NEW DELHI -- Tata Motors Ltd. and Ashok Leyland Ltd., India's top two commercial-vehicle makers by sales, respectively, have cut production amid high borrowing costs and slower demand for their trucks and buses.
The auto industry here is suffering in the twin grip of the global credit crunch and still-lofty fuel prices. India is Asia's third-biggest market for commercial and passenger vehicles.
On October 23, the Motor & Equipment Manufacturers Association sent a letter to the Office of International Trade at U.S. Customs and Border Protection (CBP) that addressed the industry’s concerns with agency’s Notice of Proposed Rulemaking on Uniform Rules of Origin for Imported Merchandise. Specifically, the letter raised the “monumental financial and administrative burden” that would be involved with tracking the origins of components of finished automotive parts. The comments also addressed the difficulty of attaining a standard of reasonable care and the special concerns of parts remanufacturers. MEMA is requesting that the agency withdraw the proposed rule until the World Trade Organization adopts a multilateral approach relating to country of origin rules and until any impacts are fully evaluated. Click here to view the public docket. For more information, please contact Leigh Merino.
China's steel industry expects a surplus of iron ore and falling prices in the global market next year, as the global economic crisis slows economic growth and orders from steel makers, Bloomberg reported. "It's clear where iron ore prices will be going," said Liang Shuhe, deputy director of foreign trade at the Ministry of Commerce, at a conference in Qingdao. "Iron ore demand may drop next year with falling demand for steel." Shan Shanghua, secretary general of the China Iron & Steel Association, speaking at the same conference, said all Chinese steel makers are unprofitable this month, and it may take two months to return to a profit. Shan added that 40 percent of steel makers around Tangshan, an industrial city in Hebei province, had closed.
DANVILLE, Ill. – ThyssenKrupp Crankshaft Co. has named Norman Young as its new chief executive officer.
Young joins Thyssenkrupp following a 20-year career in the automotive industry, working in the operations, sales, marketing and service sectors. Most recently vice president of North American sales and global service operations for Delphi Product and Service Solutions, Young also served as president of Delphi’s Integrated Service Solutions and as vice president of global aftermarket sales and service for SPX Corp.
WASHINGTON -- The nation's largest business lobby, the U.S. Chamber of Commerce, has raised ire among Democratic leaders for pouring millions of dollars into an advertising push to prevent the party from winning dominance in the Senate next year.
The Chamber says it has raised enough money this year from corporations to spend about $35 million on the election, double its budget for House and Senate races in the 2006 election. The group is supporting pro-business candidates, almost exclusively Republicans in contested Senate races.
NEW ORLEANS — Fleet executives said that despite the benefits of using safety technology, attitudes within the industry need to change in order to have wider acceptance.
“Clearly, there is a big expense up front, but done right, it can become an investment,” Chris Lofgren, president of Schneider National Inc., said during a panel discussion here at American Trucking Associations’ Management Conference & Exhibition.
ELYRIA, Ohio – October 26, 2008 – Bendix Commercial Vehicle Systems LLC, a North American affiliate of Munich, Germany-based Knorr-Bremse AG, has announced its plans to acquire the business and related assets of SmarTire Systems Inc. for an undisclosed amount. Based in Vancouver, British Columbia, SmarTire is a leading developer and marketer of advanced tire-monitoring solutions, plus wireless sensing and control systems for commercial vehicles.
The transaction terms are expected to be finalized during the fourth quarter of 2008 and are subject to corporate approvals from both entities. When finalized, Bendix plans to incorporate the SmarTire business into its existing electronics business unit, which also includes leading technologies such as the Bendix ESP Electronic Stability Program and Bendix Adaptive Cruise Control (ACC).
Research Triangle Park, N.C. – Heavy Duty Dialogue ’09, with the theme of The Commercial Vehicle Industry in Transition, features a domestic and global economic overview by William Strauss, senior economist and economic advisor for the Federal Reserve Bank of Chicago. Mr. Strauss will focus his presentation on economic indicators and metrics; such as monetary policy, credit markets, risk, inflation, and commodity pricing, and their connection to the US commercial vehicle industry. Also included in Mr. Strauss’s presentation are economic assessments for North America, Europe, Asia and Latin America economic markets for 2009 and beyond.