The global auto industry has a drug problem. For years, the industry has been high on China. With sales suddenly in minus territory, the industry is going into withdrawal. China amounts to more than a quarter of worldwide auto sales. China is the largest market of global automakers Volkswagen and GM. For the past decade, China was a reliable supplier of insatiable customers. Suddenly, no more. [Continue Reading]
- VW lowers sales goal as demand in China slows down – Reuters: The German group on Wednesday scaled back its expectations, predicting full-year sales to be flat on last year’s record 10.1 million cars, having…
- Volkswagen second-quarter profit grows on Europe recovery, cost cuts – Reuters: DE) posted a 4.9 percent gain in second-quarter earnings, benefiting from improving auto demand in higher-margin western European markets and…
- GM to invest $1 billion in India, plans to double market share by 2020 – Reuters: India’s automobile market has been sluggish for the past few years, with annual sales of less than 3 million cars. But by 2020 analysts expect India to…
- Average age of U.S. fleet hits record 11.5 years, IHS says – Automotive News: The average age of light vehicles on the road in the U.S. reached a new all-time high of 11.5 years at the end of 2014, while the total light vehicles in operation hit a record 257.9 million, up 2.1 percent from 2013, IHS Automotive said today.\
- US: Negative pricing pressure in China continuing – Ford’s Fields – Just-auto: Ford CEO Mark Fields has told analysts that current trading conditions in China are creating negative pricing in the automotive sector, although long-term prospects for the world’s biggest market remain very bright.
- Subaru’s secret: Low-paid foreign workers power an export boom – Reuters: Subaru’s boom is made possible in part by asylum seekers and other cheap foreign laborers from Asia and Africa.
- Youxia Ranger X – China’s Tesla Model S copycat revealed – Autocar: Youxia Ranger X looks almost identical to Tesla’s electric saloon and will go on sale in China later this year
- US: GM plans new family of emerging markets models – Just-auto: GM has announced that its Chevrolet brand is to be at the heart of a new investment plan to strengthen its emerging markets business with a family of new models.
- Howes: Marchionne’s merger mania lives, despite GM ‘no’ – Detroit News: FCA boss eyes UAW, health care trust’s 8.7-percent stake in GM as potential allies in any industry mega-deal.
- Ford Motor widely beats expectations on N. America profit – Reuters: Ford Motor Co second-quarter earnings widely beat Wall Street expectations, based on the continued strength of its North American sales.
- GM’s $5 billion plan to build a car for the developing world is overdue – Fortune:
Top News: GM fund approves 3 more serious-injury claims - Automotive News: Three more serious injuries have been linked to General Motors defective ignition switches, the office of attorney Kenneth Feinberg said. U.S. appeals court rejects … [Continue reading]
Top News: GM CEO pressed for cost cuts, other moves to help GM hit China target - Reuters: When auto sales in China fell last month, General Motors Co's (GM.N) share price took a hit, reflecting investor fears that the automaker would abandon … [Continue reading]
Top News: China preparing 'California-style' scheme to promote green cars - Beijing Auto chairman - Reuters: The new scheme to promote "new energy" cars, which generally refers to all-electric battery cars or heavily electrified plug-in … [Continue reading]
Top News: Hackers remotely turn off engine and jam brakes of car - International Business Times UK - Ibtimes: Chrysler's Jeep Cherokee was hacked by two researchers who used the Uconnect to turn off the engine, demonstrating the … [Continue reading]