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Volkswagen counts the cost of 'dieselgate'

Volkswagen Group pushed expected liabilities from the diesel scandal into the 2015 accounts, so that it can make a new start with a new boss...

Nissan-Mitsubishi alliance good news for both

Nissan Motor confirmed this week that it has signed an agreement to acquire a 34% stake in Mitsubishi Motors, in a deal worth JPY247bn (US$2...

THE WEEK THAT WAS - Q1 profits rolling in

News that Geely-owned Volvo Cars had made first quarter earnings gains thanks to strong sales of its recently launched, and high margin, XC9...

THE WEEK THAT WAS: Q3s and a longer range Leaf

A highlight for me in the last week was a go in what Nissan UK bills its third generation Leaf - the 2016 update with an optional longer ran...

Latest Interviews

INTERVIEW: CLEPA CEO Jean-Marc Gales - Paris show 2 Oct 2012

Simon Warburton

European Automotive Supplier body, CLEPA, continues to power its members' interests in Brussels as well as act as the Continent's arm in negotiations with its Japanese equivalent in JAPIA and American counterparts, OESA. Simon Warburton talked to CLEPA CEO, Jean-Marc Gales at last week's Paris motor show.

INTERVIEW: FKG managing director Fredrik Sidahl 20 Mar 2012

Simon Warburton

Newly-appointed managing director of Scandinavian supplier body, FKG, Fredrik Sidahl, was 25 years with Volvo before working for Saab. In the first of two interviews, he talked to Simon Warburton in his Gothenburg office about the collapse of the iconic Swedish brand and gave some frank views on the government's attempts to save it.

Latest News

Volkswagen scandal - Porsche plunges into the red 29 Jun 16

Glenn Brooks

An exposure to the Volkswagen Group is the reason for Porsche SE having declared a loss of EUR273m (US303m) for fiscal 2015. The company's forecast for the present financial year is, however, unchanged.

Aston Martin lost GBP127.9m in 2015 27 Jun 16

Dave Leggett

Aston Martin made a pre-tax loss of GBP127.9m in 2015. It was the fifth consecutive year of losses for the luxury sports car maker that says it is in transition as it begins to renew its model range.

Financial bodies comply with norms - Iran Bank 24 Jun 16

Simon Warburton

Iran's Central Bank says it, as well as the country's financial institutions, are compliant with international norms.

Nissan 'on track' for further growth in 2016 23 Jun 16

Graeme Roberts

Nissan Motor chief competitive officer Hiroto Saikawa told the annual general meeting in the company's home city of Yokohama, Japan, the automaker had made continued progress on its mid-term business plan, enhanced operational efficiency and delivered "solid" financial results in fiscal 2015. He also highlighted growth in global sales volumes, reaching a new record of 5.43m units amid strong demand in North America and a continued recovery in western Europe.

Fuel economy scandal pushes MMC deep into red 22 Jun 16

Graeme Roberts

Mitsubishi Motors Corporation (MMC) on Wednesday forecast a JPY145bn net loss for fiscal 2016 (to 31 March 2017) as a result of expected costs due to its wrongly stating fuel economy figures for a number of minicar car models sold in Japan. It had previously forecast a JPY726.6bn net profit.

Bosch expects more double-digit growth in Thailand 17 Jun 16

Tony Pugliese

Global supplier Robert Bosch reported a 22% rise in sales in Thailand last year to THB10.8bn (US$310m) and is looking at another year of double-digit growth in 2016.

Ontario gives $81m to Fiat Chrysler minivan plant 15 Jun 16

Graeme Roberts

The Canadian automaking province of Ontario is to provide Fiat Chrysler Automobiles Canada (FCA) with a C$81m grant for the Windsor assembly plant which will soon start building an additional variant of the Pacifica, the first plug-in hybrid electric minivan made in North America.

Navistar to make GM's cutaway G van 14 Jun 16

Graeme Roberts

Navistar will make the cutaway version of General Motors' G Van at its Springfield, Ohio plant starting in the first half of 2017. The multi-year contract will require at least 300 workers and enable the truck maker to recommission the second line at the plant.

