Tata Motors has seen its credit rating upgraded by Moody's Investors Service to Ba3 from B2. The ratings agency also changed the outlook on the rating to stable from positive.
"The rating upgrade reflects the recovery in the operating performance of the Jaguar Land Rover (JLR) business exceeding our expectations and the company's fast growing Indian business remaining solidly profitable, which have resulted in a much improved leverage ratio for TML," said Alan Greene, a Moody's VP/senior credit officer.
TIANJIN - US-based specialty vehicles maker Oshkosh Corporation said it is adopting two strategies - self-building channels and pursuing potential acquisition opportunities - to speed up development in China.
The company recently launched its first Asian manufacturing plant in Tianjin. The $40-million plant was completed in June with a production capacity of 15,000 units of JLG access equipment. Oshkosh acquired JLG, one of the world's leading manufacturers and marketers of access equipment, in 2006 with $3.2 billion.
Tata Daewoo Commercial Vehicle Co., the Korean unit of India's largest automaker Tata Motors Ltd., said yesterday it will soon begin selling its commercial trucks in the European market.
Kim Jong-shik, president and CEO of Tata Daewoo, said the company was also considering shipping to Europe complete knockdown kits, or CKDs, that can be assembled into vehicles.
The Environmental Protection Agency and the National Highway Traffic Safety Administration Monday announced the first-ever standards to improve fuel efficiency of heavy-duty trucks and reduce greenhouse gas emissions.
EPA and NHTSA announced the standards, which are scheduled to take effect in the 2014 model year, with a second round of targets in place in 2018. Transportation Secretary Ray LaHood and EPA Administrator Lisa Jackson introduced the rule at a Washington press conference. NHTSA is part of the Department of Transportation.
BEIJING, SinoCast -- Beiqi Foton Motor Co., Ltd. (SHSE: 600166), one of the renowned automakers in China, announced today that it received a strategic cooperation framework agreement over a special purpose vehicle project from Sichuan Theng Heavy Engineering Machinery Co., Ltd. on October 19.