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Japan: Vehicle sales rise for first time in 30 months

Japan’s domestic sales of new cars, trucks and buses rose by 1.4% to 376,497 vehicles on the year in January, marking the first rise in sales following 30 straight months of declines, according to the latest figures released by the Japan Automobile Dealers’ Association (JADA). The JADA figures cover all

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Australia: Mitsubishi confirms closure of Tonsley Park plant

Mitsubishi Motors has confirmed that it plans to shutter its Australian production plant, with the loss of 930 jobs. The Tokyo-based OEM says it will take a ¥22bn (US$194.7m) charge for the closure but that this will not affect its projected profits for fiscal 2007-08. Mitsubishi Motors

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Japan: Subaru posts sales revenues of ¥1tr in Q3 of fiscal 2008

The net income at Fuji Heavy Industries (FHI) has fallen 27.5% year-on-year for the third quarter of fiscal 2008 ended 31 December 2007, to ¥17.88bn (US$168.15m), from ¥24.67bn a year earlier. This was despite a 4.4% increase in net sales to ¥1.10tr, compared with ¥1.06tr in Q3 of fiscal 2007. Operating

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China: Metaldyne to supply future Chery model

Metaldyne has secured a contract to supply powertrain and chassis components for a future model from Chinese manufacturer Chery. The company will provide suspension parts, oil pumps and powdered metal forged connecting rods to the OEM. Last year, Metaldyne opened its first Chinese manufacturing plant in Suzhou. The supplier invested ...

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China: China Automotive Systems signs agreement for US$35m private placement

Power steering supplier China Automotive Systems has signed a securities purchase agreement with two institutional investors, whereby the investors will purchase senior convertible notes with an original principal amount of US$35m, plus warrants. The supplier plans to use the proceeds from this private placement to contribute to the company’s acquisitions, ...

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