VW Group pre-tax profit down 20% in Q1 31 May 16

Dave Leggett

Volkswagen Group pre-tax profit was down 20% at EUR3.2bn in the first quarter of this year as sales revenue dipped amid the ongoing fallout from the ‘dieselgate’ crisis.

GM announces $14.5bn revolving credit facility 27 May 16

Dave Leggett

General Motors has announced the execution of an unsecured US$14.5bn revolving credit facility consisting of a US$10.5bn five-year facility and a US$4bn three-year facility.  The facility amends and extends GM’s existing US$12.5bn revolving credit facility.

VW and IG Metall reach collective agreement on pay 23 May 16

Graeme Roberts

Volkswagen and IG Metall have agreed a pay deal. Base pay for employees covered by the collective agreement is to be increased in two stages, by 2.8% effective 1 September, 2016 and 2% effective 1 August, 2017. Each employee will receive a pension building block of EUR200 (US$224.5). In addition, a further development of provisions on partial early retirement has been agreed, allowing greater differentiation of partial early retirement schemes. It was also agreed that the profit share would be calculated on the basis of a two-year period in the future. The collective agreement has a term of 20 months.

Daimler to book 2016 charge for Takata recall 20 May 16

Graeme Roberts

Daimler said it would book a charge "in the mid hundreds of million euros" in financial 2016 to cover costs associated with the recently announced extended recall of 35m-40m Takata inflator-equipped airbags.

Geely raises capital for electric London cabs 20 May 16

Dave Leggett

Zhejiang Geely Holding Group has raised US$400m to support the development of zero-emission capable vehicles by its UK subsidiary, the London Taxi Company (LTC), maker or the iconic London Black Cab.

Johnson Electric records EBITDA down 4% to US$332m 18 May 16

Simon Warburton

Johnson Electric has posted 2015 EBITDA down 4% to US$332m, although sales rose 5% to US$2.23bn.

Takata recalls clobber Honda Q4 results 13 May 16

Graeme Roberts

Honda Motor on Friday announced a surprise net loss for the fourth fiscal quarter of the year to 31 March 2016 as quality-related costs, mostly to recall Takata-made air bag inflators, almost quadrupled for the full business year.

Honda to recall 21m more cars with Takata airbags 13 May 16

Graeme Roberts

Honda has confirmed earlier reports it would recall about another 20m vehicles to replace Takata airbags.

Nissan and MMC agree strategic alliance 12 May 16

Tony Pugliese

Nissan Motor and Mitsubishi Motors Corporation, (MMC) announced they have signed a basic agreement today to form a far-reaching strategic alliance between the two Japanese automakers.

Nissan boosts full year revenues and profits 12 May 16

Graeme Roberts

Nissan Motor said on Thursday (12 May) it had increased full fiscal year revenues and profitability as rising demand for new products in North America, western Europe and China offset the impact of negative foreign exchange movements and slowing or declining sales in emerging markets.

Brembo records Q1 net profit up 32% to EUR60.4m 12 May 16

Simon Warburton

Brembo has posted first quarter net profit up 32% to EUR60.4m (US$69m), while revenue rose 9.6% to EUR564m.

Vehicle sales slip and Toyota sees profit decline 11 May 16

Graeme Roberts

Despite selling almost 300,000 fewer vehicles worldwide, Toyota Motor Corporation (TMC) boosted revenue and profit in fiscal year 2015/16 ended 31 March, 2016. But it said annual net income would probably decline in this current fiscal year - for the first time in five years - because currency swings that had resulted in record profits now posed problems.

Latest blogs

Q1 financials generally good, but will the going get tougher? 4 May 16

Dave Leggett

We’re well into Q1 results season and there are one or two interesting straws in the wind.

The just-auto Readership Survey 2014 7 Oct 14

Dave Leggett

We have just launched our first readership survey in two years.

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