EU joins auto panel
BRUSSELS - The European Union has become an official member of the UN committee establishing uniform technical automobile regulations worldwide.
The EU now has one voice, rather than 15 for individual countries that were members, because the 15 countries have had the same regulations since 1 January.
Neither the US or Japan are members of the UN body, but both have representatives on a parallel working party that administers the UN agreements on automobile regulation.
Diana T. Kurylko
Mexico sales soar 48 percent
MEXICO CITY - Mexican auto sales rose 48.8 percent in February, as 50,673 vehicles were sold.
Nissan sales were up 80.7 percent. The Jetta helped Volkswagen sales increase 53.6 percent. Sales of Chrysler's Neon more than tripled.
Mexican production increased 11.7 percent in February, to 112,939. Output for the local market increased 56.7 percent; production for exports slipped 2.1 percent.
Folz wants a more profitable PSA
PARIS - PSA Peugeot Citroen posted a net loss of FF2.77 billion ($461 million) on its car operations.
'We are suffering from an innovation backwardness,' said Chairman Jean-Martin Folz presenting the 1997 results.
PSA's car division lost FF355 million, while finance and non-automobile operations made FF1.2 billion and FF1.1 billion profit. However, the balance sheet was hit by exceptional pre-tax payment of FF4.38 billion. Net profit in 1996 was FF734 million.
EU backs Opel aid
Brussels - The European Union last week approved DM14.6 million ($8 million) in aid to Adam Opel AG for its Bochum, Germany, factory.
GM is investing DM119 million in the Bochum plant to upgrade it for Astra assembly and new component production, the EU said. It is getting the approved aid from the German state of North Rhine-Westphalia to help finance a new transfer press and to expand an axle workshop.
Bochum produces both cars and components. GM said that without the state funds, it may have moved production of some Astra components out of Germany. The aid saved 400 jobs, GM said.
Diana T. Kurylko
Daewoo may sell stake to GM
THE CHAIRMAN of Daewoo Group said he might sell half of Daewoo Motor Corp. to General Motors.
GM could participate in the company's management,' said Kim Woo-choong, 'but Daewoo will still hold the ultimate managerial control.'
A spokesman at General Motors International Operations in Zurich would not comment on Kim's statement.
Reuters News Service