The Wall Street Journal
Demand for commercial trucks is accelerating, leaving truck manufacturers grasping for enough parts to accommodate rising orders.
Higher prices for 2010 models caused by stricter U.S. standards for diesel-engines kept buyers away from new-truck dealers last year, prolonging a sales slump that started in 2007. But trucking companies aren't holding out any longer.
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Bloomfield, CT USA - Jacobs Vehicle Systems, the world’s leading supplier of heavy-duty diesel engine retarding systems, announces the appointment of William Wang as the General Manager of Jacobs’ Suzhou facility in China. China-based engineering, manufacturing and commercial functions will report directly to Mr. Wang. He will play a vital role in driving the strategic development and growth of the China market.
Mr. Wang joined Jacobs Vehicle Systems in March and has since completed an extensive immersion process to understand Jacobs processes and tools.
Just-Auto
Swedish automotive industry manufacturer of commercial vehicles, Scania has posted 18 percent growth in net sales to SEK43.66bn (US$6.83bn), compared with SEK37.1bn for the first six months of 2010.
Scania's president and CEO, Leif Ostling said: "Higher vehicle and service volume was offset by a significantly stronger Swedish krona, a higher cost level and an altered market mix. The Brazilian market, which has been very strong due to high economic activity and subsidies for vehicle investments, is still at a high level but is lower compared to the exceptionally strong first half of 2010."
The Hindu Business Line
US-based parts maker to set up seventh plant, in Chennai, by December The $6.2-billion Federal-Mogul plans to make India a key base for its automotive business in South-East Asia.
The company already has six plants in the country with the seventh scheduled to be commissioned in Chennai this December. This facility will produce eco-friendly brake friction materials for the original equipment (OE) and aftermarket segments.
Dow Jones Business News
Caterpillar Inc. (CAT) raised its projected cost savings from the acquisition of mining equipment manufacturer Bucyrus International, but the benefits won't be realized immediately or without expenses.
Caterpillar said Friday that it expects the cost reductions from Bucyrus to be more than $500 million a year beginning in 2015, up from the $400 million Caterpillar originally forecast last year when it announced the purchase. When an estimated $1 billion in operating profit from Bucyrus is included, the expected financial impact of the purchase grows to $1.25 billion.
IHS Global Insights Daily Analysis
Beiqi Foton, the commercial vehicle manufacturing arm of Beijing Automotive Group (BAIC) is promoting a new strategy intended to help it become an international automotive leader. Under plans released on the automaker's Web site, Beiqi Foton has introduced what it calls its "5+3+1" growth strategy.
The number 5 refers to the key emerging markets that offer growth potential for Beiqi Foton: Russia, India, Brazil, Mexico, and Indonesia; the number 3 refers to developed markets: North America, Europe, and Japan; and the number 1 refers to Beiqi Foton's belief that it will become the global leader in the commercial vehicle sector.
Hindustan Times
Mumbai, July 22 -- As a major step in expanding its presence in the African continent, Tata Motors has commissioned its assembly plant in South Africa. The plant with an annualized capacity of 3,650 units, which is set up at Rosslyn, near Pretoria, will assemble light, medium and heavy commercial vehicles ranging from 4 tons to 50 tons.
Tata Motors has identified South Africa as a potential overseas market and started exporting trucks and buses in 1998 and cars in 2004. The company has thus far sold 32,000 trucks and buses and 31,000 cars through 85 dealerships in the country. The company sells 20 commercial vehicle models and five car models in South Africa.
India Automobile News
New Delhi: India's largest commercial vehicle maker Tata Motors' consolidated net debt has declined by 20.70 percent during the financial year 2010-11 to Rs 214.80 billion from Rs 270.86 billion a year earlier on the back of fund generations from institutional buyers and conversion of foreign securities.
"The significant reduction in debt mainly relate improvement in operations, fund raising through Qualified Institutional Placement issue of Rs 32.50 billion and conversion of Foreign Currency Convertible Notes of Rs 14.90 billion," the company said in the Annual Report.