Albrecht Denninghoff News
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Wolfgang Hirschauer, a toolmaker from the Bavarian ski town of Garmisch-Partenkirchen, this year traded in his Renault Espace minivan for a Dacia Logan, a budget wagon that retails for a quarter the price.
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Daimler AG scrapped a Mercedes-Benz earnings target for the second time, highlighting the luxury-car brand’s widening gap to leader Bayerische Motoren Werke AG.
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Volkswagen AG has failed to find one true successor to the original Beetle, so it’s trying out several to tackle the market for affordable, basic transport.
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Audi AG trimmed Bayerische Motoren Werke AG’s lead in 2012 luxury-car sales to just 2,110 vehicles in August, threatening BMW’s seven-year hold on the top position in premium auto deliveries.
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PSA Peugeot Citroen, Europe’s second-biggest carmaker, announced plans to eliminate as many as 3,500 jobs in the region after lowering its 2011 profit target.
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Renault SA Chief Operating Officer Patrick Pelata ’s exit over a botched espionage investigation threatens the French company’s plan to reverse sagging European sales and expand in emerging markets, analysts said.
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Bayerische Motoren Werke AG, which posted its first earnings drop in almost three years in the second quarter, is featuring Mini in its sponsorship of the Olympics as part of a bid to burnish the brand’s sporty image and defend its profit from mounting competition.
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Daimler AG reported an unexpected increase in first-quarter profit as record deliveries of Mercedes-Benz cars helped offset higher spending for model introductions and a new factory.
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PSA Peugeot Citroen, Europe’s second-biggest carmaker, plans to sell shares in a 1 billion- euro ($1.32 billion) capital increase at a 42 percent discount.
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PSA Peugeot Citroen’s sliding share price has left the French carmaker trading at a record discount to Volkswagen AG on investor expectations it will be the worst automotive casualty of the region’s sovereign debt crisis.
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