D/C Hyundai stake
DaimlerChrysler has paid $428 million to acquire 10 percent of Korea's Hyundai Motor Co. In March, D/C paid $2.1 billion for a controlling 34 percent stake in Mitsubishi Motors. D/C will - with the help of a small stake in Hyundai held by Mitsubishi - become the largest shareholder in Hyundai.
D/C and Hyundai also agreed to form a 50-50 joint venture in commercial vehicles.
Audi sales climb
WOLFSBURG, Germany - Audi AG's pretax profit for the first half of 2000 was DM806 million (A408.2 million) - about the same level as the year-earlier period. Sales were DM15.8 million, up 9.8 percent.
Fiat in recovery
TURIN - Fiat SpA will report a big improvement in its financial performance in 2000, said Chairman Paolo Fresco. Fiat SpA posted a 1999 pretax profit of just over A1 billion, compared with A1.4 billion in 1998 and A2.2 billion in 1997.
Fresco said Fiat Auto posted an operating profit of A20 million in the first quarter, helped by strong sales of the new Punto and a recovery in Latin America.
PSA aluminum link
PARIS - PSA/Peugeot-Citroen and French aluminum group Pechiney have entered a 10-year agreement to develop aluminum car parts - including body panels, suspension systems, axles and engines. The agreement also includes a long-term aluminum supply contract .
BCA French tie-up
British Car Auctions (BCA) and Renault Credit International have formed an alliance to create a new used-car auction company in France. BCA will own 60 percent of the new company and Renault Credit will own 40 percent. Through its subsidiary Transparcs, Renault Credit owns two auctions in France. BCA is Europe's largest used-car auction company.