Currency

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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