BMW Group adjusts forecast to market conditions

06.08.2008: BMW Group adjusts forecast to market conditions

- Significant deterioration in business conditions

- Provisions for residual value risks increased to euro 695 million

- Workforce reduction expense of euro107 million

- Second-quarter and six-month earnings down

- Operating performance improves in the first half of year 

Business conditions for the automobile industry deteriorated sharply again in the second quarter due to further ongoing steep rises in oil and raw material prices, the weakness of the US dollar, the impact of the international financial crisis and a weaker US economy. As a result, the price level of pre-owned cars in the USA - and hence the level of revenues that can be generated on vehicles returned at the end of leases - remained under further pressure. This situation has made it necessary for the BMW Group to increase its risk provision.

The expense recognised for provisions and allowances for residual value risks and bad debts - including the euro 236 million recorded in the first quarter - increased in total to euro 695 million, thus significantly holding down earnings for the first half of the year. In addition, an expense of euro 107 million was recorded in conjunction with measures already announced to reduce the size of the workforce.

Adjusted return on sales improved to 7.3% for six-month period

The Group's good operating performance in the current year is being overshadowed by the impact of a significantly less favourable environment. "At an operating level, the BMW Group has improved significantly during the first half of the year", stated Norbert Reithofer, Chairman of the Board of Management of BMW AG on Friday in Munich. Adjusted for exceptional items - the expense of additional risk provision and one-time personnel expenses - the return on sales improved to 7.3% (first half-year year 2007: 7.0%).

The impact of external factors has increased substantially and resulted in additional costs so far this year to a high three-digit million amount. Despite the operational improvements made, it has not been possible to offset this amount in full as had previously been the case.

The BMW Group has therefore revised its earnings forecast to take account of less favourable market conditions. "We now expect that the pre-tax return on sales for the year to be at least 4%", continued Reithofer. An EBIT margin of approximately 4% or higher is forecasted for the Automobiles segment. In sales volume terms, the BMW Group is still aiming for a new high level for the year.

Given the current difficult conditions, the BMW Group will continue to monitor the situation on the pre-owned car markets carefully and, if necessary, adjust the risk provision for residual value risks and bad debts during the second half of the year.

Implementation of strategy Number ONE remains top priority

Rising raw material prices, increasingly weaker sales markets in the USA and Europe due to the financial crisis as well as an unfavourable exchange rate environment require additional measures to be taken to ensure that the BMW Group remains on its successful course: "We will use the strong headwinds as an opportunity for change and continue the process of renovating and optimising our business in conjunction with strategy Number ONE.

We must and we will intensify our efforts on both the cost and revenues side even further", announced Reithofer. Implementation of the strategy Number ONE remains a top priority. The BMW Group is planning, amongst other things, to implement the following additional measures aimed at improving profitability: 

• The BMW Group will continue to optimise its sales strategy in the light of changed market conditions. The company intends to retain its position as the world's leading premium manufacturer in the future. This is only possible through growth. Sales volume growth, however, will not be pursued at the expense of profitability. In the light of the ongoing weakness of the US dollar and market, sales volumes will be reduced in the USA on a targeted basis as part of a new strategy for this region.

Some of the vehicles originally intended for sale in the USA will be switched from the US dollar region to countries with higher margins. The BMW Group's US sales volume figures for 2008 are therefore likely to be lower than one year ago. The emphasis is also being placed on profit-oriented growth in other regions.

• Production capacities worldwide will be brought even more closely into line with the major sales markets. The BMW Group has decided to reduce production volumes and increase selling prices.

• The introduction of a new working time account model at the beginning of April allows for even greater flexibility in working hours, therefore making it easier to offset production fluctuations.

• The BMW Group will also negotiate with the employee representatives about voluntary benefits beyond general pay.

• Within the financial services line of business, measures aimed at improving residual values and reducing bad debts will be pursued more intensely.

Reithofer: 2009 will also be a challenging year

The macro-economic situation in the automotive industry is unlikely to improve in the coming year. "We assume that 2009 will be another difficult year full of challenges", explained Reithofer.

