PARIS - The Michelin Group will buy 90 percent of the Hungarian tire maker Taurus from the state of Hungary. Tires account for 70 percent of Taurus' revenue.
Five global tire makers bid for the Taurus stake. Hungary kept 10 percent.
20,000 Audi A3s
Audi has over 20,000 orders for its three-door A3 model. Twenty percent have come from European markets outside Germany.
The new small Audi went on sale in Germany on 6 September with a base price of DM30,900 ($20,600). Audi plans to produce 100,000 A3s per year.
A five-door version is scheduled for introduction in late 1997.
BMW in India
NEW DELHI - BMW plans to launch its 5 series here in 1997, Chairman Bernd Pischetsrieder told reporters.
BMW has said previously it wants to assemble vehicles in India. Last month it won Indian government approval to take 51 percent in a joint venture with the Hero group. Other details have not been worked out, company officials said.
-Reuter News Service
$800 million more for Fiat in Poland
WARSAW - Fiat SpA, the biggest single investor in Poland with $702 million, plans to invest a further $800 million in the country by 2002.
'We are preparing for the second phase of investment in Poland to the amount of $800 million,' Fiat Auto Poland President Diego Avesani told a news conference.
Avesani said half of the investment will be used to make new vehicle models, 20 percent for increasing productivity and the remaining 30 percent for environmental protection.
Fiat had already started building Punto, Bravo and Brava passenger car models, as well as the Ducato van in Poland. The new Polish-made models will go on sale from 1997. Fiat Auto Poland already produces the Uno and Cinquecento models, as well as the sub-compact Polish 126p model.
- Reuter News Service
Europeans win USABC contracts
DETROIT - European battery companies were among those getting $3 million in research contracts from the United States Advanced Battery Consortium and the US Department of Energy last week.
The auto industry consortium is exploring advanced high-power battery technologies for hybrid-drives in the Partnership for a New Generation of Vehicles. PNGV is the US version of the 3-0 liter car, aiming at high-mileage family cars.
Contracts were awarded to:
Saft subsidiary Saft America of Cockysville, Maryland. $1.4 million, lithium-ion
SRI International of Menlo Park, California, $800,000, lithium-ion
Varta Batterie AG of Kelkheim, Germany, $1 million, nickel-metal hydride
Yardney Technical Products of Pawcatuck, Connecticut, $500,000, nickel-metal hydride.