Honda upgrades S. America
TOKYO - Honda Motor Co. is upgrading its South American operations by giving them equal status with the company's four other regional groups. For several years, Honda has espoused a four-polar approach to the world, grouping its vehicle manufacturing and development operations either under Japan, the Americas, Europe or Asia.
NISSAN SELLS UNIT
TOKYO - Nissan Motor Co. has agreed to sell its aerospace division to Ishikawajima-Harima Heavy Industries Inc. The deal, which has been anticipated, is expected to close before August. The division specializes in solid-propellant rockets. It reported net revenue of ¥51.2 billion, or about $487.5 million at current exchange rates, in the fiscal year ended March 31, 1999.
GROUP 1 REPORTS GAIN
HOUSTON - Group 1 Automotive Inc.'s annual revenue hit the $2.5 billion mark in 1999, up from $1.6 billion in 1998. The publicly held dealership group said net income increased 62 percent last year to $33.5 million, from $20.7 million in 1998. In the fourth quarter, revenue was $691.8 million, up from $472.5 million during the comparable quarter in 1998. The chain's net income was $7.7 million in the October-December period, up from $5.5 million during in the corresponding three months in 1998.
RADIO FIRMS UNITE
NEW YORK - Two satellite radio providers will work together to develop a radio capable of receiving either company's signals. XM Satellite Radio Inc. of Washington, D.C., and Sirius Satellite Radio Inc. of New York will contribute to the project, mandated by the Federal Communi- cations Commission. General Motors has invested in and agreed to use XM's service, scheduled for 2002. Ford Motor Co. and DaimlerChrysler have invested in and agreed to use Sirius in 2001.
SUPPLIER COMES TO U.S.
BOSTON - SmartMove N.V., a Belgium-based supplier of communications software and hardware architecture, has formed a new division here. SmartMove's software and hardware are designed to connect with various electronic automotive services, including automotive navigation systems and emergency road care, said Tom Vandenbussche, the company's business development manager.