Business News » cars

Honda increased wages in China

viliyana89 — Tue, 01 Jun 2010 17:00:54 +0000

The Japanese car manufacturer Honda announced on Tuesday that the proposed increase of 24% of wages for factory workers in the company’s spare parts in China. The offer comes after the ongoing strike at the factory, which blocked the production of the group in the country. Honda is ready to increase by 366 yuan (44 million) the average wages of workers in its factory in Foshan, which monthly salary will reach 1,910 yuan (228 million). Following the proposal work in the factory was partially restored, reports the manufacturer. According to the company the majority of workers have accepted the proposal, pending further negotiations with those who are unhappy. To serve as a mediator in the talks representatives of local authorities, designated by Honda. However, their task is difficult as those who still protest appear determined not to allow recovery of production and seek to prevent his colleagues to return to work. “We’re not satisfied. We want an increase of 800 yuan (95 million), “said one of the strikers.
Last year Honda sold in China is 576,223 cars, up 23 percent over the previous 12-month period.

KIA opened a factory for 1 billion USD

viliyana89 — Tue, 02 Mar 2010 09:35:36 +0000

The officials of the Korean brand, officials and honored guests gathered in the Georgia state official opening ceremony of the first production base of the brand in West Point, Georgia with a capacity of 300 000 vehicles a year for distribution in North America and global markets. 500 guests visited the celebration, including the president of automotive concern Hyundai-Kia, Mongo-Kuu Chung, CEO of Kia Motors America, Biang Mo-Ann, the governor of Georgia, Sonny Perdyu and other officials. ‘We welcome the new home of Kia in West Point, Georgia,’ said Mr Ahn. ‘Hard work the whole team has helped the brand to make it the fastest growing automotive brand in the world. After presenting an entirely new Sorrento and the founding of the first production base in the United States, Kia is ready for further growth with the ultimate goal – a world leader in cars with high quality and innovative fresh approach. ” With an investment of $ 1 billion in size and 204 000 square meters of brand new factory occupies an area of 2 200 acres. Classifying are 4 main workshops for stamping, welding, painting and assembly. The new facility includes workshops for gear boxes, modules, and test and tape production line to a length of 3.2 kilometers. The main room for installation of car is equipped with conveyors for precise height adjustment for the convenience of the service teams and a maximum reduction of heavy physical labor. KMMG is the only plant in North America, whose floor is made of wood for a more favorable working environment.
Implemented in the base technologies imply higher productivity and efficiency of business processes. Printing press delivers 5 400 тона pressure, fully automated welding workshop is equipped C 242 machines in a room used green technologies. KMMG has rail lines between rooms to facilitate transportation. Impressive manufacturing base and suppliers of the manufacturing company has secured more than a thousand jobs for the local population. We work in KMMG 1200 employees as their number is planned to double by the end of this year. Mass production of entirely new Kia Sorento was launched on 16 November 2009. model is the official distributor in the United States since January this year. With only realized for the first month of this year – 7 398 number in the SUV segment representative has become a bestseller of the brand.
‘Successful delivery of the first model constructed at West Point, Georgia is a good achievement for KMMG, KMA and Kia as a brand, “said Mr. Ahn.” We are trying to increase production of the Kia model range, while retaining the main advantages of the mark: cost ratio -quality, security and new technologies. KMMG will play a significant role in achieving our goals. ” Despite the economic downturn and the global recession, sales of Kia in America increased by 9.8 percent over the previous year to reach 300 063 units. Kia plans to achieve 347 thousand units in 2010., An increase of 15.6%.

Is the public support for the automotive industry a mistake?

viliyana89 — Sat, 20 Feb 2010 08:27:44 +0000

The termination of government programs to help Europe’s car industry this year represent a rude awakening for car manufacturers, writes EUbusiness. This will be one of the main issues to be discussed by EU industry ministers during their meeting tomorrow (19.02.10). And while sales of new cars in Europe grew by 13 percent in January on an annual basis, the data from the largest European economies – Germany, showed completely different picture. In Germany this year expects sales of 2,75 to 3 million cars, while in 2009 reported sales were 3.8 million cars. After termination of the state program to help car sales in the country in January, the decline in automobile sales market Germany is 4.3 percent – a clear warning to the neighbors of Germany. In Italy, a growth of 30%, but there now expire on state support. This prompted the executive director of Fiat Sergio Marchionne to predict a decline in annual sales in Italy of 350 thousand cars. In Britain, public support for the sector was extended until the end of March, but expectations are for a decline in sales of 9% this year.
According to Carlos Da Silva, an analyst at HIS Global Insight, new car sales in Europe in 2010 will decrease by 11%. The main impact will come from unemployment, which decreased demand. A concern, especially at national level is felt when subjected to pressure France and Renault did not want to allow the relocation of the company outside France. Precisely for this trend of deterioration in the economic development will have to find a decision by European ministers of industry. For the last quarter in Germany was reported growth in the euro area it is only 0.1%. This year is waiting for growth of 1%.

