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    China: Govt reportedly rejects Tengzhong-Hummer deal

    A report carried by Reuters, citing an unnamed source familiar with the issue, claims that China’s Ministry of Commerce has rejected the bid submitted by Sichuan Tengzhong Heavy Industrial Machinery to acquire General Motors’ Hummer brand. According to the report, Tengzhong was believed to have been lobbying behind the scenes…

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    Japan: Asia again proves hotspot for Honda

    Honda’s global production in January rose 28.3% year-on-year to 290,752 units. Although the rise in domestic output was a very modest 0.2% to 77,384 units, it was the first increase in 15 months. Overseas production jumped 42.9% to 213,368 units, marking the third consecutive month of year-on-year growth. The biggest

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    US: Hyundai halts Sonata sales

    Hyundai’s US unit has halted sales of the 2011 Sonata due to a faulty hinge on the front door. US sales of the model began in January. According to the Wall Street Journal, the problem affects about 5,300 cars – 1,300 of which are already with customers and the remainder

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  • India: Volkswagen launches Polo hatchback

    Volkswagen has launched its New Polo hatchback in the Indian market. Both gasoline and diesel-powered versions have been introduced. The locally-built Polo was originally unveiled at the 2010 Auto Expo in January. The German OEM produces the car at its plant in Chakan. VW has priced the gasoline-powered version, featuring…

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    China: SAIC takes majority stake in GM venture

    The China Securities Regulatory Commission has approved plans by SAIC Motor Corp to acquire an additional 1% stake from General Motors in its 50-50 car joint venture with the US OEM, reports Reuters. GM had agreed to sell the stake to SAIC in December. The additional stake, which puts control…

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    US: GM confirms third shift at Lordstown

    General Motors has announced that it will add a third shift at its Lordstown, Ohio complex and add 1,200 jobs, boosting the workforce from 3,300 to 4,500. The new shift will support production of the 2011 Chevrolet Cruze, which Lordstown will begin building in the third quarter this year. “Adding…

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    US: Ford Credit to cut 1,000 jobs

    Ford’s financing division Ford Motor Credit is looking to cut around 1,000 jobs from its US workforce by the end of the year, reports Free Press. The move is the result of low industry sales and Ford’s strategy of selling off several brands (Jaguar, Land Rover, Volvo), explained company spokesperson

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    Sweden: Spyker finalises Saab acquisition

    Dutch car manufacturer Spyker Cars has confirmed that it has finalised the acquisition of Saab Automobile from General Motors. The US OEM agreed to sell Saab to Spyker back in January, in a deal valued at US$400m. At the time, the partners said they expected to close the deal in

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  • US: Federal Mogul reports strong end to 2009

    Federal Mogul has reported further improvements in its financial performance in the final three months of 2009, building on advances seen in previous quarters. Although the company was unable to avoid a net loss of US$45m for the full year (a significant improvement on the loss of US$468m seen in

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  • Switzerland: STM unveils new eFlash tech for auto MCUs

    STMicroelectronics has introduced what it claims to be the world’s first 55 nanometer (nm) embedded Flash (eFlash) process technology for automotive microcontrollers (MCUs). This new eFlash technology was developed at the company’s 300mm wafer manufacturing facility at Crolles, France, which will also manufacture it. According to STM, this technology is…

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  • South Korea: Leo Motors acquires electric CV company

    South Korea-based Leo Motors, a company which develops, manufactures and markets electric vehicles and EV components, has acquired a half interest and all management rights of Leo BnT Co. Using Leo Motors’ digital automobile technologies, Leo BnT Co will convert existing internal combustion engine buses and trucks to electric ones.…

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  • US: ArvinMeritor announces stock and notes offerings

    ArvinMeritor has announced that it is offering, subject to market and other conditions, 15,000,000 shares of its common stock in an underwritten registered public offering. The supplier intends to grant the underwriters an over-allotment option to purchase up to 2,250,000 additional shares. The company notes it intends to use the…

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  • India: Hyundai eyes export of 260,000 units in 2010

    Hyundai’s wholly-owned Indian subsidiary Hyundai Motor India (HMIL) is looking to boost vehicle exports in 2010 to 260,000 units. The OEM aims to explore ten new markets, one of which is Australia, with the first shipment totalling 500 units of the i20. In all, total export sales of the i20

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