Headlines for Wednesday, October 10, 2012
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PSA, Fiat debt ratings cut by Moody's on Europe concerns
PSA and Fiat had their debt ratings lowered to three levels below investment grade by Moody's Investors Service as slumping European car markets take a toll on the automakers' finances. Read More »
Toyota to recall 7.4 million vehicles globally on power window glitch
Toyota announced the biggest single automotive recall since 1996 to fix malfunctioning power window switches, saying it will pull back 7.43 million vehicles worldwide, including 1.39 million in Europe. No injuries or accidents were reported from the faulty parts. Read More »
Russian car sales rise 10% in September as market cools
Sales of cars and light commercial vehicles in Russia grew 10 percent year-on-year in September to 259,582 units, but the market is showing signs of a slowdown, the Association of European Businesses said in a statement. Read More »
Mercedes falters in bid to retake premium crown
Mercedes-Benz is falling further behind in the global luxury-sales contest with rivals BMW and Audi. A disjointed strategy in China, sluggish expansion of entry-level models and an aging S-class sedan, have all helped push the once-dominant upscale nameplate firmly into third place. Read More »
Lithium ion battery breakthrough could cut costs, U.S. researchers say
University of California, San Diego researchers say they have developed a way to better estimate what goes on inside lithium ion batteries -- a breakthrough that could lead to lower battery costs and faster charging times for electric vehicles. Read More »
Porsche names VW executive Blume as production chief
Porsche named Volkswagen's production planning head, Oliver Blume, as its new executive board member in charge of production and logistics. Read More »
BorgWarner CEO sees 'difficult' fourth quarter on Europe slowdown
Supplier BorgWarner, which makes turbochargers, is concerned the fourth quarter may be “more difficult” for companies as a slowdown in Europe widens, CEO Tim Manganello said in an interview. Read More »
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