Headlines for Friday, March 15, 2013
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Opel to freeze pay as Ford's Belgian workers agree on severance
GM and Ford won employees' approval in Europe for labor-cost cut plans to restore earnings in the region in response to a recession that's reducing vehicle sales. Manufacturing workers at Ford's plant in Genk, Belgium, and its suppliers will end walkouts after agreeing to severance packages. Read More »
PSA mirrors VW, readies megaplatform to cut costs
PSA is planning to produce its compact, mid-sized and SUV models on a common platform that also is likely to underpin models made by alliance partner GM. Read More »
Porsche hopes to match last year's 2.4 billion euro profit in 2013
Porsche is aiming to match last year's profit in 2013, the company said on Friday. In 2012 Porsche posted an operating profit of 2.44 billion euros ($3.17 billion). Porsche said net debt dropped to 1.87 billion euros at the end of December from 2.58 billion at the end of 2011. Read More »
Girsky irked by Europe's chilly reception for plug-in
GM Vice Chairman Steve Girsky isn't happy with the lukewarm reception the Opel Ampera plug-in hybrid has received in Europe. Read More »
VW shares worth 929 million euros put on sale by Deutsche Bank
Deutsche Bank put on sale a block of about 5.8 million Volkswagen AG preferred shares for as much as 929 million euros ($1.21 billion) in an accelerated bookbuilding. Read More »
Winterkorn open to further VW acquisitions
VW Group remains open to making further acquisitions, though the German group has its work cut out integrating its 12 brands, CEO Martin Winterkorn said. "We are currently well positioned with 12 brands, but there are always opportunities that one cannot pass up," Winterkorn said. Read More »
Opel is 'in attack mode,' will survive, says CEO Neumann
New Opel CEO Karl-Thomas Neumann says he can revive the beleaguered European brand and stem its persistent losses -- with plenty of help from parent company General Motors. Read More »
VW, BMW predict 'difficult' 2013 on Europe slump, China slowdown
VW Group and BMW Group predicted a "difficult" 2013 as the European auto market contracts, vehicle prices in the region drop and growth in China slows. VW CEO Martin Winterkorn said the automaker is confronting "tougher competition and difficult economic conditions." Read More »
Europe's sales disaster is deja vu for GM's Docherty
Susan Docherty, head of Chevrolet and Cadillac in Europe, is girding for an industry sales slide of 6 percent this year atop last year's 8 percent drop. But there's a bright side: She has seen this play before. Read More »
PSA sells BNP stake for 177 million euros to boost financing
PSA sold its stake in French bank BNP Paribas for about 177 million euros ($229 million) to boost financing as part of a restructuring at Europe's second-largest carmaker. Read More »
XL1 coupe paves the way for VW plug-in hybrids
The debut of the Volkswagen XL1, touted by VW as the world's most fuel-efficient production car, marks VW's entry into the plug-in hybrid market. Read More »
