Currency

DAVE GUILFORD

Russia, weak euro form backdrop for Geneva show

12:28 pm U.S. ET | March 2, 2015
Automakers usually don’t overreact to international tensions and currency fluctuations. That’s why the comments coming from auto execs on the verge of the Geneva auto show are so striking....
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PSA, Mitsubishi will halt production in Russia

Feb. 20, 2015 09:09 CET
PSA/Peugeot-Citroen and Mitsubishi will close their joint venture plant in Russia for two weeks as the country's worsening economic situation hits vehicle sales....
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Weaker loonie no savior for Canada's ailing auto industry

9:06 pm U.S. ET | Feb. 17, 2015
A strong Canadian dollar has wounded the country's auto manufacturing sector over the last decade, but the currency's recent drop to a near six-year low is unlikely to spur a rush of new investment, senior industry executives say....
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EDITORIAL

Don't overreact

12:01 am U.S. ET | Feb. 16, 2015
It's overlooked sometimes, but currency exchange is a major factor in shaping the global strategies of automakers. The question is how should automakers and suppliers react when exchange rates shift dramatically....
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HANS GREIMEL

Japan automakers cut forecasts but enjoy slumping yen.

6:47 am U.S. ET | Feb. 12, 2015
Japan's earnings season wrapped up this week on what would have been a sour note in any other auto market. Yet, Japan's automakers largely laughed it off because of the slumping yen....
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The mighty dollar and what it means for the car business

12:01 am U.S. ET | Feb. 9, 2015
Automakers insist they don't make short-term decisions based on currency movements. But the weak dollar has been a long-term trend that effectively reshaped the global industry. Now — barring a dramatic shift in currencies — the trend is over....
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KEITH CRAIN

When do we see price reductions?

12:01 am U.S. ET | Feb. 9, 2015
Right now, the U.S. has the hottest currency in the world and one of the hottest automotive markets as well. With a much stronger U.S. dollar, you would think we'd see huge reductions in pricing on vehicles and parts from countries with weak currencies....
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Ford's Russia woes worsen as weak yen helps rivals

Feb. 2, 2015 11:23 CET
Ford's Chief Financial Officer Bob Shanks expects that Russia will continue to weigh on the automaker this year as the country's economy slumps and Japanese rivals aggressively cut prices helped by the weak yen....
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Planned Mitsubishi sedan falls victim to currency woes

7:48 am U.S. ET | Feb. 2, 2015
Punishing foreign exchange rates have torpedoed plans to add a Korea-built midsize sedan to Mitsubishi's U.S. lineup. Dealers had been banking on the sedan, sourced from a Renault-Nissan assembly plant in Busan, South Korea, since the plan was disclosed in November 2013....
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Kia's fourth-quarter profit drops 54% on ruble plunge

Jan. 23, 2015 11:31 CET
Kia posted a 54 percent fall in quarterly profit as a weakening ruble reduced income earned in Russia where Kia ranks No. 2 after Lada. Kia expects sales in the market to fall 12 percent this year, because the ruble's decline could force further price rises, denting demand....
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Ford takes charge of $800 million on Venezuelan currency

9:06 am U.S. ET | Jan. 23, 2015
Ford said it will take a one-time pretax charge of $800 million in its fourth quarter results because the inability to exchange US dollars for Venezuelan bolivars has restricted operations in the South American country....
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Daimler offers 'currency rebate' on Mercedes, Smart cars in Switzerland

Jan. 20, 2015 13:26 CET
Daimler is cutting Mercedes and Smart car prices in Switzerland after the central bank's surprise abandonment of a minimum exchange rate caused the franc to surge versus the euro....
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Russia car sales forecast to drop 24% as economic crisis worsens

Jan. 15, 2015 12:01 CET
Russian car sales are set to decline by 24 percent this year after falling 10 percent in 2014 as the country heads for recession. Major Western automakers including Ford, GM, and VW saw their Russian vehicle sales plunge steeply last year....
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Ghosn says ruble plunge a 'bloodbath' for automakers

Dec. 19, 2014 10:04 CET
The ruble's plunge is creating a "bloodbath" for automakers in Russia, Renault-Nissan CEO Carlos Ghosn said. Nissan and Renault have stopped taking orders for some cars in Russia and could raise prices on others if the ruble continues to fall, he said....
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GM, Audi, Jaguar halt Russia sales on ruble's collapse

Dec. 18, 2014 13:12 CET
GM, Audi and Jaguar Land Rover temporarily stopped selling cars in Russia this week, deciding that taking a timeout from the market was the best way to deal with the ruble's collapse....
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Fiat Chrysler exports from Brazil to Mexico after more than 3 years

Dec. 15, 2014 21:36 CET
Fiat Chrysler has resumed exports from Brazil to Mexico after a more than three-year hiatus due to weak Brazilian demand and a more favorable exchange rate, Cledorvino Belini, chief executive officer in Latin America, said....
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VW will stop selling Seat cars in Russia next year

Nov. 18, 2014 15:36 CET
Volkswagen's Spanish subsidiary, Seat, will stop selling cars in Russia by early next year because of the country's economic downturn and weakening ruble....
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Weak ruble, gov't subsidy slow Russia's sales decline

Nov. 12, 2014 15:14 CET
Russian car sales fell 10 percent last month, slowing from a 20 percent drop a month earlier, as the weak ruble and a government subsidy started to provide benefits....
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Hyundai's third-quarter profit falls 29% on firmer currency, sluggish sales

Oct. 23, 2014 11:15 CET
Hyundai posted a 29 percent decline in third-quarter net profit, the steepest drop in at least six quarters. The automaker was hit by slowing sales growth and a stronger local currency but expects earnings to bounce back in the fourth quarter....
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GKN confident as auto-unit growth offsets currency hit

July 29, 2014 13:50 CET
GKN says it is confident regarding the rest of 2014 after first-half profit at its car parts supply division rose 6 percent, helping to offset the effects of a currency hit....
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Hyundai's Q2 profit falls 7% on currency strength, weak global demand

July 24, 2014 11:34 CET
Hyundai's second-quarter profit fell 7 percent as a strong won, weakening global sales and incentives in the U.S. took their toll on earnings. To combat a strong currency, the automaker will now consider adding production overseas....
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Hyundai Q2 profit dips 7% on strengthening currency

6:33 am U.S. ET | July 24, 2014
Hyundai's net profit fell the most in five quarters, hit by the local currency's strength, and said it may make more vehicles overseas as it braces for a tough second half with the won still strong....
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Sogefi reports first-half loss on restructuring costs, Brazil downturn

July 22, 2014 15:29 CET
Italian supplier Sogefi reported a first-half net loss, hit by restructuring costs, the negative impact of the strong euro on South American currencies and a sharp slowdown in the Brazilian market....
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Ford expects 'significant' Q2 loss in South America

3:24 pm U.S. ET | June 5, 2014
Ford expects to incur a "significant" loss in South America in the current quarter mainly due to low sales volumes and changes to Venezuela's foreign exchange rate....
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Nissan earnings boosted by North America gains

5:34 am U.S. ET | May 12, 2014
Net income at Nissan rose 5 percent in the January-March quarter, as higher sales and surging North American operating profit fueled earnings....
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