Linda Young – AHN News Writer
Wolfsburg, Germany (AHN) – Volkswagen AG announced it had record sales of 5.1 million cars and sport-utility vehicles worldwide in 2011. Sales were up worldwide by 13.1 percent in 2011 from 2010, company officials said. Volkswagen is Europe’s largest carmaker. Although much of its growth came from gains in China, India, Russia and the United States, its two largest markets were Europe and China. The Wolfsburg, Germany-based automaker sold 1.72 million vehicles in each of those markets. However, company officials said they expected challenges in the market environment for 2012. VW officials credited new versions of some models, such as the Passat, Jetta and Beetle for helping to boost [...] Continue Reading…
VW sells record 5.1 million cars in 2011
January 8th, 2012 
admin Honda widens recall for airbag problem
December 3rd, 2011 admin Linda Young – AHN News Writer
Torrence, CA, United States (AHN) – Japanese automaker Honda has expanded its previously announced recall of vehicles with dangerous air bags to include almost 900,000 vehicles. The recall affects only vehicles sold in the United States and includes model years 2001 to 2003 of the affected cars. The recalled vehicles now include certain 2001 and 2002 Accord, 2001 to 2003 Civic, 2001 to 2003 Odyssey, 2002 and 2003 CR-V, 2003 Pilot, 2002 and 2003 Acura 3.2 TL and 2003 Acura 3.2 CL models, Honda officials said in a statement. Honda first said the driver’s airbag inflator needed to be replaced because it had a risk of deploying with too much pressure [...] Continue Reading…
GM CEO: Earnings good, but not good enough
November 15th, 2011 admin Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – General Motors reported better than expected earnings in the third quarter on Wednesday, but CEO Dan Akerson said the quarter “isn’t good enough,” a signal that more cost cutting lies ahead. GM, the U.S.’s largest automaker, earned $1.7 billion, or $1.03 a share in the third quarter, down from $2 billion earned in the last full period before its initial public offering. While better than analysts’ estimates of 96 cents a share, Akerson said in the company’s earning statement Wednesday “Solid isn’t good enough, even in a tough global economy.” The company did not give specific guidance on net income in the fourth quarter [...] Continue Reading…
Chinese companies buying automaker Saab
October 28th, 2011 admin Linda Young – AHN News Writer
Stockholm, Sweden (AHN) – Struggling automotive icon Saab will change hands again in a proposed deal to save it from bankruptcy by selling it to two Chinese companies. Swedish Automotive will sell its Saab unit to Chinese distributor Pang Da Automobile Trade and auto manufacturer Zhejiang Youngman Lotus Automobile. The two will pay a mere $142 million for the 62-year old auto manufacturer. General Motors sold Saab to Swedish Automotive only 2 years ago as part of GM’s restructuring to avoid bankruptcy itself. Since that sale, Saab has had extreme economic woes that it has not manufactured a car since April and it has been in court trying to avoid bankruptcy. [...] Continue Reading…
UAW ratifies deal with Ford
October 19th, 2011 admin Linda Young – AHN News Writer
Detroit, MI, United States (AHN) – United Auto Workers approved a new four-year labor agreement with Ford Motor, UAW officials announced on Wednesday. As recently as this weekend, 53 percent of the 41,000 Ford UAW rank and file members were voting no to the contract. However, that changed when the locals voted. The final tally was 63 percent of production workers and 65 percent of skilled-trades workers voting yes to the deal. UAW President Bob King had urged the members to approve the deal, saying they could not expect anything any better. Moreover, he said it was important to approve the deal because it brought jobs back to the United States [...] Continue Reading…
Ford, United Auto Workers reach tentative contract
October 10th, 2011 admin Kris Alingod – AHN News Contributor
Detroit, MI, United States (AHN) – Ford has reached a tentative labor contract with union workers in more than two dozen plants nationwide. The agreement with the United Auto Workers, which still requires ratification from members, will add 12,000 new jobs in the company’s facilities, 5,750 more than what Ford previously committed to the union. The additional jobs includes positions in China, Japan and Mexico that Ford will bring back into the United States. The UAW was also able to raise entry-level wages to $19.28 over the term of the contract, which will end in 2015. In addition, the union won a $6,000 settlement bonus for workers with a year or [...] Continue Reading…
GM enters electric car joint venture with Chinese automaker
September 22nd, 2011 admin Vittorio Hernandez – AHN News
Detroit, MI, United States (AHN) – General Motors announced on Tuesday that it has entered into a joint venture with a Chinese automaker to develop electric cars. The deal also involves transfer of battery and other electric vehicle technology. The 50-50 joint venture is between GM and Shanghai Automotive Industry Corp., the largest vehicle manufacturing company in China. The combined firm, Pan Asia Technical Automotive Center, is based in Shanghai and has already helped develop the Buick LaCrosse eAssist model now being sold in both countries. China is a growing market for new cars because of the rapid pace of the country’s economy, which provides the Chinese people with money to purchase vehicles. [...] Continue Reading…
Honda recalls million cars worldwide
September 13th, 2011 admin Jupiter Kalambakal – AHN News Reporter
Tokyo, Japan (AHN) – Japanese automaker Honda Motor Co. is set to voluntarily recall close to a million car models to repair troubles with power windows and computer equipment. The global recall will be done in two categories. Some 936,000 units of the Fit subcompact, CR-V crossover and Fit Aria in North America, Asia, Europe and Africa are part of the first category. The Fit is called Jazz in some overseas markets, while the Fit Aria is also known as City. The second category, meanwhile, will involve 26,000 CR-Z compact hybrid models in Japan, the United States, Canada and other markets. Both overseas recalls will cost the Japanese carmaker $16.8 million. [...] Continue Reading…
GM, LG team up to create future electric vehicles
August 26th, 2011 admin Jupiter Kalambakal – AHN News Reporter
Detroit, MI, United States (AHN) – U.S. automaker General Motors Co. and top Korean battery manufacturer LG Corp. have entered into a partnership to design and create future electric vehicles. The strategic partnership came after LG supplied GM the lithium-ion batteries for its Chevrolet Volt and Opel Ampera. Many view their collaboration as an eventual result of their initial venture. The deal is a first-of-its-kind alliance between an auto maker and electronics giant in vehicle design and engineering. The GM-LG tie-up comes three days after Ford and Toyota announced their joint collaboration to build hybrid trucks and SUVs.
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Beleagurered Saab owner to issue shares again as payroll looms
August 17th, 2011 admin Kris Alingod – AHN News Contributor
Trollhattan, Sweden (AHN) – The owner of troubled automaker Saab on Monday said it has issued 4 million shares, the second time this month the company has sold shares to raise cash to resume production and pay wages. Swedish Automobile, formerly called Spyker Cars, said in a statement the price and number of shares to be issued will depend on a 10-day pricing period that began on Monday. The shares were issued under a EUR 150 million equity facility with GEM Global Yield Fund Limited, the investment group that also bought the automaker’s shares early this month. Swedish Automobile said it is continuing “discussions with parties to obtain further short-term funding [...] Continue Reading…