The benefits generated by the strategy Number ONE should be significantly more perceptible in 2010. The BMW Group aims for 2010, as an intermediate target, to achieve a Group return on sales of at least 6% and in Automobiles segment an EBIT of almost 6% or higher. By 2012, the BMW Group continues to target a return on capital employed (ROCE) in excess of 26% and an EBIT margin of 8% to 10% for its Automobiles segment.

Strategy Number ONE showing the first signs of success

"The increasing challenges clearly show that our strategy Number ONE - which we continue to implement rigorously - is an essential part of the process to safeguard the BMW Group's future and increase its value", emphasised Reithofer. The implementation of this strategy is making good progress.

The BMW Group is making good progress in the field of alternative electric-based engines. Results to date are very promising. "We have therefore decided to construct a vehicle equipped with an electro-engine" continued Reithofer. At present, MINI brand vehicles are being used to gain invaluable insights into how a thrilling driving experience can be achieved with a powerful electro-engine. This is a further logical step in the implementation of the company's EfficientDynamics strategy.

"The current situation does not only represent a challenge. We see it primarily as an opportunity for the BMW Group. The measures we are implementing are aimed at a significantly more demanding environment than one to two years ago. Our company will become even more efficient and we will continue to invest in our future", stated Reithofer.

An array of new products is in the pipeline. The new 7 Series was recently presented to the general public. Moreover, future models such as the X1 and the Progressive Activity Sedan (PAS) will continue the tradition of "Sheer driving pleasure", fully incorporating innovative features such as EfficientDynamics.

First half year 2008 affected by adverse external factors

Against the background of the difficult business conditions described above, second quarter earnings have been significantly affected by additional adverse factors which have offset the positive performance at an operating level. The higher expense recognised for residual value risks and bad debts as a result of unfavourable developments on the US market reduced second-quarter earnings by euro 459 million.

Compared to the previous year, Group revenues in the second quarter fell by 0.9% to euro 14,552 million (second quarter 2007: euro 14,683 million) primarily due to exchange rate factors. The profit before financial result (EBIT) fell by 58.3% to euro 425 million (second quarter 2007: euro 1,019 million). The pre-tax profit, at euro 602 million (second quarter 2007: euro 1,065 million), was down by 43.5%. The net profit decreased by 32.7% to euro 507 million (second quarter 2007: euro 753 million).

Revenues for the six-month period rose by 4.5% to euro 27,837 million (first half-year 2007: euro 26,634 million). Excluding the exchange rate impact, revenues increased by 9.9%. EBIT amounted to euro 1,252 million (first half-year 2007: euro 1,931 million/-35.2%) and the profit before tax was euro 1,243 million (first half-year 2007: euro 1,917 million /-35.2%), both therefore below the previous year's figures. The pre-tax profit reported for the first half of 2007 included a one-time gain of euro 61 million on the conversion of the exchangeable bond on shares in the aero engine manufacturer, Rolls-Royce plc. Group net profit fell by 25.8% to euro 994 million (first half-year 2007: euro 1,340 million).

Adjusted for exceptional items - the expense of additional risk provision and one-time personnel expenses - the EBT margin improved to 7.3% (first-half year 2007: 7.0%):

BMW Group 2nd quarter 2008 2nd quarter 2007

1st
half-year
2008 1st
half-year
2007

EBT
(in euro million) 602
1,065
1,243
1,917

EBT margin
(in %) 4.1
7.3
4.5
7.2

EBTadjusted* (in euro million) 1,128
1,035
2,045
1,856

EBT margin adjusted * (in %) 7.8
7.0
7.3
7.0

(*Figures excluding provisions and allowances for residual value risks and bad debts, workforce reduction expense and the one-time gain on the settlement of the Rolls-Royce exchangeable bond).

Sales volume growth for all three brands

The BMW Group registered sales volume growth for all three brands for the period from April to June 2008, and hence new high levels for all brands. The total number of BMW, MINI and Rolls-Royce brand vehicles delivered to customers increased by 4.0% to 413,087 units (second quarter 2007: 397,009 units).

Sales of BMW brand cars went up by 2.3% to 344,019 units (second quarter 2007: 336,230 units). The MINI brand also recorded strong growth with the second-quarter sales volume up by 13.5% to 68,756 units (second quarter 2007: 60,598 units). Rolls-Royce Motor Cars recorded an extremely high growth rate, with 312 units (second quarter 2007: 181 units) sold in the quarter (+72.4%).

