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...A version of this article was first published by the Nikkei Asian Review on June 1. Website | Subscribe. ©2016 Nikkei Inc. All rights reserved....
...In the middle of last year, Mr Robson began pitching it to the world’s top auto component and carmakers, including General Motors, Volkswagen and Toyota. About a dozen said they were interested....
...In a September profit warning on the eve of the Paris motor show, new Ford chief executive Mark Fields said Ford would record a pre-tax loss in Europe of $1.2bn for full year 2014....
...Santander Consumer, a competitor that focuses primarily on the subprime auto loan market, raised $1.8bn from a listing earlier this year but has traded poorly since....
...Hyundai Motor dropped 2.2 per cent and affiliate Kia Motors lost 1.4 per cent. China’s Shanghai Composite index gained 0.4 per cent as investors snapped up undervalued banking shares....
...Berkshire Hathaway will pay $1.5bn to buy a portfolio of home loans from Residential Capital, the bankrupt mortgage lender formerly part of Ally Financial, the auto lender owned by US taxpayers....
...Affiliate Kia Motors climbed 3.4 per cent to Won78,300, while auto parts supplier Hyundai Mobis added 2.1 per cent to Won148,000....
...Ally, 74 per cent owned by the US Treasury, used to be known as GMAC, the financing arm of General Motors....
...As the index began to sink, however, so too did Hyundai Motor, which fell 0.6 per cent to Won253,500. Hyundai’s affiliate Kia Motors fared better, ending flat at Won78,300....
...Hyundai Motor shed 2.2 per cent to Won223,000 and its affiliate Kia Motors lost 1.1 per cent to Won72,000, while parts maker Hyundai Mobis declined 2.2 per cent to Won289,000....
...Hyundai Motors gained 5.3 per cent to Won228,000 after the local press reported the company had crossed the 2m vehicle sales landmark in Latin America. Kia Motors added 2.9 per cent at Won74,500....
...Hyundai Motor, the country’s largest automaker by sales, added 1.7 per cent to Won244,500 and its affiliate Kia Motors rose 1.2 per cent to Won74,900 after they reported solid sales growth in the US last...
...Ford rose 3.1 per cent to $13.16 after the carmaker’s debt was upgraded two levels by ratings agency S&P, which said its auto operations in North America are likely to remain profitable and it is stabilising...
...Wells Fargo Dealer Services, GMAC, Ford Motor Credit, American Honda Finance, Bank of America, Nissan Infiniti Financial Services, Capital One Auto Finance and Fifth Third Bank, round out the top 10, the...
...However, Korean automakers fared better on Tuesday than their Japanese competitors, with Hyundai Motor rising 4.7 per cent to Won55,500 and Kia Motors rallying 6 per cent to Won8,530....
...Nissan spent the morning 4.6 per cent higher before closing up 1.7 per cent at Y594. In South Korea, Kia Motors gained 1.6 per cent to Won12,400, while Hyundai Motor fell 0.7 per cent to Won71,400....
...Shares in General Motors fell 2.6 cent to $1.12, as its hopes of finding a faster exit from bankruptcy rose after some of its biggest bondholders agreed to a sweetened 11th-hour offer from the troubled carmaker...
...In those cases we got caught in what we see as a perfect storm in the auto and housing sectors.”...
...GMAC’s net loss widened from $1.6bn a year ago to $2.5bn, which it attributed to a $1.9bn loss at ResCap, lower used-vehicle prices and deteriorating creditworthiness among carbuyers and dealers....
...Ford Motor was down 3 per cent at $1.96 in early trading. While Ford faces similar problems to GM, it has a bigger liquidity cushion....
...General Motors advanced 14.7 per cent to $6.25 on reports that the hard-hit auto group was pushing for government aid to help a possible merger withChrysler....
...Cerberus Capital Management’s gamble on the struggling US auto industry is looking troubled. But not for the reasons you might think....
...“It’s arrogant to say you won’t build the version 1.0 car until it’s perfect.”...
...“There’s a disparity between what these new managers think they can deliver and the reality of the industry,” says Steve Cheetham, autos analyst with Sanford Bernstein, the research group....
...Nissan Motor, Japan’s second-biggest carmaker, surged 1.6 per cent to Y1,348, outpacing its bigger peer, Toyota Motor, which was up 0.8 per cent at Y6,370....
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