No sub-Boxster plans, says Porsche
CARMONA, Spain - Porsche has denied German media reports it is planning to launch a small sports car to be positioned below the Boxster.
'A car smaller than the Boxster could never meet our profitability criteria,' said a Porsche insider. 'It would need a specific platform, which is too costly, and it would not deliver the return on investment we expect from our products.'
Porsche's next model will be the 911 Targa, to be shown at Paris in October or next year at Geneva. Porsche's sport-utility is due to be make its debut at Frankfurt in 2001. Sales will start the following year.
Jaguar, Volvo to shift US bases
IRVINE, USA - Ford Motor Co. will move the North American headquarters for Jaguar and Volvo to California from New Jersey as part of a US consolidation for its Premier Automotive Group.
The Jaguar and Volvo units will be housed with Ford's Lincoln Mercury division, which relocated from Dearborn, Michigan, to Irvine, California in 1998. The four brands, along with Aston Martin, will be located in a new 27,000-square-meter facility that will employ 800 people when it opens in autumn 2001.
About 150 jobs will be moved from Volvo's offices in Rockleigh, New Jersey. The New Jersey offices will become a technical and processing center, keeping 140 jobs. Jaguar plans to move 50-60 of its 250 jobs in Mahwah, New Jersey, to Irvine. Jaguar will keep dealer operations, parts, service and systems in New Jersey.
Reuters News Service
Autoliv buys NSK seat belt unit
STOCKHOLM - Swedish car safety equipment group Autoliv is to acquire the seat belt unit of Japanese supplier NSK for Skr 600 million (A70.6 million). The purchase is expected to make Autoliv the world's largest producer of seat belts. NSK has seat belt manufacturing plants in Japan and the USA. Swedish daily newspaper Dagens Industri said the acquisition would boost Autoliv seat belt sales to about Skr11 billion.
Peugeot ready to expand in Turkey
PARIS - Peugeot has set up a new import and distribution operation in Turkey through a 60-40 joint venture with local group Kiraca. Peugeot sold 15,800 vehicles in Turkey last year and plans sales of 24,000 units this year. Meanwhile, Citroen has signed an agreement with Russian carmaker Doninvest to assemble 3,000 Berlingo vans annually in the Taganrog automotive plant, near Rostov-on-Don in southern Russia. Production will start before the end of 2000.