Michael Tyndall News
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Fiat SpA, Italy’s biggest manufacturer, may retreat further from its heritage by selecting New York as the primary exchange for its stock after a planned merger with Chrysler Group LLC.
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Daimler AG and other global automakers, already predicting a drop in European deliveries of as much as 5 percent this year, will probably have to lower their forecasts after demand in Germany dropped the most in 2 1/2 years last month.
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Chrysler Group LLC, the automaker that topped its full-year operating profit forecast in the first half today, said it won’t increase its guidance until after the third quarter. Fiat SpA, which runs Chrysler, fell on the news.
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Scania AB, the Swedish truckmaker controlled by Volkswagen AG, fell the most in more than a month in Stockholm trading as Barclays Plc said it’s concerned about the company’s reliance on European markets.
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European car sales in December plunged the most in more than two years as recessions in the southern part of the region cut demand at Ford Motor Co., General Motors Co. and Renault SA.
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Bentley Motors Ltd., whose customers include Queen Elizabeth II and the Sultan of Brunei, may expand its line-up with a sport-utility vehicle to satisfy appetite for bigger luxury models, two people familiar with the matter said.
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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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Volkswagen AG Chief Executive Officer Martin Winterkorn appointed a new trucks chief, added a top executive for China and replaced three Audi board members as part of a shakeup to push forward with his growth plans.
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Porsche SE , the sports-car maker that plans to merge with Volkswagen AG, said a timetable to sell 5 billion euros ($7 billion) in shares still stands amid the volatile financial markets following the Japanese earthquake.
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Volvo Car Corp. showed a five-door hatchback this week in Geneva featuring the world’s first pedestrian air bag. The Swedish carmaker is counting on such innovations to burnish its safety image and help double sales.
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