The BMW Group sales volume for the six-month period increased by 4.7% to 764,874 units (first half-year 2007: 730,285 units). Sales of BMW brand cars went up by 2.4% to 637,569 units (first half-year 2007: 622,415 units) as a result of the success of the 1 Series , the X5 and the X6. 126,810 units (first half-year 2007: 107,576 units) of the MINI were sold in the period, 17.9% more than one year earlier. This was helped in particular by the performance of the MINI Clubman, which has been available on the markets since November 2007. The number of Rolls-Royce brand cars sold increased by 68.4% to 495 units (first half-year 2007: 294 units).

Second-quarter reported earnings for the Automobiles segment were adversely affected by the external factors mentioned above. EBIT fell by 52.1% to euro 395 million (second quarter 2007: euro 824 million) and the profit before tax decreased by 59.4% to euro 325 million (second quarter 2007: euro 801 million). Due to the ongoing weakness of the US dollar, segment revenues fell by 3.5% to euro 13,754 million (second quarter 2007: euro 14,257 million). Excluding the exchange rate impact, revenues increased by 1.8%.

Revenues for the six-month period edged up by 0.9% to euro 25,916 million (first half-year 2007: euro 25,675 million). The EBIT of the Automobiles segment fell by 31.7% to euro 1,014 million (first half-year 2007: euro 1,485 million) and the profit before tax decreased by 38.7% to euro 864 million (first half-year 2007: euro 1,410 million). Adjusted for exceptional items - the expense of additional risk provision and one-time personnel expenses - the EBIT margin in the Automobiles segment improved to 6.1% (first half-year 2007: 5.8%).

 

Motorcycles business affected by difficult market conditions

The Motorcycles segment sold 34,886 units during the period under report (second quarter 2007: 36,201/-3.6%). The main factor for the decrease in sales volume was a poor performance in the USA in the wake of the financial market crisis. The new two-cylinder models, the F 800 GS and the F 650 GS, are not yet available on the US market.

Second-quarter revenues of the Motorcycles segment totalled euro 392 million (second quarter 2007: euro 396 million/-1.0%), while EBIT was euro 56 million (second quarter 2007: euro 59 million/-5.1%) and the profit before tax was euro 53 million (second quarter 2007: euro 56 million/-5.4%).

Six-month segment revenues were down by 3.4% to euro 737 million (first half-year 2007: euro 763 million). The EBIT of the Motorcycles segment fell by 3.2% to euro 92 million (first half-year 2007: euro 95 million) and the profit before tax decreased by 3.3% to euro 87 million (first half-year 2007: euro 90 million).

Financial services business adversely affected by credit crisis

The Financial Services segment was again able to expand business during the period under report. The total business volume as disclosed in the balance sheet increased by 8.8% to euro 53,115 million (30 June 2007: euro 48,811 million). The number of lease and financing contracts in place with dealers and retail customers rose by 12.9% to a total of 2,806,776 contracts.

The proportion of new cars of the BMW Group financed by the Financial Services segment was 46.4%, 2.4 percentage points above the proportion recorded one year earlier. Segment revenues climbed by 12.4% to euro 3,877 million (second quarter 2007: euro 3,449 million).

The segment profit before tax was adversely affected by the impact of the financial crisis, as explained earlier. Segment EBIT decreased by 78.5% to euro 39 million (second quarter 2007: euro 181 million). The pre-tax profit fell by 66.1% to euro 64 million (second quarter 2007: euro 189 million).

Six month segment revenues climbed by 18.4% to euro 7,734 million (first half- year 2007: euro 6,532 million). Segment EBIT decreased by 68.0% to euro 118 million (first half-year 2007: euro 369 million). The pre-tax profit fell by 60.2% to euro 148 million (first half-year 2007: euro 372 million).

Workforce reduced at end of second quarter

The worldwide workforce at the end of the second quarter decreased to 105,802 employees (30 June 2007: 107,079 employees/-1.2%). The previously announced reduction of the workforce is progressing in line with plan. Since September 2007, the workforce has been reduced by approximately 1,500 employees, the number of temporary staff by approximately 4,000.

