Russian largest car got 127 million U.S. dollars of bank loans
Russian largest automobile enterprise car, Schwarz (AvtoVAZ) recently received the Russian state-owned banks amounted to 127 million U.S. dollars of loans to cope with economic crisis. According to TASS, the Russian government’s economic aid as part of the program, the loan was provided by the VEB’s medium-sized bank Globex of Russian state-owned development bank.
European countries have agreed to coordinate support for the region’s car dealers
European countries have agreed to mutual coordination and supported automobile manufacturers in the region to help them cope with the current economic downturn, the European Union (EU) member in charge of industry, GuenterVerheugen said on Friday. In at a ministerial meeting of all EU member states represented, the participants lively discussed, and with the introduction of a variety of programs, including encouraging the phase out old vehicles, and implementation of tax concessions and so on.
The German government announced a law of tax new on carbon dioxide emissions of new cars and energy-saving cars will be allowed duty-free
According to “European car Weekly” (Automobilwoche) it disclosed that the new tax system would for all vehicles use the same basic rate, but the basic rate of passenger car of diesel engines higher than petrol vehicles. And the vehicles of 100 km of carbon dioxide with emissions below 120 grams of can be removed the two years (2010/11) emissions tax. In addition with the constant development of technology of vehicle emission reduction, the lower limit of 120 grams will be further reduced.
Japanese largest general trading company, Itochu will purchase 30 percent of SHANSHAN equity
By the end of last year, following a burst of the purchase of Ting Hsin Group of Kangshifu club with a huge maney, Japanese largest general trading company – Itochu again put out the tentacles towards China’s clothing (000,902, stock it) giant, Shanshan Group. Yesterday, Ningbo Shanshan ltd. (600,884, stock it) announced that part of the shares of SHANSHAN group which the company controlled as shareholder will be transferred to Itochu.
To cope with declining sales caused rising inventories, the two major car manufacturers in Japan will further cut production
To deal with falling auto sales caused rising inventories, Japanese two major car manufacturers, Toyota Motor (Toyota) and Honda Motor (Honda) will further reduce output, while the third-largest maker Nissan Motor (Nissan) factory has been abroad for conservation production costs. Due to the global economic recession curbed demand for cars in mature markets and led in emerging economies in sales growth slowing, Japan’s leading automobile and parts manufacturers Subaru (Fuji Heavy) became the the latest car manufacturer in fiscal year to forecast a loss.
Most of Japanese manufacturing firms in this fiscal year will have a deficit
Toyota Motor Corp., Nissan Motor Co. and Sony Corporation and other international well-known Japanese manufacturing firms are expected to in 08 fiscal year have operating deficits. Due to the financial crisis, a world-wide consumption recession and the Japanese yen exchange rate rising leading to sluggish exports of automobiles and motors, business suffered a devastating blow. These export enterprises will deteriorate the performance of domestic employment situation and investment in equipment.
British business minister Peter Mandelson: EU must ensure the car manufacturers in a fair playing field
[NEW YORK] British business minister Peter Mandelson said on the 16th, the EU must ensure that the car manufacturers in a fair playing field, and the EU member states should not compete with each other. Integrated foreign on January 16th reported that British business minister Peter Mandelson (Peter Mandelson) said, the EU (European Union) must ensure that its car manufacturers to work with the U.S. car manufacturers to carry out fair competition.
EU Industrial Members: it can not guarantee that all car manufacturers will survive
[NEW YORK] EU industry member Verheugen said on the 16th, they could not guarantee that all major European car manufacturers would get through the crisis. Manufacturers are facing overcapacity problems and new standards, and unable to access to capital. Integrated foreign January 16 reported that a member of EU industry, Verheugen (Guenter Verheugen), said that they can not guarantee that all major European car manufacturers would be safe through the economic crisis. Verheugen will on Brussels Ministerial Conference, say that the automotive industry was not very optimistic about the prospects.
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