Carlos Ghosn officially folded troubled Mitsubishi Motors into the Renault-Nissan alliance and appointed himself chairman, forecasting nearly half a billion dollars in savings as soon as next year as the group joins a small club of automakers operating at a massive scale.
The head of VW Group sales for corporate fleets Martin Jahn moved within the Volkswagen Group to the post of Executive Vice President of Sales and Marketing of Volkswagen in Northern China.
Toyota Motor Corp. said operating profit in the latest quarter fell 15 percent to 642 billion yen ($6.33 billion) as a strong yen weighed on earnings. Net income in the three months through June dropped to 552.47 billion yen, the automaker said today. Revenue fell to 6.59 trillion yen.
The president of Mitsubishi Motors, Tetsuro Aikawa, will step down less than two years in the job amid a widening fuel economy scandal that torpedoed the automaker’s sales and led to it selling a controlling stake to rival Nissan Motor Co.
Falling vehicle sales, rising costs and foreign exchange rate losses pushed profits lower at Toyota Motor Corp. in the latest quarter, even though the slowdown wasn’t enough to derail the carmaker from achieving a third year of record earnings.
First, Nissan Motor Co. publicly called out Mitsubishi Motors Corp. for cheating on emissions tests, plunging its close partner into crisis and uncertainty about its very viability. Now Nissan may be riding to Mitsubishi’s rescue.
Hyundai Motor Co. has hired former Lamborghini executive Manfred Fitzgerald in the latest effort by the South Korean automaker to shed its image as a value-for-money brand.
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