The BMW Group - an Overview

2nd quarter 2008 2nd quarter
2007 Change
in %
Vehicle production
Automobiles units 413,711 406,659 1.7
Motorcycles units 31,972 32,772 -2.4
Deliveries to customers

Automobiles units 413,087 397,009 4.0
Thereof:

BMW units 344,019 336,230 2.3
MINI units 68,756 60,598 13.5
Rolls-Royce units 312 181 72.4
Motorcycles units 34,886 36,201 -3.6

Workforce at end of quarter 105,802 107,079 -1.2
Operating cash flow euro million 1,.217 1,545 -21.2
Revenues euro million 14,552 14,683 -0.9
Profit before financial result (EBIT) euro million 425 1.019 -58.3

Thereof:

Automobiles euro million 395 824 -52.1
Motorcycles euro million 56 59 -5.1
Financial Services euro million 39 181 -78.5
Reconciliations euro million -65 -45 -44.4

Profit before tax euro million 602 1.065 -43.5

Thereof:
Automobiles euro million 325 801 -59.4
Motorcycles euro million 53 56 -5.4
Financial Services euro million 64 189 -66.1
Reconciliations euro million 160 19 -
Income taxes euro million -95 -312 69.6

Net profit euro million 507 753 -32.7

Earnings per share5 euro 0.77/0.78 1.15/1.16 -33.0/-32.8

 

1st half-year
2008 1st half-year
2007 Change
in %

Vehicle production
Automobiles units 819,306 788,678 3.9
Motorcycles1 units 60,561 68,567 -11.7
Deliveries to customers

Automobiles units 764,874 730,285 4.7
Thereof:
BMW units 637,569 622,415 2.4
MINI units 126,810 107,576 17.9
Rolls-Royce units 495 294 68.4
Motorcycles2 units 55,932 59,230 -5.6

Workforce at the end of quarter 3 105,802 107,079 -1.2
Operating cash flow euro million 2,322 2,798 -17.0
Revenues euro million 27,837 26,634 4.5

Profit before financial result (EBIT) euro million 1,252 1,931 -35.2
Thereof:
Automobiles euro million 1,014 1,485 -31.7
Motorcycles euro million 92 95 -3.2
Financial Services euro million 118 369 -68.0
Reconciliations euro million 28 -18 -

Profit before tax4 euro million 1,243 1,917 -35.2
Thereof:
Automobiles euro million 864 1,410 -38.7
Motorcycles euro million 87 90 -3.3
Financial Services euro million 148 372 -60.2
Reconciliations euro million 144 45 -

Income taxes euro million -249 -577 56.8
Net profit euro million 994 1,340 -25.8
Earnings per share5 euro 1.52/1.53 2.05/2.06 -25.9/-25.7
excluding Husqvarna Motorcycles (7,924 units)
2 excluding Husqvarna Motorcycles (6,172 units)
3 excluding employees of Husqvarna Motorcycles (225 employees)

3 Profit before tax for the first half of 2007 includes a one-time gain of euro 61 million arising from the exchangeable bond on Rolls-Royce plc shares.

5 For common/preferred stock in accordance with IAS 33.  

 

- Mathias Schmidt, Marc Hassinger-

Permanent-URL: http://www.automobilsport.com/finance-bmw-group-adjusts-forecast-to-market-conditions-business-provisions-workforce-operation---42198.html

