Fiat India records profits

Positive results by Fiat’s core automotive division is reported to perform well as it posted again profit for the fourth straight quarter this week.

The company continued gaining from improved sales of Grande Punto hatchback and other popular Fiat models.

Fiat is aiming for a 2006 group trading profit of 1.85 billion euros, targeting a net profit of 800 million euros.

Fiat Auto is the group’s biggest division by sales, making a trading profit of 51 million euros against a loss of 85 million euros for the same period last year.

Despite recent negative trends in the automotive industry Fiat is proving that successes still exist for the companies that work hard to get operations and sales right.

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The Bosch Group bids for Pacifica

The market is excited with the news that Bosch Group has made a $495 million bid for Australian auto parts manufacturer Pacifica Group Limited (PBB). Bosch intends to make an off-market takeover offer for Pacifica.

The offer includes the assumption of Pacifica’s existing net debt. The Bosch cash offer represents an outstanding opportunity for Pacifica shareholders to immediately realise a significant premium to the recent trading value of Pacifica shares.

Stockbroking analysts haven't found the offer from Bosch surprising.

Bosch stated that the volume weighted average price includes the recent surge in the share price fuelled by speculation of a potential takeover of Pacifica.

Dr Bernd Bohr, a member of the Bosch Board of Management and chairman of the Automotive Group, said the offer represents full and fair value for Pacifica.

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Toyota hiring new staff in Lafayette

The Toyota Subaru production plant of Indiana Automotive Inc. in Lafayette is hiring a 1,000 strong automotive workforce.

SIA and the Indiana Department of Workforce Development have collaborated to design a paperless, online application process that will begin on Oct. 30. Applications also will be accepted at any WorkOne office in Indiana.
SIA is one of the highest wage manufacturers in the Lafayette area according to Kevin McNamara, professor of agricultural economics at Purdue University.

Applications also are expected to come from far outside Tippecanoe and surrounding counties, as people seek employment that offers good pay and substantive benefits.
Through a contract with the Toyota Motor Corp., SIA will hire approximately 1,000 people in two phases, to begin production of the Toyota Camry next year.

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New cars at factory outlet prices

It sounds impossible but Factory Outlet Cars is one of the first retailers to promise a range of new cars at factory outlet prices.

The company is one of the largest UK online new car dealers, offering a wide range of new car prices with considerable savings. The price discounts on new cars do not compromise on customer service and the company has managed to maintain this promise. All the cars are available with car finance, part exchange and delivery so it makes it easier a process to manage.

Factory Outlet Cars has 25 years experience providing new cars and used cars for other new car dealers throughout the UK and this is how they can heavily discount to the consumer. The existing supply network ensures delivering the cars at the right price and at the right time. Most of the car selection is usually in stock locally keeping costs to a minimum and passing these savings onto the consumers.

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Bad year for Ford or automotive in Australia?

The Australian is reporting on new job losses across Australias besieged automotive parts industry this week, after Ford Australia unveiled plans to cut new car production by 20%.

The news come following previously reported new car sales figures drop for Holden and Toyota, in September last year.

Ford also warned of job losses from its 5000-strong workforce after blaming declining sales for the decision to cuts its daily new car production from 450 to 360 from November 20.

Industry analysts warned that Ford's decision would put significant pressure on cash-strapped car part makers.

Ford sales have been hit by rising petrol prices and declining sales on the the back of strong competition from rivals marketing newer products.

Industry insiders confirmed that the car industry is facing a difficult period.

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