. The company said 2012 earnings before interest, taxes and one-time items were 729 million euros, beating analysts' estimates.
Russian automakers are considering their government's desire for a domestic luxury brand to challenge the dominance of Western premium brands such as BMW, Mercedes-Benz and Audi, but they appear cool on the proposal.
LMC Automotive says it sees little hope of auto sales recovering in Europe this year after registrations in January plunged 9.5 percent. LMC predicted western Europe's full-year sales will drop 4.1 percent this year to 11.27 million, the sixth continual year of decline.
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