06.08.2008 / MaP

More News

Porsche bleibt in Nordamerika in der Erfolgsspur
02.08.2008
Die Dr. Ing. h.c. F. Porsche AG, Stuttgart, hat auf dem nordamerikanischen Markt im zu Ende gegangenen Geschäftsjahr 2007/08 (31. Juli 2008) mit insgesamt 33.692 Auslieferungen trotz des Modellwechsels beim 911 Carrera den hohen Vorjahreswert von 35.398 Einheiten beinahe wieder erreicht; der Rückgang beträgt lediglich fünf Prozent. Von den Kundenauslieferungen entfielen 31.818 Fa more >>
New Mercedes-Benz GLK-Class Posts Impressive Number of Incoming Orders
01.08.2008
* 10,000 orders in Western Europe alone just one month after vehicle was released for sale * Already 1,000 orders for exclusive "Edition 1" model * Customers especially appreciate the GLK’s attractive design, extensive safety features, and typical Mercedes-Benz driving comfort Mercedes-Benz’ new compact SUV has met with an outstanding respons more >>
Mitsubishi Motors announces first quarter fiscal 2008 results
29.07.2008
Mitsubishi Motors Corporation (MMC) today announced its sales and financial results for the first quarter of the fiscal year ending March 31, 2009.   1Q FY2008 results 1. Performance overview Mitsubishi Motors reports that consolidated net sales totaled 610.1 billion yen in the first quarter of fiscal 2008 (April 1 through June 3 more >>
Mitsubishi Motors announces production, sales and export figures for June 2008 ...
29.07.2008
... and first six months of calendar 2008 Mitsubishi Motors Corporation(MMC) today announced global production, as well as domestic sales and export figures for June 2008 and the first six months of calendar 2008. June 2008 more >>
Audi invests heavily in Taiwan
28.07.2008
* Founding of sales company Audi Taiwan Limited * Ambitious goals for growth * Establishment of an exclusive dealership network Audi is continuing on its course of worldwide growth and will found its own sales company in Taiwan – just as it has in markets such as Canada, Australia and Korea. Audi Taiwan Limited will begin operations in Februa more >>
Audi Group Interim Financial Report: Record sales, revenue and profit
26.07.2008
* Revenue: €17.387 billion (+ 0.1 percent), profit before tax: €1.372 billion (+ 24.2 percent) * Rate of return before tax advances from 6.4 to 7.9 percent * Audi chairman Stadler: "Results offer impressive proof of our company’s strong profitability." Setting new highs in vehicle sales, revenue and profit in the first half of the 2008 fiscal more >>
Porsche Deutschland erweitert Geschäftsführung
24.07.2008
Das starke Wachstum der Porsche Deutschland GmbH, Bietigheim-Bissingen, erfordert auch einen Ausbau der Kapazitäten im Management. Der Vorstand der Dr. Ing. h.c. F. Porsche AG hat deshalb Karsten Sohns (42) zum Finanzgeschäftsführer der Tochterge more >>
Daimler signs memorandum of understanding with government of Iraq
23.07.2008
Daimler AG and the government of the Republic of Iraq have signed a memorandum of understanding on future cooperation in the presence of Michael Glos, German Federal Minister for Economic Affairs. In the memorandum, Daimler AG emphasizes its willingness to support the economic revival of Iraq through various measures. Paramount in this process is the provision of transpor more >>
Vodafone repurchase programme
23.07.2008
The Board of Vodafone Group Plc ("the Company") has considered the market reaction to the Group's Interim Management Statement, issued on 22 July 2008, and has decided to introduce a £1 billion share repurchase programme with immediate effect. This action reflects the Board's belief that the share price significantly undervalues Vodafone. Shares will be purchased on marke more >>
Škoda Auto with record sales
23.07.2008
– PROFIT AFFECTED BY THE CZECH KORUNA The first-half 2008 economic results published today show that, more >>
Toyota reports first half sales and production results in Europe
18.07.2008
