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Business - Hyundai Motor first-quarter profit misses estimates, hurt by slow U.S. sales

By Hyunjoo Jin SEOUL (Reuters) - South Korea`s Hyundai Motor missed analyst estimates by posting first-quarter net profit that was almost identical to a year earlier, as lackluster U.S. performance offset increased sales in China and Korea. Shares of Hyundai fell over 2 percent after the automaker reported January-March net profit of 1.93 trillion won ($1.86 billion), compared with the 2.19 trillion won mean estimate of 13 analysts polled by Thomson Reuters I/B/E/S. Revenue rose 1 percent to 21.65 trillion won. As well as competing with rivals touting newer models, Hyundai also had to contend with a stronger won potentially making Hyundai`s exports from Korea more expensive for overseas buyers.

Thursday, April 24, 2014  08:05


Business - Toyota stays at the top in first quarter after outselling GM, Volkswagen

Toyota Motor Corp kept its position as the world`s best-selling car maker in the first quarter of 2014, beating rivals Volkswagen AG and General Motors Co after it sold record 2.58 million vehicles globally. The Japanese auto maker and its group companies saw worldwide sales in January-March rise 6.3 percent from a year ago, buoyed by strong demand in Japan as well as recovering sales in China and Europe, it said on Wednesday. During the same period, General Motors sold 2.42 million vehicles, up 2 percent year-on-year, while Volkswagen`s group-wide global sales were 2.40 million vehicles, a 5.8 percent increase. Toyota also said on Wednesday that in the financial year ended in March, its global group sales topped 10 million vehicles for the first time.

Wednesday, April 23, 2014  16:54


Business - Toyota wants to use more hybrid system parts made in China

By Yoko Kubota and Norihiko Shirouzu CHANGSHU, China (Reuters) - Toyota Motor Corp wants locally procured parts to make up at least half the components in the gasoline-electric hybrid propulsion systems for the Corolla and Levin cars it plans to start making in China next year. Shinichi Matsumoto, Vice President for Toyota Motor Engineering & Manufacturing in China, said Toyota needs that level of local content in order to bring down prices of hybrids and to generate more sales in the world`s biggest auto market. Toyota, which currently pays costly tariffs and transport fees for bringing key components from Japan to assemble hybrid vehicles in China, aims to slash costs by using many locally procured materials and parts, Matsumoto told reporters on Tuesday.

Tuesday, April 22, 2014  16:03


Business - Audi expects to sell half million cars in China this year

By Norihiko Shirouzu BEIJING (Reuters) - Volkswagen`s luxury division Audi plans to sell about half a million cars this year in China, the world`s biggest auto market, and raise the number of its Chinese dealers to 500 by 2017. The German automaker hopes its car sales will exceed 500,000 this year, executives told reporters on Friday before the Beijing auto show, which opens on Sunday. Foreign auto makers, such as General Motors Co and Toyota Motor Corp , and domestic players such as SAIC Motor Corp have been competing aggressively in China, where rising affluence is boosting car ownership. `This country has an increasing number of mega cities,` Audi Chief Executive Rupert Stadler said, naming Beijing, Shanghai and Guangzhou as examples.

Friday, April 18, 2014  14:16


America - GM seeks to bar some ignition cases

General Motors asks a US court to bar some lawsuits relating to its recall over faulty ignition switches.

Wednesday, April 23, 2014  07:04


World - Toyota sells 2.58 million vehicles, outselling GM

TOKYO (AP) Toyota kept its position at the top in global vehicle sales for the first quarter of this year, outpacing rivals General Motors and Volkswagen.

Wednesday, April 23, 2014  06:40


Business - China is a driver, not a drag, for U.S. earnings in first quarter

By Lewis Krauskopf NEW YORK (Reuters) - Economic growth may be slowing in China, and fears of a credit crunch there may be rife, but the world`s second-largest economy was a driving force for U.S. company profits in the last quarter. Some of the biggest names in Corporate America, including Coca-Cola Co , General Motors Co , United Technologies Corp and McDonald`s Corp all in the past week reported strong results from their China operations. Yum Brands Inc , the fast food chain operator which gets more than half of its overall sales in China, on Tuesday reported first-quarter sales at established restaurants in China rose 9 percent, rebounding after an avian flu outbreak and a food safety scare badly hurt sales last year. `It is still a little surprising how strong China remains, given what you read,` United Technologies` Chief Financial Officer Greg Hayes said in an interview in reference to the conglomerate`s building systems businesses, which include elevators and climate control equipment.

Tuesday, April 22, 2014  23:21


World - GM, lawyers fight over bankruptcy protections

DETROIT (AP) General Motors Co. and a battalion of trial lawyers are preparing for an epic court fight over whether GM is liable for the sins of its corporate past.

Tuesday, April 22, 2014  19:36


Business - Tesla expects big investment on charging stations in China

By Maxim Duncan BEIJING (Reuters) - U.S. electric carmaker Tesla Motors Inc expects to invest `hundreds of millions of dollars` building charging outlets in China, which could become its biggest global market next year, billionaire co-founder Elon Musk said. Palo Alto, California-based Tesla plans to compete with rivals such as BMW and Daimler AG`s Mercedes-Benz for a share of China`s emerging green vehicle market, which the government wants to develop fast. Musk said Tesla hopes to cooperate with China`s two major power network operators - State Grid Corporation of China and China Southern Power Grid - to build a sufficient infrastructure for Tesla drivers, although charging stations could also be built independently if needed.

Tuesday, April 22, 2014  14:16


World - Tesla delivers first China cars, plans expansion

BEIJING (AP) Tesla Motors has delivered its first eight all-electric sedans to customers in China and the CEO says the company will build a nationwide network of charging stations and service centers as fast as it can.

Tuesday, April 22, 2014  12:16

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