Motoring

Nissan downgrades full-year forecast, logs nine-month profit fall

TOKYO, Japan (AFP) — Japanese automaker Nissan, rocked by the arrest of former chairman Carlos Ghosn, on Tuesday revised downward its full-year forecast as nine-month net profit dropped more than 45 percent. It was Nissan’s first earnings report since Ghosn was arrested on November 19 and then sacked as chairman. He is in detention facing charges of financial misconduct. The firm’s bottom-line profit fell 45.2 percent to 316.7 billion yen ($2.9 billion), said Nissan — […]

Tata Motors shares plunge 30% on Jaguar woes

MUMBAI, India (AFP) — Shares in India’s Tata Motors tanked almost 30 percent on Friday after problems at its Jaguar Land Rover unit dragged the luxury car-maker to India’s biggest quarterly loss. The Mumbai-based manufacturer has been badly hit by falling demand for luxury cars in China, as well as uncertainty over Brexit and rising debt. It announced Thursday a net loss of 270 billion rupees ($3.8 billion) for the quarter ending December owing to […]

Toyota cuts full-year profit forecast, warns over Brexit

by Natsuko FUKUE Agence France-Presse TOKYO, Japan (AFP) — Japanese car giant Toyota slashed its full-year net profit forecast Wednesday after saying its nine-month figure had tumbled nearly 30 percent as it was hit by investment losses. The firm’s senior managing officer Masayoshi Shirayanagi also told reporters there was no way to avoid a negative impact in the event of a no-deal Brexit — days after fellow Japanese carmaker Nissan announced a cut in production […]

Apple puts brakes on car team but keeps eye on road

SAN FRANCISCO, United States (AFP) — Apple acknowledged Thursday that it has trimmed its team devoted to self-driving car technology but stressed that its still in the race. Apple’s comment came in response to a CNBC report that the staff of a secretive Project Titan was reduced this week by more than 200 people, some of whom were transferred to jobs elsewhere at the California-based technology group. “We have an incredibly talented team working on […]

Hyundai Motor makes first quarterly loss in eight years

SEOUL, South Korea (AFP) — South Korea’s largest automaker Hyundai Motor reported its first quarterly loss in eight years on Thursday, with currency swings sending it $180 million into the red in October-December despite improved sales. Operating profit fell 35 percent from a year earlier to 501 billion won ($443 million), the firm said in a statement, and it made a net loss of 203 billion won. “Due to weakened currency in emerging markets coupled […]

India gives Volkswagen 24 hours to pay Dieselgate fine

NEW DELHI, India (AFP) — India’s environmental court Thursday threatened Volkswagen executives with arrest and gave the German automaker a day to pay $14 million for violating pollution norms by fudging emission tests. The “Dieselgate” scandal, which saw VW cheat emissions tests on millions of diesel vehicles, has already cost the firm over $30 billion in fines, recalls and compensation worldwide. India’s National Green Tribunal ruled in November VW must deposit a fine of 1.7 […]

Under pressure to change, Ford is reinventing itself

by Luc OLINGA Agence France-Presse NEW YORK, United States (AFP) — Struggling with a sagging stock price and sluggish sales, US car giant Ford took steps to regain its footing this week with the announcement of a massive restructuring effort in Europe — even as it prepared for an imminent strategic partnership with German carmaker Volkswagen. The iconic American brand will roll out a major reorganization of its European operations to boost profitability, including thousands […]

Jaguar Land Rover, Ford to slash jobs

by Ben PERRY Agence France-Presse LONDON, United Kingdom (AFP) — Thousands of auto sector jobs are set to go across Europe, Jaguar Land Rover and Ford announced Thursday, under major restructuring as consumers dump diesel cars for greener electric vehicles. Brexit-facing JLR will axe around 4,500 mostly UK jobs, the Indian-owned carmaker said, after a slump in Chinese sales last year. US carmaker Ford said it planned a major restructuring of its European operations, including […]

Fiat Chrysler to pay $650 mn over software misuse: report

NEW YORK, United States (AFP) — Fiat Chrysler has agreed to pay nearly $650 million to resolve litigation over its use of illegal engine-control software on diesel vehicles that produced false results in emissions tests, The New York Times reported Wednesday. The automaker will pay $305 million in penalties to the federal government and California, which also brought suit, the NYT said, citing two unidentified sources who were briefed on the issue. It said the […]

France fines Uber 400,000 euros over huge data breach

PARIS, France (AFP) — France’s data protection agency said Thursday that it had fined the US ride-hailing group Uber 400,000 euros ($460,000) over a 2016 data breach that exposed the personal data of some 57 million clients and drivers worldwide. Uber drew the wrath of users and regulators after the company waited a year before revealing in November 2017 that hackers had infiltrated its systems. The French Data Protection Authority said the breach would have […]

BMW confirms recall of 323,700 cars across Europe

  FRANKFURT AM MAIN, Germany (AFP) — German luxury carmaker BMW on Wednesday confirmed it would recall 323,700 cars across Europe due to a faulty component that could cause engines to catch fire. Just under a third — 96,300 — of the affected vehicles are in Germany, while 75,000 are in Britain, a BMW spokesman told AFP. Some 23,500 cars in France and 24,700 in Italy are also hit. The Europe-wide recall came after the […]

Ford bets its future on new Detroit hub

by Nova SAFO Agence France-Presse CHICAGO, United States (AFP) — Bill Ford Jr., the great-grandson of the American car-maker’s founder, stood in front of thousands Tuesday in Detroit, with an abandoned train station in the background, and entwined the company’s future with that of the dilapidated building behind him. “This station is a symbol,” Ford declared. “We’re making a big bet on our future.” The company — one of America’s “Big Three” automakers — bought […]