Toyota Motor Europe (TME) sold a total of 617,356 Toyota and Lexus vehicles from January to June 2008 – a decrease of 7% on the same period last year – in an overall Greater Europe passenger car market that was up 4%. Toyota and Lexus market share for the first six months of 2008 was down 0.56 percentage points to 5.3%, compared with the same period in 2007. From January to June more >>
Ford-Nutzfahrzeuggeschäft: Erfolgreiches erstes Halbjahr 2008
18.07.2008
Erfolgreiches erstes Halbjahr für die Ford-Nutzfahrzeugsparte: Von Januar bis einschließlich Juni 2008 verkaufte das Unternehmen mit dem blauen Oval in Deutschland 22.908 Nutzfahrzeuge – das sind 5.477 Einheiten oder 31 Prozent mehr als im entsprechenden Vorjahreszeitraum. Zu diesem herausragenden Ergebnis trugen alle vier Nutzfahrzeuglinien (Transi more >>
FORD- Halbjahresbilanz: Sehr erfolgreiches Gewerbekundengeschäft
17.07.2008
Ford ist in Deutschland einer der Gewinner im Firmen- und Gewerbekunden-geschäft und blickt auf ein sehr erfolgreiches erstes Halbjahr 2008 zurück: Das Kölner Unternehmen lieferte in den ersten sechs Monaten dieses Jahres insgesamt 28.322 Fahrzeuge an gewerbliche Kunden aus, 4.297 Einheiten oder 17,9 Prozent mehr als im Vergleichszeitraum 2007. Der more >>
Škoda Auto's sales over the first six months have grown 17.9% ...
15.07.2008
... as compared with last year Škoda more >>
CITROËN au premier semestre 2008
15.07.2008
Ventes* mondiales stables : croissance en France, en Europe centrale et orientale ainsi qu’au Mercosur, résistance en Europe occidentale Succès confirmé de C4 Picasso : Citroën leader européen du segment des monospaces compacts Lancement more >>
Mercedes-Benz leads sales of trucks and buses in Brazil
05.07.2008
* Mercedes-Benz boosted its sales in Brazil with 19,246 trucks and 7,710 buses sold in the first half of this year and ensures its market leadership * The company sets as well a new historical sale more >>
Audi sets new sales record in China
04.07.2008
* More than 60,000 vehicles sold in the first half-year * Sales up by 23 percent * Audi remains the market leader in the premium segment Audi has set yet another sales record in China, delivering a total of 60,509 automobiles to customers in China (including Hong Kong) between January and June – the most successful half-year period in Audi’s more >>
Porsche Consulting erweitert Geschäftsführung
30.06.2008
Die rasante Entwicklung der Porsche Consulting GmbH, Bietigheim-Bissingen, erfordert auch einen Ausbau der Kapazitäten im Management. Der Vorstand der Dr. Ing. h.c. F. Porsche AG, Stuttgart, hat deshalb Dr. Wolfgang Lindheim (47) zum kaufmännischen Geschäftsführer der Tochtergesellschaft berufen. Vom 1. August 2008 an wird Dr. Lindheim die Ressorts Finanzen, Controlling, Personal more >>
Mitsubishi Motors announces production, sales and export figures for May 2008
26.06.2008
Mitsubishi Motors Corporation today announced global production, as well as domestic sales and export figures for May 2008. Production: total and in Japan Total global production came in at 98,959 units, a decline of 8.7 percent over May last year and marking the third consecutive monthly decrease. Production volume in Japan at 62,039 units was up 7.8 perce more >>
Škoda Auto reinforces its positions in its home market as well as abroad
20.06.2008
Škoda Auto delivered nearly as many vehicles over the first five months of 2008 as it had over the first six months of 2007. Altogether 301,521 customers have bought a Škoda since the beginning of this year, 18.4% more than last year. Despite the generally difficult situation and the overall automotive market slump in Western Europe, Škoda Auto's sales in this region have more >>
Daimler AG invests in expansion of Sprinter production
18.06.2008