Toyota will draw 9 million defective cars worldwide

viliyana89 — Sat, 30 Jan 2010 22:58:16 +0000

Largest car company in the world, Toyota has found a defect in the brake pedal to accelerate to around 1,8 million of its cars in Europe, cited by New York Times. The Japanese company will withdraw the problematic vehicles over the next few months from market. A similar problem was found with models of Toyota in the U.S. and China, the total number of affected cars is outnumbered 9 million. Among the models in Europe, where defects are established, enter Yaris, Corolla and RAV4. Yesterday it became clear that Toyota will withdraw from the sale even 1,1 million cars in the U.S. and will stop production of eight popular models in the U.S. market in the U.S. and Canada. Previously, the management of Toyota said that 2,3 million vehicles in the U.S. have a problem with the pedal to accelerate. Another 5 million cars have a manufacturing defect resulting in the accelerator can be blocked.
A statement by the company it became clear that so far in Europe and the U.S. have not been established incidents caused by the defect.

Chinese automotive sector broke record straight

viliyana89 — Tue, 08 Dec 2009 06:44:08 +0000

Car production in China exceeded 12 million number for the first eleven months of the year. Above this limit are selling cars in the country, which had not happened before. Association of Automobile Manufacturers in China car sales expected to exceed 13 million throughout 2009, the Air Force forward, citing the state news agency Xinhua. So far in China were manufactured 10 million cars a year. Major role in the tremendous growth of the automotive sector in 2009 have played the actions of the Chinese government to encourage consumers and promoting manufacturing plants. The government took measures to support the acquisition of smaller cars, making tax rebates to buyers. Moreover, subsidies were also introduced in replacement of old cars to new. Only in November, according to preliminary data in the country sold 1.35 million cars. With growth of over 50 percent annually boasts the largest producer in China, Shanghai Automotive Industry.
To date only the U.S. and Japan has been achieved production of over 10 million cars in one year.

Peugeot Citroen will buy 50% from Mitsubishi?

viliyana89 — Fri, 04 Dec 2009 08:46:53 +0000

The French car-builder PSA Peugeot Citroen has confirmed that negotiations with its Japanese partner Mitsubishi Motors to expand cooperation between them, which can become a “strategic partnership”, AFP reported. According to Japanese economic newspaper Nikkei PSA is preparing to acquire control of 30 to 50 percent of the capital located in a difficult financial situation of Mitsubishi Motors, as companies are currently in the final stage of negotiations. Mitsubishi spokesman confirmed that both groups hold talks on projects of mutual benefit. The PSA did not deny the negotiations, but not confirmed for the opportunity to purchase shares of the Japanese firm. According to Japanese press most likely scenario is Mitsubishi to issue new shares for between 200 and 300 billion yen ($ 1,5-2,3 billion) to buy PSA provides its share of 30-50% in equity. Any transaction with Mitsubishi will provide Peugeot Citroen increased access to Asian markets, which are expected to continue to grow rapidly. PSA and Mitsubishi are partnering for several years. Companies develop vehicles together 4×4 Peugeot 4007 and Citroen C-Crosser, have in common electric cars development and joint venture in Russia.
Alliance between the two producers would create the sixth largest automobile giant in the world with total annual sales for 2008 of 4.45 million units car.

Ferrari returned 2356 cars from US Markets

viliyana89 — Thu, 19 Nov 2009 18:59:08 +0000

Ferrari was another producer who will have to retrieve their cars from the market and exactly in the United States. Because of a problem in improperly installed brackets on models 355 and 355 F1,, holding the tube of gas and coolant hose is in danger of rupture of the fuel and subsequent ignition of the entire car. All 2 356 car will get new brackets that will be installed in the Ferrari service centers in the U.S., then the owners will get them back. This is not the first time that Ferrari has recourse to such a step. In 1989 the company had withdrawn from 1 331 Car Model 328, because of problems with suspension. In 1998, even 556 copies of the 348 had defective seat belts or a problem with the engine. In 2000, Ferrari have changed the oil filter of 2 790 cars of different models in 2002 to 211 cars 360 Spider had problems with battery, and in 2003 2 008 units of re-512TR were defective belts. In early October it became clear that Toyota plans to recall 3.8 million in the U.S. car because of problems with the driver’s sock, which may lead to an accident. A little later Ford launched a global program for the return of nearly 4.5 million cars in the workshop. Less than two weeks Mitsubishi withdraw 29 353 pieces of model Lancer and Lancer Evolution.
Then the company explained that the prolonged effects of a mixture of snow and salt can lead to acceleration of corrosion, which in turn can affect the retention in reaction of the cushions of safety in case of disaster.

