FRANCE: Valeo following French automakers to Russia
Valeo will this year set up production facilities in Russia this year to accompany automakers setting up assembly there.
Chief executive Thierry Morin told Dow Jones Newswires Valeo is no longer in a hurry to dispose of non-strategic assets, because of weakening valuations.
"We will have plants in Russia this year," Morin told Dow Jones. "We are looking at both greenfield sites and partnerships with existing automotive suppliers to get market share and a foothold in their client base."
Valeo already supplies Avtoframos, a Renault affiliate that builds the Logan low-budget sedan near Moscow, where production is expected to nearly double next year to 180,000 vehicles.
Morin reportedly said Valeo is also keen to supply OAO AvtoVaz, Russia's biggest automaker, which earlier this year signed a billion-dollar deal giving a 25% stake to Renault. AvtoVaz and Renault plan to bring out their first joint Lada car by the end of 2009.
Sharp growth in demand in Russia is leading Ford to add more production capacity at its Saint Petersburg plant, but there are still challenges ahead for automakers looking to do more business in Russi...
PSA Peugeot Citroen president Christian Streiff has signalled "massive production cuts" this fourth quarter "as it is vital that we are correctly positioned to face 2009"....
Renault Group has reported consolidated revenues up 9% to EUR30,091m for the first nine months of the year but reduced its operating margin forecast down from 4.5% to between 2.5% and 3%....
Russia is expected to see a considerable slowing of its car market in 2008, according to one senior executive....
Nissan has declined to confirm or deny a US report that it is poised to take a 20% stake in Chrysler. And a senior Chrysler executive has suggested the automaker's cash pile is making it attractive to...
Renault-Nissan alliance chief Carlos Ghosn could achieve his long-held goal of acquiring a North American partner by taking a stake in Chrysler, a US newspaper reported on Wednesday....
European Commission proposals for lower average CO2 emissions from European car manufacturers are set to dramatically increase stop-start technology fitment in Europe according to Frost & Sullivan ana...
Talks over a possible deal between General Motors and Chrysler continued on Monday, but an agreement wasn't close, sources told a Detroit newspaper....
- Audi TDI tech is 25 years of age
- VEHICLE ANALYSIS: BMW X4
- Swallowing Fiat-Chrysler 'would be bad for VW'
- Global light vehicle market developments
- VEHICLE ANALYSIS: Driving the Swedish nanny state
- Sir Nick Scheele dies
- Volvo claims two safety firsts for XC90
- Ford Europe finally makes a pre-tax buck
- Rule change hits 'free charger' offers for EVs
- Ford changes R&D chief