* Sprinter plants in Ludwigsfelde and Düsseldorf expand production * Capital spending volume of 177 million euros * 25 percent increase in total capacity * Securing of existing jobs and potential for 500 new jobs The Mercedes-Benz Sprinter introduced to the market in spring 2006 has been outstandingly well received by customers. To be more >>
Daimler to start new share buyback program
17.06.2008
* Goal of further optimizing capital structure * 10% of outstanding shares to be acquired for a maximum of €6 billion For the further optimization of Daimler’s capital structure, the Board of Management of the company decided to carry out a new share buyback program. The Supervisory Board of Daimler AG has approved this decision. In exercise more >>
Porsche beendet Rechtsstreit mit der Börse einvernehmlich
13.06.2008
Die Porsche Automobil Holding SE, Stuttgart, und die Deutsche Börse legen ihren Rechtsstreit über die Veröffentlichung von Quartalsberichten einvernehmlich bei. Beide Parteien haben vereinbart, das Verfahren übereinstimmend als erledigt zu erklären und die jeweils entstandenen Kosten selbst zu tragen. Da die Aktie der Porsche Automobil Holding SE in den neu geschaffenen more >>
Mikrofinanzierung: Investition mit sozialer Rendite
12.06.2008
32. Oikocredit-Generalversammlung von Oikocredit in Hyderabad Auf der 32. Oikocredit-Generalversammlung von Oikocredit, einem der weltweit führenden Refinanziers im Mikrofinanzsektor, wurde beschlossen, an die Mitglieder im 15. Jahr in Folge erneut eine Dividende von 2 % auszuschütten. Diese Ankündigung mag angesichts der höheren Rendite, die einige neuere M more >>
Altes Auto gegen Traumwagen tauschen: Auto-Barkredit von GE Money Bank
06.06.2008
Mit GE Money Bank Gebrauchtwagen finanzieren und Gratis-Tankgutscheine holen GE Money Bank - der Spezialist für Kredit und Leasing im Bereich Konsumentenfinanzierung - lässt Autofans nicht im Stich: Ab sofort - und noch bis Mitte Juli - bietet die GE Money Bank Gebrauchtwagenfinanzierung bei Privatkäufen zu günstigen 6,99 % Nominal p.a. an.  Autoträ more >>
Mitsubishi Motors announces production, sales and export figures for April 2008
27.05.2008
Mitsubishi Motors Corporation today announced global production, as well as domestic sales and export figures for April 2008. Production: total and in Japan Total global production came in at 101,280 units, a decline of 3.5 percent over April last year and marking the second consecutive monthly decrease. Production volume in Japan at 62,970 units was up 6.0 more >>
Porsche SE klagt gegen Ablehnung ihres Ergänzungsantrags
27.05.2008
Die Porsche Automobil Holding SE, Stuttgart, klagt gegen die Ablehnung ihres Ergänzungsantrags durch die Volkswagen-Hauptversammlung am 24. April 2008. Dort hatte das Unternehmen den Antrag eingebracht, die VW-Satzung vollständig an das Urteil des Europäischen Gerichtshofs (EuGH) zum VW-Gesetz anzupassen, da das Urteil auch unmittelbare Rechtsfolgen für die more >>
20 Jahre Toyota Kreditbank
25.05.2008
Anlässlich ihres Jubiläums blickt die in Köln ansässige Importeursbank auf eine erfolgreiche Geschäftsentwicklung zurück Die Toyota Kreditbank GmbH feiert in diesem Jahr ihren zwanzigsten Geburtstag. Zwar noch eine junge Autobank, zählt sie jedoch zu den erfolgreichen Herstellerinstituten gemessen an ihrer mehrfach ausgezeichneten Servicequalität und der hohen Kund more >>
Russia: to accelerate their growth, PSA Peugeot Citroën and Mitsubishi Motors Corporation set up a joint venture
22.05.2008
Christian Streiff, Chairman of the Board of PSA Peugeot Citroën and Osamu Masuko, President of Mitsubishi Motors Corporation (MMC), have signed a joint venture agreement to produce vehicles for 3 brands, Peugeot, Citroën and Mitsubishi in Russia. The assembly plant will be located on the site of Kaluga, 180 km South-West of Moscow. It will produce mid-range SUVs for Mitsu more >>
Škoda Auto's sales grew by more than 20% in April
21.05.2008