Learning the Basics of an Auto Loan

viliyana89 — Tue, 10 Nov 2009 17:13:27 +0000

Obviously, buying a car is a major decision, one that involves not only comfort and safety, but also money. While people take out car loans all the time, some people simply have no real understanding of the basics, which is a shame because those are the people that end up with higher interest rates than they should get and terms that could have been better. Therefore, learning the basics of an car loans online is very important before going out to buy. Auto loans are not complicated but they are serious.
The more a person can be prepared prior to shopping for a new care the better decision he or she would ultimately make. This financial transaction needs to be seen as something very serious, respecting it for what it is, a long-term commitment. If the wrong loan were chosen, the car owner could end up paying far more money than necessary for years to come. However, with a few simple guidelines, people can get a fantastic auto loans online, one that offers great terms and low interest.
• New versus Used Vehicle – One of the first things a person should consider before looking at auto loans is whether to purchase a new or used vehicle. Both have advantages and disadvantages but financing would be quite different. New car loans can typically be established for a longer amount of time but both new and used car loans have a number of options.
• Budget – The individual would need to borrow the right amount of money, based on a budget created. For this, the person should make a list of all debt and income to see how much of a car could be afforded. Then, sticking to the budget, the person would have a better idea as to the type of cars he or she should be considering. Even if the car dealer tried to get that person to buy more car than needed, the borrower would have the figures already determined.
• Credit FICO Score – When it comes to taking out an auto loan, one of the initial steps any lender would take is pulling a copy of the borrower’s credit report from all three credit bureaus. Based on the information received, the lender would then determine if the loan would be approved or denied, how much would be lent, and the interest rate offered. People that have great credit always get the best rates so if the buyer has some imperfections on the report, it would be worth waiting to purchase a car for six months, during which time the credit report would be corrected and the score improved. From there, lenders would be more willing to provide an auto loan but at a better interest rate.
• Auto Insurance – A common mistake seen with people that go car shopping is they find a vehicle they like, lock into the loan, and then notify the insurance company only to find out that their rate has now doubled or tripled. Therefore, in addition to a person finding the right car and getting the best auto loan, it would also be important to talk to the insurance company to determine what type of impact different cars would have on rates.
• Research Lenders – Not all auto loan companies are the same. For instance, sometimes a credit union will offer better terms and lower interest rates than what a person would get from a bank. Additionally, while the 0% financing often seen offered from car dealerships might seem like a fantastic deal, when the numbers are crunched and looked at over the life of the loan, it might be better for the person to choose different financing. Therefore, looking at several auto loan companies and the different terms available would ensure the best loan.

Bridgestone terminated its contract with Formula 1

viliyana89 — Thu, 05 Nov 2009 17:05:06 +0000

Decline in sales and business problems have forced the manufacturer of tires and other accessories Bridgestone to terminate its contract with Formula 1, reported the online edition of Financial Times, citing an official release of the Japanese corporation. Another reason is the desire of the company’s focus to the production of green products. Bridgestone expects a serious drop in profits. According to preliminary data available to the Wall Street Journal, losses can reach 42 percent, to 6 billion yen (about $ 66 million). In the first half of the company’s total losses amounted to 38.34 billion yen (approximately $ 422.8 million). WSJ notes that last month the Japanese corporation announced that it closed two of our plants in Australia and New Zealand. “Next year we will focus on developing new and innovative technologies,” said a representative of Bridgestone, quoted by the WSJ.
For 13 years the Japanese have been the sole supplier of tires and accessories for Formula 1, which according to sources the company has helped it gain more popularity and improve its technological development for the production of any tires.

Ford with stable profit again

viliyana89 — Tue, 03 Nov 2009 04:30:46 +0000

The only car manufacturer in the United States, which escaped bankruptcy (unlike GM and Chrysler) – Ford, announced that during the third quarter made a profit of 997 million dollars. This is a positive result for the company’s operating profit for the first quarter of 2008. Profits before tax amounted to 1.1 billion dollars or 26 cents a share, compared with a loss of $ 3 billion for the period July-September 2008, analysts expected a loss of 20 cents per share. We recall that in the second quarter the company also reported a profit but it was a result of debt restructuring, which was then reduced 10 billion dollars due to capitalization. The company’s revenues fell by 2.5 percent compared with same period of 2008, falling approximately 30.9 million, which, however, is expected by the market over 28.5 billion dollars.
On Friday, shares of Ford fell 30 cents, or 4.1 percent to 7 dollars.