Auto Sector

Chrysler cuts another 1,000 salaried jobs

Chrysler cuts another 1,000 salaried jobsNew York  - The US automaker Chrysler, the country's third largest and deep in the red, Wednesday said it planned to cut another 1,000 salaried jobs as sales tumbled 22 per cent in the first six months this year.

The company would use "retirements, special programs and attrition," to complete the reductions by September 30, spokesman Dave Elshoff was quoted as saying by Bloomberg financial news.

Skoda Auto revenues, profit down in first half of 2008

Skoda Auto revenues, profit down in first half of 2008 Prague  - Czech carmaker Skoda Auto AS, a division of Germany's Volkswagen AG, said Wednesday the company saw its profit and revenues decline year-on-year in the first half of 2008, as a consequence of the firming Czech koruna.

Skoda's net profit plunged by 9.4 per cent to 7.15 billion koruny (472 million dollars) in the first half year compared to the same period in 2007, while the revenues were down
1.6 per cent year-on-year to 111.7 billion koruny (7.4 billion dollars).

Continental rejects takeover bid but agrees to talks

Continental rejects takeover bid but agrees to talksFrankfurt  - The board of giant German tyre maker Continental AG rejected Wednesday an 11.3-billion-euro (18-billion-dollar) takeover bid launched by bearings manufacturer Schaeffler but called for talks with the family-owned company.

Following a crisis meeting of the company's board, Hanover-based Continental said Schaeffler's offer price of 70.12 euros a share was not appropriate.

But Continental said it would now seek out talks with the Bavarian-based Schaeffler group which is owned by billionaire Maria-Elisabeth Schaeffler and her son.

Peugeot Citroen sees first-half profits rise by 49 per cent

Paris - French auto maker PSA Peugeot Citroen said Wednesday it had earned net profits of 733 million euros (1.16 billion dollars) in the first half of 2008, up by a hefty 49 per cent over the same

Heavy-vehicle maker Volvo reports big jump in income

StockholmVolvo - Swedish heavy-vehicle maker Volvo on Wednesday reported a 25 per cent increase in pre-tax income for second quarter 2008, citing strong growth in Eastern Europe, South America and Asia.

Pre-tax income was 7.48 billion kronor (1.25 billion dollars), compared to 5.97 billion kronor in the corresponding period 2007 for the Volvo group, excluding the Ford-owned car division.

Net sales were up 13 per cent to 80.4 billion kronor, compared to 71 billion kronor in the corresponding business period 2007 while net income increased 28 per cent to 5.1 billion kronor.

Two wheels good, four wheels bad

Sydney - Apprentice mechanic Abraham Khouri rides to his Sydney workplace on a scooter rather than in his Honda Civic.

"It takes 80 dollars to fill the car with petrol but this is a two-stroke and we're talking just 15 dollars to get to work each week," said Khouri, one of a legion of converts sending two-wheelers flying out of Australian showrooms.

Motorcycle and scooter sales are rising at double the rate of four-wheeled vehicles, with over 64,000 sold in the first half of 2008. Sales were already up 18 per cent in 2007.

Soaring petrol prices, traffic congestion and perhaps a concern over climate change are driving the trend.