Škoda Auto's sales grew in all regions of its presence in April. The total sales reached 63,726 Škoda vehicles, 23.3% more as compared with the same period of last year. Also compared with last year, the cumulative sales over the period January - April 2008 grew by 17.7 %, reaching 237,200 vehicles. The fastest-growing markets over the first four months of this year are R more >>
FORMAT: Manfred Swarovski bringt Swarco 2011 an die Börse
15.05.2008
Erste Bank und RRS mit Platzierung von Hybridanleihe beauftragt Der Tiroler Unternehmer Manfred Swarovski plant den Börsengang der Swarco Holding AG. 2011 soll die auf Verkehrssicherheit spezialisierte Firma an der Wiener Börse notieren. Das berichtet das Wirtschaftsmagazin FORMAT in seiner aktuellen Ausgabe. Swarovski hat die Erste Bank sowie den Wiener Ka more >>
Volkswagen passt Pkw-Preise in Deutschland an
09.05.2008
Volkswagen hebt zum 29. Mai 2008 die unverbindlichen Preisempfehlungen für bestimmte Pkw-Modelle in Deutschland um rund 0,8 Prozent an. Ausgenommen von dieser Preisanpassung bleiben die Modelle Golf, Golf Plus, Passat, Passat Variant und Phaeton. Die Anhebung liegt deutlich unter der allgemeinen Preissteigerung in Deutschland, die im April 2008 2,4 Prozent betrug. more >>
Škoda Auto Gruppe weist wachsende Verkäufe aus ...
07.05.2008
.. STARKE KRONE BREMST IHR ERGEBNISWACHSTUM Škoda Auto hat im ersten Quartal 2008 mit 173.5 Tsd. Pkw mehr Fahrzeuge an Kunden ausgeliefert als je zuvor. Damit wurde der Vorjahreswert um 15,7 Prozent (+23.6 Tsd. Fahrzeuge) übertroffen. Einen entscheiden Anteil hieran hatte insbesondere die positive Entwicklung auf dem chinesischen Markt. Gleichzeiti more >>
Daimler to become new key shareholder in Tognum
02.05.2008
* Daimler AG to acquire 22.3% equity interest from EQT * Daimler to participate in growth potential: protection of long-term    supply relations between Daimler and Tognum * Blocking minority stake targeted Daimler AG aims to acquire EQT’s 22.3% equity interest in Tognum AG and has entered into an agreement in this matter. The more >>
Porsche behauptet sich in Nordamerika
01.05.2008
Die Dr. Ing. h.c. F. Porsche AG, Stuttgart, erreichte im April 2008 in den USA und Kanada trotz des weiter verschlechterten wirtschaftlichen Umfelds ein gutes Absatzergebnis. Mit 3.099 Fahrzeugen lagen die Auslieferungen an Kunden fünf Prozent unter dem Vorjahreswertvon 3.248 Einheiten. Grundlage dieser Entwicklung war die zweite Generation des sportlichen Geländewagens C more >>
Emirates erzielt erneut Rekord-Ergebnis
01.05.2008
- Konzerngewinn stieg um 54,1 Prozent auf US Dollar 1,45 Milliarden - Gewinn der Fluglinie erreicht Rekordergebnis von US Dollar 1,37    Milliarden (plus 62,1 Prozent) - Dividende beträgt US Dollar 272,5 Millionen - Konzern trägt US Dollar 12,8 Milliarden zur Volkswirtschaft des Emirats   Dubai bei Ber more >>
Richter geben Porsche Recht
30.04.2008
Die Porsche Automobil Holding SE, Stuttgart, begrüßt die Entscheidung des Arbeitsgerichts Stuttgart, die vom VW-Konzernbetriebsrat angestrengte Klage abzuweisen. Die Arbeitnehmervertreter von VW vertraten die Rechtsauf-fassung, dass der Wolfsburger Automobilhersteller von Porsche beherrscht werde und sie deshalb am Zustandekommen der Mitbestimmungsverein-barung der Porsche SE hät more >>
SUZUKI Motor Corporation steigert weltweiten Umsatz um 10,7 Prozent auf 21,5 Milliarden Euro
28.04.2008
Neuntes Rekordjahr in Folge / Betriebsergebnis steigt um 12,4 Prozent Mit einer Umsatzsteigerung von 10,7 Prozent auf 3.502 Milliarden Yen (21,5 Milliarden Euro) hat die SUZUKI Motor Corporation das Geschäftsjahr 2007/08 abgeschlossen. Mit einer Umsatz more >>
Ford Nutzfahrzeuge: Erfolgreiches erstes Quartal 2008 und kürzere Lieferzeiten
25.04.2008
Ford blickt in Deutschland im Nutzfahrzeugbereich auf ein sehr gutes erstes Quartal zurück: Von Januar bis einschließlich März 2008 verkaufte das Unternehmen im Inland 10.785 Nutzfahrzeuge – das sind 2.498 Einheiten oder 30 Prozent mehr als im Vorjahreszeitraum. Zu diesem more >>
2001-2022 copyright automobilsport.com