The Carlovers Magazine

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• Korea’s Kumho Recalls Tires in China
• Ford to Idle Genk Plant for Five Days
• Japan’s Quake May Cost 600,000 Units of Lost Production
• Dongfeng In Talks to Buy 30% of Getrag
• Porsche SE Approves €5 Billion Share Sale
• Schaeffler to Boost Direct Stake in Continental
• Fiat Says Pomigliano Plant Upgrade Is on Schedule
• SEAT Predicts 10% Sales Jump This Year
• Compensation for GM’s New Chief Financial Officer: €2.9 Million
• Chinese Plants Not Yet Affected by Japan Disasters

Korea’s Kumho Recalls Tires in China Posted: Kumho Tire Co. is recalling an unspecified number of tires made in Tianjin, China, that contain too much recycled rubber, thus making them likely to wear out prematurely. Production at the plant has been suspended pending a government investigation. The South Korean company initially denied there was a problem. But it [...]

Ford to Idle Genk Plant for Five Days Posted: Ford Motor Co. says it will suspend production at its assembly plant in Genk, Belgium, for five days next week to conserve parts that come from suppliers in Japan. Ford says it planned to idle the factory for five days in May to adjust production to match sales volume. Shifting the [...]

Japan’s Quake May Cost 600,000 Units of Lost Production Posted: Disruptions caused by Japan's 9.0 earthquake on 11 March are likely to cut worldwide output of cars and light trucks by 600,000 this month, says IHS Automotive Inc. The research group said last week that lost global output may grow by 100,000 units per day in April and surge to a [...]

Dongfeng In Talks to Buy 30% of Getrag Posted: China’s Dongfeng Motor Group Co. is in advanced negotiations to buy about 30% of German transmission supplier Getrag AG, according Reuters. Unnamed sources tell the news service the sale is worth about €500 million ($704 million). Such a purchase would be the first major investment in a German auto supplier [...]

Porsche SE Approves €5 Billion Share Sale Posted: Yesterday Porsche Automobil Holding SE's executive and supervisory boards approved a plan to slash the company’s debt to €1.5 billion by issuing about €5 billion in new shares at €38 each. The company said on Friday that holders of ordinary shares plan to exercise their rights to convert one existing share [...]

Schaeffler to Boost Direct Stake in Continental Posted: Schaeffler Group has agreed to a two-step process that will reduce debt and raise its direct stake in Continental AG to 49.9% from 42.2%. Schaeffler controls 75.1% of Conti, but banks hold 32.9 points of that stake on behalf of the smaller company. Schaeffler says it will sell €1.8 billion of [...]

Fiat Says Pomigliano Plant Upgrade Is on Schedule Posted: Fiat SpA tells Automotive News Europe that work is on schedule to prepare the company's underutilized Pomigliano assembly plant to begin making the next-generation Panda minicar in November. The new model, which goes on sale in February, will be revealed in September at the Frankfurt auto show. The current Panda is [...]

SEAT Predicts 10% Sales Jump This Year Posted: Volkswagen AG's SEAT unit tells Automotive News Europe a general improvement in Europe's car market this year should help it boost sales 10% to 340,000 units this year—even though it won't have new models to offer until 2012. "Our brand is gaining strength," insists James Muir, who took over as CEO [...]

Compensation for GM’s New Chief Financial Officer: €2.9 Million Posted: General Motors Co. says Daniel Ammann, who takes over as chief financial officer on Friday, will receive a base salary of $750,000 (€533,700) in cash this year, $2 million (€1.4 million) in stock to be paid out over the next three years and an additional $1.4 million (€1 million) in [...]

Chinese Plants Not Yet Affected by Japan Disasters Posted: Japanese carmakers may boost their use of Chinese companies to supply their assembly plants in China to compensate for reduced parts production in Japan since the March 11 earthquake and tsunami, according to Bloomberg News. China's National Development and Reform Commission tells the news agency that Japanese companies may eventually [...]

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