Daimler-Benz sales up 20%
STUTTGART, Germany - Daimler-Benz said it finished 1997 with record sales and profits. Sales rose 20 percent to DM120 billion ($67 billion). Operating profits are expected to be more than DM3 billion, compared with DM2.4 billion in 1996.
Agnelli's new heir
TURIN - John Elkann, 22, has joined the board of Fiat SpA. He replaces the late Giovanni Alberto Agnelli, who died of cancer in December. Elkann is the new Agnelli family heir apparent to lead the company one day. He is the eldest grandson of Giovanni Agnelli, the retired chairman and honorary president. The Agnelli family controls 32.9 percent of Fiat.
Tata will sell cars in Europe
NEW DELHI - Indian truckmaker Tata plans European sales for two cars it will introduce at the New Delhi auto show on 15 January. The sport-utility and Golf-size hatchback will also be shown at the Geneva show in March. The passenger car was styled in Italy by I.De.A. Institute. It will go on sale in India in the second half of 1998, and Tata plans to sell it in Europe in spring 1999. The sport-utility, designed in the UK by Mayflower Vehicle Systems, is scheduled to arrive in Europe this year. A Tata joint venture with Daimler-Benz now builds the Mercedes E-class for India only.
VW Bosnia on hold
SARAJEVO, Bosnia - Volkswagen's joint venture with the Bosnian state-owned carmaker will not start production before July. VW is awaiting economic and legal reforms.
Reuters News Service
Prize for Stronach
VIENNA - Frank Stronach, the Austro-Canadian founder and main shareholder of Magna International, won the 1997 Prize of the Federation of Austrian Motoring Writers for his large-scale investments in r&d and production in western Europe.
China up 6.9%
BEIJING - China built 1.36 million vehicles in the first 10 months of 1997, up 6.9 percent on the same period in 1996.
Reuters News Service
The Calendar of Events in the 22 December issue included two listings for the Stockholm International Motor Show. The show will not occur in 1999; it will occur 5-16 April 2000.