Ferrari says it will limit sales of its high-performance street cars this year to below 7,000 units to protect the brand's aura of exclusivity. Chairman Luca Montezemolo says that means sales will decline overall by "more than 1 or 2 percent" from last year's sales of 7,318 cars.
Plans call for the 8 billion yuan ($1.3 billion) factory in Shanghai to begin production in 2015 with an annual capacity of 150,000 vehicles, according to GM spokeswoman Dayna Hart. GM sells imported Cadillacs in China but the luxury market is dominated by Germany's Mercedes Benz, BMW and Audi.
Toyota Motor Corp., which last year reclaimed the title of world's top-selling automaker, said Wednesday it expects the strong results to continue in its new business year that ends March 2014. It projected a 1.37 trillion yen ($13.8 billion) profit, up from 962 billion yen for the year ended March 2013.
Subaru said Wednesday it is investing $400 million to expand its Indiana factory and will add 900 workers to build the Impreza small car there in 2016. The plant now employs about 3,600 people and builds the Legacy and Outback cars and the Tribeca SUV. It also builds the Camry midsize car under contract with Toyota Motor Corp.
U.S. auto safety regulators are monitoring about 100,000 Ford and Mercury minivans that were not covered by a recall issued earlier this year for rust problems. Ford recalled about 230,000 Ford Freestar and Mercury Monterey minivans in March to fix rust in the wheel wells that can cause the third-row seats to come loose.
General Motors Co. is recalling 38,197 Chevrolet Malibu Eco, Buick LaCrosse and Buick Regal sedans in the U.S. because a defective battery control module could stall the engine or cause a fire. Vehicles from the 2012 and 2013 model years equipped with GM's eAssist hybrid system are affected.
The SUV boom clashes with Beijing's efforts to push automakers to develop electric cars and to sell smaller vehicles to help curb smog and demand for imported oil. But the SUV's image of safety appeals to prosperous Chinese drivers who face chaotic city streets while electrics from BYD and other producers struggle to attract buyers.
LG Chem Michigan Inc., a subsidiary of South Korean company LG Chem, announced Sunday night that test runs have begun at the facility in Holland and that it anticipates shipping products by the end of the summer. The plant initially will manufacture batteries for General Motors Co.'s Chevrolet Volt.
After attending the Marcus Evans Group’s 7th Annual OI Summit, I was delighted to see the evolution currently happening in the OI stratosphere. I was privy to a few surprises in the lineup from non-traditional players in the OI space, making this dynamic open innovations platform technologically enticing.
ALCOA says resurgent auto manufacturing is creating demand for its aluminum products and it will expand its plant in Tennessee. The Daily Times first reported the company will create 200 new jobs with a $275 million expansion of its rolling mill in Alcoa, Tenn. Some 400 construction jobs will be created in building it.
Today on Engineering Newswire, brought to you by Interpower, the premier supplier of power system components for worldwide markets, we’re bending cellphones, electrifying motorcycles, cutting electric vehicle charge time in half, and riding a screw-propelled snowboard.
Sterling Heights, Mich.-based KUKA Systems Group, has finalized its acquisition of the plant engineering business of privately-owned Utica Companies, which is headquartered in Shelby Township, Mich. As the transaction was completed, KUKA Systems became the No. 1 manufacturing systems supplier in the North American automotive sector.
The Times of Gainesville reports that Impulse Manufacturing will produce parts for several small excavators that will be produced at the new Caterpillar plant. The parts will be shipped by truck each day to the Caterpillar plant, where they will be assembled.
The European Commission says it has opened an in-depth investigation into the government-backed restructuring of France's PSA Peugeot Citroen group to see whether it violates European Union state aid rules. Under the plan, the French state has guaranteed 7 billion euros ($9.1 billion) in loans to Peugeot and given or advanced another 85.9 million euros directly.
Gov. Robert Bentley is joining Honda officials in Lincoln to celebrate the start of production for the 2014 Acura MDX sports utility vehicle. A spokesman for the governor said the ceremony Thursday morning comes after Honda invested $400 million and hired more than 400 people to support the production of the MDX.
Ford Motor Co. said Thursday that it's adding 2,000 workers to the Missouri plant that makes the F-150 pickup because of surging U.S. truck demand. The company plans to add a shift with 900 workers in the third quarter of this year to make pickups. That's in addition to the 1,100 workers Ford will hire to make the new Transit van.
Electric car maker CODA Holdings Inc. filed for bankruptcy protection Wednesday after selling just 100 cars and said it plans to quit the auto business altogether. The Los Angeles-based parent of CODA Automotive filed for bankruptcy protection in federal court in Delaware. A consortium of debtors plans to acquire CODA for $25 million.
Ford's sales increased 18 percent, with the F-Series pickup gaining 24 percent. At Chrysler, sales rose 11 percent, led by the Ram pickup, with a 49 percent sales increase. GM also saw an 11 percent sales jump, with Chevrolet Silverado pickup sales rising 28 percent for the month.
Jose Munoz, Nissan senior vice president of sales and marketing for the Americas, said the vehicles getting the price cuts account for 65 percent of Nissan's U.S. sales. The sticker prices, he said, were higher than some competitors for similar models, and that kept Nissan vehicles out of some Internet searches.
U.S. safety regulators are investigating coolant leaks in Porsche 911 sports cars that could cause roadway spills and send vehicles careening out of control. The probe, announced Tuesday by the National Highway Traffic Safety Administration, affects about 10,000 models with the GT1 engine from the 2001 through 2007 model years.
U.S. auto safety regulators are investigating complaints that a rear suspension part can fail on the iconic Dodge Viper muscle car. The investigation by the National Highway Traffic Safety Administration covers about 2,500 Vipers from the 2005 and 2006 model years.
Myanmar's vehicle market has been stunted by decades of international sanctions and strict import controls put in place by the military junta that ruled for nearly 50 years, handing out import licenses to a few favored tycoons. Today most vehicles on the road are used Japanese cars.
The Michigan-based subsidiary of Yanfeng Visteon of China, a General Motors supplier, plans to build the $45 million manufacturing and sequencing facility and expects to create 263 new jobs.
Subaru is recalling just over 10,000 of its 2014 Forester wagons because the floor mats can interfere with the clutch, brake or gas pedals. The recall affects Foresters made from January 2013 through March. The company says the floor mats can curl when exposed to heat.
Chrysler says its first-quarter net profit fell 65 percent as it shipped fewer older vehicles in preparation for several key product launches. The company earned $166 million in the January-March quarter, compared with $473 million a year ago. Revenue fell 6 percent to $15.4 billion.