Currency

Russian new-car sales fall 43% as economy slides

April 8, 2015 15:00 CET

Russian new-car sales fell 43 percent last month as a weak currency, falling oil prices and Western sanctions over Ukraine push the economy into recession....
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Automakers stay in Russia despite risk of high losses

March 19, 2015 12:39 CET

Automakers such as Volkswagen, Renault and Ford continue to compete for market share in Russia, even as GM scales back in the country. Companies risk losing as much as $2,000 on each car sale, according to a Russian dealership association....
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SsangYong suspends exports to Russia on weak ruble

March 19, 2015 11:55 CET

SsangYong has suspended exports to Russia as the plunging ruble hits demand in the automaker's biggest export market. In the first two months, the automaker's sales fell 61 percent in Russia....
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Skoda CEO Vahland urges Czech euro adoption when Greek crisis ebbs

March 16, 2015 21:17 CET

The Czech Republic will benefit from adopting the euro and should join the monetary union after the Greek debt crisis calms down, Skoda CEO Winfried Vahland said. Skoda is the country's largest industrial company and the country's main exporter....
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Russian car sales fall 38% in February

March 10, 2015 15:30 CET

Russia's new-car sales fell 38 percent to 128,298 vehicle in February as consumers continued to avoid big purchases in an ailing economy plagued by a weakening ruble and Western sanctions over the conflict in Ukraine....
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Euro weakness, exports lift southern Europe car output

March 6, 2015 06:01 CET

While southern Europe is experiencing at best a patchy economic recovery, the outlook for the region's carmakers is a little less bumpy thanks to the weak euro, cheaper oil and labor reforms. Fiat, Ford and GM have boosted output in Spain and Italy....
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AvtoVAZ raises Lada prices again on weak ruble

March 4, 2015 15:21 CET

Russian automaker AvtoVAZ has raised the prices of its Lada cars for the second time this year because of the weaker ruble. The automaker said prices rose by 4.8 percent on average after an increase of around 9 percent in January this year....
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DAVE GUILFORD

BLOG: 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

BLOG: 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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